Southern Security Federal Credit Union Mortgage Rates, Fees & Info
Collierville, TNLEI: 254900ZZXXF96R7R7870
Tax ID: 62-0482937
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Mortgage Data
Review & Overview
Southern Security Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Southern Security Federal Credit Union has a high proportion of conventional loans. Southern Security Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Memphis, Tupelo, Springfield, Lafayette, and Grenada among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Southern Security Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
50Origination Dollar Volume (All Markets)
$3,680,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 43 | $3,085,000 | $71,744 | $0 | 4.68% |
Tupelo, MS (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 4.00% |
Outside of Metro Areas | 1 | $135,000 | $135,000 | $0 | 3.63% |
SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
LAFAYETTE, LA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.75% |
Grenada, MS (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.00% |
Greenwood, MS (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.75% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 33 | $1,925,000 | $58,333 | $0 | 0.00% |
Conventional | 17 | $1,755,000 | $103,235 | $0 | 4.60% |
For 2018, Southern Security Federal Credit Union's most frequently originated type of loan was Conventional, with 33 originations. Their 2nd most popular type was Conventional, with 17 originations.
Loan Reason
Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Refi | 29 | $2,165,000 | $74,655 | $0 | 4.53% |
Home Improvement | 14 | $460,000 | $32,857 | $0 | 5.13% |
Home Purchase | 7 | $1,055,000 | $150,714 | $0 | 4.24% |
For 2018, Southern Security Federal Credit Union's most frequently cited loan purpose was Refi, with 29 originations. The 2nd most popular reason was Home Improvement, with 14 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Other | 46 | $2,940,000 | $63,913 | $0 | 4.62% |
10 Year | 3 | $45,000 | $15,000 | $0 | 4.50% |
30+ year | 1 | $695,000 | $695,000 | $0 | 4.63% |
For 2018, Southern Security Federal Credit Union's most frequently cited loan duration was Other, with 46 originations. The 2nd most popular length was 10 Year, with 3 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
4-5% | 7 | $925,000 | $132,143 |
3-4% | 6 | $640,000 | $106,667 |
5-6% | 3 | $155,000 | $51,667 |
6-7% | 1 | $35,000 | $35,000 |
During 2018, Southern Security Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 7 originations.
Loan Sizing
2018 saw Southern Security Federal Credit Union place emphasis on $100,000 or less loans with 41 originations, totaling $1,495,000 in origination value.
Applicant Income
Southern Security Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 14 originations. The second most popular income band? $50k-75k, with 12 originations.
Applicant Debt to Income Ratio
Southern Security Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 33 originations. The next most common DTI ratio? <20%, with 5 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 38 | $3,050,000 | $80,263 | $0 | 4.24% |
Black | 11 | $555,000 | $50,455 | $0 | 5.02% |
Asian | 1 | $75,000 | $75,000 | $0 | 5.75% |
Approval Rates
Total approvals of all applications96.83%
Southern Security Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination86.00%
Southern Security Federal Credit Union has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
Exempt | 33 | $1,925,000 | $58,333 |
NA | 17 | $1,755,000 | $103,235 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Single Family (1-4 Units):Site-Built | 50 | $3,680,000 | $73,600 |
LTV Distribution
Complaints
Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
Southern Star Capital, L.L.C. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |