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. Their top two markets are Memphis and Atlanta .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
12Origination Dollar Volume (All Markets)
$1,080,000Top 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) | 10 | $730,000 | $73,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 12 | $1,080,000 | $90,000 | $0 | 0.00% |
For 2019, Southern Security Federal Credit Union's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 6 | $350,000 | $58,333 | $0 | 0.00% |
| Home Purchase | 3 | $685,000 | $228,333 | $0 | 0.00% |
| Home Improvement | 3 | $45,000 | $15,000 | $0 | 0.00% |
For 2019, Southern Security Federal Credit Union's most frequently cited loan purpose was Refi, with 6 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 12 | $1,080,000 | $90,000 | $0 | 0.00% |
For 2019, Southern Security Federal Credit Union's most frequently cited loan duration was Other, with 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 7 | $125,000 | $17,857 | $0 | 0.00% |
| $100k-200k | 3 | $425,000 | $141,667 | $0 | 0.00% |
| $200k-400k | 2 | $530,000 | $265,000 | $0 | 0.00% |
2019 saw Southern Security Federal Credit Union place emphasis on $100,000 or less loans with 7 originations, totaling $125,000 in origination value.
Applicant Income
Southern Security Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 4 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 12 | $1,080,000 | $90,000 | $0 | 0.00% |
Southern Security Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 4 | $630,000 | $157,500 | $0 | 0.00% |
| White | 8 | $450,000 | $56,250 | $0 | 0.00% |
Approval Rates
Total approvals of all applications91.43%
Southern Security Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination-66.67%
Southern Security Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 12 | $1,080,000 | $90,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 12 | $1,080,000 | $90,000 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHERN TRUST MORTGAGE LLC | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| SOUTHERN TRUST MORTGAGE LLC | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |