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 markets by origination volume include: Memphis, Tampa, Augusta, and Tupelo among others. We have data for 5 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
30Origination Dollar Volume (All Markets)
$4,540,000Top 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) | 20 | $2,320,000 | $116,000 | $0 | 4.60% |
Outside of Metro Areas | 7 | $1,075,000 | $153,571 | $0 | 4.00% |
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $0 | 0.00% |
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
Tupelo, MS (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 24 | $4,140,000 | $172,500 | $0 | 0.00% |
HELOC | 6 | $400,000 | $66,667 | n/a | 4.50% |
For 2020, Southern Security Federal Credit Union's most frequently originated type of loan was Conventional, with 24 originations. Their 2nd most popular type was HELOC, with 6 originations.
Loan Reason
For 2020, Southern Security Federal Credit Union's most frequently cited loan purpose was Refi, with 21 originations. The 2nd most popular reason was Home Purchase, with 4 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Other | 24 | $4,140,000 | $172,500 | $0 | 0.00% |
20 Year | 6 | $400,000 | $66,667 | $0 | 4.50% |
For 2020, Southern Security Federal Credit Union's most frequently cited loan duration was Other, with 24 originations. The 2nd most popular length was 20 Year, with 6 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
3-4% | 5 | $345,000 | $69,000 |
6-7% | 1 | $55,000 | $55,000 |
During 2020, Southern Security Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 5 originations.
Loan Sizing
2020 saw Southern Security Federal Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $990,000 in origination value.
Applicant Income
Southern Security Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Southern Security Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 24 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 17 | $2,845,000 | $167,353 | $0 | 5.00% |
Black | 13 | $1,695,000 | $130,385 | $0 | 4.00% |
Approval Rates
Total approvals of all applications90.70%
Southern Security Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination70.00%
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 | 24 | $4,140,000 | $172,500 |
NA | 6 | $400,000 | $66,667 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Multifamily:Site-Built | 1 | $715,000 | $715,000 |
Single Family (1-4 Units):Site-Built | 29 | $3,825,000 | $131,897 |
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-40% | 3 | $215,000 | $71,667 | $0 | 4.00% |
40-60% | 1 | $75,000 | $75,000 | $0 | 4.00% |
Under 20% | 2 | $110,000 | $55,000 | $0 | 5.50% |
Complaints
Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
SOUTHERN TRUST MORTGAGE LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 100.0% |