Birmingham-bloomfield Credit Union Mortgage Rates, Fees & Info
Birmingham, MILEI: 54930005S5CFTGC2VR75
Tax ID: 38-1448844
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Mortgage Data
Review & Overview
Birmingham-bloomfield Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Birmingham-bloomfield Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Flint, and Saginaw among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Birmingham-bloomfield Credit Union has an above average approval rate when compared to the average across all lenders. Birmingham-bloomfield Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Birmingham-bloomfield Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
32Origination Dollar Volume (All Markets)
$4,510,000Awards
BIRMINGHAM-BLOOMFIELD Credit Union - 2019
BIRMINGHAM-BLOOMFIELD Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 28 | $3,950,000 | $141,071 | $2,217 | 3.72% |
| FLINT, MI (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $2,777 | 3.96% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,699 | 4.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against BIRMINGHAM-BLOOMFIELD Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $4,375,000 | $141,129 | $2,231 | 3.73% |
| USDA | 1 | $135,000 | $135,000 | $4,071 | 4.25% |
For 2019, Birmingham-bloomfield Credit Union's most frequently originated type of loan was Conventional, with 31 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2019, Birmingham-bloomfield Credit Union's most frequently cited loan purpose was Home Purchase, with 12 originations. The 2nd most popular reason was Home Improvement, with 10 originations.
Loan Duration/Length
For 2019, Birmingham-bloomfield Credit Union's most frequently cited loan duration was 30 Year, with 16 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $3,850,000 | $175,000 |
Birmingham-bloomfield Credit Union's average total fees were $2,348, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 20 | $3,270,000 | $163,500 |
| 4-5% | 6 | $830,000 | $138,333 |
| <2.5% | 2 | $210,000 | $105,000 |
| 2.5-3% | 2 | $60,000 | $30,000 |
| 5-6% | 2 | $140,000 | $70,000 |
During 2019, Birmingham-bloomfield Credit Union's average interest rate for loans was 3.92%, while their most frequently originated rate bucket for loans was 3-4%, with 20 originations.
Loan Sizing
2019 saw Birmingham-bloomfield Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $880,000 in origination value.
Applicant Income
Birmingham-bloomfield Credit Union lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $100k-150k, with 9 originations.
Applicant Debt to Income Ratio
Birmingham-bloomfield Credit Union lent most frequently to those with DTI ratios of 30-36%, with 8 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 17 | $3,095,000 | $182,059 | $2,349 | 3.79% |
| White | 15 | $1,415,000 | $94,333 | $2,199 | 3.71% |
Approval Rates
Total approvals of all applications97.06%
Birmingham-bloomfield 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 32 | $4,510,000 | $140,938 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 32 | $4,510,000 | $140,938 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Brian McCaffrey, Attorney At Law | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |