Founders Federal Credit Union Mortgage Rates, Fees & Info
Lancaster, SCLEI: 5493001AGQGPJ3N3YL33
Tax ID: 57-0762987
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Mortgage Data
Review & Overview
Founders Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Founders Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Spartanburg, Greenville, Columbia, and Gaffney among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)Founders Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Founders Federal 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.35% | 12/16/24 |
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 5.77% | 12/16/24 |
| 30 Year Cash-out Refi | 6.48% | 12/16/24 |
| 15 Year Conventional Purchase | 5.98% | 12/16/24 |
| 15 Year Conventional Refi | 5.52% | 12/16/24 |
| 15 Year Cash-out Refi | 5.52% | 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. | ||
Founders Federal 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
2,393Origination Dollar Volume (All Markets)
$369,695,000Awards
FOUNDERS FEDERAL CREDIT UNION - 2020
FOUNDERS FEDERAL CREDIT UNION is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1,482 | $244,500,000 | $164,980 | $3,080 | 3.80% |
| SPARTANBURG, SC (FHA|USDA|VA) | 344 | $45,050,000 | $130,959 | $2,746 | 4.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 151 | $19,095,000 | $126,457 | $2,328 | 4.25% |
| COLUMBIA, SC (FHA|USDA|VA) | 99 | $15,195,000 | $153,485 | $2,697 | 3.65% |
| Outside of Metro Areas | 113 | $12,015,000 | $106,327 | $2,768 | 4.37% |
| Gaffney, SC (FHA|USDA|VA) | 49 | $5,405,000 | $110,306 | $2,392 | 4.30% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 24 | $5,020,000 | $209,167 | $4,086 | 3.51% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 13 | $3,335,000 | $256,538 | $3,414 | 3.46% |
| Union, SC (FHA|USDA|VA) | 32 | $2,750,000 | $85,938 | $1,697 | 4.99% |
| Seneca, SC (FHA|USDA|VA) | 9 | $1,985,000 | $220,556 | $3,278 | 3.81% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $1,965,000 | $1,965,000 | $31,064 | 2.50% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 6 | $1,610,000 | $268,333 | $3,539 | 3.75% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $5,488 | 3.81% |
| Greenwood, SC (FHA|USDA|VA) | 6 | $1,010,000 | $168,333 | $3,139 | 3.73% |
| FLORENCE, SC (FHA|USDA|VA) | 6 | $820,000 | $136,667 | $2,626 | 3.88% |
| Bennettsville, SC (FHA|USDA|VA) | 10 | $780,000 | $78,000 | $2,644 | 5.23% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $5,003 | 3.50% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $5,060 | 3.50% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $9,098 | 3.38% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $9,441 | 3.50% |
| Newberry, SC (FHA|USDA|VA) | 7 | $575,000 | $82,143 | $1,198 | 4.96% |
| Albemarle, NC (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $3,083 | 4.25% |
| Rockingham, NC (FHA|USDA|VA) | 5 | $505,000 | $101,000 | $2,337 | 4.30% |
| Cullowhee, NC (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,216 | 5.25% |
| Forest City, NC (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $2,885 | 3.42% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $1,944 | 3.50% |
| Shelby, NC (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,888 | 3.88% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,923 | 5.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $1,683 | 3.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,662 | 2.50% |
| SUMTER, SC (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $2,442 | 4.00% |
| HAMMOND, LA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,173 | 3.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,215 | 3.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,050 | 3.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,942 | 2.75% |
| Mason City, IA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,475 | 2.50% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,336 | 3.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against FOUNDERS FEDERAL 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 | 2,012 | $346,980,000 | $172,455 | $2,964 | 3.85% |
| HELOC | 381 | $22,715,000 | $59,619 | n/a | 4.23% |
For 2020, Founders Federal Credit Union's most frequently originated type of loan was Conventional, with 2,012 originations. Their 2nd most popular type was HELOC, with 381 originations.
Loan Reason
For 2020, Founders Federal Credit Union's most frequently cited loan purpose was Refi, with 1,021 originations. The 2nd most popular reason was Home Purchase, with 847 originations.
Loan Duration/Length
For 2020, Founders Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,269 originations. The 2nd most popular length was 15 Year, with 446 originations.
Origination Fees/Closing Costs
Founders Federal Credit Union's average total fees were $3,120, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 623 originations.
Interest Rates
During 2020, Founders Federal Credit Union's average interest rate for loans was 3.65%, while their most frequently originated rate bucket for loans was 3-4%, with 815 originations.
Loan Sizing
2020 saw Founders Federal Credit Union place emphasis on $100k-200k loans with 955 originations, totaling $140,655,000 in origination value.
Applicant Income
Founders Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 602 originations. The second most popular income band? $50k or less, with 463 originations.
Applicant Debt to Income Ratio
Founders Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 808 originations. The next most common DTI ratio? 30-36%, with 521 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications68.97%
Founders Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination65.23%
Founders 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 |
|---|---|---|---|
| NA | 2,393 | $369,695,000 | $154,490 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 121 | $8,565,000 | $70,785 |
| Single Family (1-4 Units):Site-Built | 2,272 | $361,130,000 | $158,948 |