Neighbors Federal Credit Union Mortgage Rates, Fees & Info

Baton Rouge, LA

LEI: 5493001QMUDK2ML5S840

Tax ID: 72-0505488

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Neighbors Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Neighbors Federal Credit Union has a high proportion of conventional loans. Their top two markets are Baton Rouge and Houma .

Neighbors Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Neighbors 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.93%	12/16/24
30 Year Conventional Refi	6.20%	12/16/24
30 Year Cash-out Refi	6.31%	12/16/24
15 Year Conventional Purchase	6.03%	12/16/24
15 Year Conventional Refi	6.39%	12/16/24
15 Year Cash-out Refi	6.39%	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.

Neighbors 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

144

Origination Dollar Volume (All Markets)

$26,000,000

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
BATON ROUGE, LA (FHA\|USDA\|VA)	139	$25,415,000	$182,842	$3,675	3.59%
Outside of Metro Areas	4	$480,000	$120,000	$3,615	3.34%
HOUMA-THIBODAUX, LA (FHA\|USDA\|VA)	1	$105,000	$105,000	$3,725	3.38%

Neighbors Federal Credit Union's top markets include Baton Rouge and Houma among others.

Their top states include:

Louisiana (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Neighbors Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Neighbors Federal Credit Union
Similarity Rank: 285

Campus Federal Credit Union
Similarity Rank: 1020

DSLD MORTGAGE, LLC
Similarity Rank: 1040

Home Bank
Similarity Rank: 1260

La Capitol Federal Credit Union
Similarity Rank: 1343

Pelican State Credit Union
Similarity Rank: 1400

FBT Mortgage, L.L.C.
Similarity Rank: 1551

Red River Bank
Similarity Rank: 1998

Gulf Coast Bank and Trust Company
Similarity Rank: 5796

STANDARD MORTGAGE CORPORATION
Similarity Rank: 6432

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	144	$26,000,000	$180,556	$3,674	3.58%

For 2020, Neighbors Federal Credit Union's most frequently originated type of loan was Conventional, with 144 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	49	$9,625,000	$196,429	$3,659	3.09%
Home Purchase	48	$10,040,000	$209,167	$3,861	3.93%
Cash Out Refi	29	$4,225,000	$145,690	$3,486	3.79%
Home Improvement	18	$2,110,000	$117,222	$3,496	3.69%

For 2020, Neighbors Federal Credit Union's most frequently cited loan purpose was Refi, with 49 originations. The 2nd most popular reason was Home Purchase, with 48 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	78	$16,350,000	$209,615	$3,812	3.73%
15 Year	41	$6,815,000	$166,220	$3,620	2.89%
10 Year	10	$780,000	$78,000	$2,800	4.51%
20 Year	7	$1,095,000	$156,429	$3,739	3.27%
5 Year	5	$625,000	$125,000	$0	4.95%
Other	3	$335,000	$111,667	$0	5.13%

For 2020, Neighbors Federal Credit Union's most frequently cited loan duration was 30 Year, with 78 originations. The 2nd most popular length was 15 Year, with 41 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	128	$23,880,000	$186,563
$<1k	6	$630,000	$105,000

Neighbors Federal Credit Union's average total fees were $3,812, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 128 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	49	$8,935,000	$182,347
3-4%	47	$8,495,000	$180,745
4-5%	32	$5,890,000	$184,063
<2.5%	8	$1,770,000	$221,250
5-6%	7	$745,000	$106,429

During 2020, Neighbors Federal Credit Union's average interest rate for loans was 3.73%, while their most frequently originated rate bucket for loans was 2.5-3%, with 49 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	59	$8,355,000	$141,610	$3,617	3.45%
$200k-400k	48	$12,480,000	$260,000	$3,911	3.55%
$100,000 or less	31	$2,285,000	$73,710	$3,227	3.89%
$400k-600k	6	$2,880,000	$480,000	$4,482	3.56%

2020 saw Neighbors Federal Credit Union place emphasis on $100k-200k loans with 59 originations, totaling $8,355,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	37	$7,045,000	$190,405	$3,677	3.47%
$50k-75k	30	$4,700,000	$156,667	$3,598	3.56%
$75k-100k	23	$4,065,000	$176,739	$3,768	3.51%
$150k-250k	21	$5,475,000	$260,714	$3,810	3.46%
$50k or less	21	$2,165,000	$103,095	$3,455	3.50%
$250k+	3	$1,165,000	$388,333	$4,300	3.08%

Neighbors Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $50k-75k, with 30 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	44	$8,460,000	$192,273	$3,704	3.41%
30-36%	28	$5,420,000	$193,571	$3,664	3.59%
<20%	19	$2,845,000	$149,737	$3,614	2.96%
39%	8	$1,420,000	$177,500	$3,749	3.84%
36%	8	$1,140,000	$142,500	$3,655	3.28%
41%	6	$1,110,000	$185,000	$3,408	4.56%
37%	6	$1,060,000	$176,667	$3,713	3.13%
42%	4	$940,000	$235,000	$3,588	3.50%
38%	3	$625,000	$208,333	$3,949	4.66%
43%	3	$885,000	$295,000	$4,256	2.83%
47%	2	$170,000	$85,000	$3,753	3.38%
40%	2	$290,000	$145,000	$2,953	5.25%
44%	1	$145,000	$145,000	$3,688	2.63%

Neighbors Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 28 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	80	$15,550,000	$194,375	$3,676	3.54%
Black	27	$4,475,000	$165,741	$3,657	3.43%
Not provided	26	$4,300,000	$165,385	$3,691	3.47%
Not applicable	9	$1,385,000	$153,889	$0	5.16%
Asian	1	$155,000	$155,000	$3,636	2.50%
Filipino	1	$135,000	$135,000	$3,580	2.99%

Approval Rates

Total approvals of all applications
93.17%

Neighbors Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
95.83%

Neighbors Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	144	$26,000,000	$180,556

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	3	$285,000	$95,000
Single Family (1-4 Units):Site-Built	141	$25,715,000	$182,376

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	10	$810,000	$81,000	$3,080	3.81%
40-60%	22	$2,590,000	$117,727	$3,619	3.11%
60-80%	54	$10,370,000	$192,037	$3,703	3.34%
80-100%	52	$11,350,000	$218,269	$3,868	3.84%
Under 20%	3	$215,000	$71,667	$2,288	5.04%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
Neighborhoods United, LLC	Conventional home mortgage	Struggling to pay mortgage	1	100.0%