Launch Federal Credit Union Mortgage Rates, Fees & Info
Merritt Island, FLLEI: 54930029L79O0A2ZXF27
Tax ID: 59-1030268
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Launch Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Launch Federal Credit Union has a high proportion of conventional loans. Their top markets include Palm Bay, Deltona, Orlando, Jacksonville, and Tampa among others. Launch Federal Credit Union has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Launch Federal Credit Union is typically a low fee lendor.Originations
603Origination Dollar Volume (All Markets)
$105,545,000Awards
LAUNCH FEDERAL CREDIT UNION - 2021
LAUNCH FEDERAL CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Launch Federal Credit Union's average 30 year fixed rate mortgage of loans were
3.15%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0%.
Relative Fees
Launch Federal Credit Union's average total fees for a 30 year fixed rate
mortgage are $3,001.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 388 | $70,210,000 | $180,954 | $2,862 | 3.05% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 185 | $28,465,000 | $153,865 | $2,710 | 3.08% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 19 | $4,595,000 | $241,842 | $3,816 | 3.04% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $2,767 | 3.03% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $4,569 | 3.19% |
| Outside of Metro Areas | 3 | $525,000 | $175,000 | $2,502 | 3.42% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,139 | 3.00% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,297 | 2.63% |
Launch Federal Credit Union's top markets include Palm Bay, Deltona, Orlando, Jacksonville, and Tampa among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 603 | $105,545,000 | $175,033 | $2,852 | 3.06% |
For the 2021 period, Launch Federal Credit Union's most frequently originated loan type of loans were Conventional, with 603 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 370 | $63,030,000 | $170,351 | $2,805 | 3.08% |
| Refi | 145 | $23,735,000 | $163,690 | $2,686 | 2.94% |
| Home Purchase | 67 | $14,965,000 | $223,358 | $3,434 | 3.21% |
| Home Improvement | 21 | $3,815,000 | $181,667 | $2,972 | 3.02% |
For the 2021, Launch Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 370 originations. The 2nd most popular reason of loans were Refi, with 145 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 382 | $73,380,000 | $192,094 | $3,001 | 3.15% |
| 15 Year | 101 | $14,325,000 | $141,832 | $2,552 | 2.83% |
| 20 Year | 64 | $10,900,000 | $170,313 | $2,893 | 2.99% |
| 10 Year | 46 | $5,130,000 | $111,522 | $2,177 | 2.87% |
| Other | 9 | $1,745,000 | $193,889 | $3,353 | 3.06% |
| 5 Year | 1 | $65,000 | $65,000 | $0 | 5.25% |
For the 2021, Launch Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 382 originations. The 2nd most popular length of loans were 15 Year, with 101 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 438 | $58,970,000 | $134,635 |
| $1k-2k | 164 | $46,190,000 | $281,646 |
| $2k-3k | 1 | $385,000 | $385,000 |
$3,001 of loans were Launch Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 438 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 324 | $57,540,000 | $177,593 |
| 3-4% | 222 | $39,900,000 | $179,730 |
| <2.5% | 44 | $6,150,000 | $139,773 |
| 4-5% | 9 | $1,695,000 | $188,333 |
| 5-6% | 2 | $100,000 | $50,000 |
| 6-7% | 1 | $125,000 | $125,000 |
| Over 8% | 1 | $35,000 | $35,000 |
During 2021, Launch Federal Credit Union's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 324 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 290 | $42,850,000 | $147,759 | $2,631 | 3.07% |
| $200k-400k | 180 | $46,920,000 | $260,667 | $3,561 | 3.07% |
| $100,000 or less | 117 | $8,605,000 | $73,547 | $1,984 | 3.04% |
| $400k-600k | 16 | $7,170,000 | $448,125 | $5,220 | 3.05% |
2021 saw Launch Federal Credit Union place emphasis on $100k-200k loans with 290 originations, totaling $42,850,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 172 | $26,120,000 | $151,860 | $2,670 | 3.07% |
| $50k or less | 144 | $17,230,000 | $119,653 | $2,395 | 3.06% |
| $100k-150k | 116 | $26,370,000 | $227,328 | $3,239 | 3.08% |
| $75k-100k | 102 | $17,810,000 | $174,608 | $2,844 | 2.98% |
| $150k-250k | 63 | $15,825,000 | $251,190 | $3,560 | 3.12% |
| $250k+ | 6 | $2,190,000 | $365,000 | $4,230 | 3.08% |
Launch Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 172 originations. The second most popular income band? $50k or less, with 144 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 199 | $37,375,000 | $187,814 | $2,990 | 3.04% |
| 30-36% | 138 | $22,960,000 | $166,377 | $2,767 | 3.08% |
| <20% | 89 | $13,255,000 | $148,933 | $2,747 | 2.94% |
| 36% | 24 | $4,470,000 | $186,250 | $2,651 | 3.07% |
| 40% | 24 | $4,330,000 | $180,417 | $2,787 | 3.06% |
| 38% | 22 | $3,580,000 | $162,727 | $2,301 | 3.21% |
| 42% | 20 | $3,800,000 | $190,000 | $3,158 | 3.02% |
| 39% | 19 | $2,945,000 | $155,000 | $2,735 | 3.13% |
| 37% | 18 | $3,140,000 | $174,444 | $2,661 | 3.15% |
| 43% | 18 | $3,790,000 | $210,556 | $3,029 | 3.15% |
| 41% | 17 | $3,495,000 | $205,588 | $3,263 | 3.10% |
| 44% | 14 | $2,150,000 | $153,571 | $2,903 | 3.41% |
| 45% | 1 | $255,000 | $255,000 | $3,370 | 3.00% |
Launch Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 138 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 489 | $87,035,000 | $177,986 | $2,862 | 3.07% |
| Not provided | 67 | $10,665,000 | $159,179 | $2,730 | 3.02% |
| Black | 38 | $6,130,000 | $161,316 | $2,825 | 3.00% |
| Asian | 6 | $1,150,000 | $191,667 | $3,071 | 2.90% |
| Not applicable | 2 | $320,000 | $160,000 | $3,387 | 2.88% |
| Japanese | 1 | $245,000 | $245,000 | $4,831 | 3.50% |
Approval Rates
Total approvals of all applications57.98%
Launch Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination71.59%
Launch Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 603 | $105,545,000 | $175,033 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 603 | $105,545,000 | $175,033 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 94 | $9,180,000 | $97,660 | $2,090 | 2.88% |
| 40-60% | 162 | $24,410,000 | $150,679 | $2,770 | 3.00% |
| 60-80% | 248 | $49,710,000 | $200,444 | $3,081 | 3.11% |
| 80-100% | 90 | $21,740,000 | $241,556 | $3,258 | 3.16% |
| Under 20% | 9 | $505,000 | $56,111 | $1,894 | 3.57% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Lenox Financial Mortgage Corporation | Conventional home mortgage | Improper use of your report | 1 | 25.0% |
| Lenox Financial Mortgage Corporation | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 75.0% |
