Launch Federal Credit Union Mortgage Rates, Fees & Info

Merritt Island, FL

LEI: 54930029L79O0A2ZXF27

Tax ID: 59-1030268

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

603

Origination Dollar Volume (All Markets)

$105,545,000

Awards

LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans gold LAUNCH FEDERAL CREDIT UNION 30 Year Conventional Loans silver
Show all (3) awards

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 applications
57.98%

Launch Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
71.59%

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%