Fairwinds Credit Union Mortgage Rates, Fees & Info

Orlando, FL

LEI: 54930030S6J5KOL5LJ73

Tax ID: 11-1644012

5 stars - out of 5 stars, based on 56 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Fairwinds Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Fairwinds Credit Union has a high proportion of conventional loans. Their top markets include Orlando, Deltona, Lakeland, Tampa, and Palm Bay among others. Fairwinds Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Fairwinds Credit Union is typically an average fee lendor.


Originations

3,121

Origination Dollar Volume (All Markets)

$611,905,000

Awards

FAIRWINDS CREDIT UNION 30 Year Conventional Loans silver FAIRWINDS CREDIT UNION 30 Year Conventional Loans silver FAIRWINDS CREDIT UNION 30 Year Conventional Loans silver FAIRWINDS CREDIT UNION 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Fairwinds Credit Union's average 30 year fixed rate mortgage of loans were 3.35%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.2%.

Relative Fees

Fairwinds Credit Union's average total fees for a 30 year fixed rate mortgage are $3,830.

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
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2,365 $464,505,000 $196,408 $3,818 3.15%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 459 $78,215,000 $170,403 $3,493 3.16%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 52 $10,420,000 $200,385 $3,682 3.02%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 52 $10,370,000 $199,423 $3,714 3.03%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 34 $8,170,000 $240,294 $3,663 2.90%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 26 $7,840,000 $301,538 $5,380 2.86%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 9 $3,575,000 $397,222 $3,127 2.68%
OCALA, FL (FHA|USDA|VA) 20 $3,230,000 $161,500 $3,418 3.11%
JACKSONVILLE, FL (FHA|USDA|VA) 11 $2,715,000 $246,818 $3,728 2.74%
Outside of Metro Areas 11 $2,465,000 $224,091 $3,785 3.05%
THE VILLAGES, FL (FHA|USDA|VA) 14 $2,440,000 $174,286 $3,104 3.33%
Key West, FL (FHA|USDA|VA) 2 $1,990,000 $995,000 $0 2.50%
PORT ST. LUCIE, FL (FHA|USDA|VA) 6 $1,900,000 $316,667 $3,608 2.75%
GAINESVILLE, FL (FHA|USDA|VA) 9 $1,715,000 $190,556 $2,129 3.07%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,555,000 $311,000 $4,253 2.64%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 3 $1,075,000 $358,333 $3,389 3.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $965,000 $321,667 $0 2.67%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $950,000 $237,500 $3,173 2.72%
TALLAHASSEE, FL (FHA|USDA|VA) 6 $940,000 $156,667 $2,403 2.77%
PUNTA GORDA, FL (FHA|USDA|VA) 5 $855,000 $171,000 $3,843 2.55%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $745,000 $745,000 $0 2.00%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $485,000 $485,000 $10,955 2.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $485,000 $161,667 $2,876 2.71%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $465,000 $465,000 $4,324 2.13%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $385,000 $385,000 $0 2.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $345,000 $345,000 $4,973 3.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $335,000 $335,000 $6,982 2.75%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $335,000 $335,000 $7,394 2.00%
COLUMBIA, SC (FHA|USDA|VA) 1 $325,000 $325,000 $3,267 1.88%
Palatka, FL (FHA|USDA|VA) 2 $280,000 $140,000 $0 2.56%
ASHEVILLE, NC (FHA|USDA|VA) 1 $275,000 $275,000 $0 2.88%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $265,000 $88,333 $1,915 3.19%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,544 3.25%
PANAMA CITY, FL (FHA|USDA|VA) 1 $195,000 $195,000 $0 2.13%
Boone, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.50%
NEW BERN, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.25%
Calhoun, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,337 3.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $135,000 $135,000 $2,997 3.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $95,000 $95,000 $0 2.13%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $85,000 $85,000 $0 2.00%

Fairwinds Credit Union's top markets include Orlando, Deltona, Lakeland, Tampa, and Palm Bay among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,121 $611,905,000 $196,061 $3,760 3.13%

For the 2021 period, Fairwinds Credit Union's most frequently originated loan type of loans were Conventional, with 3,121 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,054 $207,550,000 $196,917 $3,162 2.66%
Cash Out Refi 1,007 $204,305,000 $202,885 $3,765 2.97%
Home Purchase 529 $153,575,000 $290,312 $4,322 3.06%
Other 295 $28,805,000 $97,644 $3,279 4.41%
Home Improvement 236 $17,670,000 $74,873 $3,404 4.51%

For the 2021, Fairwinds Credit Union's most frequently cited loan purpose of loans were Refi, with 1,054 originations. The 2nd most popular reason of loans were Cash Out Refi, with 1,007 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,369 $292,625,000 $213,751 $3,830 3.35%
15 Year 988 $198,240,000 $200,648 $3,644 2.57%
20 Year 477 $92,005,000 $192,883 $3,525 3.14%
10 Year 239 $24,865,000 $104,038 $3,413 3.81%
5 Year 42 $2,150,000 $51,190 $0 5.18%
Other 6 $2,020,000 $336,667 $0 3.90%

For the 2021, Fairwinds Credit Union's most frequently cited loan length of loans were 30 Year, with 1,369 originations. The 2nd most popular length of loans were 15 Year, with 988 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,678 $361,830,000 $215,632
$1k-2k 533 $112,905,000 $211,829
$2k-3k 186 $40,270,000 $216,505
$3k-4k 153 $36,555,000 $238,922
$5k+ 44 $20,680,000 $470,000

$3,830 of loans were Fairwinds Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,678 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,008 $211,770,000 $210,089
2.5-3% 944 $206,880,000 $219,153
<2.5% 842 $168,710,000 $200,368
4-5% 150 $14,340,000 $95,600
5-6% 97 $5,475,000 $56,443
6-7% 56 $3,320,000 $59,286
7-8% 24 $1,410,000 $58,750

During 2021, Fairwinds Credit Union's average interest rate of loans were 3.35%, while their most frequently originated rate bucket of loans were 3-4%, with 1,008 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,183 $173,975,000 $147,063 $3,082 2.87%
$200k-400k 1,066 $282,760,000 $265,253 $4,058 2.96%
$100,000 or less 679 $41,905,000 $61,716 $2,641 3.93%
$400k-600k 138 $65,620,000 $475,507 $5,330 2.92%
$600k-1MM 44 $31,500,000 $715,909 $0 2.85%
$1MM+ 11 $16,145,000 $1,467,727 $0 2.55%

2021 saw Fairwinds Credit Union place emphasis on $100k-200k loans with 1,183 originations, totaling $173,975,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 749 $118,595,000 $158,338 $3,487 3.10%
$100k-150k 687 $141,325,000 $205,713 $3,973 3.19%
$75k-100k 603 $109,225,000 $181,136 $3,676 3.13%
$50k or less 501 $59,615,000 $118,992 $3,181 3.13%
$150k-250k 415 $105,655,000 $254,590 $4,680 3.16%
$250k+ 156 $74,710,000 $478,910 $4,721 2.92%

Fairwinds Credit Union lent most frequently to those with incomes in the $50k-75k range, with 749 originations. The second most popular income band? $100k-150k, with 687 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 767 $147,125,000 $191,819 $3,715 3.04%
30-36% 628 $132,920,000 $211,656 $3,773 3.13%
<20% 356 $59,640,000 $167,528 $4,024 3.19%
44% 112 $21,050,000 $187,946 $3,504 3.30%
43% 109 $21,655,000 $198,670 $3,625 3.14%
39% 107 $21,025,000 $196,495 $3,963 3.15%
38% 106 $20,070,000 $189,340 $3,746 3.09%
36% 105 $20,375,000 $194,048 $3,519 3.07%
42% 101 $20,195,000 $199,950 $3,909 3.25%
41% 97 $17,895,000 $184,485 $3,952 3.32%
37% 97 $19,635,000 $202,423 $3,617 3.23%
49% 87 $20,325,000 $233,621 $3,934 3.16%
40% 83 $16,745,000 $201,747 $3,739 3.12%
45% 82 $15,580,000 $190,000 $4,152 3.10%
47% 79 $15,395,000 $194,873 $3,561 3.22%
46% 76 $13,940,000 $183,421 $3,521 3.20%
48% 69 $13,505,000 $195,725 $3,947 3.08%
50-60% 48 $11,610,000 $241,875 $3,416 2.87%
>60% 2 $440,000 $220,000 $0 2.75%

Fairwinds Credit Union lent most frequently to those with DTI ratios of 20-30%, with 767 originations. The next most common DTI ratio? 30-36%, with 628 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,070 $396,010,000 $191,309 $3,735 3.19%
Not provided 686 $144,010,000 $209,927 $3,774 2.95%
Black 205 $35,015,000 $170,805 $3,699 3.21%
Asian 115 $27,125,000 $235,870 $4,024 2.85%
American Indian 24 $4,610,000 $192,083 $5,244 3.45%
Not applicable 10 $2,780,000 $278,000 $0 3.91%
Native Hawaiian 11 $2,355,000 $214,091 $3,814 3.10%

Approval Rates

Total approvals of all applications
82.15%

Fairwinds Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
55.73%

Fairwinds 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 3,121 $611,905,000 $196,061

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,121 $611,905,000 $196,061

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 493 $54,895,000 $111,349 $2,929 3.06%
40-60% 704 $130,650,000 $185,582 $3,351 2.70%
60-80% 1,151 $285,695,000 $248,215 $3,760 2.95%
80-100% 413 $121,705,000 $294,685 $4,170 3.10%
Under 20% 360 $18,960,000 $52,667 $2,595 4.71%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Fairway Independent Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 11 22.9%
Fairway Independent Mortgage Corporation Conventional home mortgage Closing on a mortgage 3 6.3%
Fairway Independent Mortgage Corporation Conventional home mortgage Struggling to pay mortgage 3 6.3%
Fairway Independent Mortgage Corporation Conventional home mortgage Trouble during payment process 11 22.9%
Fairway Independent Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 4.2%
Fairway Independent Mortgage Corporation FHA mortgage Closing on a mortgage 3 6.3%
Fairway Independent Mortgage Corporation FHA mortgage Struggling to pay mortgage 1 2.1%
Fairway Independent Mortgage Corporation FHA mortgage Trouble during payment process 2 4.2%
Fairway Independent Mortgage Corporation Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.1%
Fairway Independent Mortgage Corporation Other type of mortgage Closing on a mortgage 3 6.3%
Fairway Independent Mortgage Corporation Other type of mortgage Struggling to pay mortgage 1 2.1%
Fairway Independent Mortgage Corporation Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.1%
Fairway Independent Mortgage Corporation VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 4.2%
Fairway Independent Mortgage Corporation VA mortgage Closing on a mortgage 1 2.1%
Fairway Independent Mortgage Corporation VA mortgage Trouble during payment process 3 6.3%