St. Michaels Fall River Federal Credit Union Mortgage Rates, Fees & Info

Fall River, MA

LEI: 5493003C0C251LC7CM06

Tax ID: 04-2182999

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    St. Michaels Fall River Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. St. Michaels Fall River Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, Barnstable Town, and Norwich among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    St. Michaels Fall River Federal Credit Union has an above average approval rate when compared to the average across all lenders. St. Michaels Fall River 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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    Originations

    29

    Origination Dollar Volume (All Markets)

    $9,095,000

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 24 $6,040,000 $251,667 $3,599 4.95%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $2,065,000 $688,333 $5,259 5.17%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $785,000 $785,000 $7,414 5.00%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $205,000 $205,000 $2,631 5.00%
    St. Michaels Fall River Federal Credit Union's top markets include Providence, Boston, Barnstable Town, and Norwich among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

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

    Westport Federal Credit Union
    Similarity Rank: 23
    Notre Dame Community Federal Credit Union
    Similarity Rank: 38
    PAWTUCKET
    Similarity Rank: 60
    Bank of Easton
    Similarity Rank: 66
    Charter Oak Federal Credit Union
    Similarity Rank: 66
    SOMERSET
    Similarity Rank: 99
    Sharon & Crescent United Credit Union
    Similarity Rank: 140
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 168
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 189
    UniBank for Savings
    Similarity Rank: 234

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $9,095,000 $313,621 $3,889 4.97%

    For 2018, St. Michaels Fall River Federal Credit Union's most frequently originated type of loan was Conventional, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 15 $5,055,000 $337,000 $4,320 5.00%
    Cash Out Refi 9 $2,865,000 $318,333 $3,710 5.03%
    Refi 3 $655,000 $218,333 $3,055 4.83%
    Home Improvement 1 $285,000 $285,000 $3,188 4.50%
    Other 1 $235,000 $235,000 $2,490 5.00%

    For 2018, St. Michaels Fall River Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 27 $8,965,000 $332,037 $3,909 4.90%
    15 Year 2 $130,000 $65,000 $3,359 5.99%

    For 2018, St. Michaels Fall River Federal Credit Union's most frequently cited loan duration was 30 Year, with 27 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 23 $7,205,000 $313,261
    $2k-3k 2 $440,000 $220,000
    $1k-2k 1 $155,000 $155,000

    St. Michaels Fall River Federal Credit Union's average total fees were $3,909, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 23 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 25 $7,295,000 $291,800
    5-6% 3 $1,725,000 $575,000
    6-7% 1 $75,000 $75,000

    During 2018, St. Michaels Fall River Federal Credit Union's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 4-5%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 15 $4,355,000 $290,333 $3,532 4.83%
    $100k-200k 9 $1,415,000 $157,222 $3,376 4.95%
    $100,000 or less 2 $130,000 $65,000 $3,359 5.99%
    $1MM+ 2 $2,410,000 $1,205,000 $7,204 5.13%
    $600k-1MM 1 $785,000 $785,000 $7,414 5.00%

    2018 saw St. Michaels Fall River Federal Credit Union place emphasis on $200k-400k loans with 15 originations, totaling $4,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 11 $1,775,000 $161,364 $3,295 4.86%
    $50k-75k 10 $2,740,000 $274,000 $3,752 4.90%
    $100k-150k 3 $1,025,000 $341,667 $3,303 5.00%
    $250k+ 2 $1,790,000 $895,000 $7,147 4.88%
    $75k-100k 2 $360,000 $180,000 $3,273 5.75%
    $150k-250k 1 $1,405,000 $1,405,000 $7,528 5.50%

    St. Michaels Fall River Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 11 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 10 $3,480,000 $348,000 $4,130 4.95%
    <20% 3 $375,000 $125,000 $3,376 5.49%
    41% 2 $450,000 $225,000 $3,003 5.25%
    42% 2 $490,000 $245,000 $2,839 5.00%
    >60% 2 $560,000 $280,000 $3,305 5.00%
    20-30% 2 $600,000 $300,000 $3,427 4.75%
    48% 2 $440,000 $220,000 $3,459 4.75%
    49% 2 $1,790,000 $895,000 $7,147 4.88%
    37% 1 $335,000 $335,000 $3,616 5.00%
    30-36% 1 $175,000 $175,000 $3,189 4.50%
    44% 1 $285,000 $285,000 $3,104 5.00%
    45% 1 $115,000 $115,000 $4,144 4.50%

    St. Michaels Fall River Federal Credit Union lent most frequently to those with DTI ratios of 50-60%, with 10 originations. The next most common DTI ratio? <20%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 27 $8,735,000 $323,519 $3,953 5.01%
    Asian 1 $245,000 $245,000 $3,393 4.50%
    Not applicable 1 $115,000 $115,000 $2,774 4.52%

    Approval Rates

    Total approvals of all applications
    100.00%

    St. Michaels Fall River Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    6600.71 1 $235,000 $235,000
    NA 28 $8,860,000 $316,429

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 29 $9,095,000 $313,621

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $115,000 $115,000 $4,144 4.50%
    40-60% 3 $1,715,000 $571,667 $4,850 5.33%
    60-80% 21 $5,995,000 $285,476 $3,766 4.96%
    80-100% 4 $1,270,000 $317,500 $3,691 4.88%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    STONEGATE MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 33.3%
    STONEGATE MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 2 66.7%