Southbridge Credit Union Mortgage Rates, Fees & Info
Southbridge, MALEI: 5493005JR8XLPW5ROU93
Tax ID: 04-2023790
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Mortgage Data
Review & Overview
Southbridge Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Southbridge Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Springfield, Hartford, and Boston among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Southbridge Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Southbridge 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.
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Originations
114Origination Dollar Volume (All Markets)
$17,870,000Awards
SOUTHBRIDGE CREDIT UNION - 2019
SOUTHBRIDGE CREDIT UNION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| WORCESTER, MA-CT (FHA|USDA|VA) | 101 | $15,955,000 | $157,970 | $1,651 | 4.42% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 11 | $1,625,000 | $147,727 | $781 | 4.41% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,296 | 4.38% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 4.25% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against SOUTHBRIDGE CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 114 | $17,870,000 | $156,754 | $1,568 | 4.41% |
For 2019, Southbridge Credit Union's most frequently originated type of loan was Conventional, with 114 originations.
Loan Reason
For 2019, Southbridge Credit Union's most frequently cited loan purpose was Cash Out Refi, with 67 originations. The 2nd most popular reason was Home Purchase, with 29 originations.
Loan Duration/Length
For 2019, Southbridge Credit Union's most frequently cited loan duration was 30 Year, with 47 originations. The 2nd most popular length was 15 Year, with 27 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 92 | $14,440,000 | $156,957 |
Southbridge Credit Union's average total fees were $2,525, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 92 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 52 | $8,270,000 | $159,038 |
| 3-4% | 41 | $7,135,000 | $174,024 |
| 5-6% | 17 | $2,095,000 | $123,235 |
| 2.5-3% | 2 | $290,000 | $145,000 |
| Over 8% | 2 | $80,000 | $40,000 |
During 2019, Southbridge Credit Union's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 4-5%, with 52 originations.
Loan Sizing
2019 saw Southbridge Credit Union place emphasis on $100k-200k loans with 44 originations, totaling $6,990,000 in origination value.
Applicant Income
Southbridge Credit Union lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 23 originations.
Applicant Debt to Income Ratio
Southbridge Credit Union lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.80%
Southbridge Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination79.82%
Southbridge Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $55,000 | $55,000 |
| NA | 113 | $17,815,000 | $157,655 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| South Fork Funding, inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |