Family Financial Credit Union Mortgage Rates, Fees & Info

Muskegon, MI

LEI: 5493006GEO6KHW4VRO39

Tax ID: 34-1449460

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Mortgage Data

Review & Overview

Family Financial Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Family Financial Credit Union has a high proportion of conventional loans.

Family Financial 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.

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Originations

25

Origination Dollar Volume (All Markets)

$1,125,000

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
Outside of Metro Areas 25 $1,125,000 $45,000 $642 4.55%
Family Financial Credit Union's top markets include

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 25 $1,125,000 $45,000 $642 4.55%

    For 2018, Family Financial Credit Union's most frequently originated type of loan was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 14 $530,000 $37,857 $614 4.68%
    Refi 11 $595,000 $54,091 $678 4.40%

    For 2018, Family Financial Credit Union's most frequently cited loan purpose was Home Improvement, with 14 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 13 $805,000 $61,923 $686 4.37%
    10 Year 8 $260,000 $32,500 $609 4.85%
    5 Year 4 $60,000 $15,000 $566 4.58%

    For 2018, Family Financial Credit Union's most frequently cited loan duration was 15 Year, with 13 originations. The 2nd most popular length was 10 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1 $75,000 $75,000

    Family Financial Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 19 $905,000 $47,632
    5-6% 5 $115,000 $23,000
    3-4% 1 $105,000 $105,000

    During 2018, Family Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 19 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 23 $885,000 $38,478 $635 4.59%
    $100k-200k 2 $240,000 $120,000 $725 4.15%

    2018 saw Family Financial Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 11 $355,000 $32,273 $624 4.48%
    $50k-75k 8 $390,000 $48,750 $680 4.59%
    $100k-150k 3 $215,000 $71,667 $576 4.58%
    $75k-100k 3 $165,000 $55,000 $673 4.70%

    Family Financial 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 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 13 $665,000 $51,154 $631 4.50%
    <20% 6 $220,000 $36,667 $527 4.33%
    30-36% 3 $135,000 $45,000 $830 5.10%
    37% 2 $80,000 $40,000 $658 4.90%
    41% 1 $25,000 $25,000 $878 4.30%

    Family Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? <20%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 25 $1,125,000 $45,000 $642 4.55%

    Approval Rates

    Total approvals of all applications
    88.24%

    Family Financial Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.00%

    Family Financial Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 25 $1,125,000 $45,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 25 $1,125,000 $45,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $145,000 $29,000 $621 4.66%
    40-60% 4 $220,000 $55,000 $590 4.29%
    60-80% 6 $400,000 $66,667 $690 4.28%
    80-100% 3 $235,000 $78,333 $736 4.30%
    Under 20% 7 $125,000 $17,857 $606 4.97%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Family First Funding LLC Conventional home mortgage Closing on a mortgage 1 100.0%