Family Financial Credit Union Mortgage Rates, Fees & Info
Muskegon, MILEI: 5493006GEO6KHW4VRO39
Tax ID: 34-1449460
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
25Origination Dollar Volume (All Markets)
$1,125,000Top 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% |
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
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
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 applications88.24%
Family Financial Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
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
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% |