The New Orleans Firemen's Federal Credit Union Mortgage Rates, Fees & Info

Metairie, LA

LEI: 5493006GFSNOUCCL1W91

Tax ID: 72-0444318

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    The New Orleans Firemen's Federal Credit Union is a smaller credit union specializing in Other, Home Purchase, and Refi loans. The New Orleans Firemen's Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New Orleans, Houma, Hammond, Picayune, and Jackson among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The New Orleans Firemen's Federal 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. The New Orleans Firemen's 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.60% 11/21/24
    30 Year Conventional Refi 7.48% 11/21/24
    30 Year Cash-out Refi 8.38% 11/21/24
    30 Year USDA Purchase 6.27% 11/21/24
    15 Year Conventional Refi 7.13% 11/21/24
    15 Year Cash-out Refi 7.13% 11/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    The New Orleans Firemen's Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from The New Orleans Firemen's Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    38

    Origination Dollar Volume (All Markets)

    $4,450,000

    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
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 29 $3,365,000 $116,034 $2,588 5.16%
    HOUMA-THIBODAUX, LA (FHA|USDA|VA) 3 $295,000 $98,333 $2,316 5.91%
    HAMMOND, LA (FHA|USDA|VA) 2 $260,000 $130,000 $3,378 3.25%
    Picayune, MS (FHA|USDA|VA) 2 $260,000 $130,000 $3,661 5.88%
    JACKSON, MS (FHA|USDA|VA) 1 $165,000 $165,000 $3,754 4.13%
    BATON ROUGE, LA (FHA|USDA|VA) 1 $105,000 $105,000 $3,218 3.00%
    The New Orleans Firemen's Federal Credit Union's top markets include New Orleans, Houma, Hammond, Picayune, and Jackson among others.

    Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against THE NEW ORLEANS FIREMEN'S FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Jefferson Parish Employees FCU
    Similarity Rank: 77
    Eureka Homestead
    Similarity Rank: 112
    America's Mortgage Resource, Inc.
    Similarity Rank: 640
    GREATER NEW ORLEANS
    Similarity Rank: 680
    Home Bank
    Similarity Rank: 966
    Origin Bank
    Similarity Rank: 1404
    Campus Federal Credit Union
    Similarity Rank: 1488
    Red River Bank
    Similarity Rank: 1512
    DSLD MORTGAGE, LLC
    Similarity Rank: 1640
    La Capitol Federal Credit Union
    Similarity Rank: 1955

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $4,450,000 $117,105 $2,712 5.08%

    For 2020, The New Orleans Firemen's Federal Credit Union's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 18 $1,700,000 $94,444 $1,574 5.40%
    Home Purchase 9 $965,000 $107,222 $3,598 5.78%
    Refi 7 $1,315,000 $187,857 $4,432 3.52%
    Cash Out Refi 3 $365,000 $121,667 $3,770 4.25%
    Home Improvement 1 $105,000 $105,000 $0 6.25%

    For 2020, The New Orleans Firemen's Federal Credit Union's most frequently cited loan purpose was Other, with 18 originations. The 2nd most popular reason was Home Purchase, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 17 $1,415,000 $83,235 $1,468 5.27%
    30 Year 15 $2,195,000 $146,333 $4,051 5.01%
    20 Year 5 $805,000 $161,000 $3,212 4.50%
    10 Year 1 $35,000 $35,000 $1,268 5.63%

    For 2020, The New Orleans Firemen's Federal Credit Union's most frequently cited loan duration was 15 Year, with 17 originations. The 2nd most popular length was 30 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 16 $1,180,000 $73,750
    $1k-2k 14 $1,540,000 $110,000
    $2k-3k 8 $1,730,000 $216,250

    The New Orleans Firemen's Federal Credit Union's average total fees were $4,051, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 16 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 11 $1,895,000 $172,273
    6-7% 10 $840,000 $84,000
    5-6% 8 $500,000 $62,500
    4-5% 3 $485,000 $161,667
    3-4% 3 $455,000 $151,667
    Over 8% 2 $170,000 $85,000
    7-8% 1 $105,000 $105,000

    During 2020, The New Orleans Firemen's Federal Credit Union's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 2.5-3%, with 11 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 18 $2,430,000 $135,000 $3,269 4.83%
    $100,000 or less 15 $785,000 $52,333 $1,531 6.06%
    $200k-400k 5 $1,235,000 $247,000 $4,251 3.00%

    2020 saw The New Orleans Firemen's Federal Credit Union place emphasis on $100k-200k loans with 18 originations, totaling $2,430,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 13 $1,355,000 $104,231 $2,681 5.86%
    $100k-150k 8 $880,000 $110,000 $2,400 5.31%
    $50k-75k 7 $795,000 $113,571 $2,664 4.50%
    $150k-250k 5 $715,000 $143,000 $2,366 4.05%
    $75k-100k 5 $705,000 $141,000 $3,707 4.50%

    The New Orleans Firemen's Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $1,850,000 $154,167 $3,136 4.10%
    30-36% 8 $1,070,000 $133,750 $3,207 4.48%
    <20% 3 $285,000 $95,000 $1,257 4.71%
    43% 3 $255,000 $85,000 $2,412 6.83%
    36% 3 $275,000 $91,667 $3,220 5.54%
    >60% 2 $240,000 $120,000 $3,445 5.26%
    37% 2 $150,000 $75,000 $0 6.13%
    38% 2 $70,000 $35,000 $1,312 5.50%
    42% 1 $105,000 $105,000 $3,528 6.13%
    47% 1 $45,000 $45,000 $2,434 8.63%
    41% 1 $105,000 $105,000 $3,623 8.00%

    The New Orleans Firemen's Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 27 $3,375,000 $125,000 $2,694 4.78%
    Black 8 $780,000 $97,500 $2,441 6.09%
    Not provided 3 $295,000 $98,333 $3,596 5.04%

    Approval Rates

    Total approvals of all applications
    70.33%

    The New Orleans Firemen's Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    34.21%

    The New Orleans Firemen's Federal 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 38 $4,450,000 $117,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 38 $4,450,000 $117,105

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $235,000 $47,000 $846 6.83%
    40-60% 7 $745,000 $106,429 $2,065 4.66%
    60-80% 16 $2,500,000 $156,250 $3,630 4.32%
    80-100% 6 $790,000 $131,667 $3,746 5.73%
    Under 20% 4 $180,000 $45,000 $951 5.66%