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 Cash Out Refi and Home Purchase 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, Baton Rouge, Bogalusa, Hammond, and Houma among others. We have data for 7 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 an average 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 relatively high 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

    42

    Origination Dollar Volume (All Markets)

    $5,090,000

    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) 31 $3,875,000 $125,000 $3,829 5.76%
    BATON ROUGE, LA (FHA|USDA|VA) 3 $465,000 $155,000 $4,173 6.25%
    Bogalusa, LA (FHA|USDA|VA) 2 $250,000 $125,000 $3,920 6.63%
    HAMMOND, LA (FHA|USDA|VA) 2 $190,000 $95,000 $3,238 5.81%
    HOUMA-THIBODAUX, LA (FHA|USDA|VA) 2 $150,000 $75,000 $2,715 7.88%
    HATTIESBURG, MS (FHA|USDA|VA) 1 $135,000 $135,000 $3,876 7.38%
    Picayune, MS (FHA|USDA|VA) 1 $25,000 $25,000 $2,214 6.49%
    The New Orleans Firemen's Federal Credit Union's top markets include New Orleans, Baton Rouge, Bogalusa, Hammond, and Houma 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: 90
    JEFFERSON FINANCIAL
    Similarity Rank: 169
    Eureka Homestead
    Similarity Rank: 295
    America's Mortgage Resource, Inc.
    Similarity Rank: 570
    GREATER NEW ORLEANS
    Similarity Rank: 726
    FBT Mortgage, L.L.C.
    Similarity Rank: 780
    Home Bank
    Similarity Rank: 810
    THE NEW ORLEANS FIREMEN'S FEDERAL CREDIT UNION
    Similarity Rank: 917
    KEESLER
    Similarity Rank: 1302
    DSLD MORTGAGE, LLC
    Similarity Rank: 1615

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $5,090,000 $121,190 $3,739 6.00%

    For 2022, The New Orleans Firemen's Federal Credit Union's most frequently originated type of loan was Conventional, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 18 $1,990,000 $110,556 $3,517 6.14%
    Home Purchase 13 $2,195,000 $168,846 $4,725 6.03%
    Other 4 $280,000 $70,000 $2,573 6.19%
    Refi 4 $370,000 $92,500 $3,507 4.23%
    Home Improvement 3 $255,000 $85,000 $2,667 7.08%

    For 2022, The New Orleans Firemen's Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 18 originations. The 2nd most popular reason was Home Purchase, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $3,200,000 $177,778 $4,767 5.96%
    15 Year 15 $1,345,000 $89,667 $3,073 6.32%
    5 Year 4 $160,000 $40,000 $2,467 5.81%
    10 Year 3 $155,000 $51,667 $2,620 5.96%
    20 Year 2 $230,000 $115,000 $3,710 4.38%

    For 2022, The New Orleans Firemen's Federal Credit Union's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 21 $1,315,000 $62,619
    $1k-2k 13 $1,715,000 $131,923
    $2k-3k 6 $1,270,000 $211,667
    $3k-4k 1 $285,000 $285,000
    $5k+ 1 $505,000 $505,000

    The New Orleans Firemen's Federal Credit Union's average total fees were $4,767, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 21 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 10 $860,000 $86,000
    6-7% 9 $1,225,000 $136,111
    5-6% 7 $1,085,000 $155,000
    4-5% 7 $985,000 $140,714
    3-4% 4 $540,000 $135,000
    Over 8% 3 $225,000 $75,000
    2.5-3% 2 $170,000 $85,000

    During 2022, The New Orleans Firemen's Federal Credit Union's average interest rate for loans was 5.96%, while their most frequently originated rate bucket for loans was 7-8%, with 10 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,140,000 $57,000 $2,730 6.62%
    $100k-200k 16 $2,240,000 $140,000 $3,938 5.18%
    $200k-400k 5 $1,205,000 $241,000 $5,349 5.93%
    $400k-600k 1 $505,000 $505,000 $12,696 6.88%

    2022 saw The New Orleans Firemen's Federal Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,140,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 12 $1,220,000 $101,667 $3,419 6.50%
    $75k-100k 10 $1,540,000 $154,000 $4,055 5.95%
    $50k-75k 8 $770,000 $96,250 $3,248 5.88%
    $50k or less 8 $1,220,000 $152,500 $4,649 5.40%
    $150k-250k 3 $285,000 $95,000 $3,322 6.00%
    $250k+ 1 $55,000 $55,000 $2,315 6.13%

    The New Orleans Firemen's Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 12 originations. The second most popular income band? $75k-100k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 12 $1,270,000 $105,833 $3,520 5.08%
    20-30% 10 $1,260,000 $126,000 $3,786 5.61%
    30-36% 8 $770,000 $96,250 $3,162 7.03%
    50-60% 3 $355,000 $118,333 $3,294 6.75%
    42% 2 $210,000 $105,000 $3,330 8.13%
    44% 1 $45,000 $45,000 $2,611 7.00%
    48% 1 $45,000 $45,000 $2,653 7.38%
    >60% 1 $505,000 $505,000 $12,696 6.88%
    37% 1 $285,000 $285,000 $5,982 5.00%
    38% 1 $185,000 $185,000 $4,838 3.13%
    40% 1 $115,000 $115,000 $3,610 7.13%
    41% 1 $45,000 $45,000 $2,723 5.50%

    The New Orleans Firemen's Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 12 originations. The next most common DTI ratio? 20-30%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 27 $3,275,000 $121,296 $3,644 5.90%
    Black 10 $1,610,000 $161,000 $4,614 6.20%
    Not provided 5 $205,000 $41,000 $2,504 6.12%

    Approval Rates

    Total approvals of all applications
    85.90%

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

    Pick Rate

    Approvals leading to origination
    42.86%

    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 42 $5,090,000 $121,190

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    42 $5,090,000 $121,190

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $765,000 $85,000 $3,037 5.92%
    40-60% 4 $460,000 $115,000 $3,536 5.56%
    60-80% 13 $1,745,000 $134,231 $3,865 6.08%
    80-100% 11 $1,835,000 $166,818 $4,658 5.81%
    Under 20% 5 $285,000 $57,000 $2,816 6.68%