Ic Federal Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007ISPBRCRINID86

Tax ID: 04-1328710

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ic Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Ic Federal Credit Union has a high proportion of conventional loans. Their top markets include Worcester, Boston, Barnstable Town, Springfield, and Providence among others. Ic Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

378

Origination Dollar Volume (All Markets)

$86,510,000

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
WORCESTER, MA-CT (FHA|USDA|VA) 327 $72,135,000 $220,596 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 45 $12,345,000 $274,333 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $865,000 $288,333 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $650,000 $325,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%

Ic Federal Credit Union's top markets include Worcester, Boston, Barnstable Town, Springfield, and Providence among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 378 $86,510,000 $228,862 $0 0.00%

For the 2021 period, Ic Federal Credit Union's most frequently originated loan type of loans were Conventional, with 378 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 225 $52,895,000 $235,089 $0 0.00%
Refi 75 $15,685,000 $209,133 $0 0.00%
Home Purchase 51 $16,525,000 $324,020 $0 0.00%
Home Improvement 16 $800,000 $50,000 $0 0.00%
Other 11 $605,000 $55,000 $0 0.00%

For the 2021, Ic Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 225 originations. The 2nd most popular reason of loans were Refi, with 75 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 378 $86,510,000 $228,862 $0 0.00%

For the 2021, Ic Federal Credit Union's most frequently cited loan length of loans were Other, with 378 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 175 $47,635,000 $272,200 $0 0.00%
$100k-200k 120 $18,890,000 $157,417 $0 0.00%
$100,000 or less 50 $2,670,000 $53,400 $0 0.00%
$400k-600k 27 $12,505,000 $463,148 $0 0.00%
$600k-1MM 5 $3,605,000 $721,000 $0 0.00%
$1MM+ 1 $1,205,000 $1,205,000 $0 0.00%

2021 saw Ic Federal Credit Union place emphasis on $200k-400k loans with 175 originations, totaling $47,635,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 118 $27,400,000 $232,203 $0 0.00%
$50k-75k 77 $12,935,000 $167,987 $0 0.00%
$75k-100k 76 $16,510,000 $217,237 $0 0.00%
$150k-250k 61 $17,105,000 $280,410 $0 0.00%
$50k or less 21 $2,575,000 $122,619 $0 0.00%
$250k+ 17 $6,995,000 $411,471 $0 0.00%

Ic Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 118 originations. The second most popular income band? $50k-75k, with 77 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 378 $86,510,000 $228,862 $0 0.00%

Ic Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 378 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 306 $67,270,000 $219,837 $0 0.00%
Not provided 47 $12,355,000 $262,872 $0 0.00%
Black 11 $2,795,000 $254,091 $0 0.00%
Asian 5 $1,305,000 $261,000 $0 0.00%
Not applicable 1 $1,205,000 $1,205,000 $0 0.00%
American Indian 4 $740,000 $185,000 $0 0.00%
Asian Indian 2 $490,000 $245,000 $0 0.00%
Other Asian 2 $350,000 $175,000 $0 0.00%

Approval Rates

Total approvals of all applications
81.54%

Ic Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
74.38%

Ic Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 378 $86,510,000 $228,862

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
378 $86,510,000 $228,862