Ic Federal Credit Union Mortgage Rates, Fees & Info
Fitchburg, MALEI: 5493007ISPBRCRINID86
Tax ID: 04-1328710
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
378Origination Dollar Volume (All Markets)
$86,510,000Top 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 applications81.54%
Ic Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination74.38%
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 |
