Ic Federal Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007ISPBRCRINID86

Tax ID: 04-1328710

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

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Mortgage Data

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

    Ic Federal Credit Union is a smaller credit union specializing in loans. Ic Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Barnstable Town, Springfield, and Providence among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ic 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.

    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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    Originations

    378

    Origination Dollar Volume (All Markets)

    $86,510,000

    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
    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.

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

    • Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Ic Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 225 originations. The 2nd most popular reason was 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 2021, Ic Federal Credit Union's most frequently cited loan duration was 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
    80.78%

    Ic Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.84%

    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