Family Federal Savings Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 5493007XJ6VTSFSTU024

Tax ID: 04-1328570

Latest/2023 | 2022 Data | 2021 Data | 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
  • Complaints
  • 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

    Family Federal Savings is a smaller mortgage company specializing in Home Purchase loans. Family Federal Savings has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, and Springfield among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Family Federal Savings 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

    25

    Origination Dollar Volume (All Markets)

    $6,275,000

    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) 15 $3,605,000 $240,333 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 9 $2,595,000 $288,333 $0 0.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Family Federal Savings's top markets include Worcester, Boston, and Springfield among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 25 $6,275,000 $251,000 $0 0.00%

    For 2019, Family Federal Savings's most frequently originated type of loan was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 14 $3,420,000 $244,286 $0 0.00%
    Refi 4 $1,110,000 $277,500 $0 0.00%
    Home Improvement 3 $695,000 $231,667 $0 0.00%
    Cash Out Refi 3 $1,025,000 $341,667 $0 0.00%
    Other 1 $25,000 $25,000 $0 0.00%

    For 2019, Family Federal Savings's most frequently cited loan purpose was Home Purchase, with 14 originations. The 2nd most popular reason was Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 25 $6,275,000 $251,000 $0 0.00%

    For 2019, Family Federal Savings's most frequently cited loan duration was Other, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 8 $1,250,000 $156,250 $0 0.00%
    $200k-400k 8 $2,350,000 $293,750 $0 0.00%
    $400k-600k 5 $2,435,000 $487,000 $0 0.00%
    $100,000 or less 4 $240,000 $60,000 $0 0.00%

    2019 saw Family Federal Savings place emphasis on $100k-200k loans with 8 originations, totaling $1,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $2,020,000 $202,000 $0 0.00%
    $150k-250k 6 $2,040,000 $340,000 $0 0.00%
    $50k-75k 3 $405,000 $135,000 $0 0.00%
    $75k-100k 3 $605,000 $201,667 $0 0.00%
    $250k+ 2 $1,110,000 $555,000 $0 0.00%
    $50k or less 1 $95,000 $95,000 $0 0.00%

    Family Federal Savings lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 25 $6,275,000 $251,000 $0 0.00%

    Family Federal Savings lent most frequently to those with DTI ratios of Exempt%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 18 $4,410,000 $245,000 $0 0.00%
    Not provided 5 $1,165,000 $233,000 $0 0.00%
    Asian 1 $555,000 $555,000 $0 0.00%
    Black 1 $145,000 $145,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.53%

    Family Federal Savings has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    56.00%

    Family Federal Savings 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
    Exempt 25 $6,275,000 $251,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 25 $6,275,000 $251,000

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Family First Funding LLC Other type of mortgage Struggling to pay mortgage 1 100.0%