Community Financial Credit Union Mortgage Rates, Fees & Info

PLYMOUTH, MI

LEI: 5493007XQ4LU452LQJ67

Tax ID: 38-1447620

5 stars - out of 5 stars, based on 48 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Community Financial Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Community Financial Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Detroit, Ann Arbor, Jackson, Alpena, and Adrian among others. Community Financial Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Community Financial Credit Union is typically a low fee lendor.


Originations

2,257

Origination Dollar Volume (All Markets)

$339,165,000
Show all (5) awards

Relative Rate

Community Financial Credit Union's average 30 year fixed rate mortgage of loans were 3.1%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.05%.

Relative Fees

Community Financial Credit Union's average total fees for a 30 year fixed rate mortgage are $2,598.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,576 $255,310,000 $161,999 $2,475 3.05%
Outside of Metro Areas 470 $49,650,000 $105,638 $2,357 3.29%
ANN ARBOR, MI (FHA|USDA|VA) 102 $17,910,000 $175,588 $2,491 3.15%
JACKSON, MI (FHA|USDA|VA) 7 $2,395,000 $342,143 $2,813 2.73%
Alpena, MI (FHA|USDA|VA) 22 $2,080,000 $94,545 $2,607 3.35%
Adrian, MI (FHA|USDA|VA) 9 $1,615,000 $179,444 $2,516 2.90%
MONROE, MI (FHA|USDA|VA) 12 $1,590,000 $132,500 $2,732 3.53%
FLINT, MI (FHA|USDA|VA) 12 $1,520,000 $126,667 $2,959 4.07%
Traverse City, MI (FHA|USDA|VA) 8 $1,500,000 $187,500 $2,615 3.19%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $1,070,000 $133,750 $2,912 3.39%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $790,000 $197,500 $2,473 3.47%
Coldwater, MI (FHA|USDA|VA) 2 $700,000 $350,000 $0 3.00%
MUSKEGON, MI (FHA|USDA|VA) 6 $590,000 $98,333 $1,601 3.55%
Hillsdale, MI (FHA|USDA|VA) 3 $435,000 $145,000 $0 2.67%
SAGINAW, MI (FHA|USDA|VA) 2 $430,000 $215,000 $2,716 3.00%
Holland, MI (FHA|USDA|VA) 1 $325,000 $325,000 $2,683 2.50%
Ludington, MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,060 2.75%
Mount Pleasant, MI (FHA|USDA|VA) 2 $210,000 $105,000 $2,380 5.31%
Cadillac, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,487 3.38%
Houghton, MI (FHA|USDA|VA) 2 $140,000 $70,000 $1,963 2.50%
Big Rapids, MI (FHA|USDA|VA) 2 $140,000 $70,000 $1,599 3.38%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,455 3.00%
BAY CITY, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,448 2.75%
Alma, MI (FHA|USDA|VA) 1 $115,000 $115,000 $1,642 2.25%
NILES, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.25%

Community Financial Credit Union's top markets include Detroit, Ann Arbor, Jackson, Alpena, and Adrian among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,244 $337,600,000 $150,446 $2,434 3.12%
USDA 13 $1,565,000 $120,385 $3,734 3.17%

For the 2021 period, Community Financial Credit Union's most frequently originated loan type of loans were Conventional, with 2,244 originations. Their 2nd most popular type is USDA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 635 $57,605,000 $90,717 $0 3.37%
Refi 577 $105,685,000 $183,163 $2,277 2.83%
Cash Out Refi 410 $72,300,000 $176,341 $2,384 3.01%
Home Purchase 343 $71,215,000 $207,624 $2,762 3.04%
Other 289 $32,135,000 $111,194 $0 3.43%
NA 3 $225,000 $75,000 $0 2.75%

For the 2021, Community Financial Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 635 originations. The 2nd most popular reason of loans were Refi, with 577 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
10 Year 1,263 $150,995,000 $119,553 $1,937 3.10%
30 Year 609 $128,105,000 $210,353 $2,598 3.10%
15 Year 233 $40,715,000 $174,742 $2,260 2.62%
20 Year 97 $15,265,000 $157,371 $2,340 3.71%
Other 33 $3,485,000 $105,606 $2,112 4.49%
5 Year 20 $530,000 $26,500 $0 5.79%
3 Year 1 $5,000 $5,000 $0 10.24%
30+ year 1 $65,000 $65,000 $2,812 2.00%

For the 2021, Community Financial Credit Union's most frequently cited loan length of loans were 10 Year, with 1,263 originations. The 2nd most popular length of loans were 30 Year, with 609 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 903 $171,645,000 $190,083
$1k-2k 66 $13,840,000 $209,697
$3k-4k 12 $3,500,000 $291,667
$2k-3k 10 $3,130,000 $313,000
$5k+ 1 $715,000 $715,000

$2,598 of loans were Community Financial Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 903 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 796 $127,960,000 $160,754
2.5-3% 635 $122,475,000 $192,874
3-4% 519 $67,275,000 $129,624
4-5% 167 $13,805,000 $82,665
5-6% 72 $3,740,000 $51,944
6-7% 33 $1,395,000 $42,273
7-8% 13 $655,000 $50,385
Over 8% 7 $225,000 $32,143

During 2021, Community Financial Credit Union's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were <2.5%, with 796 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 885 $48,885,000 $55,237 $2,087 3.64%
$100k-200k 799 $110,295,000 $138,041 $2,306 2.86%
$200k-400k 480 $129,520,000 $269,833 $2,674 2.67%
$400k-600k 67 $31,055,000 $463,507 $3,413 2.73%
$600k-1MM 25 $18,145,000 $725,800 $3,996 2.65%
$1MM+ 1 $1,265,000 $1,265,000 $5,380 2.75%

2021 saw Community Financial Credit Union place emphasis on $100,000 or less loans with 885 originations, totaling $48,885,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 506 $78,790,000 $155,711 $2,425 3.09%
$50k-75k 463 $54,775,000 $118,305 $2,357 3.21%
$75k-100k 417 $55,875,000 $133,993 $2,485 3.17%
$150k-250k 392 $77,680,000 $198,163 $2,648 3.00%
$50k or less 342 $32,230,000 $94,240 $2,259 3.22%
$250k+ 134 $38,040,000 $283,881 $3,117 2.85%

Community Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 506 originations. The second most popular income band? $50k-75k, with 463 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 629 $94,455,000 $150,167 $2,376 3.02%
30-36% 417 $63,295,000 $151,787 $2,474 3.19%
<20% 287 $43,485,000 $151,516 $2,298 2.75%
50-60% 132 $17,500,000 $132,576 $2,652 3.21%
39% 86 $12,740,000 $148,140 $2,521 3.37%
36% 72 $10,180,000 $141,389 $2,641 3.27%
41% 70 $10,920,000 $156,000 $2,784 3.30%
38% 69 $12,175,000 $176,449 $2,576 3.28%
40% 61 $10,735,000 $175,984 $2,601 3.23%
42% 59 $9,745,000 $165,169 $2,498 3.32%
37% 57 $7,735,000 $135,702 $2,465 3.37%
>60% 54 $10,270,000 $190,185 $2,489 2.87%
43% 45 $5,535,000 $123,000 $2,348 3.29%
44% 45 $6,375,000 $141,667 $2,656 3.29%
45% 40 $5,530,000 $138,250 $2,571 3.41%
48% 38 $4,920,000 $129,474 $2,487 2.94%
49% 37 $4,275,000 $115,541 $2,439 3.25%
46% 30 $3,640,000 $121,333 $2,234 3.79%
47% 25 $3,555,000 $142,200 $2,432 3.38%

Community Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 629 originations. The next most common DTI ratio? 30-36%, with 417 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,862 $267,240,000 $143,523 $2,420 3.14%
Not provided 256 $46,410,000 $181,289 $2,599 3.03%
Asian 38 $6,910,000 $181,842 $2,505 3.00%
Asian Indian 31 $6,865,000 $221,452 $2,691 2.71%
Other Asian 19 $3,605,000 $189,737 $0 2.57%
Black 31 $3,335,000 $107,581 $2,564 3.33%
Not applicable 3 $1,775,000 $591,667 $0 4.25%
Chinese 7 $1,455,000 $207,857 $0 2.61%
American Indian 5 $1,105,000 $221,000 $2,390 3.05%
Native Hawiian 1 $145,000 $145,000 $0 2.75%
Filipino 2 $120,000 $60,000 $0 4.75%
Japanese 1 $105,000 $105,000 $0 2.25%
Korean 1 $95,000 $95,000 $0 2.50%

Approval Rates

Total approvals of all applications
91.51%

Community Financial Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
82.21%

Community Financial Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,257 $339,165,000 $150,272

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,257 $339,165,000 $150,272

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 557 $63,315,000 $113,671 $2,071 3.08%
40-60% 427 $74,225,000 $173,829 $2,194 2.80%
60-80% 529 $110,005,000 $207,949 $2,520 2.97%
80-100% 312 $69,180,000 $221,731 $2,744 3.00%
Under 20% 432 $22,440,000 $51,944 $1,859 3.78%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
COMMUNITY MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%