Community Financial Credit Union Mortgage Rates, Fees & Info
PLYMOUTH, MILEI: 5493007XQ4LU452LQJ67
Tax ID: 38-1447620
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
2,257Origination Dollar Volume (All Markets)
$339,165,000Awards
COMMUNITY FINANCIAL CREDIT UNION - 2021
COMMUNITY FINANCIAL CREDIT UNION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications91.51%
Community Financial Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination82.21%
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% |
