Leominster Credit Union Mortgage Rates, Fees & Info

Leominster, MA

LEI: 5493008H38W2EPJ8ZQ43

Tax ID: 04-2348884

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
  • Similar Lenders
  • 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

    Leominster Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Leominster Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Springfield, and Barnstable Town among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Leominster Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Leominster Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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

    269

    Origination Dollar Volume (All Markets)

    $42,815,000

    Awards

    LEOMINSTER CREDIT UNION 30 Year Conventional Loans gold LEOMINSTER CREDIT UNION 30 Year Conventional Loans silver
    Show all (2) awards

    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) 219 $36,425,000 $166,324 $2,407 4.26%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 21 $3,535,000 $168,333 $2,216 4.86%
    SPRINGFIELD, MA (FHA|USDA|VA) 27 $2,285,000 $84,630 $2,372 5.41%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $570,000 $285,000 $2,554 3.88%
    Leominster Credit Union's top markets include Worcester, Boston, Springfield, and Barnstable Town among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against LEOMINSTER CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Northern Bank & Trust Company
    Similarity Rank: 64
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 80
    Bristol County Savings Bank
    Similarity Rank: 96
    Middlesex Savings Bank
    Similarity Rank: 145
    Cambridge Savings Bank
    Similarity Rank: 160
    LEOMINSTER CREDIT UNION
    Similarity Rank: 180
    Milford Federal Bank
    Similarity Rank: 252
    WEBSTER FIRST Federal Credit Union
    Similarity Rank: 253
    St. Mary's Credit Union
    Similarity Rank: 264
    Charter Oak Federal Credit Union
    Similarity Rank: 294

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 269 $42,815,000 $159,164 $2,394 4.42%

    For 2019, Leominster Credit Union's most frequently originated type of loan was Conventional, with 269 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 107 $18,725,000 $175,000 $2,570 4.81%
    Refi 58 $8,710,000 $150,172 $2,104 4.01%
    Cash Out Refi 46 $9,890,000 $215,000 $2,316 4.01%
    Home Improvement 43 $4,805,000 $111,744 $2,625 4.33%
    Other 15 $685,000 $45,667 $2,014 4.68%

    For 2019, Leominster Credit Union's most frequently cited loan purpose was Home Purchase, with 107 originations. The 2nd most popular reason was Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 122 $26,650,000 $218,443 $2,469 4.06%
    15 Year 58 $8,830,000 $152,241 $2,191 3.97%
    20 Year 44 $4,400,000 $100,000 $2,167 5.81%
    10 Year 23 $1,405,000 $61,087 $2,024 4.65%
    5 Year 15 $625,000 $41,667 $0 4.31%
    Other 6 $600,000 $100,000 $0 5.21%
    30+ year 1 $305,000 $305,000 $6,055 3.75%

    For 2019, Leominster Credit Union's most frequently cited loan duration was 30 Year, with 122 originations. The 2nd most popular length was 15 Year, with 58 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 211 $35,895,000 $170,118
    $1k-2k 11 $1,455,000 $132,273
    $3k-4k 4 $1,160,000 $290,000
    $2k-3k 3 $645,000 $215,000

    Leominster Credit Union's average total fees were $2,469, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 211 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 124 $27,510,000 $221,855
    4-5% 89 $9,775,000 $109,831
    5-6% 26 $3,140,000 $120,769
    6-7% 22 $1,380,000 $62,727
    2.5-3% 4 $850,000 $212,500
    7-8% 4 $160,000 $40,000

    During 2019, Leominster Credit Union's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 3-4%, with 124 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 94 $4,790,000 $50,957 $2,210 5.24%
    $100k-200k 86 $12,900,000 $150,000 $2,168 3.98%
    $200k-400k 83 $22,365,000 $269,458 $2,618 3.97%
    $400k-600k 5 $2,155,000 $431,000 $2,672 3.85%
    $600k-1MM 1 $605,000 $605,000 $3,422 3.87%

    2019 saw Leominster Credit Union place emphasis on $100,000 or less loans with 94 originations, totaling $4,790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 63 $8,375,000 $132,937 $2,358 4.58%
    $100k-150k 58 $11,050,000 $190,517 $2,531 4.22%
    $75k-100k 56 $9,270,000 $165,536 $2,422 4.26%
    $50k or less 38 $2,920,000 $76,842 $2,177 5.08%
    $150k-250k 36 $7,660,000 $212,778 $2,437 4.06%
    $250k+ 8 $1,770,000 $221,250 $2,378 4.37%

    Leominster Credit Union lent most frequently to those with incomes in the $50k-75k range, with 63 originations. The second most popular income band? $100k-150k, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $11,155,000 $148,733 $2,335 4.52%
    30-36% 57 $9,255,000 $162,368 $2,427 4.37%
    <20% 19 $2,745,000 $144,474 $2,409 4.56%
    41% 14 $2,170,000 $155,000 $2,201 4.40%
    42% 12 $2,510,000 $209,167 $2,386 4.62%
    37% 12 $2,040,000 $170,000 $2,470 4.22%
    44% 11 $1,755,000 $159,545 $2,351 4.21%
    43% 10 $1,390,000 $139,000 $2,363 4.40%
    38% 10 $1,440,000 $144,000 $3,040 4.56%
    40% 8 $1,280,000 $160,000 $2,359 4.25%
    47% 6 $440,000 $73,333 $1,777 4.27%
    36% 6 $880,000 $146,667 $2,374 4.62%
    39% 6 $1,020,000 $170,000 $2,278 4.25%
    48% 6 $830,000 $138,333 $1,992 4.19%
    46% 5 $1,415,000 $283,000 $2,395 3.97%
    45% 4 $820,000 $205,000 $2,216 3.72%
    49% 3 $615,000 $205,000 $2,519 4.16%
    50-60% 2 $340,000 $170,000 $5,366 4.50%

    Leominster Credit Union lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 222 $35,110,000 $158,153 $2,402 4.38%
    Not provided 27 $3,975,000 $147,222 $2,312 4.66%
    Black 8 $1,490,000 $186,250 $2,398 4.58%
    Not applicable 3 $715,000 $238,333 $0 5.25%
    Asian 4 $670,000 $167,500 $2,139 3.78%
    Other Pacific Islander 1 $295,000 $295,000 $2,554 3.88%
    American Indian 1 $195,000 $195,000 $2,280 3.88%
    Asian Indian 2 $190,000 $95,000 $2,862 4.75%
    Other Asian 1 $175,000 $175,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    67.07%

    Leominster Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    82.53%

    Leominster Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 269 $42,815,000 $159,164

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 37 $2,275,000 $61,486
    Single Family (1-4 Units):Site-Built 232 $40,540,000 $174,741

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,670,000 $83,500 $2,040 4.21%
    40-60% 43 $6,635,000 $154,302 $2,140 4.03%
    60-80% 85 $16,285,000 $191,588 $2,419 4.34%
    80-100% 71 $15,305,000 $215,563 $2,674 4.73%
    Under 20% 40 $1,310,000 $32,750 $0 4.70%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Lima One Capital, LLC Other type of mortgage Trouble during payment process 2 100.0%