Direct Federal Credit Union Mortgage Rates, Fees & Info
Needham, MALEI: 5493008Q2ZM3OTLTQH25
Tax ID: 04-2177945
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Direct Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Direct Federal Credit Union has a high proportion of conventional loans. Their top markets include Boston, Providence, Worcester, Barnstable Town, and Manchester among others. Direct Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.Originations
370Origination Dollar Volume (All Markets)
$171,160,000Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 322 | $156,050,000 | $484,627 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 21 | $8,275,000 | $394,048 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 21 | $4,965,000 | $236,429 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 5 | $1,645,000 | $329,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
Direct Federal Credit Union's top markets include Boston, Providence, Worcester, Barnstable Town, and Manchester among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 370 | $171,160,000 | $462,595 | $0 | 0.00% |
For the 2021 period, Direct Federal Credit Union's most frequently originated loan type of loans were Conventional, with 370 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 188 | $78,680,000 | $418,511 | $0 | 0.00% |
| Cash Out Refi | 136 | $59,010,000 | $433,897 | $0 | 0.00% |
| Home Purchase | 46 | $33,470,000 | $727,609 | $0 | 0.00% |
For the 2021, Direct Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 188 originations. The 2nd most popular reason of loans were Cash Out Refi, with 136 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 370 | $171,160,000 | $462,595 | $0 | 0.00% |
For the 2021, Direct Federal Credit Union's most frequently cited loan length of loans were Other, with 370 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 136 | $39,780,000 | $292,500 | $0 | 0.00% |
| $600k-1MM | 69 | $52,955,000 | $767,464 | $0 | 0.00% |
| $400k-600k | 64 | $31,990,000 | $499,844 | $0 | 0.00% |
| $100k-200k | 57 | $8,715,000 | $152,895 | $0 | 0.00% |
| $1MM+ | 28 | $36,550,000 | $1,305,357 | $0 | 0.00% |
| $100,000 or less | 16 | $1,170,000 | $73,125 | $0 | 0.00% |
2021 saw Direct Federal Credit Union place emphasis on $200k-400k loans with 136 originations, totaling $39,780,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 123 | $62,855,000 | $511,016 | $0 | 0.00% |
| $250k+ | 88 | $64,400,000 | $731,818 | $0 | 0.00% |
| $100k-150k | 83 | $27,705,000 | $333,795 | $0 | 0.00% |
| $75k-100k | 36 | $9,230,000 | $256,389 | $0 | 0.00% |
| $50k-75k | 29 | $5,115,000 | $176,379 | $0 | 0.00% |
| $50k or less | 10 | $1,610,000 | $161,000 | $0 | 0.00% |
Direct Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 123 originations. The second most popular income band? $250k+, with 88 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 370 | $171,160,000 | $462,595 | $0 | 0.00% |
Direct Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 370 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 280 | $127,590,000 | $455,679 | $0 | 0.00% |
| Not provided | 66 | $31,720,000 | $480,606 | $0 | 0.00% |
| Asian | 13 | $8,375,000 | $644,231 | $0 | 0.00% |
| Black | 9 | $3,005,000 | $333,889 | $0 | 0.00% |
| Asian Indian | 1 | $315,000 | $315,000 | $0 | 0.00% |
| American Indian | 1 | $155,000 | $155,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications82.72%
Direct Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination82.58%
Direct Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 370 | $171,160,000 | $462,595 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 370 | $171,160,000 | $462,595 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Direct Mortgage, Corp. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| Direct Mortgage, Corp. | Conventional home mortgage | Trouble during payment process | 2 | 66.7% |
