Direct Federal Credit Union Mortgage Rates, Fees & Info

Needham, MA

LEI: 5493008Q2ZM3OTLTQH25

Tax ID: 04-2177945

2021 Data | 2020 Data | 2019 Data | 2018 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

370

Origination Dollar Volume (All Markets)

$171,160,000

Top 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 applications
82.72%

Direct Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
82.58%

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%