Direct Federal Credit Union Mortgage Rates, Fees & InfoNeedham, MA
Tax ID: 04-2177945
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewDirect Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Direct Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Barnstable Town, Worcester, and Manchester among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)
Direct Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Direct Federal 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.25%||3/31/23|
|30 Year Conventional Refi||6.01%||3/31/23|
|30 Year Cash-out Refi||6.13%||3/31/23|
|15 Year Conventional Purchase||5.96%||3/31/23|
|15 Year Conventional Refi||5.76%||3/31/23|
|15 Year Cash-out Refi||5.76%||3/31/23|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
Origination Dollar Volume (All Markets)$152,135,000
Direct Federal Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -1.39%.
Relative Fees (Closing Costs)
Direct Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,573.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)||220||$144,090,000||$654,955||$3,480||3.36%|
|PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)||9||$3,995,000||$443,889||$3,262||4.00%|
|BARNSTABLE TOWN, MA (FHA|USDA|VA)||5||$2,285,000||$457,000||$2,841||3.18%|
|WORCESTER, MA-CT (FHA|USDA|VA)||2||$1,130,000||$565,000||$2,659||2.75%|
|MANCHESTER-NASHUA, NH (FHA|USDA|VA)||1||$635,000||$635,000||$2,887||2.38%|
Their top states include:
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Direct Federal Credit Union's most frequently originated type of loan was Conventional, with 237 originations.
For 2022, Direct Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Cash Out Refi, with 94 originations.
For 2022, Direct Federal Credit Union's most frequently cited loan duration was 30 Year, with 210 originations. The 2nd most popular length was 15 Year, with 18 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Direct Federal Credit Union's average total fees were $3,573, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 214 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, Direct Federal Credit Union's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was <2.5%, with 73 originations.
2022 saw Direct Federal Credit Union place emphasis on $600k-1MM loans with 105 originations, totaling $78,405,000 in origination value.
Direct Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 84 originations. The second most popular income band? $250k+, with 71 originations.
Applicant Debt to Income Ratio
Direct Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 41 originations.
Approval RatesTotal approvals of all applications
Direct Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Direct Federal Credit Union has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|