Direct Federal Credit Union Mortgage Rates, Fees & Info

Needham, MA

LEI: 5493008Q2ZM3OTLTQH25

Tax ID: 04-2177945

5 stars

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Direct 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	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.

Originations

237

Origination Dollar Volume (All Markets)

$152,135,000

Relative Rate

Direct Federal Credit Union's average 30 year fixed mortgage rate was 3.37%.

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.

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
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%

Direct Federal Credit Union's top markets include Boston, Providence, Barnstable Town, Worcester, and Manchester among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	237	$152,135,000	$641,920	$3,448	3.37%

For 2022, Direct Federal Credit Union's most frequently originated type of loan was Conventional, with 237 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	94	$64,850,000	$689,894	$4,154	3.90%
Cash Out Refi	94	$56,220,000	$598,085	$3,101	3.09%
Refi	46	$29,520,000	$641,739	$2,781	2.81%
Home Improvement	2	$1,470,000	$735,000	$3,341	3.81%
Other	1	$75,000	$75,000	$0	5.50%

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.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	210	$143,650,000	$684,048	$3,573	3.37%
15 Year	18	$6,670,000	$370,556	$2,882	3.45%
10 Year	6	$1,050,000	$175,000	$367	3.17%
20 Year	2	$360,000	$180,000	$3,573	3.93%
5 Year	1	$405,000	$405,000	$0	4.13%

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
$<1k	214	$144,620,000	$675,794
$1k-2k	9	$2,905,000	$322,778
$2k-3k	7	$2,275,000	$325,000
$3k-4k	1	$205,000	$205,000
$4k-5k	1	$345,000	$345,000

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.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
<2.5%	73	$50,355,000	$689,795
2.5-3%	57	$42,075,000	$738,158
3-4%	49	$27,555,000	$562,347
4-5%	42	$24,310,000	$578,810
5-6%	11	$5,245,000	$476,818
6-7%	5	$2,595,000	$519,000

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.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$600k-1MM	105	$78,405,000	$746,714	$3,704	3.21%
$400k-600k	54	$28,060,000	$519,630	$3,268	3.71%
$200k-400k	37	$11,065,000	$299,054	$2,753	3.63%
$1MM+	25	$32,495,000	$1,299,800	$4,930	3.00%
$100k-200k	12	$1,870,000	$155,833	$1,994	3.18%
$100,000 or less	4	$240,000	$60,000	$65	3.81%

2022 saw Direct Federal Credit Union place emphasis on $600k-1MM loans with 105 originations, totaling $78,405,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	84	$55,380,000	$659,286	$3,563	3.36%
$250k+	71	$62,775,000	$884,155	$3,917	3.07%
$100k-150k	45	$22,125,000	$491,667	$3,176	3.76%
$75k-100k	17	$5,925,000	$348,529	$2,703	3.60%
$50k-75k	10	$2,110,000	$211,000	$2,468	3.52%
$50k or less	3	$695,000	$231,667	$75	3.50%

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

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	62	$39,820,000	$642,258	$3,459	3.01%
30-36%	41	$34,185,000	$833,780	$3,776	3.23%
<20%	27	$14,715,000	$545,000	$3,091	3.32%
41%	11	$6,845,000	$622,273	$3,584	3.78%
47%	10	$5,660,000	$566,000	$3,724	3.47%
36%	10	$5,830,000	$583,000	$3,016	3.73%
38%	9	$6,485,000	$720,556	$3,589	3.92%
43%	9	$5,445,000	$605,000	$3,619	3.60%
42%	8	$4,930,000	$616,250	$3,136	3.87%
39%	8	$5,920,000	$740,000	$3,850	3.53%
45%	7	$3,385,000	$483,571	$2,461	3.46%
48%	6	$3,540,000	$590,000	$3,427	2.83%
40%	5	$2,435,000	$487,000	$3,449	3.13%
46%	5	$2,185,000	$437,000	$3,394	3.52%
37%	3	$2,015,000	$671,667	$3,748	3.50%
44%	3	$2,545,000	$848,333	$4,193	4.92%
49%	3	$2,725,000	$908,333	$4,447	3.83%
>60%	2	$560,000	$280,000	$2,226	3.75%
50-60%	1	$135,000	$135,000	$2,047	5.88%

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.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	155	$96,535,000	$622,806	$3,408	3.39%
Not provided	55	$36,205,000	$658,273	$3,463	3.47%
Asian	17	$12,945,000	$761,471	$3,772	2.90%
Black	8	$5,200,000	$650,000	$3,284	3.45%
Asian Indian	1	$705,000	$705,000	$4,276	2.88%
American Indian	1	$545,000	$545,000	$3,861	4.50%

Approval Rates

Total approvals of all applications
95.94%

Direct Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
90.30%

Direct Federal Credit Union has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	237	$152,135,000	$641,920

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	237	$152,135,000	$641,920

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	24	$8,430,000	$351,250	$2,563	3.03%
40-60%	45	$28,505,000	$633,444	$3,209	2.96%
60-80%	101	$73,685,000	$729,554	$3,630	3.40%
80-100%	56	$39,480,000	$705,000	$4,000	3.74%
Under 20%	8	$960,000	$120,000	$1,329	3.64%