Direct Federal Credit Union Mortgage Rates, Fees & Info

Needham, MA

LEI: 5493008Q2ZM3OTLTQH25

Tax ID: 04-2177945

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.25% 4/28/24
    30 Year Conventional Refi 6.01% 4/28/24
    30 Year Cash-out Refi 6.13% 4/28/24
    15 Year Conventional Purchase 5.96% 4/28/24
    15 Year Conventional Refi 5.76% 4/28/24
    15 Year Cash-out Refi 5.76% 4/28/24
    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.

    Direct Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Direct Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    237

    Origination Dollar Volume (All Markets)

    $152,135,000

    Awards

    Direct Federal Credit Union 30 Year Conventional Loans gold Direct Federal Credit Union 30 Year Conventional Loans gold Direct Federal Credit Union 30 Year Conventional Loans gold
    Show all (3) 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
    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)

    • Similar Lenders

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

    QUINCY CREDIT UNION
    Similarity Rank: 50
    Direct Federal Credit Union
    Similarity Rank: 115
    Sharon & Crescent United Credit Union
    Similarity Rank: 168
    Middlesex Savings Bank
    Similarity Rank: 195
    Piscataqua Savings Bank
    Similarity Rank: 200
    ALIGN CREDIT UNION
    Similarity Rank: 200
    North Easton Savings Bank
    Similarity Rank: 348
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 357
    ROCKLAND
    Similarity Rank: 360
    Milford Federal Bank
    Similarity Rank: 364

    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%