Long Beach City Employees Federal Credit Union Mortgage Rates, Fees & Info

Signal Hill, CA

LEI: 5493008WHMQTG21UHU90

Tax ID: 95-1652833

5 stars - out of 5 stars, based on 9 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Long Beach City Employees Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Long Beach City Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, Sonora, Bakersfield, and Oxnard among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Long Beach City Employees Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Long Beach City Employees Federal Credit Union is typically an average 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.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.94% 12/4/22
    30 Year Conventional Refi 6.52% 12/4/22
    30 Year Cash-out Refi 6.74% 12/4/22
    15 Year Conventional Refi 6.31% 12/4/22
    15 Year Cash-out Refi 6.31% 12/4/22
    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

    76

    Origination Dollar Volume (All Markets)

    $26,930,000

    Awards

    LONG BEACH CITY EMPLOYEES Federal Credit Union 30 Year Conventional Loans bronze LONG BEACH CITY EMPLOYEES Federal Credit Union 30 Year Conventional Loans bronze LONG BEACH CITY EMPLOYEES Federal Credit Union 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Long Beach City Employees Federal Credit Union's average 30 year fixed mortgage rate was 2.88%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.27%.

    Relative Fees (Closing Costs)

    Long Beach City Employees Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,958.

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 69 $25,165,000 $364,710 $3,429 2.89%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $1,090,000 $272,500 $2,197 2.81%
    Sonora, CA (FHA|USDA|VA) 1 $315,000 $315,000 $2,511 2.50%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,042 2.88%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $155,000 $155,000 $3,715 2.88%
    Long Beach City Employees Federal Credit Union's top markets include Los Angeles, Riverside, Sonora, Bakersfield, and Oxnard among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Similar Lenders

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

    Christian Community Credit Union
    Similarity Rank: 354
    First City Credit Union
    Similarity Rank: 1026
    Los Angeles Federal Credit Union
    Similarity Rank: 1230
    LA Financial Federal Credit Union
    Similarity Rank: 1374
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    USC Credit Union
    Similarity Rank: 1440
    WINNPOINTE CORPORATION
    Similarity Rank: 1633
    SOUTHLAND CREDIT UNION
    Similarity Rank: 1974

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 76 $26,930,000 $354,342 $3,336 2.88%

    For 2021, Long Beach City Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 76 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 32 $9,350,000 $292,188 $2,565 2.92%
    Refi 28 $10,030,000 $358,214 $2,935 2.75%
    Cash Out Refi 12 $4,860,000 $405,000 $3,415 2.87%
    Home Purchase 3 $2,615,000 $871,667 $15,763 3.25%
    Other 1 $75,000 $75,000 $621 4.24%

    For 2021, Long Beach City Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 32 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 42 $17,700,000 $421,429 $3,958 2.88%
    15 Year 14 $4,480,000 $320,000 $3,344 3.14%
    20 Year 11 $3,565,000 $324,091 $2,418 2.83%
    10 Year 7 $955,000 $136,429 $1,594 2.41%
    Other 2 $230,000 $115,000 $1,378 2.93%

    For 2021, Long Beach City Employees Federal Credit Union's most frequently cited loan duration was 30 Year, with 42 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 41 $8,865,000 $216,220
    $1k-2k 23 $10,245,000 $445,435
    $5k+ 5 $3,705,000 $741,000
    $3k-4k 4 $2,730,000 $682,500
    $2k-3k 3 $1,385,000 $461,667

    Long Beach City Employees Federal Credit Union's average total fees were $3,958, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 41 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 45 $15,735,000 $349,667
    <2.5% 18 $4,690,000 $260,556
    3-4% 10 $6,230,000 $623,000
    4-5% 3 $275,000 $91,667

    During 2021, Long Beach City Employees Federal Credit Union's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 45 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 28 $8,350,000 $298,214 $2,527 2.75%
    $400k-600k 20 $9,800,000 $490,000 $3,801 2.83%
    $100k-200k 12 $1,820,000 $151,667 $2,033 2.84%
    $100,000 or less 8 $540,000 $67,500 $1,254 3.17%
    $600k-1MM 7 $5,415,000 $773,571 $7,490 3.20%
    $1MM+ 1 $1,005,000 $1,005,000 $24,086 3.38%

    2021 saw Long Beach City Employees Federal Credit Union place emphasis on $200k-400k loans with 28 originations, totaling $8,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 22 $7,590,000 $345,000 $2,804 2.81%
    $150k-250k 22 $7,520,000 $341,818 $3,149 3.05%
    $250k+ 11 $6,925,000 $629,545 $6,936 3.08%
    $75k-100k 11 $3,045,000 $276,818 $2,334 2.69%
    $50k-75k 7 $1,485,000 $212,143 $2,167 2.61%
    $50k or less 3 $365,000 $121,667 $1,639 2.71%

    Long Beach City Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $150k-250k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 38 $11,900,000 $313,158 $2,944 2.87%
    20-30% 22 $8,130,000 $369,545 $2,825 2.80%
    30-36% 8 $2,460,000 $307,500 $3,188 3.02%
    44% 2 $1,300,000 $650,000 $3,099 3.25%
    47% 2 $1,950,000 $975,000 $17,686 3.31%
    49% 1 $455,000 $455,000 $5,345 2.88%
    36% 1 $55,000 $55,000 $1,353 2.50%
    37% 1 $305,000 $305,000 $1,972 2.50%
    40% 1 $375,000 $375,000 $3,547 2.88%

    Long Beach City Employees Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 38 originations. The next most common DTI ratio? 20-30%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $12,925,000 $349,324 $3,539 2.94%
    Not provided 23 $8,245,000 $358,478 $3,216 2.84%
    Asian 7 $2,415,000 $345,000 $2,450 2.82%
    Black 5 $1,995,000 $399,000 $3,098 2.70%
    Filipino 1 $545,000 $545,000 $4,847 2.88%
    Samoan 1 $455,000 $455,000 $5,345 2.88%
    American Indian 2 $350,000 $175,000 $2,853 2.81%

    Approval Rates

    Total approvals of all applications
    91.58%

    Long Beach City Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.53%

    Long Beach City Employees Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 76 $26,930,000 $354,342

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    76 $26,930,000 $354,342

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $5,110,000 $283,889 $2,875 2.72%
    40-60% 29 $11,315,000 $390,172 $2,996 2.85%
    60-80% 11 $6,305,000 $573,182 $5,659 2.88%
    80-100% 4 $2,770,000 $692,500 $8,554 3.06%
    Under 20% 14 $1,430,000 $102,143 $1,294 3.10%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Long & Foster Financial Services, Inc. VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 8.3%
    Long & Foster Financial Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 33.3%
    Long & Foster Financial Services, Inc. Conventional home mortgage Closing on a mortgage 2 16.7%
    Long & Foster Financial Services, Inc. Conventional home mortgage Trouble during payment process 2 16.7%
    Long & Foster Financial Services, Inc. FHA mortgage Closing on a mortgage 1 8.3%
    Long & Foster Financial Services, Inc. FHA mortgage Trouble during payment process 1 8.3%
    Long & Foster Financial Services, Inc. Other type of mortgage Closing on a mortgage 1 8.3%