Atlantic Regional Federal Credit Union Mortgage Rates, Fees & Info

Brunswick, ME

LEI: 5493009JEKX81THMLH86

Tax ID: 01-0211682

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Atlantic Regional Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Atlantic Regional Federal Credit Union has a high proportion of conventional loans. Their top markets include Portland, Lewiston, Augusta, Boston, and Bangor among others. Atlantic Regional 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. Atlantic Regional Federal Credit Union is typically a low fee lendor.


Originations

845

Origination Dollar Volume (All Markets)

$157,285,000

Awards

ATLANTIC REGIONAL FEDERAL CREDIT UNION 30 Year Conventional Loans silver ATLANTIC REGIONAL FEDERAL CREDIT UNION 30 Year Conventional Loans gold ATLANTIC REGIONAL FEDERAL CREDIT UNION 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Atlantic Regional Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.52%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.37%.

Relative Fees

Atlantic Regional Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $2,725.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 718 $134,010,000 $186,643 $2,072 4.02%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 72 $11,890,000 $165,139 $2,288 4.60%
Outside of Metro Areas 30 $7,240,000 $241,333 $2,521 4.10%
Augusta-Waterville, ME (FHA|USDA|VA) 21 $3,565,000 $169,762 $3,129 3.89%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $375,000 $375,000 $1,603 3.50%
BANGOR, ME (FHA|USDA|VA) 3 $205,000 $68,333 $2,991 3.88%

Atlantic Regional Federal Credit Union's top markets include Portland, Lewiston, Augusta, Boston, and Bangor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 845 $157,285,000 $186,136 $2,132 4.07%

For the 2021 period, Atlantic Regional Federal Credit Union's most frequently originated loan type of loans were Conventional, with 845 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 423 $72,625,000 $171,690 $1,911 3.75%
Home Purchase 280 $60,210,000 $215,036 $2,755 4.79%
Refi 128 $22,450,000 $175,391 $1,902 3.42%
Home Improvement 13 $1,965,000 $151,154 $314 4.93%
Other 1 $35,000 $35,000 $53 5.50%

For the 2021, Atlantic Regional Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 423 originations. The 2nd most popular reason of loans were Home Purchase, with 280 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 321 $38,275,000 $119,237 $1,764 4.29%
30 Year 298 $74,550,000 $250,168 $2,725 3.52%
20 Year 104 $13,810,000 $132,788 $1,758 5.24%
10 Year 97 $22,295,000 $229,845 $1,346 3.79%
5 Year 18 $6,470,000 $359,444 $620 4.10%
Other 7 $1,885,000 $269,286 $2,361 3.32%

For the 2021, Atlantic Regional Federal Credit Union's most frequently cited loan length of loans were 15 Year, with 321 originations. The 2nd most popular length of loans were 30 Year, with 298 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 695 $113,915,000 $163,906
$1k-2k 75 $16,205,000 $216,067
$2k-3k 8 $1,550,000 $193,750
$3k-4k 1 $235,000 $235,000

$2,725 of loans were Atlantic Regional Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 695 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 405 $103,635,000 $255,889
2.5-3% 177 $31,425,000 $177,542
5-6% 78 $5,330,000 $68,333
6-7% 65 $4,235,000 $65,154
4-5% 56 $6,470,000 $115,536
7-8% 27 $1,325,000 $49,074
<2.5% 21 $3,755,000 $178,810
Over 8% 16 $1,110,000 $69,375

During 2021, Atlantic Regional Federal Credit Union's average interest rate of loans were 3.52%, while their most frequently originated rate bucket of loans were 3-4%, with 405 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 270 $40,540,000 $150,148 $2,260 3.57%
$200k-400k 265 $70,225,000 $265,000 $2,672 3.36%
$100,000 or less 263 $14,425,000 $54,848 $1,055 5.40%
$400k-600k 35 $16,255,000 $464,429 $3,337 3.44%
$600k-1MM 7 $4,845,000 $692,143 $4,138 3.59%
$1MM+ 5 $10,995,000 $2,199,000 $0 3.70%

2021 saw Atlantic Regional Federal Credit Union place emphasis on $100k-200k loans with 270 originations, totaling $40,540,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 224 $33,300,000 $148,661 $2,047 4.24%
$100k-150k 163 $33,095,000 $203,037 $2,090 3.62%
$50k or less 157 $16,075,000 $102,389 $2,120 4.92%
$75k-100k 149 $26,475,000 $177,685 $2,200 3.75%
$150k-250k 72 $19,430,000 $269,861 $2,393 3.52%
$250k+ 13 $3,725,000 $286,538 $2,707 3.49%

Atlantic Regional Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 224 originations. The second most popular income band? $100k-150k, with 163 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 181 $30,585,000 $168,978 $2,196 3.68%
30-36% 131 $23,785,000 $181,565 $2,168 3.90%
<20% 52 $8,250,000 $158,654 $2,215 3.77%
44% 39 $5,735,000 $147,051 $1,858 4.48%
43% 38 $5,450,000 $143,421 $2,024 4.73%
38% 33 $5,415,000 $164,091 $2,037 3.91%
37% 33 $5,255,000 $159,242 $2,161 4.45%
40% 33 $4,915,000 $148,939 $2,118 4.93%
48% 28 $5,450,000 $194,643 $2,310 3.85%
41% 27 $4,055,000 $150,185 $2,023 4.08%
42% 25 $3,505,000 $140,200 $2,086 5.03%
47% 24 $5,260,000 $219,167 $2,321 3.92%
46% 23 $3,365,000 $146,304 $1,932 4.53%
36% 22 $4,430,000 $201,364 $2,302 3.88%
50-60% 22 $3,700,000 $168,182 $2,135 4.51%
39% 21 $4,215,000 $200,714 $2,161 3.73%
49% 18 $3,650,000 $202,778 $2,222 4.38%
45% 16 $2,140,000 $133,750 $1,820 4.57%
>60% 7 $2,275,000 $325,000 $2,640 3.39%

Atlantic Regional Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 181 originations. The next most common DTI ratio? 30-36%, with 131 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 698 $119,140,000 $170,688 $2,182 4.10%
Not applicable 54 $23,220,000 $430,000 $0 3.91%
Not provided 71 $10,385,000 $146,268 $1,600 4.11%
Black 5 $1,765,000 $353,000 $3,140 3.25%
American Indian 9 $1,225,000 $136,111 $2,050 3.53%
Asian 5 $855,000 $171,000 $2,657 3.13%
Filipino 1 $315,000 $315,000 $2,875 4.00%
Vietnamese 1 $235,000 $235,000 $1,359 3.00%
Other Asian 1 $145,000 $145,000 $674 5.50%

Approval Rates

Total approvals of all applications
88.37%

Atlantic Regional Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
80.61%

Atlantic Regional Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 845 $157,285,000 $186,136

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
845 $157,285,000 $186,136

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 96 $10,220,000 $106,458 $1,795 3.51%
40-60% 172 $28,810,000 $167,500 $2,211 3.55%
60-80% 254 $61,820,000 $243,386 $2,317 3.98%
80-100% 232 $52,200,000 $225,000 $2,738 4.52%
Over 100% 1 $205,000 $205,000 $3,455 3.38%
Under 20% 85 $3,785,000 $44,529 $589 4.70%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Atlantic Union Bankshares, Inc. Conventional home mortgage Trouble during payment process 2 66.7%
Atlantic Union Bankshares, Inc. Home equity loan or line of credit (HELOC) Improper use of your report 1 33.3%