Financial Partners Credit Union Mortgage Rates, Fees & Info

Downey, CA

LEI: 549300B0HNWBV7RX2661

Tax ID: 95-1653038

5 stars - out of 5 stars, based on 48 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Financial Partners Credit Union is a small credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Financial Partners Credit Union has a high proportion of conventional loans. Their top markets include Los Angeles, Riverside, San Francisco, San Diego, and Oxnard among others. Financial Partners 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. Financial Partners Credit Union is typically an average fee lendor.


Originations

2,294

Origination Dollar Volume (All Markets)

$1,177,000,000
Show all (9) awards

Relative Rate

Financial Partners Credit Union's average 30 year fixed rate mortgage of loans were 2.93%.

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

This yields a difference of -0.22%.

Relative Fees

Financial Partners Credit Union's average total fees for a 30 year fixed rate mortgage are $3,702.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1,633 $893,345,000 $547,058 $3,513 3.26%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 276 $97,550,000 $353,442 $3,509 3.28%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 66 $47,510,000 $719,848 $3,434 3.17%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 76 $39,290,000 $516,974 $3,124 3.21%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 70 $27,490,000 $392,714 $3,697 3.32%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 26 $26,640,000 $1,024,615 $3,977 2.78%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 46 $14,300,000 $310,870 $3,779 2.97%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 14 $4,990,000 $356,429 $4,094 3.00%
BAKERSFIELD, CA (FHA|USDA|VA) 11 $2,995,000 $272,273 $3,300 3.22%
STOCKTON, CA (FHA|USDA|VA) 7 $2,945,000 $420,714 $2,488 3.18%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 11 $2,925,000 $265,909 $3,175 3.45%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 4 $1,830,000 $457,500 $2,823 2.91%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 7 $1,825,000 $260,714 $3,387 3.00%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 4 $1,700,000 $425,000 $2,808 3.00%
MODESTO, CA (FHA|USDA|VA) 7 $1,575,000 $225,000 $2,534 3.11%
Outside of Metro Areas 4 $1,480,000 $370,000 $3,457 2.81%
SALINAS, CA (FHA|USDA|VA) 3 $1,255,000 $418,333 $5,010 2.41%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $1,100,000 $550,000 $3,398 3.38%
VALLEJO, CA (FHA|USDA|VA) 3 $995,000 $331,667 $3,342 3.33%
MERCED, CA (FHA|USDA|VA) 2 $660,000 $330,000 $2,885 2.81%
CHICO, CA (FHA|USDA|VA) 2 $640,000 $320,000 $4,143 2.88%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $630,000 $157,500 $2,408 3.16%
FRESNO, CA (FHA|USDA|VA) 3 $525,000 $175,000 $2,261 3.58%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $505,000 $505,000 $2,423 3.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $500,000 $250,000 $2,461 2.69%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $435,000 $435,000 $2,123 2.88%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $215,000 $215,000 $0 4.25%
RENO, NV (FHA|USDA|VA) 1 $215,000 $215,000 $2,545 3.25%
REDDING, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,345 2.88%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $200,000 $100,000 $3,319 3.25%
TUCSON, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $3,967 3.00%
EL CENTRO, CA (FHA|USDA|VA) 1 $175,000 $175,000 $2,598 3.13%
YUMA, AZ (FHA|USDA|VA) 1 $85,000 $85,000 $2,673 2.38%
Sonora, CA (FHA|USDA|VA) 1 $75,000 $75,000 $1,935 2.75%

Financial Partners Credit Union's top markets include Los Angeles, Riverside, San Francisco, San Diego, and Oxnard among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,294 $1,177,000,000 $513,078 $3,501 3.24%

For the 2021 period, Financial Partners Credit Union's most frequently originated loan type of loans were Conventional, with 2,294 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 786 $406,770,000 $517,519 $2,937 2.81%
Cash Out Refi 645 $406,605,000 $630,395 $3,452 2.99%
Home Improvement 397 $63,685,000 $160,416 $2,323 4.25%
Home Purchase 334 $275,110,000 $823,683 $5,710 3.14%
Other 132 $24,830,000 $188,106 $3,687 4.16%

For the 2021, Financial Partners Credit Union's most frequently cited loan purpose of loans were Refi, with 786 originations. The 2nd most popular reason of loans were Cash Out Refi, with 645 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,305 $714,745,000 $547,697 $3,702 2.93%
Other 523 $82,205,000 $157,180 $0 4.31%
10 Year 211 $281,215,000 $1,332,773 $2,210 3.20%
15 Year 174 $74,450,000 $427,874 $2,424 2.62%
20 Year 81 $24,385,000 $301,049 $2,857 2.77%

For the 2021, Financial Partners Credit Union's most frequently cited loan length of loans were 30 Year, with 1,305 originations. The 2nd most popular length of loans were Other, with 523 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,169 $643,615,000 $550,569
$1k-2k 195 $64,055,000 $328,487
$5k+ 79 $43,045,000 $544,873
$2k-3k 73 $25,605,000 $350,753
$3k-4k 60 $23,430,000 $390,500

$3,702 of loans were Financial Partners Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,169 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 943 $480,185,000 $509,210
3-4% 564 $435,290,000 $771,791
4-5% 521 $82,925,000 $159,165
<2.5% 257 $178,065,000 $692,860
5-6% 9 $535,000 $59,444

During 2021, Financial Partners Credit Union's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 2.5-3%, with 943 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 781 $224,765,000 $287,791 $3,036 3.22%
$400k-600k 414 $199,260,000 $481,304 $3,607 2.96%
$100k-200k 338 $48,770,000 $144,290 $2,651 3.62%
$600k-1MM 299 $237,975,000 $795,903 $4,363 2.94%
$1MM+ 274 $454,210,000 $1,657,701 $4,912 2.92%
$100,000 or less 188 $12,020,000 $63,936 $2,146 4.19%

2021 saw Financial Partners Credit Union place emphasis on $200k-400k loans with 781 originations, totaling $224,765,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 592 $97,670,000 $164,983 $2,577 4.10%
$100k-150k 403 $161,325,000 $400,310 $3,283 2.93%
$150k-250k 389 $222,185,000 $571,170 $3,754 2.86%
$250k+ 287 $269,675,000 $939,634 $4,320 2.79%
$75k-100k 253 $84,205,000 $332,826 $3,287 2.97%
$50k-75k 175 $46,895,000 $267,971 $2,890 2.91%

Financial Partners Credit Union lent most frequently to those with incomes in the $50k or less range, with 592 originations. The second most popular income band? $100k-150k, with 403 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 377 $165,945,000 $440,172 $3,248 3.08%
30-36% 359 $169,975,000 $473,468 $3,609 3.11%
<20% 161 $75,085,000 $466,366 $3,268 3.02%
50-60% 112 $19,870,000 $177,411 $5,172 4.24%
39% 91 $37,315,000 $410,055 $3,835 3.13%
44% 89 $34,085,000 $382,978 $3,315 3.17%
41% 86 $40,990,000 $476,628 $3,867 3.17%
38% 85 $34,085,000 $401,000 $3,933 3.21%
37% 83 $36,535,000 $440,181 $3,892 3.20%
42% 82 $39,980,000 $487,561 $3,555 3.21%
43% 82 $30,620,000 $373,415 $3,404 3.34%
48% 79 $31,655,000 $400,696 $3,698 3.45%
36% 77 $39,205,000 $509,156 $3,586 3.04%
49% 73 $24,095,000 $330,068 $2,923 3.32%
40% 67 $28,055,000 $418,731 $3,428 3.29%
45% 67 $24,125,000 $360,075 $2,966 3.38%
47% 67 $27,495,000 $410,373 $3,869 3.26%
46% 61 $22,435,000 $367,787 $3,636 3.40%
>60% 1 $405,000 $405,000 $0 4.25%

Financial Partners Credit Union lent most frequently to those with DTI ratios of 20-30%, with 377 originations. The next most common DTI ratio? 30-36%, with 359 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,146 $462,770,000 $403,813 $3,437 3.20%
Not provided 577 $254,495,000 $441,066 $3,483 3.38%
Not applicable 153 $245,045,000 $1,601,601 $0 3.32%
Asian 227 $123,965,000 $546,101 $3,832 3.11%
Asian Indian 43 $37,465,000 $871,279 $3,811 2.89%
Black 88 $30,830,000 $350,341 $3,573 3.21%
American Indian 24 $7,770,000 $323,750 $3,036 3.18%
Filipino 13 $4,725,000 $363,462 $2,535 3.36%
Native Hawaiian 9 $3,905,000 $433,889 $3,040 3.19%
Chinese 4 $2,650,000 $662,500 $4,384 2.69%
Other Asian 3 $2,055,000 $685,000 $3,646 2.46%
Vietnamese 4 $1,060,000 $265,000 $8,798 4.00%
Korean 1 $145,000 $145,000 $2,003 2.88%
Guamanian 1 $65,000 $65,000 $0 4.75%
Japanese 1 $55,000 $55,000 $0 4.25%

Approval Rates

Total approvals of all applications
88.52%

Financial Partners Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
61.39%

Financial Partners Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
0.0 65 $11,195,000 $172,231
NA 2,229 $1,165,805,000 $523,017

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,294 $1,177,000,000 $513,078

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 472 $125,910,000 $266,758 $2,803 3.42%
40-60% 568 $314,000,000 $552,817 $2,972 2.90%
60-80% 757 $614,065,000 $811,182 $4,000 3.00%
80-100% 132 $78,570,000 $595,227 $5,125 2.93%
Over 100% 1 $895,000 $895,000 $0 3.35%
Under 20% 363 $43,335,000 $119,380 $2,370 4.15%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
Financial Freedom Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
Financial Freedom Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%