Industrial Federal Credit Union Mortgage Rates, Fees & Info
Lafayette, INLEI: 549300DI1T4KP9NPFQ75
Tax ID: 35-1090338
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Mortgage Data
Review & Overview
Industrial Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Industrial Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Frankfort, Crawfordsville, Logansport, and Indianapolis among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Industrial Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Industrial 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 relatively high 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 | 6.67% | 5/13/24 |
| 30 Year Conventional Refi | 6.99% | 5/13/24 |
| 30 Year Cash-out Refi | 7.09% | 5/13/24 |
| 15 Year Conventional Purchase | 5.69% | 5/13/24 |
| 15 Year Conventional Refi | 6.05% | 5/13/24 |
| 15 Year Cash-out Refi | 6.05% | 5/13/24 |
| 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. | ||
Industrial Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
129Origination Dollar Volume (All Markets)
$6,735,000Awards
Industrial Federal Credit Union - 2018
Industrial Federal Credit Union is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 80 | $4,640,000 | $58,000 | $697 | 5.26% |
| Frankfort, IN (FHA|USDA|VA) | 12 | $640,000 | $53,333 | $577 | 5.49% |
| Outside of Metro Areas | 19 | $625,000 | $32,895 | $570 | 5.31% |
| Crawfordsville, IN (FHA|USDA|VA) | 11 | $525,000 | $47,727 | $627 | 5.32% |
| Logansport, IN (FHA|USDA|VA) | 3 | $165,000 | $55,000 | $758 | 5.17% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $556 | 6.31% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $191 | 5.50% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $511 | 6.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against Industrial Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 129 | $6,735,000 | $52,209 | $655 | 5.32% |
For 2018, Industrial Federal Credit Union's most frequently originated type of loan was Conventional, with 129 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 114 | $4,830,000 | $42,368 | $542 | 5.35% |
| Home Purchase | 15 | $1,905,000 | $127,000 | $1,513 | 5.09% |
For 2018, Industrial Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 114 originations. The 2nd most popular reason was Home Purchase, with 15 originations.
Loan Duration/Length
For 2018, Industrial Federal Credit Union's most frequently cited loan duration was 10 Year, with 73 originations. The 2nd most popular length was 5 Year, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 129 | $6,735,000 | $52,209 |
Industrial Federal Credit Union's average total fees were $1,508, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 129 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 73 | $3,235,000 | $44,315 |
| 4-5% | 39 | $2,825,000 | $72,436 |
| 6-7% | 13 | $365,000 | $28,077 |
| 3-4% | 4 | $310,000 | $77,500 |
During 2018, Industrial Federal Credit Union's average interest rate for loans was 5.34%, while their most frequently originated rate bucket for loans was 5-6%, with 73 originations.
Loan Sizing
2018 saw Industrial Federal Credit Union place emphasis on $100,000 or less loans with 109 originations, totaling $3,795,000 in origination value.
Applicant Income
Industrial Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 54 originations. The second most popular income band? $50k-75k, with 36 originations.
Applicant Debt to Income Ratio
Industrial Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 35 originations. The next most common DTI ratio? 20-30%, with 34 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 128 | $6,720,000 | $52,500 | $659 | 5.31% |
| American Indian | 1 | $15,000 | $15,000 | $141 | 6.00% |
Approval Rates
Total approvals of all applications71.64%
Industrial Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination51.16%
Industrial Federal 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 |
|---|---|---|---|
| NA | 129 | $6,735,000 | $52,209 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 8 | $300,000 | $37,500 |
| Single Family (1-4 Units):Site-Built | 121 | $6,435,000 | $53,182 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Integrity First Financial Group | VA mortgage | Closing on a mortgage | 1 | 100.0% |