Benchmark Federal Credit Union Mortgage Rates, Fees & Info
West Chester, PALEI: 549300DO51DW0RG07O39
Tax ID: 23-6257323
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Mortgage Data
Review & Overview
Benchmark Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Benchmark Federal Credit Union has a high proportion of conventional loans. Benchmark Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Philadelphia, New York, Lancaster, Miami, and Ocean City among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Benchmark 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. 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 | 5.31% | 5/4/24 |
| 30 Year Conventional Refi | 5.80% | 5/4/24 |
| 30 Year Cash-out Refi | 5.56% | 5/4/24 |
| 15 Year Conventional Purchase | 4.62% | 5/4/24 |
| 15 Year Conventional Refi | 4.73% | 5/4/24 |
| 15 Year Cash-out Refi | 4.73% | 5/4/24 |
| 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. | ||
Benchmark Federal Credit Union Mortgage Calculator
Your Estimates
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This is not an official calculator from Benchmark Federal Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
90Origination Dollar Volume (All Markets)
$17,890,000Top 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 68 | $11,690,000 | $171,912 | $0 | 4.41% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $1,405,000 | $468,333 | $0 | 4.13% |
| LANCASTER, PA (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $0 | 4.31% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $0 | 3.88% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $0 | 4.25% |
| Outside of Metro Areas | 2 | $470,000 | $235,000 | $0 | 5.38% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 4.63% |
| READING, PA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 4.13% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 4.63% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 3.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.63% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 4.38% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| DOVER, DE (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against BENCHMARK 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 | 49 | $15,205,000 | $310,306 | $0 | 4.38% |
| Conventional | 41 | $2,685,000 | $65,488 | $0 | 0.00% |
For 2018, Benchmark Federal Credit Union's most frequently originated type of loan was Conventional, with 49 originations. Their 2nd most popular type was Conventional, with 41 originations.
Loan Reason
For 2018, Benchmark Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Home Improvement, with 31 originations.
Loan Duration/Length
For 2018, Benchmark Federal Credit Union's most frequently cited loan duration was Other, with 41 originations. The 2nd most popular length was 30 Year, with 37 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $410,000 | $205,000 |
| $1k-2k | 1 | $205,000 | $205,000 |
| $2k-3k | 1 | $345,000 | $345,000 |
| $5k+ | 1 | $275,000 | $275,000 |
Benchmark Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 39 | $12,085,000 | $309,872 |
| 3-4% | 9 | $2,755,000 | $306,111 |
| 5-6% | 1 | $365,000 | $365,000 |
During 2018, Benchmark Federal Credit Union's average interest rate for loans was 4.47%, while their most frequently originated rate bucket for loans was 4-5%, with 39 originations.
Loan Sizing
2018 saw Benchmark Federal Credit Union place emphasis on $100,000 or less loans with 33 originations, totaling $1,415,000 in origination value.
Applicant Income
Benchmark Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 29 originations. The second most popular income band? $150k-250k, with 22 originations.
Applicant Debt to Income Ratio
Benchmark Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.03%
Benchmark 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 origination81.11%
Benchmark Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2694.0 | 1 | $345,000 | $345,000 |
| NA | 89 | $17,545,000 | $197,135 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 90 | $17,890,000 | $198,778 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BOEING EMPLOYEES CREDIT UNION | Conventional home mortgage | Closing on a mortgage | 2 | 50.0% |
| BOEING EMPLOYEES CREDIT UNION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 25.0% |
| BOEING EMPLOYEES CREDIT UNION | Other type of mortgage | Trouble during payment process | 1 | 25.0% |