Arbor Financial Credit Union Mortgage Rates, Fees & Info
KALAMAZOO, MILEI: 549300E5018DD89WPX79
Tax ID: 38-0703992
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Arbor Financial Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Arbor Financial Credit Union has a high proportion of conventional loans. Their top markets include Kalamazoo, Grand Rapids, Holland, Sturgis, and Detroit among others. Arbor Financial Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Arbor Financial Credit Union is typically a low fee lendor.Originations
1,921Origination Dollar Volume (All Markets)
$298,885,000Relative Rate
Arbor Financial Credit Union's average 30 year fixed rate mortgage of loans were
3.16%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.01%.
Relative Fees
Arbor Financial Credit Union's average total fees for a 30 year fixed rate
mortgage are $3,096.
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 |
---|---|---|---|---|---|
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 882 | $135,600,000 | $153,741 | $2,713 | 2.83% |
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 291 | $50,625,000 | $173,969 | $2,503 | 2.53% |
Outside of Metro Areas | 311 | $45,265,000 | $145,547 | $2,808 | 2.80% |
Holland, MI (FHA|USDA|VA) | 172 | $23,570,000 | $137,035 | $2,723 | 3.00% |
Sturgis, MI (FHA|USDA|VA) | 92 | $13,160,000 | $143,043 | $2,854 | 3.06% |
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 39 | $7,245,000 | $185,769 | $2,859 | 2.54% |
NILES, MI (FHA|USDA|VA) | 21 | $5,285,000 | $251,667 | $3,115 | 2.79% |
ANN ARBOR, MI (FHA|USDA|VA) | 15 | $4,335,000 | $289,000 | $3,695 | 3.11% |
BATTLE CREEK, MI (FHA|USDA|VA) | 33 | $4,115,000 | $124,697 | $2,866 | 2.97% |
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 20 | $3,240,000 | $162,000 | $3,224 | 2.95% |
LANSING-EAST LANSING, MI (FHA|USDA|VA) | 14 | $2,150,000 | $153,571 | $2,635 | 2.79% |
MUSKEGON, MI (FHA|USDA|VA) | 6 | $890,000 | $148,333 | $2,404 | 2.27% |
Traverse City, MI (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $3,255 | 2.33% |
Cadillac, MI (FHA|USDA|VA) | 5 | $725,000 | $145,000 | $3,507 | 2.70% |
Big Rapids, MI (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $2,167 | 2.15% |
SAGINAW, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,469 | 3.00% |
Alma, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,053 | 3.00% |
BAY CITY, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,945 | 2.63% |
Coldwater, MI (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $2,186 | 2.75% |
JACKSON, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,767 | 3.00% |
Adrian, MI (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $2,271 | 2.62% |
Ludington, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,591 | 3.50% |
Mount Pleasant, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,781 | 3.13% |
MONROE, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,822 | 4.25% |
FLINT, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,798 | 3.88% |
Hillsdale, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.25% |
Arbor Financial Credit Union's top markets include Kalamazoo, Grand Rapids, Holland, Sturgis, and Detroit among others.
Product Mix
Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Conventional | 1,921 | $298,885,000 | $155,588 | $2,728 | 2.80% |
For the 2021 period, Arbor Financial Credit Union's most frequently originated loan type of loans were Conventional, with 1,921 originations.
Loan Reason
Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Cash Out Refi | 614 | $102,360,000 | $166,710 | $2,538 | 2.63% |
Refi | 594 | $98,970,000 | $166,616 | $2,451 | 2.32% |
Home Purchase | 369 | $78,285,000 | $212,154 | $3,414 | 2.99% |
Home Improvement | 261 | $13,445,000 | $51,513 | $6,507 | 3.75% |
Other | 83 | $5,825,000 | $70,181 | $0 | 3.77% |
For the 2021, Arbor Financial Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 614 originations. The 2nd most popular reason of loans were Refi, with 594 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
15 Year | 676 | $118,650,000 | $175,518 | $2,433 | 2.07% |
20 Year | 507 | $36,545,000 | $72,081 | $2,758 | 3.66% |
30 Year | 413 | $84,895,000 | $205,557 | $3,096 | 3.16% |
Other | 211 | $35,895,000 | $170,118 | $2,680 | 2.43% |
10 Year | 71 | $11,165,000 | $157,254 | $2,498 | 2.15% |
30+ year | 23 | $7,605,000 | $330,652 | $6,154 | 3.32% |
1 Year | 15 | $3,015,000 | $201,000 | $2,101 | 4.28% |
5 Year | 5 | $1,115,000 | $223,000 | $4,283 | 4.01% |
For the 2021, Arbor Financial Credit Union's most frequently cited loan length of loans were 15 Year, with 676 originations. The 2nd most popular length of loans were 20 Year, with 507 originations.
Origination Fees
Origination Fee | Originations | Total Value | Average Loan |
---|---|---|---|
$1k-2k | 1,372 | $250,300,000 | $182,434 |
$<1k | 69 | $11,045,000 | $160,072 |
$2k-3k | 42 | $9,830,000 | $234,048 |
$3k-4k | 9 | $2,895,000 | $321,667 |
$5k+ | 5 | $1,905,000 | $381,000 |
$3,096 of loans were Arbor Financial Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,372 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
<2.5% | 836 | $142,620,000 | $170,598 |
3-4% | 581 | $69,125,000 | $118,976 |
2.5-3% | 352 | $73,550,000 | $208,949 |
4-5% | 129 | $12,105,000 | $93,837 |
6-7% | 9 | $475,000 | $52,778 |
5-6% | 7 | $745,000 | $106,429 |
7-8% | 4 | $170,000 | $42,500 |
Over 8% | 3 | $95,000 | $31,667 |
During 2021, Arbor Financial Credit Union's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were <2.5%, with 836 originations.
Loan Sizing
Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$100k-200k | 748 | $109,820,000 | $146,818 | $2,503 | 2.50% |
$100,000 or less | 652 | $36,340,000 | $55,736 | $2,277 | 3.28% |
$200k-400k | 452 | $118,240,000 | $261,593 | $3,145 | 2.65% |
$400k-600k | 64 | $30,050,000 | $469,531 | $4,087 | 2.59% |
$600k-1MM | 4 | $3,200,000 | $800,000 | $4,823 | 3.22% |
$1MM+ | 1 | $1,235,000 | $1,235,000 | $4,728 | 3.50% |
2021 saw Arbor Financial Credit Union place emphasis on $100k-200k loans with 748 originations, totaling $109,820,000 in origination value.
Applicant Income
Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$100k-150k | 497 | $80,905,000 | $162,787 | $2,803 | 2.71% |
$50k-75k | 421 | $51,375,000 | $122,031 | $2,650 | 2.91% |
$75k-100k | 373 | $54,435,000 | $145,938 | $2,664 | 2.82% |
$150k-250k | 265 | $55,915,000 | $211,000 | $2,892 | 2.69% |
$50k or less | 237 | $21,455,000 | $90,527 | $2,629 | 2.91% |
$250k+ | 90 | $27,510,000 | $305,667 | $3,099 | 2.69% |
Arbor Financial Credit Union lent most frequently to those with incomes in the $100k-150k range, with 497 originations. The second most popular income band? $50k-75k, with 421 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-30% | 591 | $92,375,000 | $156,303 | $2,673 | 2.73% |
30-36% | 407 | $65,365,000 | $160,602 | $2,809 | 2.92% |
<20% | 332 | $45,610,000 | $137,380 | $2,458 | 2.56% |
38% | 70 | $10,950,000 | $156,429 | $2,831 | 2.92% |
36% | 70 | $10,720,000 | $153,143 | $2,777 | 2.82% |
42% | 62 | $10,580,000 | $170,645 | $3,018 | 2.76% |
40% | 61 | $9,955,000 | $163,197 | $2,867 | 2.79% |
37% | 61 | $10,685,000 | $175,164 | $2,896 | 2.89% |
41% | 57 | $10,595,000 | $185,877 | $2,723 | 2.68% |
39% | 54 | $8,830,000 | $163,519 | $3,014 | 2.83% |
43% | 32 | $5,960,000 | $186,250 | $2,897 | 2.80% |
44% | 32 | $4,740,000 | $148,125 | $2,800 | 3.47% |
45% | 23 | $3,765,000 | $163,696 | $3,178 | 3.20% |
47% | 13 | $1,915,000 | $147,308 | $2,802 | 3.13% |
48% | 12 | $1,190,000 | $99,167 | $2,894 | 3.72% |
46% | 11 | $2,155,000 | $195,909 | $3,270 | 3.41% |
50-60% | 11 | $585,000 | $53,182 | $2,513 | 3.77% |
49% | 10 | $1,500,000 | $150,000 | $3,419 | 3.05% |
>60% | 5 | $265,000 | $53,000 | $2,147 | 3.30% |
Arbor Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 591 originations. The next most common DTI ratio? 30-36%, with 407 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 1,698 | $261,970,000 | $154,282 | $2,721 | 2.79% |
Not provided | 138 | $19,570,000 | $141,812 | $2,654 | 2.93% |
Asian | 34 | $7,870,000 | $231,471 | $3,185 | 2.68% |
Black | 31 | $5,335,000 | $172,097 | $2,807 | 2.96% |
American Indian | 11 | $2,115,000 | $192,273 | $2,931 | 2.81% |
Not applicable | 5 | $995,000 | $199,000 | $0 | 4.11% |
Asian Indian | 2 | $470,000 | $235,000 | $2,725 | 2.56% |
Chinese | 1 | $305,000 | $305,000 | $3,029 | 4.13% |
Other Asian | 1 | $255,000 | $255,000 | $2,547 | 1.99% |
Approval Rates
Total approvals of all applications96.10%
Arbor Financial 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 origination81.67%
Arbor Financial Credit Union has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 1,921 | $298,885,000 | $155,588 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
1,921 | $298,885,000 | $155,588 |
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-40% | 273 | $23,385,000 | $85,659 | $2,294 | 3.02% |
40-60% | 404 | $59,120,000 | $146,337 | $2,399 | 2.27% |
60-80% | 639 | $134,195,000 | $210,008 | $2,765 | 2.56% |
80-100% | 324 | $71,420,000 | $220,432 | $3,340 | 2.96% |
Under 20% | 281 | $10,765,000 | $38,310 | $1,301 | 3.73% |