Arbor Financial Credit Union Mortgage Rates, Fees & Info

KALAMAZOO, MI

LEI: 549300E5018DD89WPX79

Tax ID: 38-0703992

5 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,921

Origination Dollar Volume (All Markets)

$298,885,000

Relative 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 applications
96.10%

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 origination
81.67%

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%