Financial Center First Credit Union Mortgage Rates, Fees & Info
Indianapolis, IN
LEI: 549300GYDLDVRYKJ3N02
Tax ID: 35-0928620
Overview
Financial Center First Credit Union is a
smaller
credit union
specializing in
Refi
loans.
Financial Center First Credit Union has a high proportion of conventional loans.
Their top markets include Indianapolis, Muncie, Kokomo, Bloomington, and New Castle among others. Financial Center First 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.
Originations
627
Origination Dollar Volume (All Markets)
$91,295,000
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA)
|
518
|
$81,660,000 |
$157,645 |
$929 |
3.51% |
|
MUNCIE, IN (FHA|USDA|VA)
|
73
|
$5,835,000 |
$79,932 |
$526 |
3.44% |
|
KOKOMO, IN (FHA|USDA|VA)
|
16
|
$1,750,000 |
$109,375 |
$531 |
3.75% |
|
Outside of Metro Areas
|
8 |
$760,000 |
$95,000 |
$646 |
3.32% |
|
BLOOMINGTON, IN (FHA|USDA|VA)
|
4
|
$480,000 |
$120,000 |
$594 |
3.38% |
|
New Castle, IN (FHA|USDA|VA)
|
2
|
$340,000 |
$170,000 |
$751 |
3.14% |
|
FORT WAYNE, IN (FHA|USDA|VA)
|
1
|
$145,000 |
$145,000 |
$454 |
3.39% |
|
Seymour, IN (FHA|USDA|VA)
|
1
|
$135,000 |
$135,000 |
$609 |
3.59% |
|
Logansport, IN (FHA|USDA|VA)
|
1
|
$95,000 |
$95,000 |
$943 |
3.70% |
|
Peru, IN (FHA|USDA|VA)
|
1
|
$45,000 |
$45,000 |
$790 |
3.29% |
|
COLUMBUS, IN (FHA|USDA|VA)
|
1
|
$45,000 |
$45,000 |
$355 |
5.80% |
|
Greensburg, IN (FHA|USDA|VA)
|
1
|
$5,000 |
$5,000 |
$600 |
5.75% |
Financial Center First Credit Union's top markets include Indianapolis, Muncie, Kokomo, Bloomington, and New Castle among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
627 |
$91,295,000 |
$145,606 |
$865 |
3.51% |
For the 2021 period, Financial Center First Credit Union's most frequently
originated loan type
of loans were Conventional, with 627 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Refi |
481 |
$70,095,000 |
$145,728 |
$758 |
3.23% |
| Home Purchase |
72 |
$17,840,000 |
$247,778 |
$2,103 |
4.04% |
| Home Improvement |
44 |
$2,080,000 |
$47,273 |
$411 |
4.70% |
| Other |
30 |
$1,280,000 |
$42,667 |
$517 |
5.13% |
For the 2021, Financial Center First Credit Union's most frequently cited loan
purpose
of loans were Refi, with 481
originations.
The 2nd most popular reason of loans were Home Purchase,
with 72 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 15 Year |
293 |
$53,425,000 |
$182,338 |
$1,246 |
3.71% |
| 10 Year |
191 |
$17,315,000 |
$90,654 |
$254 |
3.17% |
| 20 Year |
101 |
$17,565,000 |
$173,911 |
$987 |
3.23% |
| Other |
29 |
$2,645,000 |
$91,207 |
$865 |
4.27% |
| 5 Year |
13 |
$345,000 |
$26,538 |
$331 |
4.80% |
For the 2021, Financial Center First Credit Union's most frequently cited loan
length
of loans were 15 Year, with 293 originations.
The 2nd most popular length of loans were 10 Year,
with 191 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
589 |
$83,075,000 |
$141,044 |
| $2k-3k |
10 |
$1,380,000 |
$138,000 |
| $3k-4k |
8 |
$2,530,000 |
$316,250 |
| $5k+ |
7 |
$3,135,000 |
$447,857 |
$0 of loans were Financial Center First Credit Union's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 589 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
282 |
$36,730,000 |
$130,248 |
| 3-4% |
220 |
$44,680,000 |
$203,091 |
| 5-6% |
82 |
$4,690,000 |
$57,195 |
| 4-5% |
30 |
$4,390,000 |
$146,333 |
| 6-7% |
11 |
$335,000 |
$30,455 |
| <2.5% |
2 |
$470,000 |
$235,000 |
During 2021, Financial Center First Credit Union's average interest
rate of loans were 0.00%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 282 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100,000 or less |
304 |
$17,450,000 |
$57,401 |
$471 |
3.83% |
| $100k-200k |
209 |
$29,665,000 |
$141,938 |
$914 |
3.17% |
| $200k-400k |
85 |
$22,645,000 |
$266,412 |
$1,547 |
3.31% |
| $400k-600k |
14 |
$6,800,000 |
$485,714 |
$1,777 |
3.18% |
| $600k-1MM |
8 |
$6,340,000 |
$792,500 |
$2,238 |
3.31% |
| $1MM+ |
7 |
$8,395,000 |
$1,199,286 |
$4,458 |
3.34% |
2021 saw Financial Center First Credit Union place emphasis on
$100,000 or less loans
with 304 originations, totaling
$17,450,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $50k-75k |
148 |
$15,430,000 |
$104,257 |
$797 |
3.40% |
| $75k-100k |
136 |
$16,430,000 |
$120,809 |
$794 |
3.60% |
| $100k-150k |
132 |
$18,900,000 |
$143,182 |
$834 |
3.51% |
| $50k or less |
100 |
$7,170,000 |
$71,700 |
$605 |
3.22% |
| $150k-250k |
75 |
$15,985,000 |
$213,133 |
$956 |
3.79% |
| $250k+ |
35 |
$17,125,000 |
$489,286 |
$2,065 |
3.87% |
Financial Center First Credit Union lent most frequently to those with incomes in the
$50k-75k range, with
148 originations.
The second most popular income band? $75k-100k,
with 136 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
209 |
$28,445,000 |
$136,100 |
$817 |
3.45% |
| <20% |
113 |
$12,615,000 |
$111,637 |
$659 |
3.00% |
| 30-36% |
100 |
$15,200,000 |
$152,000 |
$960 |
3.57% |
| 50-60% |
31 |
$5,825,000 |
$187,903 |
$1,112 |
3.65% |
| 38% |
21 |
$3,385,000 |
$161,190 |
$1,024 |
3.70% |
| 42% |
18 |
$1,790,000 |
$99,444 |
$677 |
4.08% |
| 47% |
17 |
$4,045,000 |
$237,941 |
$1,137 |
3.71% |
| 44% |
14 |
$2,080,000 |
$148,571 |
$1,292 |
4.03% |
| 41% |
14 |
$2,340,000 |
$167,143 |
$1,149 |
4.05% |
| 36% |
12 |
$2,390,000 |
$199,167 |
$839 |
3.79% |
| 37% |
12 |
$2,030,000 |
$169,167 |
$867 |
3.66% |
| 46% |
12 |
$1,910,000 |
$159,167 |
$781 |
3.78% |
| 39% |
11 |
$1,235,000 |
$112,273 |
$1,696 |
3.71% |
| 40% |
11 |
$2,385,000 |
$216,818 |
$619 |
3.93% |
| 43% |
11 |
$1,595,000 |
$145,000 |
$571 |
3.91% |
| 45% |
9 |
$1,065,000 |
$118,333 |
$660 |
3.74% |
| 48% |
5 |
$805,000 |
$161,000 |
$753 |
4.19% |
| 49% |
4 |
$1,480,000 |
$370,000 |
$1,615 |
3.84% |
| >60% |
2 |
$420,000 |
$210,000 |
$635 |
4.40% |
Financial Center First Credit Union lent most frequently to those with DTI ratios
of 20-30%, with
209 originations.
The next most common DTI ratio? <20%,
with 113 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
450 |
$67,640,000 |
$150,311 |
$781 |
3.51% |
| Not provided |
92 |
$13,620,000 |
$148,043 |
$1,445 |
3.57% |
| Black |
78 |
$8,660,000 |
$111,026 |
$666 |
3.50% |
| Native Hawaiian |
2 |
$600,000 |
$300,000 |
$991 |
2.92% |
| Asian |
3 |
$415,000 |
$138,333 |
$211 |
2.72% |
| Not applicable |
1 |
$255,000 |
$255,000 |
$0 |
5.00% |
| American Indian |
1 |
$105,000 |
$105,000 |
$918 |
2.75% |
Approval Rates
Total approvals of all applications
80.88%
Financial Center First Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination
71.33%
Financial Center First Credit Union has a below average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
627 |
$91,295,000 |
$145,606 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
627 |
$91,295,000 |
$145,606 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
108 |
$9,360,000 |
$86,667 |
$476 |
3.62% |
| 40-60% |
147 |
$16,915,000 |
$115,068 |
$580 |
3.03% |
| 60-80% |
217 |
$42,485,000 |
$195,783 |
$1,169 |
3.22% |
| 80-100% |
64 |
$18,600,000 |
$290,625 |
$1,743 |
3.45% |
| Under 20% |
91 |
$3,935,000 |
$43,242 |
$460 |
4.92% |
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% |
