Financial Center First Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300GYDLDVRYKJ3N02

Tax ID: 35-0928620

2021 Data | 2020 Data | 2019 Data | 2018 Data


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%