Desert Financial Federal Credit Union Mortgage Rates, Fees & Info

Phoenix, AZ

LEI: 549300HFXTV55C2HHM89

Tax ID: 86-0096740

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Desert Financial Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Desert Financial Federal Credit Union has a high proportion of conventional loans. Their top markets include Phoenix, Prescott Valley, Show Low, Flagstaff, and Payson among others. Desert Financial Federal Credit Union has a below 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

5,601

Origination Dollar Volume (All Markets)

$552,345,000

Relative Rate

Desert Financial Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.15%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0%.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5,465 $538,735,000 $98,579 $0 3.15%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 44 $4,470,000 $101,591 $0 3.14%
Show Low, AZ (FHA|USDA|VA) 24 $2,780,000 $115,833 $0 3.33%
FLAGSTAFF, AZ (FHA|USDA|VA) 20 $2,500,000 $125,000 $0 3.12%
Payson, AZ (FHA|USDA|VA) 28 $2,350,000 $83,929 $0 3.17%
TUCSON, AZ (FHA|USDA|VA) 10 $690,000 $69,000 $0 3.13%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 5 $305,000 $61,000 $0 2.99%
Outside of Metro Areas 2 $260,000 $130,000 $0 2.99%
YUMA, AZ (FHA|USDA|VA) 2 $230,000 $115,000 $0 3.75%
Safford, AZ (FHA|USDA|VA) 1 $25,000 $25,000 $0 2.99%

Desert Financial Federal Credit Union's top markets include Phoenix, Prescott Valley, Show Low, Flagstaff, and Payson among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,601 $552,345,000 $98,615 $0 3.15%

For the 2021 period, Desert Financial Federal Credit Union's most frequently originated loan type of loans were Conventional, with 5,601 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 3,943 $374,405,000 $94,954 $0 3.12%
Other 1,206 $111,840,000 $92,736 $0 3.08%
Refi 434 $63,810,000 $147,028 $0 3.63%
Home Purchase 18 $2,290,000 $127,222 $0 3.03%

For the 2021, Desert Financial Federal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 3,943 originations. The 2nd most popular reason of loans were Other, with 1,206 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,600 $552,240,000 $98,614 $0 3.15%
20 Year 1 $105,000 $105,000 $0 4.13%

For the 2021, Desert Financial Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 5,600 originations. The 2nd most popular length of loans were 20 Year, with 1 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 4,829 $456,775,000 $94,590
4-5% 378 $38,090,000 $100,767
3-4% 368 $56,540,000 $153,641
5-6% 25 $925,000 $37,000
6-7% 1 $15,000 $15,000

During 2021, Desert Financial Federal Credit Union's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 4,829 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 3,508 $195,280,000 $55,667 $0 3.13%
$100k-200k 1,511 $192,855,000 $127,634 $0 3.16%
$200k-400k 514 $130,450,000 $253,794 $0 3.20%
$400k-600k 64 $30,040,000 $469,375 $0 3.23%
$600k-1MM 3 $2,215,000 $738,333 $0 3.46%
$1MM+ 1 $1,505,000 $1,505,000 $0 2.99%

2021 saw Desert Financial Federal Credit Union place emphasis on $100,000 or less loans with 3,508 originations, totaling $195,280,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,571 $152,965,000 $97,368 $0 3.13%
$150k-250k 1,141 $134,825,000 $118,164 $0 3.14%
$50k-75k 1,067 $88,595,000 $83,032 $0 3.15%
$75k-100k 997 $85,005,000 $85,261 $0 3.15%
$50k or less 521 $37,825,000 $72,601 $0 3.21%
$250k+ 304 $53,130,000 $174,770 $0 3.14%

Desert Financial Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,571 originations. The second most popular income band? $150k-250k, with 1,141 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,536 $144,700,000 $94,206 $0 3.15%
30-36% 1,063 $101,475,000 $95,461 $0 3.16%
<20% 848 $85,290,000 $100,578 $0 3.14%
46% 245 $24,435,000 $99,735 $0 3.14%
43% 188 $17,630,000 $93,777 $0 3.14%
41% 178 $17,920,000 $100,674 $0 3.11%
39% 172 $17,880,000 $103,953 $0 3.15%
36% 169 $15,905,000 $94,112 $0 3.18%
44% 167 $17,925,000 $107,335 $0 3.14%
47% 165 $17,325,000 $105,000 $0 3.12%
40% 163 $14,085,000 $86,411 $0 3.16%
37% 163 $15,385,000 $94,387 $0 3.15%
38% 149 $14,265,000 $95,738 $0 3.11%
45% 142 $14,740,000 $103,803 $0 3.12%
42% 136 $14,460,000 $106,324 $0 3.15%
48% 43 $6,125,000 $142,442 $0 3.05%
50-60% 41 $7,575,000 $184,756 $0 3.18%
49% 28 $4,390,000 $156,786 $0 3.23%
>60% 4 $780,000 $195,000 $0 2.99%

Desert Financial Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,536 originations. The next most common DTI ratio? 30-36%, with 1,063 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,822 $476,970,000 $98,915 $0 3.15%
Black 342 $32,180,000 $94,094 $0 3.09%
Asian 161 $19,245,000 $119,534 $0 3.18%
Not provided 192 $16,660,000 $86,771 $0 3.19%
American Indian 58 $4,890,000 $84,310 $0 3.08%
Native Hawaiian 26 $2,400,000 $92,308 $0 3.10%

Approval Rates

Total approvals of all applications
67.33%

Desert Financial Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
76.25%

Desert Financial Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 5,601 $552,345,000 $98,615

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,601 $552,345,000 $98,615

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,705 $221,145,000 $129,704 $0 3.19%
40-60% 347 $77,055,000 $222,061 $0 3.24%
60-80% 143 $40,835,000 $285,559 $0 3.25%
80-100% 14 $3,560,000 $254,286 $0 3.20%
Under 20% 3,391 $209,695,000 $61,839 $0 3.11%