Carolina Farm Credit Aca Mortgage Rates, Fees & Info
Statesville, NCLEI: 549300KCIGGEKYI5VM19
Tax ID: 56-2148606
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Carolina Farm Credit Aca is a smaller mortgage company specializing in Home Purchase loans. Carolina Farm Credit Aca has a high proportion of conventional loans. Their top markets include Charlotte, Greensboro, Durham, Winston, and Hickory among others. Carolina Farm Credit Aca 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. Carolina Farm Credit Aca is typically a high fee lendor.Originations
296Origination Dollar Volume (All Markets)
$82,710,000Relative Rate
Carolina Farm Credit Aca's average 30 year fixed rate mortgage of loans were
4.61%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 1.46%.
Relative Fees
Carolina Farm Credit Aca's average total fees for a 30 year fixed rate
mortgage are $6,450.
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 |
|---|---|---|---|---|---|
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 83 | $22,025,000 | $265,361 | $5,644 | 4.49% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 50 | $16,740,000 | $334,800 | $5,949 | 4.26% |
| Outside of Metro Areas | 35 | $8,535,000 | $243,857 | $5,559 | 4.34% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 21 | $8,065,000 | $384,048 | $5,820 | 4.46% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 28 | $6,700,000 | $239,286 | $5,298 | 4.66% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 16 | $3,770,000 | $235,625 | $4,437 | 4.37% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 9 | $2,565,000 | $285,000 | $4,789 | 4.25% |
| Mount Airy, NC (FHA|USDA|VA) | 7 | $2,405,000 | $343,571 | $7,246 | 4.63% |
| ASHEVILLE, NC (FHA|USDA|VA) | 6 | $2,400,000 | $400,000 | $7,007 | 4.53% |
| Marion, NC (FHA|USDA|VA) | 5 | $2,095,000 | $419,000 | $7,012 | 4.53% |
| Shelby, NC (FHA|USDA|VA) | 12 | $2,080,000 | $173,333 | $4,275 | 4.20% |
| BURLINGTON, NC (FHA|USDA|VA) | 8 | $1,870,000 | $233,750 | $5,493 | 4.26% |
| North Wilkesboro, NC (FHA|USDA|VA) | 7 | $1,365,000 | $195,000 | $6,190 | 4.42% |
| Albemarle, NC (FHA|USDA|VA) | 5 | $1,255,000 | $251,000 | $7,111 | 4.77% |
| Boone, NC (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $5,903 | 4.40% |
| Rockingham, NC (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,329 | 4.20% |
Carolina Farm Credit Aca's top markets include Charlotte, Greensboro, Durham, Winston, and Hickory among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 296 | $82,710,000 | $279,426 | $5,639 | 4.42% |
For the 2021 period, Carolina Farm Credit Aca's most frequently originated loan type of loans were Conventional, with 296 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 207 | $65,835,000 | $318,043 | $6,477 | 4.50% |
| Refi | 63 | $13,175,000 | $209,127 | $4,090 | 4.22% |
| Home Improvement | 25 | $3,495,000 | $139,800 | $2,392 | 4.29% |
| Other | 1 | $205,000 | $205,000 | $5,982 | 4.35% |
For the 2021, Carolina Farm Credit Aca's most frequently cited loan purpose of loans were Home Purchase, with 207 originations. The 2nd most popular reason of loans were Refi, with 63 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 216 | $63,050,000 | $291,898 | $5,656 | 4.39% |
| 30 Year | 45 | $13,745,000 | $305,444 | $6,450 | 4.61% |
| 10 Year | 12 | $2,150,000 | $179,167 | $3,991 | 4.19% |
| 15 Year | 10 | $2,060,000 | $206,000 | $4,436 | 4.22% |
| 20 Year | 8 | $1,590,000 | $198,750 | $4,914 | 4.60% |
| 5 Year | 5 | $115,000 | $23,000 | $173 | 4.47% |
For the 2021, Carolina Farm Credit Aca's most frequently cited loan length of loans were Other, with 216 originations. The 2nd most popular length of loans were 30 Year, with 45 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $3k-4k | 95 | $29,225,000 | $307,632 |
| $2k-3k | 58 | $11,730,000 | $202,241 |
| $5k+ | 55 | $29,715,000 | $540,273 |
| $1k-2k | 41 | $6,085,000 | $148,415 |
| $<1k | 29 | $3,485,000 | $120,172 |
$6,450 of loans were Carolina Farm Credit Aca's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 95 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 220 | $64,600,000 | $293,636 |
| 3-4% | 57 | $14,355,000 | $251,842 |
| 5-6% | 17 | $3,595,000 | $211,471 |
| 2.5-3% | 1 | $5,000 | $5,000 |
During 2021, Carolina Farm Credit Aca's average interest rate of loans were 4.61%, while their most frequently originated rate bucket of loans were 4-5%, with 220 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 128 | $36,660,000 | $286,406 | $6,034 | 4.50% |
| $100k-200k | 64 | $9,000,000 | $140,625 | $3,981 | 4.46% |
| $100,000 or less | 47 | $2,945,000 | $62,660 | $2,421 | 4.16% |
| $400k-600k | 31 | $14,755,000 | $475,968 | $8,166 | 4.43% |
| $600k-1MM | 24 | $16,840,000 | $701,667 | $8,983 | 4.39% |
| $1MM+ | 2 | $2,510,000 | $1,255,000 | $15,400 | 4.11% |
2021 saw Carolina Farm Credit Aca place emphasis on $200k-400k loans with 128 originations, totaling $36,660,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 75 | $20,495,000 | $273,267 | $5,658 | 4.39% |
| $150k-250k | 54 | $19,910,000 | $368,704 | $6,300 | 4.47% |
| $75k-100k | 49 | $11,865,000 | $242,143 | $5,237 | 4.44% |
| $50k-75k | 48 | $8,970,000 | $186,875 | $4,775 | 4.43% |
| $250k+ | 39 | $17,575,000 | $450,641 | $7,458 | 4.39% |
| $50k or less | 25 | $2,915,000 | $116,600 | $4,015 | 4.34% |
Carolina Farm Credit Aca lent most frequently to those with incomes in the $100k-150k range, with 75 originations. The second most popular income band? $150k-250k, with 54 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 91 | $23,095,000 | $253,791 | $5,414 | 4.40% |
| 30-36% | 63 | $20,225,000 | $321,032 | $5,866 | 4.40% |
| <20% | 49 | $12,315,000 | $251,327 | $5,479 | 4.45% |
| 36% | 11 | $2,695,000 | $245,000 | $4,930 | 4.47% |
| 40% | 9 | $2,995,000 | $332,778 | $5,890 | 4.37% |
| 37% | 8 | $1,820,000 | $227,500 | $5,373 | 4.16% |
| 50-60% | 8 | $2,370,000 | $296,250 | $6,896 | 4.58% |
| 38% | 7 | $1,865,000 | $266,429 | $5,703 | 4.36% |
| 43% | 7 | $2,295,000 | $327,857 | $5,191 | 4.56% |
| 39% | 7 | $2,595,000 | $370,714 | $6,092 | 4.58% |
| 41% | 6 | $1,120,000 | $186,667 | $4,984 | 4.46% |
| 46% | 5 | $1,225,000 | $245,000 | $5,360 | 4.15% |
| 42% | 5 | $1,445,000 | $289,000 | $5,461 | 4.29% |
| 45% | 4 | $1,460,000 | $365,000 | $7,015 | 4.68% |
| 47% | 4 | $1,530,000 | $382,500 | $7,557 | 4.43% |
| >60% | 4 | $1,440,000 | $360,000 | $5,944 | 4.61% |
| 44% | 3 | $1,455,000 | $485,000 | $6,613 | 4.42% |
Carolina Farm Credit Aca lent most frequently to those with DTI ratios of 20-30%, with 91 originations. The next most common DTI ratio? 30-36%, with 63 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 276 | $76,650,000 | $277,717 | $5,591 | 4.41% |
| Not provided | 11 | $2,965,000 | $269,545 | $5,624 | 4.55% |
| Black | 4 | $1,680,000 | $420,000 | $6,727 | 4.60% |
| American Indian | 1 | $655,000 | $655,000 | $11,203 | 3.70% |
| Asian | 2 | $430,000 | $215,000 | $7,471 | 4.35% |
| Not applicable | 2 | $330,000 | $165,000 | $0 | 5.50% |
Approval Rates
Total approvals of all applications75.47%
Carolina Farm Credit Aca has a below average approval rate.
Pick Rate
Approvals leading to origination44.14%
Carolina Farm Credit Aca has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 296 | $82,710,000 | $279,426 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 296 | $82,710,000 | $279,426 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 27 | $3,845,000 | $142,407 | $4,000 | 4.24% |
| 40-60% | 53 | $11,915,000 | $224,811 | $5,039 | 4.39% |
| 60-80% | 118 | $38,880,000 | $329,492 | $6,565 | 4.49% |
| 80-100% | 76 | $26,400,000 | $347,368 | $6,209 | 4.44% |
| Over 100% | 1 | $105,000 | $105,000 | $4,814 | 5.25% |
| Under 20% | 21 | $1,565,000 | $74,524 | $1,317 | 4.21% |
