Carolina Farm Credit Aca Mortgage Rates, Fees & Info

Statesville, NC

LEI: 549300KCIGGEKYI5VM19

Tax ID: 56-2148606

1 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

296

Origination Dollar Volume (All Markets)

$82,710,000

Relative 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 applications
75.47%

Carolina Farm Credit Aca has a below average approval rate.

Pick Rate

Approvals leading to origination
44.14%

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%