Bethpage Federal Credit Union

BETHPAGE, NY 11714

LEI: 549300KTR1JGH3K6LU06

Tax ID: 11-1525965

2019 Data | 2018 Data


Overview

Bethpage Federal Credit Union is a small mortgage company specializing in Home Purchase and Cash Out Refi loans. Bethpage Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Nassau County, New York, Bridgeport, Washington, and New Brunswick among others. They have a below average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Bethpage Federal Credit Union is typically a lendor.


Originations

8,550

Origination Dollar Volume (All Markets)

$2,106,130,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 8,436 $2,065,130,000 $244,800
FHA 112 $40,320,000 $360,000
VA 2 $680,000 $340,000

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 1,910 $693,500,000 $363,089
Home Improvement 1,758 $203,390,000 $115,694
Other 1,689 $278,365,000 $164,811
Refi 568 $271,580,000 $478,134
Cash Out Refi 2,625 $659,295,000 $251,160

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
NASSAU COUNTY-SUFFOLK COUNTY, NY 6,420 $1,437,410,000 $223,896
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 997 $356,805,000 $357,879
BRIDGEPORT-STAMFORD-NORWALK, CT 45 $32,625,000 $725,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 17 $30,745,000 $1,808,529
NEW BRUNSWICK-LAKEWOOD, NJ 65 $20,545,000 $316,077
PHILADELPHIA, PA 7 $19,075,000 $2,725,000
NEWARK, NJ-PA 61 $18,235,000 $298,934
LOS ANGELES-LONG BEACH-GLENDALE, CA 45 $15,305,000 $340,111
Outside of Metro Areas 63 $12,535,000 $198,968
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 31 $9,675,000 $312,097
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 36 $7,780,000 $216,111
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 46 $5,820,000 $126,522
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 22 $5,690,000 $258,636
TAMPA-ST. PETERSBURG-CLEARWATER, FL 32 $5,280,000 $165,000
OAKLAND-BERKELEY-LIVERMORE, CA 20 $5,190,000 $259,500
DURHAM-CHAPEL HILL, NC 5 $4,415,000 $883,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 8 $4,310,000 $538,750
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 16 $3,770,000 $235,625
PHOENIX-MESA-CHANDLER, AZ 22 $3,560,000 $161,818
CHARLOTTE-CONCORD-GASTONIA, NC-SC 24 $3,430,000 $142,917
CHICAGO-NAPERVILLE-EVANSTON, IL 13 $3,415,000 $262,692
BOSTON, MA 8 $3,410,000 $426,250
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 11 $2,985,000 $271,364
ORLANDO-KISSIMMEE-SANFORD, FL 17 $2,815,000 $165,588
BALTIMORE-COLUMBIA-TOWSON, MD 16 $2,740,000 $171,250
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 9 $2,695,000 $299,444
PORT ST. LUCIE, FL 20 $2,600,000 $130,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 5 $2,425,000 $485,000
RALEIGH-CARY, NC 16 $2,410,000 $150,625
TYLER, TX 1 $2,405,000 $2,405,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 8 $2,320,000 $290,000
SAN RAFAEL, CA 4 $2,310,000 $577,500
DENVER-AURORA-LAKEWOOD, CO 13 $2,155,000 $165,769
NORTH PORT-SARASOTA-BRADENTON, FL 9 $2,115,000 $235,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 9 $2,015,000 $223,889
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 7 $1,995,000 $285,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 12 $1,990,000 $165,833
ANAHEIM-SANTA ANA-IRVINE, CA 14 $1,920,000 $137,143
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 8 $1,890,000 $236,250
NEW HAVEN-MILFORD, CT 9 $1,885,000 $209,444
PALM BAY-MELBOURNE-TITUSVILLE, FL 13 $1,785,000 $137,308
CAPE CORAL-FORT MYERS, FL 9 $1,765,000 $196,111
SACRAMENTO-ROSEVILLE-FOLSOM, CA 15 $1,695,000 $113,000
HILTON HEAD ISLAND-BLUFFTON, SC 5 $1,665,000 $333,000
EAST STROUDSBURG, PA 11 $1,655,000 $150,455
PITTSBURGH, PA 7 $1,605,000 $229,286
CHARLESTON-NORTH CHARLESTON, SC 9 $1,535,000 $170,556
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 13 $1,525,000 $117,308
TRENTON-PRINCETON, NJ 3 $1,525,000 $508,333
SEATTLE-BELLEVUE-KENT, WA 6 $1,460,000 $243,333
CAMDEN, NJ 7 $1,285,000 $183,571
OCEAN CITY, NJ 2 $1,180,000 $590,000
BUFFALO-CHEEKTOWAGA, NY 13 $1,155,000 $88,846
NORWICH-NEW LONDON, CT 3 $1,125,000 $375,000
JACKSONVILLE, FL 11 $1,095,000 $99,545
NAPLES-MARCO ISLAND, FL 3 $1,035,000 $345,000
ALBANY-SCHENECTADY-TROY, NY 6 $980,000 $163,333
MIAMI-MIAMI BEACH-KENDALL, FL 7 $975,000 $139,286
LAS VEGAS-HENDERSON-PARADISE, NV 10 $960,000 $96,000
ATLANTIC CITY-HAMMONTON, NJ 3 $955,000 $318,333
WORCESTER, MA-CT 4 $950,000 $237,500
FORT COLLINS, CO 3 $945,000 $315,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 7 $925,000 $132,143
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 6 $890,000 $148,333
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 6 $850,000 $141,667
SANTA MARIA-SANTA BARBARA, CA 1 $765,000 $765,000
SALISBURY, MD-DE 3 $695,000 $231,667
KINGSTON, NY 5 $685,000 $137,000
PORTLAND-SOUTH PORTLAND, ME 4 $680,000 $170,000
GREENSBORO-HIGH POINT, NC 3 $635,000 $211,667
TUCSON, AZ 2 $630,000 $315,000
BOISE CITY, ID 3 $625,000 $208,333
COLUMBUS, OH 3 $555,000 $185,000
WILMINGTON, DE-MD-NJ 2 $540,000 $270,000
PITTSFIELD, MA 1 $485,000 $485,000
NEW ORLEANS-METAIRIE, LA 4 $480,000 $120,000
AUGUSTA-RICHMOND COUNTY, GA-SC 2 $470,000 $235,000
ROCHESTER, NY 3 $455,000 $151,667
LANCASTER, PA 2 $450,000 $225,000
JACKSONVILLE, NC 2 $440,000 $220,000
SALT LAKE CITY, UT 3 $435,000 $145,000
KANSAS CITY, MO-KS 2 $430,000 $215,000
MEMPHIS, TN-MS-AR 2 $430,000 $215,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 2 $400,000 $200,000
HARRISBURG-CARLISLE, PA 1 $395,000 $395,000
WILMINGTON, NC 4 $390,000 $97,500
BARNSTABLE TOWN, MA 1 $365,000 $365,000
OGDEN-CLEARFIELD, UT 1 $355,000 $355,000
ASHEVILLE, NC 1 $355,000 $355,000
SEBASTIAN-VERO BEACH, FL 1 $345,000 $345,000
ITHACA, NY 1 $325,000 $325,000
READING, PA 2 $320,000 $160,000
STAUNTON, VA 1 $315,000 $315,000
PROVO-OREM, UT 1 $305,000 $305,000
CINCINNATI, OH-KY-IN 4 $290,000 $72,500
CORVALLIS, OR 1 $285,000 $285,000
CLEVELAND-ELYRIA, OH 6 $280,000 $46,667
WARREN-TROY-FARMINGTON HILLS, MI 4 $270,000 $67,500
OMAHA-COUNCIL BLUFFS, NE-IA 1 $265,000 $265,000
STOCKTON, CA 2 $260,000 $130,000
OCALA, FL 3 $255,000 $85,000
COLORADO SPRINGS, CO 3 $255,000 $85,000
PANAMA CITY, FL 1 $255,000 $255,000
TALLAHASSEE, FL 1 $245,000 $245,000
VINELAND-BRIDGETON, NJ 1 $245,000 $245,000
GLENS FALLS, NY 4 $210,000 $52,500
URBAN HONOLULU, HI 1 $205,000 $205,000
BILLINGS, MT 2 $200,000 $100,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 3 $195,000 $65,000
VALLEJO, CA 2 $190,000 $95,000
PROVIDENCE-WARWICK, RI-MA 2 $190,000 $95,000
SYRACUSE, NY 2 $190,000 $95,000
TACOMA-LAKEWOOD, WA 3 $185,000 $61,667
SCRANTON--WILKES-BARRE, PA 2 $180,000 $90,000
ATHENS-CLARKE COUNTY, GA 2 $180,000 $90,000
GREENVILLE-ANDERSON, SC 3 $175,000 $58,333
PENSACOLA-FERRY PASS-BRENT, FL 1 $175,000 $175,000
ST. LOUIS, MO-IL 3 $175,000 $58,333
ROANOKE, VA 1 $165,000 $165,000
BIRMINGHAM-HOOVER, AL 2 $160,000 $80,000
MOUNT VERNON-ANACORTES, WA 1 $155,000 $155,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $155,000 $155,000
JOHNSON CITY, TN 1 $155,000 $155,000
ROME, GA 1 $155,000 $155,000
DOVER, DE 1 $155,000 $155,000
SPRINGFIELD, MA 1 $145,000 $145,000
KNOXVILLE, TN 1 $145,000 $145,000
BAKERSFIELD, CA 2 $140,000 $70,000
THE VILLAGES, FL 2 $140,000 $70,000
HANFORD-CORCORAN, CA 1 $135,000 $135,000
JACKSON, MS 1 $135,000 $135,000
PRESCOTT VALLEY-PRESCOTT, AZ 2 $130,000 $65,000
LAKELAND-WINTER HAVEN, FL 1 $125,000 $125,000
SANTA ROSA-PETALUMA, CA 1 $125,000 $125,000
BATON ROUGE, LA 1 $115,000 $115,000
BINGHAMTON, NY 1 $115,000 $115,000
UTICA-ROME, NY 2 $110,000 $55,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $105,000 $105,000
OXNARD-THOUSAND OAKS-VENTURA, CA 1 $105,000 $105,000
NAPA, CA 1 $105,000 $105,000
COLUMBIA, SC 1 $105,000 $105,000
ANN ARBOR, MI 1 $105,000 $105,000
YORK-HANOVER, PA 1 $105,000 $105,000
OLYMPIA-LACEY-TUMWATER, WA 1 $95,000 $95,000
GRAND JUNCTION, CO 1 $95,000 $95,000
SPOKANE-SPOKANE VALLEY, WA 1 $95,000 $95,000
ELGIN, IL 1 $85,000 $85,000
BEND, OR 1 $85,000 $85,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 1 $85,000 $85,000
PUNTA GORDA, FL 2 $80,000 $40,000
YUBA CITY, CA 1 $75,000 $75,000
FRESNO, CA 1 $75,000 $75,000
SAVANNAH, GA 1 $75,000 $75,000
BANGOR, ME 1 $65,000 $65,000
SALINAS, CA 1 $65,000 $65,000
MANCHESTER-NASHUA, NH 1 $55,000 $55,000
ANCHORAGE, AK 1 $55,000 $55,000
ROCHESTER, MN 1 $45,000 $45,000
GAINESVILLE, GA 1 $45,000 $45,000
SAN LUIS OBISPO-PASO ROBLES, CA 1 $45,000 $45,000
OSHKOSH-NEENAH, WI 1 $35,000 $35,000
CLARKSVILLE, TN-KY 1 $35,000 $35,000
CHARLOTTESVILLE, VA 1 $35,000 $35,000
RICHMOND, VA 1 $35,000 $35,000
WARNER ROBINS, GA 1 $35,000 $35,000
RENO, NV 1 $35,000 $35,000
PEORIA, IL 1 $35,000 $35,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $25,000 $25,000
ERIE, PA 1 $25,000 $25,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 13 $5,555,000 $427,308
2.5-3% 459 $194,845,000 $424,499
3-4% 2,175 $847,915,000 $389,846
4-5% 1,467 $458,455,000 $312,512
5-6% 3,234 $468,750,000 $144,944
6-7% 846 $94,700,000 $111,939
7-8% 299 $30,045,000 $100,485
Over 8% 57 $5,865,000 $102,895

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 2,549 $148,055,000 $58,084
$100k-200k 2,016 $274,980,000 $136,399
$200k-400k 2,473 $726,275,000 $293,682
$400k-600k 1,158 $542,900,000 $468,826
$600k-1000k 238 $172,340,000 $724,118
$Over $1MM 116 $241,580,000 $2,082,586

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,771 $346,235,000 $195,503
40-60% 1,058 $382,120,000 $361,172
60-80% 1,815 $780,095,000 $429,804
80-100% 896 $350,980,000 $391,719
Under 20% 3,006 $243,670,000 $81,061

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,605 $544,755,000 $209,119
$150k-250k 2,523 $652,985,000 $258,813
$50k-75k 781 $106,625,000 $136,524
$50k-or less 306 $29,330,000 $95,850
$75k-100k 1,300 $234,680,000 $180,523
$Over $250k 1,012 $455,430,000 $450,030

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,272 $1,439,260,000 $229,474
Not provided 1,275 $337,905,000 $265,024
Asian 580 $169,440,000 $292,138
Not applicable 10 $78,120,000 $7,812,000
Black 355 $69,525,000 $195,845
Asian Indian 13 $4,775,000 $367,308
American Indian 25 $3,785,000 $151,400
Native Hawaiian 15 $2,055,000 $137,000
Other Asian 1 $515,000 $515,000
Filipino 2 $490,000 $245,000
Chinese 2 $260,000 $130,000

Approval Rates

Total approvals of all applications
65.49%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
76.33%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
0.0 5 $305,000 $61,000
NA 8,545 $2,105,825,000 $246,439

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,695 $707,475,000 $417,389
$1k-2k 798 $249,940,000 $313,208
$2k-3k 359 $140,225,000 $390,599
$3k-4k 341 $128,805,000 $377,727
$5k+ 267 $116,555,000 $436,536

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 9 $78,075,000 $8,675,000
Single Family (1-4 Units):Site-Built 8,541 $2,028,055,000 $237,449