Bmi Federal Credit Union Mortgage Rates, Fees & Info

Dublin, OH

LEI: 549300LGE7I6F2K89769

Tax ID: 31-4379741

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bmi Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Bmi Federal Credit Union has a high proportion of conventional loans. Their top markets include Columbus, Mount Vernon, Pittsburgh, Urbana, and Washington among others. Bmi Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bmi Federal Credit Union is typically a low fee lendor.


Originations

776

Origination Dollar Volume (All Markets)

$115,500,000

Awards

BMI Federal Credit Union 30 Year Conventional Loans silver BMI Federal Credit Union 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Bmi Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.02%.

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

This yields a difference of -0.13%.

Relative Fees

Bmi Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $2,624.

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
COLUMBUS, OH (FHA|USDA|VA) 710 $103,480,000 $145,746 $2,253 3.33%
Outside of Metro Areas 5 $985,000 $197,000 $2,866 3.03%
Mount Vernon, OH (FHA|USDA|VA) 4 $740,000 $185,000 $1,767 2.88%
PITTSBURGH, PA (FHA|USDA|VA) 2 $640,000 $320,000 $4,121 2.88%
Urbana, OH (FHA|USDA|VA) 4 $630,000 $157,500 $2,582 3.31%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $585,000 $585,000 $4,107 3.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $575,000 $575,000 $3,798 2.75%
DAYTON-KETTERING, OH (FHA|USDA|VA) 3 $535,000 $178,333 $2,860 3.13%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $475,000 $95,000 $2,791 3.40%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $435,000 $435,000 $2,045 2.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $425,000 $425,000 $4,404 3.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $405,000 $405,000 $4,493 3.63%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $395,000 $395,000 $2,274 2.75%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,517 3.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $345,000 $345,000 $2,237 3.00%
SPRINGFIELD, OH (FHA|USDA|VA) 2 $320,000 $160,000 $2,313 2.81%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,412 2.88%
ROCHESTER, NY (FHA|USDA|VA) 2 $300,000 $150,000 $2,623 2.69%
Sandusky, OH (FHA|USDA|VA) 2 $270,000 $135,000 $2,043 3.38%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $265,000 $265,000 $2,205 2.88%
Marion, OH (FHA|USDA|VA) 3 $265,000 $88,333 $1,893 3.92%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $245,000 $245,000 $2,889 2.75%
Bellefontaine, OH (FHA|USDA|VA) 2 $240,000 $120,000 $1,579 3.50%
Wapakoneta, OH (FHA|USDA|VA) 2 $220,000 $110,000 $2,606 3.69%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,632 2.75%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $195,000 $195,000 $1,906 3.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,792 3.25%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $185,000 $185,000 $3,578 2.50%
Chillicothe, OH (FHA|USDA|VA) 1 $175,000 $175,000 $2,538 2.88%
TOLEDO, OH (FHA|USDA|VA) 2 $160,000 $80,000 $5,580 3.06%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $4,159 3.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $5,305 2.75%
Washington Court House, OH (FHA|USDA|VA) 3 $145,000 $48,333 $0 4.00%
Zanesville, OH (FHA|USDA|VA) 2 $140,000 $70,000 $0 3.25%
Ashland, OH (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,682 2.50%
Coshocton, OH (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.25%
MANSFIELD, OH (FHA|USDA|VA) 2 $60,000 $30,000 $415 4.25%

Bmi Federal Credit Union's top markets include Columbus, Mount Vernon, Pittsburgh, Urbana, and Washington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 776 $115,500,000 $148,840 $2,325 3.32%

For the 2021 period, Bmi Federal Credit Union's most frequently originated loan type of loans were Conventional, with 776 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 272 $53,900,000 $198,162 $2,325 2.88%
Home Improvement 252 $17,810,000 $70,675 $260 3.67%
Home Purchase 109 $25,605,000 $234,908 $3,027 3.26%
Other 94 $7,770,000 $82,660 $233 3.97%
Cash Out Refi 49 $10,415,000 $212,551 $2,518 2.87%

For the 2021, Bmi Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 272 originations. The 2nd most popular reason of loans were Home Improvement, with 252 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 356 $29,180,000 $81,966 $1,831 3.47%
30 Year 287 $66,995,000 $233,432 $2,624 3.02%
20 Year 98 $18,260,000 $186,327 $2,139 3.42%
10 Year 32 $790,000 $24,688 $466 3.94%
Other 2 $240,000 $120,000 $1,421 3.50%
5 Year 1 $35,000 $35,000 $415 5.25%

For the 2021, Bmi Federal Credit Union's most frequently cited loan length of loans were 15 Year, with 356 originations. The 2nd most popular length of loans were 30 Year, with 287 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 435 $87,165,000 $200,379
$1k-2k 6 $1,130,000 $188,333
$3k-4k 3 $495,000 $165,000

$2,624 of loans were Bmi Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 435 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 330 $41,170,000 $124,758
2.5-3% 243 $54,375,000 $223,765
4-5% 125 $9,035,000 $72,280
<2.5% 62 $10,210,000 $164,677
5-6% 15 $695,000 $46,333
6-7% 1 $15,000 $15,000

During 2021, Bmi Federal Credit Union's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 3-4%, with 330 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 338 $18,340,000 $54,260 $1,239 3.68%
$100k-200k 219 $32,115,000 $146,644 $2,306 3.06%
$200k-400k 194 $51,700,000 $266,495 $2,714 3.01%
$400k-600k 20 $9,200,000 $460,000 $3,460 3.03%
$600k-1MM 4 $2,930,000 $732,500 $3,390 3.38%
$1MM+ 1 $1,215,000 $1,215,000 $3,557 3.00%

2021 saw Bmi Federal Credit Union place emphasis on $100,000 or less loans with 338 originations, totaling $18,340,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 197 $32,115,000 $163,020 $2,382 3.34%
$75k-100k 165 $22,215,000 $134,636 $2,301 3.24%
$150k-250k 156 $27,110,000 $173,782 $2,419 3.40%
$50k-75k 150 $18,070,000 $120,467 $2,330 3.31%
$50k or less 66 $6,420,000 $97,273 $1,871 3.32%
$250k+ 41 $9,495,000 $231,585 $2,807 3.26%

Bmi Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 197 originations. The second most popular income band? $75k-100k, with 165 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 249 $38,525,000 $154,719 $2,409 3.26%
30-36% 171 $27,395,000 $160,205 $2,484 3.32%
<20% 162 $20,320,000 $125,432 $2,189 3.15%
40% 30 $3,710,000 $123,667 $1,871 3.62%
37% 24 $4,390,000 $182,917 $1,986 3.44%
41% 23 $3,275,000 $142,391 $2,331 3.49%
36% 23 $4,685,000 $203,696 $2,578 3.63%
38% 23 $4,465,000 $194,130 $2,500 3.49%
39% 23 $2,825,000 $122,826 $2,175 3.53%
42% 15 $1,785,000 $119,000 $1,969 3.44%
43% 10 $970,000 $97,000 $1,250 3.68%
45% 7 $535,000 $76,429 $310 3.89%
>60% 6 $1,210,000 $201,667 $2,102 3.01%
46% 3 $345,000 $115,000 $0 3.92%
50-60% 3 $845,000 $281,667 $2,368 3.00%
44% 3 $135,000 $45,000 $0 4.42%
47% 1 $85,000 $85,000 $0 3.25%

Bmi Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 249 originations. The next most common DTI ratio? 30-36%, with 171 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 604 $94,690,000 $156,772 $2,353 3.29%
Not provided 87 $9,085,000 $104,425 $1,913 3.50%
Black 68 $8,310,000 $122,206 $2,156 3.45%
Asian 12 $2,600,000 $216,667 $2,485 3.03%
American Indian 2 $490,000 $245,000 $2,897 2.75%
Asian Indian 2 $290,000 $145,000 $2,452 3.00%
Chinese 1 $35,000 $35,000 $0 3.50%

Approval Rates

Total approvals of all applications
91.86%

Bmi Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
82.23%

Bmi Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 776 $115,500,000 $148,840

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
776 $115,500,000 $148,840

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 158 $14,840,000 $93,924 $1,641 3.44%
40-60% 120 $18,910,000 $157,583 $2,268 2.96%
60-80% 176 $42,970,000 $244,148 $2,591 2.92%
80-100% 114 $29,020,000 $254,561 $2,850 3.20%
Under 20% 206 $9,610,000 $46,650 $241 3.85%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Benefit Mortgage Reverse mortgage Closing on a mortgage 1 100.0%