Bmi Federal Credit Union Mortgage Rates, Fees & Info
Dublin, OHLEI: 549300LGE7I6F2K89769
Tax ID: 31-4379741
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
776Origination Dollar Volume (All Markets)
$115,500,000Awards
BMI Federal Credit Union - 2021
BMI Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications91.86%
Bmi Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination82.23%
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% |
