Bmi Federal Credit Union Mortgage Rates, Fees & Info
Dublin, OHLEI: 549300LGE7I6F2K89769
Tax ID: 31-4379741
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Mortgage Data
Review & 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 by origination volume include: Columbus, Mount Vernon, Pittsburgh, Urbana, and Washington among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)Bmi Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bmi Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.88% | 3/19/23 |
| 30 Year Conventional Purchase | 6.68% | 3/19/23 |
| 30 Year Conventional Refi | 6.36% | 3/19/23 |
| 30 Year Cash-out Refi | 6.42% | 3/19/23 |
| 15 Year Conventional Purchase | 6.67% | 3/19/23 |
| 15 Year Conventional Refi | 6.11% | 3/19/23 |
| 15 Year Cash-out Refi | 6.11% | 3/19/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
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 mortgage rate was
3.02%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.13%.
Relative Fees (Closing Costs)
Bmi Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,624.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against BMI Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 444 | $88,790,000 | $199,977 | $2,325 | 3.08% |
| HELOC | 332 | $26,710,000 | $80,452 | n/a | 3.64% |
For 2021, Bmi Federal Credit Union's most frequently originated type of loan was Conventional, with 444 originations. Their 2nd most popular type was HELOC, with 332 originations.
Loan Reason
For 2021, Bmi Federal Credit Union's most frequently cited loan purpose was Refi, with 272 originations. The 2nd most popular reason was Home Improvement, with 252 originations.
Loan Duration/Length
For 2021, Bmi Federal Credit Union's most frequently cited loan duration was 15 Year, with 356 originations. The 2nd most popular length was 30 Year, with 287 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 435 | $87,165,000 | $200,379 |
| $1k-2k | 6 | $1,130,000 | $188,333 |
| $3k-4k | 2 | $290,000 | $145,000 |
| $4k-5k | 1 | $205,000 | $205,000 |
Bmi Federal Credit Union's average total fees were $2,624, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 435 originations.
Interest Rates
During 2021, Bmi Federal Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 3-4%, with 330 originations.
Loan Sizing
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
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
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
Approval Rates
Total approvals of all applications92.88%
Bmi Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.79%
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 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Benefit Mortgage | Reverse mortgage | Closing on a mortgage | 1 | 100.0% |