First Northern Credit Union Mortgage Rates, Fees & Info
Chicago, ILLEI: 549300LI5KT42YX5L588
Tax ID: 36-2009178
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
First Northern Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. First Northern Credit Union has a high proportion of conventional loans. Their top markets include Chicago, Rockford, Rochelle, Janesville, and Milwaukee among others. First Northern 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. First Northern Credit Union is typically a low fee lendor.Originations
643Origination Dollar Volume (All Markets)
$118,335,000Awards
FIRST NORTHERN Credit Union - 2021
FIRST NORTHERN 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
First Northern Credit Union's average 30 year fixed rate mortgage of loans were
3.13%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.02%.
Relative Fees
First Northern Credit Union's average total fees for a 30 year fixed rate
mortgage are $2,800.
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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 293 | $66,735,000 | $227,765 | $2,563 | 3.15% |
| ROCKFORD, IL (FHA|USDA|VA) | 301 | $43,345,000 | $144,003 | $2,250 | 3.19% |
| Rochelle, IL (FHA|USDA|VA) | 14 | $1,780,000 | $127,143 | $1,899 | 3.99% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 5 | $935,000 | $187,000 | $2,454 | 3.13% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $2,051 | 2.79% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,204 | 2.81% |
| Outside of Metro Areas | 5 | $615,000 | $123,000 | $2,614 | 3.13% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $4,966 | 2.88% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $2,135 | 2.63% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,565 | 3.00% |
| KANKAKEE, IL (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $2,341 | 3.81% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,495 | 2.75% |
| Freeport, IL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $1,770 | 2.88% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,238 | 2.88% |
| Dixon, IL (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $1,460 | 4.42% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,906 | 2.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,435 | 3.13% |
| Greenville, MS (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,191 | 3.25% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,729 | 2.38% |
| Sterling, IL (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $1,404 | 3.40% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,472 | 3.13% |
First Northern Credit Union's top markets include Chicago, Rockford, Rochelle, Janesville, and Milwaukee among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 643 | $118,335,000 | $184,036 | $2,394 | 3.19% |
For the 2021 period, First Northern Credit Union's most frequently originated loan type of loans were Conventional, with 643 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 281 | $55,425,000 | $197,242 | $3,371 | 3.15% |
| Refi | 182 | $36,600,000 | $201,099 | $1,750 | 2.64% |
| Cash Out Refi | 132 | $24,360,000 | $184,545 | $1,861 | 3.18% |
| Other | 25 | $1,085,000 | $43,400 | $600 | 5.83% |
| Home Improvement | 23 | $865,000 | $37,609 | $556 | 5.07% |
For the 2021, First Northern Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 281 originations. The 2nd most popular reason of loans were Refi, with 182 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 404 | $80,920,000 | $200,297 | $2,800 | 3.13% |
| 15 Year | 140 | $24,700,000 | $176,429 | $1,935 | 2.81% |
| 20 Year | 36 | $7,880,000 | $218,889 | $2,174 | 2.85% |
| 10 Year | 34 | $3,700,000 | $108,824 | $1,235 | 3.95% |
| 5 Year | 20 | $610,000 | $30,500 | $471 | 4.66% |
| Other | 9 | $525,000 | $58,333 | $822 | 6.71% |
For the 2021, First Northern Credit Union's most frequently cited loan length of loans were 30 Year, with 404 originations. The 2nd most popular length of loans were 15 Year, with 140 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 544 | $109,320,000 | $200,956 |
| $1k-2k | 41 | $6,025,000 | $146,951 |
| $2k-3k | 1 | $305,000 | $305,000 |
| $3k-4k | 1 | $235,000 | $235,000 |
$2,800 of loans were First Northern Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 544 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 228 | $48,920,000 | $214,561 |
| 3-4% | 224 | $38,810,000 | $173,259 |
| <2.5% | 128 | $27,080,000 | $211,563 |
| 4-5% | 29 | $1,805,000 | $62,241 |
| 5-6% | 22 | $1,260,000 | $57,273 |
| 7-8% | 7 | $205,000 | $29,286 |
| Over 8% | 3 | $35,000 | $11,667 |
| 6-7% | 2 | $220,000 | $110,000 |
During 2021, First Northern Credit Union's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 2.5-3%, with 228 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 251 | $36,295,000 | $144,602 | $2,486 | 3.01% |
| $200k-400k | 204 | $55,680,000 | $272,941 | $2,661 | 2.82% |
| $100,000 or less | 154 | $9,690,000 | $62,922 | $1,749 | 4.00% |
| $400k-600k | 29 | $13,095,000 | $451,552 | $2,949 | 2.94% |
| $600k-1MM | 5 | $3,575,000 | $715,000 | $3,517 | 2.85% |
2021 saw First Northern Credit Union place emphasis on $100k-200k loans with 251 originations, totaling $36,295,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 154 | $31,240,000 | $202,857 | $2,332 | 3.09% |
| $50k-75k | 127 | $18,385,000 | $144,764 | $2,533 | 3.14% |
| $75k-100k | 121 | $22,005,000 | $181,860 | $2,374 | 3.11% |
| $150k-250k | 110 | $25,510,000 | $231,909 | $2,238 | 3.26% |
| $50k or less | 82 | $8,720,000 | $106,341 | $2,331 | 3.40% |
| $250k+ | 47 | $11,785,000 | $250,745 | $2,707 | 3.26% |
First Northern Credit Union lent most frequently to those with incomes in the $100k-150k range, with 154 originations. The second most popular income band? $50k-75k, with 127 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 199 | $36,905,000 | $185,452 | $2,375 | 3.16% |
| 30-36% | 127 | $23,655,000 | $186,260 | $2,504 | 3.27% |
| <20% | 68 | $11,140,000 | $163,824 | $1,931 | 3.30% |
| 38% | 31 | $4,225,000 | $136,290 | $2,522 | 3.12% |
| 40% | 28 | $4,990,000 | $178,214 | $2,481 | 3.21% |
| 36% | 25 | $5,105,000 | $204,200 | $2,449 | 3.07% |
| 43% | 24 | $5,350,000 | $222,917 | $2,419 | 2.99% |
| 42% | 22 | $4,140,000 | $188,182 | $2,577 | 3.19% |
| 44% | 22 | $4,120,000 | $187,273 | $2,649 | 3.32% |
| 41% | 19 | $2,775,000 | $146,053 | $2,510 | 3.03% |
| 37% | 16 | $2,490,000 | $155,625 | $2,386 | 3.52% |
| 45% | 14 | $2,220,000 | $158,571 | $2,042 | 3.21% |
| 39% | 13 | $2,225,000 | $171,154 | $2,485 | 3.12% |
| 49% | 12 | $2,950,000 | $245,833 | $2,475 | 2.65% |
| 46% | 10 | $2,640,000 | $264,000 | $2,292 | 2.86% |
| 47% | 7 | $1,975,000 | $282,143 | $2,723 | 3.11% |
| 48% | 4 | $1,100,000 | $275,000 | $3,453 | 3.13% |
| 50-60% | 1 | $115,000 | $115,000 | $1,335 | 3.13% |
| >60% | 1 | $215,000 | $215,000 | $1,829 | 3.00% |
First Northern Credit Union lent most frequently to those with DTI ratios of 20-30%, with 199 originations. The next most common DTI ratio? 30-36%, with 127 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 457 | $82,535,000 | $180,602 | $2,306 | 3.18% |
| Not provided | 94 | $18,020,000 | $191,702 | $2,640 | 3.05% |
| Asian | 34 | $8,510,000 | $250,294 | $3,024 | 3.06% |
| Black | 46 | $7,010,000 | $152,391 | $2,220 | 3.66% |
| Asian Indian | 7 | $1,015,000 | $145,000 | $3,204 | 3.46% |
| American Indian | 3 | $805,000 | $268,333 | $2,032 | 2.50% |
| Other Asian | 1 | $285,000 | $285,000 | $2,578 | 2.13% |
| Filipino | 1 | $155,000 | $155,000 | $1,086 | 2.50% |
Approval Rates
Total approvals of all applications94.34%
First Northern Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination88.28%
First Northern Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 643 | $118,335,000 | $184,036 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 643 | $118,335,000 | $184,036 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 35 | $3,975,000 | $113,571 | $1,354 | 3.85% |
| 40-60% | 95 | $16,595,000 | $174,684 | $1,863 | 2.83% |
| 60-80% | 255 | $51,075,000 | $200,294 | $2,401 | 3.00% |
| 80-100% | 221 | $45,405,000 | $205,452 | $3,084 | 3.07% |
| Under 20% | 37 | $1,285,000 | $34,730 | $569 | 5.41% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 14.3% |
| First Technology Federal Credit Union | Other type of mortgage | Trouble during payment process | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Closing on a mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | FHA mortgage | Struggling to pay mortgage | 1 | 14.3% |
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
