Coastal Federal Credit Union Mortgage Rates, Fees & Info

Raleigh, NC

LEI: 549300MRP46SVQMWOE81

Tax ID: 56-0904243

5 stars - out of 5 stars, based on 76 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Coastal Federal Credit Union is a small credit union specializing in Refi, Home Purchase, and Cash Out Refi loans. Coastal Federal Credit Union has a high proportion of conventional loans. Their top markets include Raleigh, Durham, Charlotte, Myrtle Beach, and Fayetteville among others. Coastal Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Coastal Federal Credit Union is typically a low fee lendor.


Originations

5,808

Origination Dollar Volume (All Markets)

$1,063,030,000
Show all (7) awards

Relative Rate

Coastal Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.16%.

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

This yields a difference of 0.01%.

Relative Fees

Coastal Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,191.

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
RALEIGH-CARY, NC (FHA|USDA|VA) 3,839 $688,175,000 $179,259 $2,551 3.85%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 962 $180,100,000 $187,214 $2,707 3.68%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 256 $38,850,000 $151,758 $1,943 4.36%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 48 $14,030,000 $292,292 $3,395 3.54%
FAYETTEVILLE, NC (FHA|USDA|VA) 79 $13,925,000 $176,266 $2,819 4.05%
BURLINGTON, NC (FHA|USDA|VA) 58 $11,150,000 $192,241 $2,896 3.77%
Morehead City, NC (FHA|USDA|VA) 37 $11,065,000 $299,054 $3,110 3.50%
WILMINGTON, NC (FHA|USDA|VA) 46 $10,300,000 $223,913 $2,956 4.10%
Outside of Metro Areas 43 $9,995,000 $232,442 $3,320 3.50%
ROCKY MOUNT, NC (FHA|USDA|VA) 62 $8,190,000 $132,097 $2,535 3.77%
ASHEVILLE, NC (FHA|USDA|VA) 27 $7,265,000 $269,074 $3,350 4.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 46 $6,880,000 $149,565 $2,992 3.52%
WINSTON-SALEM, NC (FHA|USDA|VA) 31 $5,955,000 $192,097 $2,286 4.27%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $4,805,000 $4,805,000 $0 3.50%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 23 $4,385,000 $190,652 $3,097 3.72%
Boone, NC (FHA|USDA|VA) 16 $3,650,000 $228,125 $3,075 3.31%
Sanford, NC (FHA|USDA|VA) 29 $3,395,000 $117,069 $2,147 3.85%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 8 $3,290,000 $411,250 $2,583 3.80%
Roanoke Rapids, NC (FHA|USDA|VA) 8 $2,980,000 $372,500 $4,849 3.08%
Kill Devil Hills, NC (FHA|USDA|VA) 10 $2,960,000 $296,000 $5,093 3.62%
Wilson, NC (FHA|USDA|VA) 28 $2,890,000 $103,214 $2,334 4.12%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 7 $2,785,000 $397,857 $3,439 4.47%
Henderson, NC (FHA|USDA|VA) 18 $2,690,000 $149,444 $2,736 4.29%
GREENVILLE, NC (FHA|USDA|VA) 17 $2,565,000 $150,882 $2,451 3.36%
JACKSONVILLE, NC (FHA|USDA|VA) 12 $2,320,000 $193,333 $3,299 3.19%
Marion, NC (FHA|USDA|VA) 7 $1,955,000 $279,286 $3,608 3.49%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 8 $1,860,000 $232,500 $2,673 3.74%
Cullowhee, NC (FHA|USDA|VA) 2 $1,720,000 $860,000 $6,081 3.25%
NEW BERN, NC (FHA|USDA|VA) 9 $1,575,000 $175,000 $2,756 3.56%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 9 $1,305,000 $145,000 $2,015 4.02%
Laurinburg, NC (FHA|USDA|VA) 2 $750,000 $375,000 $2,885 3.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $740,000 $370,000 $4,771 2.94%
Elizabeth City, NC (FHA|USDA|VA) 3 $735,000 $245,000 $3,712 2.46%
Forest City, NC (FHA|USDA|VA) 3 $735,000 $245,000 $3,936 3.50%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $680,000 $340,000 $3,609 2.81%
COLUMBIA, SC (FHA|USDA|VA) 5 $675,000 $135,000 $2,160 3.84%
Kinston, NC (FHA|USDA|VA) 5 $595,000 $119,000 $2,522 5.01%
Shelby, NC (FHA|USDA|VA) 3 $565,000 $188,333 $2,348 2.54%
GOLDSBORO, NC (FHA|USDA|VA) 6 $530,000 $88,333 $2,353 3.48%
North Wilkesboro, NC (FHA|USDA|VA) 2 $500,000 $250,000 $3,452 3.88%
Albemarle, NC (FHA|USDA|VA) 3 $435,000 $145,000 $3,353 3.83%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 2 $390,000 $195,000 $2,213 3.19%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 3 $335,000 $111,667 $2,401 2.75%
Brevard, NC (FHA|USDA|VA) 2 $290,000 $145,000 $2,562 2.75%
Seneca, SC (FHA|USDA|VA) 1 $285,000 $285,000 $2,980 3.25%
Rockingham, NC (FHA|USDA|VA) 4 $280,000 $70,000 $1,850 4.72%
Washington, NC (FHA|USDA|VA) 3 $275,000 $91,667 $2,552 2.88%
Georgetown, SC (FHA|USDA|VA) 1 $245,000 $245,000 $3,100 3.13%
Danville, VA (FHA|USDA|VA) 1 $195,000 $195,000 $4,724 4.38%
Martinsville, VA (FHA|USDA|VA) 1 $185,000 $185,000 $2,382 2.50%
ROANOKE, VA (FHA|USDA|VA) 1 $185,000 $185,000 $2,567 2.38%
Mount Airy, NC (FHA|USDA|VA) 2 $170,000 $85,000 $0 4.90%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $95,000 $95,000 $0 6.55%
Bennettsville, SC (FHA|USDA|VA) 1 $65,000 $65,000 $2,140 3.13%
FLORENCE, SC (FHA|USDA|VA) 2 $60,000 $30,000 $0 7.38%
LYNCHBURG, VA (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.00%

Coastal Federal Credit Union's top markets include Raleigh, Durham, Charlotte, Myrtle Beach, and Fayetteville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,808 $1,063,030,000 $183,029 $2,613 3.84%

For the 2021 period, Coastal Federal Credit Union's most frequently originated loan type of loans were Conventional, with 5,808 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,496 $310,950,000 $207,854 $2,598 3.14%
Home Improvement 1,267 $101,275,000 $79,933 $124 4.68%
Other 1,192 $115,770,000 $97,122 $688 4.86%
Home Purchase 934 $306,570,000 $328,233 $3,661 3.25%
Cash Out Refi 919 $228,465,000 $248,602 $3,064 3.08%

For the 2021, Coastal Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 1,496 originations. The 2nd most popular reason of loans were Home Improvement, with 1,267 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 2,601 $278,765,000 $107,176 $1,727 4.57%
30 Year 1,904 $549,850,000 $288,787 $3,191 3.16%
15 Year 827 $146,335,000 $176,947 $2,243 3.18%
10 Year 294 $34,600,000 $117,687 $1,248 3.68%
5 Year 82 $2,800,000 $34,146 $11 4.34%
30+ year 80 $43,770,000 $547,125 $5,515 3.11%
Other 20 $6,910,000 $345,500 $2,687 3.40%

For the 2021, Coastal Federal Credit Union's most frequently cited loan length of loans were 20 Year, with 2,601 originations. The 2nd most popular length of loans were 30 Year, with 1,904 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,468 $548,930,000 $222,419
$1k-2k 616 $148,850,000 $241,640
$2k-3k 267 $74,055,000 $277,360
$3k-4k 191 $59,145,000 $309,660
$5k+ 73 $21,605,000 $295,959

$3,191 of loans were Coastal Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,468 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,944 $410,540,000 $211,183
2.5-3% 1,356 $364,710,000 $268,960
4-5% 1,029 $96,445,000 $93,727
<2.5% 573 $116,225,000 $202,836
5-6% 551 $47,955,000 $87,033
6-7% 227 $18,495,000 $81,476
7-8% 67 $4,475,000 $66,791
Over 8% 61 $4,185,000 $68,607

During 2021, Coastal Federal Credit Union's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were 3-4%, with 1,944 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,999 $109,265,000 $54,660 $586 4.70%
$100k-200k 1,709 $245,755,000 $143,800 $2,435 3.65%
$200k-400k 1,659 $451,645,000 $272,239 $3,255 3.21%
$400k-600k 305 $147,955,000 $485,098 $3,790 3.05%
$600k-1MM 119 $84,935,000 $713,739 $3,653 3.04%
$1MM+ 17 $23,475,000 $1,380,882 $5,986 3.06%

2021 saw Coastal Federal Credit Union place emphasis on $100,000 or less loans with 1,999 originations, totaling $109,265,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,648 $287,320,000 $174,345 $2,622 3.94%
$150k-250k 1,363 $286,825,000 $210,437 $2,584 4.01%
$50k-75k 946 $137,870,000 $145,740 $2,558 3.63%
$75k-100k 924 $148,830,000 $161,071 $2,651 3.75%
$250k+ 431 $132,855,000 $308,248 $3,084 4.03%
$50k or less 406 $46,410,000 $114,310 $2,314 3.43%

Coastal Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,648 originations. The second most popular income band? $150k-250k, with 1,363 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,579 $306,975,000 $194,411 $2,697 3.58%
30-36% 1,041 $198,965,000 $191,129 $2,758 3.84%
<20% 743 $138,855,000 $186,884 $2,697 3.18%
50-60% 278 $24,170,000 $86,942 $572 4.50%
37% 184 $39,270,000 $213,424 $2,768 3.83%
41% 181 $34,565,000 $190,967 $2,701 3.97%
38% 174 $35,310,000 $202,931 $2,843 3.77%
42% 171 $35,475,000 $207,456 $2,742 3.99%
43% 159 $30,895,000 $194,308 $2,574 3.99%
39% 158 $31,030,000 $196,392 $2,712 4.07%
36% 154 $27,360,000 $177,662 $2,412 4.07%
40% 154 $30,210,000 $196,169 $2,682 3.92%
49% 144 $18,830,000 $130,764 $1,973 4.88%
47% 142 $21,140,000 $148,873 $1,932 4.59%
44% 138 $22,960,000 $166,377 $2,391 4.20%
46% 125 $19,275,000 $154,200 $1,976 4.51%
45% 124 $19,150,000 $154,435 $2,424 4.36%
48% 120 $16,420,000 $136,833 $1,802 4.58%
>60% 24 $2,060,000 $85,833 $1,142 3.87%

Coastal Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,579 originations. The next most common DTI ratio? 30-36%, with 1,041 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,098 $756,750,000 $184,663 $2,627 3.80%
Not provided 889 $151,595,000 $170,523 $2,464 3.97%
Black 503 $87,905,000 $174,761 $2,737 3.87%
Asian 196 $36,000,000 $183,673 $2,521 4.04%
Not applicable 14 $9,990,000 $713,571 $0 3.87%
Asian Indian 38 $9,360,000 $246,316 $2,821 3.25%
American Indian 40 $5,860,000 $146,500 $2,326 4.07%
Other Asian 12 $2,370,000 $197,500 $3,100 3.34%
Filipino 6 $1,340,000 $223,333 $2,866 3.76%
Chinese 3 $505,000 $168,333 $1,771 3.63%
Other Pacific Islander 2 $480,000 $240,000 $2,654 3.94%
Japanese 2 $340,000 $170,000 $4,035 2.50%
Vietnamese 3 $295,000 $98,333 $3,191 3.42%
Korean 1 $225,000 $225,000 $2,835 2.88%
Native Hawaiian 1 $15,000 $15,000 $0 4.80%

Approval Rates

Total approvals of all applications
82.80%

Coastal Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
77.05%

Coastal Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 5,808 $1,063,030,000 $183,029

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,808 $1,063,030,000 $183,029

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,188 $146,340,000 $123,182 $1,536 4.33%
40-60% 857 $173,755,000 $202,748 $2,685 3.05%
60-80% 1,290 $380,170,000 $294,705 $3,194 3.06%
80-100% 813 $268,235,000 $329,932 $3,633 3.24%
Over 100% 1 $695,000 $695,000 $0 3.25%
Under 20% 1,659 $93,835,000 $56,561 $134 4.78%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Coastal Credit, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Coastal Credit, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 50.0%