Fedex Employees Credit Association Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300OGIGNKGO2DX942

Tax ID: 62-0926739

5 stars - Updated: 3/28/24 - out of 5 stars, based on 14 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Fedex Employees Credit Association is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Fedex Employees Credit Association has a high proportion of conventional loans. Their top markets by origination volume include: Memphis, Chicago, Dallas, Miami, and Indianapolis among others. We have data for 55 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fedex Employees Credit Association has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fedex Employees Credit Association is typically an average 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.86% 3/28/24
30 Year Conventional Refi 6.63% 3/28/24
30 Year Cash-out Refi 7.02% 3/28/24
30 Year VA Purchase 6.52% 3/28/24
15 Year Conventional Purchase 6.34% 3/28/24
15 Year Conventional Refi 5.92% 3/28/24
15 Year Cash-out Refi 5.92% 3/28/24
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.

Fedex Employees Credit Association Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Fedex Employees Credit Association. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

188

Origination Dollar Volume (All Markets)

$22,220,000

Relative Rate

Fedex Employees Credit Association's average 30 year fixed mortgage rate was 6.69%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.21%.

Relative Fees (Closing Costs)

Fedex Employees Credit Association's average total fees/closing costs for a 30 year fixed rate mortgage were $5,884.

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 $9,089.

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
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 66 $9,510,000 $144,091 $5,795 6.80%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $1,245,000 $138,333 $8,269 6.73%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $920,000 $230,000 $6,588 6.72%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $785,000 $157,000 $6,154 6.28%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 8 $750,000 $93,750 $3,461 7.15%
Outside of Metro Areas 8 $640,000 $80,000 $4,324 6.17%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $600,000 $150,000 $6,785 7.16%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $595,000 $198,333 $6,879 6.96%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 3 $505,000 $168,333 $4,326 6.38%
PITTSBURGH, PA (FHA|USDA|VA) 5 $445,000 $89,000 $9,494 6.44%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $440,000 $110,000 $4,196 6.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 6 $440,000 $73,333 $4,617 6.25%
ASHEVILLE, NC (FHA|USDA|VA) 1 $405,000 $405,000 $5,514 6.25%
Oak Harbor, WA (FHA|USDA|VA) 1 $295,000 $295,000 $11,760 6.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $295,000 $295,000 $4,277 5.75%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $280,000 $46,667 $0 7.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $260,000 $130,000 $5,388 5.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $240,000 $120,000 $4,761 6.13%
Harrison, AR (FHA|USDA|VA) 2 $240,000 $120,000 $6,455 6.75%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $240,000 $120,000 $4,493 6.88%
VALDOSTA, GA (FHA|USDA|VA) 1 $235,000 $235,000 $5,891 7.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $210,000 $105,000 $0 0.00%
MADISON, WI (FHA|USDA|VA) 1 $185,000 $185,000 $5,677 6.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.75%
MANSFIELD, OH (FHA|USDA|VA) 1 $175,000 $175,000 $6,676 7.63%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $175,000 $58,333 $4,049 6.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $145,000 $145,000 $6,004 6.38%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $125,000 $125,000 $6,263 7.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $110,000 $55,000 $0 6.75%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $100,000 $50,000 $0 6.50%
HAMMOND, LA (FHA|USDA|VA) 1 $95,000 $95,000 $2,910 7.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $90,000 $45,000 $0 5.50%
TULSA, OK (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.25%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 8.50%
JACKSON, TN (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Zanesville, OH (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $60,000 $30,000 $0 6.25%
HOUMA-THIBODAUX, LA (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $50,000 $25,000 $0 6.50%
SPARTANBURG, SC (FHA|USDA|VA) 2 $50,000 $25,000 $0 0.00%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.25%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.50%
YUMA, AZ (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.75%
ANN ARBOR, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
AKRON, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.25%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
Sandusky, OH (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
Fedex Employees Credit Association's top markets include Memphis, Chicago, Dallas, Miami, and Indianapolis among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against FEDEX EMPLOYEES CREDIT ASSOCIATION 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 188 $22,220,000 $118,191 $5,786 6.68%

    For 2023, Fedex Employees Credit Association's most frequently originated type of loan was Conventional, with 188 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 119 $6,295,000 $52,899 $0 6.81%
    Home Purchase 48 $11,650,000 $242,708 $6,112 6.59%
    Cash Out Refi 17 $3,405,000 $200,294 $5,110 6.71%
    Refi 4 $870,000 $217,500 $4,489 6.16%

    For 2023, Fedex Employees Credit Association's most frequently cited loan purpose was Home Improvement, with 119 originations. The 2nd most popular reason was Home Purchase, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 68 $3,590,000 $52,794 $0 3.25%
    30 Year 60 $14,570,000 $242,833 $5,884 6.69%
    15 Year 33 $2,375,000 $71,970 $5,245 7.01%
    10 Year 16 $880,000 $55,000 $3,097 6.78%
    5 Year 10 $660,000 $66,000 $0 5.69%
    20 Year 1 $145,000 $145,000 $6,004 6.38%

    For 2023, Fedex Employees Credit Association's most frequently cited loan duration was Other, with 68 originations. The 2nd most popular length was 30 Year, with 60 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 25 $5,695,000 $227,800
    $5k+ 14 $4,340,000 $310,000
    $2k-3k 9 $2,105,000 $233,889
    $3k-4k 9 $1,815,000 $201,667
    $4k-5k 6 $1,330,000 $221,667
    $<1k 3 $235,000 $78,333

    Fedex Employees Credit Association's average total fees were $5,884, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 25 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 55 $9,375,000 $170,455
    7-8% 33 $5,465,000 $165,606
    5-6% 23 $3,315,000 $144,130
    Over 8% 6 $280,000 $46,667
    3-4% 2 $200,000 $100,000

    During 2023, Fedex Employees Credit Association's average interest rate for loans was 6.69%, while their most frequently originated rate bucket for loans was 6-7%, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 115 $5,265,000 $45,783 $3,022 6.82%
    $200k-400k 37 $9,315,000 $251,757 $6,269 6.57%
    $100k-200k 29 $4,375,000 $150,862 $5,047 6.47%
    $400k-600k 7 $3,265,000 $466,429 $7,636 6.96%

    2023 saw Fedex Employees Credit Association place emphasis on $100,000 or less loans with 115 originations, totaling $5,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $5,570,000 $198,929 $6,477 6.69%
    $50k-75k 24 $3,690,000 $153,750 $6,169 6.91%
    $75k-100k 22 $4,410,000 $200,455 $5,415 6.65%
    $150k-250k 13 $2,335,000 $179,615 $5,219 6.71%
    $50k or less 10 $510,000 $51,000 $2,439 5.50%
    $250k+ 6 $1,290,000 $215,000 $5,557 7.00%

    Fedex Employees Credit Association lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 36 $3,810,000 $105,833 $5,159 6.52%
    30-36% 29 $3,255,000 $112,241 $5,034 7.11%
    >60% 25 $1,225,000 $49,000 $0 3.25%
    <20% 24 $1,500,000 $62,500 $4,808 6.55%
    50-60% 7 $635,000 $90,714 $6,785 6.44%
    44% 7 $1,335,000 $190,714 $5,757 6.50%
    36% 6 $620,000 $103,333 $3,585 6.22%
    38% 6 $1,040,000 $173,333 $5,914 6.88%
    43% 6 $1,230,000 $205,000 $4,482 6.47%
    45% 6 $1,170,000 $195,000 $8,751 7.16%
    46% 6 $1,750,000 $291,667 $6,867 6.78%
    49% 5 $905,000 $181,000 $8,742 7.21%
    37% 5 $595,000 $119,000 $5,802 6.66%
    47% 4 $1,020,000 $255,000 $5,973 6.34%
    48% 3 $515,000 $171,667 $5,232 6.69%
    39% 3 $115,000 $38,333 $0 6.25%
    42% 3 $305,000 $101,667 $6,455 6.75%
    40% 2 $190,000 $95,000 $6,676 7.63%
    41% 2 $890,000 $445,000 $7,939 6.81%

    Fedex Employees Credit Association lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 134 $9,580,000 $71,493 $4,996 6.67%
    White 33 $8,185,000 $248,030 $5,636 6.59%
    Black 18 $3,970,000 $220,556 $6,782 6.96%
    Asian 2 $460,000 $230,000 $7,422 6.06%
    Asian Indian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.34%

    Fedex Employees Credit Association has an average approval rate.

    Pick Rate

    Approvals leading to origination
    52.13%

    Fedex Employees Credit Association has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 188 $22,220,000 $118,191

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    188 $22,220,000 $118,191

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,685,000 $88,684 $3,229 6.59%
    40-60% 11 $2,175,000 $197,727 $6,199 6.24%
    60-80% 20 $4,560,000 $228,000 $6,031 6.59%
    80-100% 34 $8,850,000 $260,294 $5,927 6.67%
    Over 100% 1 $145,000 $145,000 $0 5.50%
    Under 20% 38 $1,290,000 $33,947 $0 6.98%