Shrewsbury Federal Credit Union Mortgage Rates, Fees & Info

SHREWSBURY, MA

LEI: 549300Q4IFHVIODLF616

Tax ID: 04-2297446

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Shrewsbury Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Shrewsbury Federal Credit Union has a high proportion of conventional loans. Their top two markets are Worcester and Boston .

    Shrewsbury Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

    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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    Originations

    35

    Origination Dollar Volume (All Markets)

    $6,515,000

    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
    WORCESTER, MA-CT (FHA|USDA|VA) 32 $5,770,000 $180,313 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $745,000 $248,333 $0 0.00%
    Shrewsbury Federal Credit Union's top markets include Worcester and Boston among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against SHREWSBURY Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Charter Oak Federal Credit Union
    Similarity Rank: 24
    HOMEFIELD
    Similarity Rank: 75
    Middlesex Savings Bank
    Similarity Rank: 108
    Bristol County Savings Bank
    Similarity Rank: 138
    St. Mary's Credit Union
    Similarity Rank: 145
    Country Bank for Savings
    Similarity Rank: 165
    Milford Federal Bank
    Similarity Rank: 205
    Centreville Bank
    Similarity Rank: 232
    UniBank for Savings
    Similarity Rank: 252
    Liberty Bank
    Similarity Rank: 266

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $6,515,000 $186,143 $0 0.00%

    For 2023, Shrewsbury Federal Credit Union's most frequently originated type of loan was Conventional, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 15 $915,000 $61,000 $0 0.00%
    Home Purchase 9 $3,925,000 $436,111 $0 0.00%
    Other 6 $620,000 $103,333 $0 0.00%
    Refi 3 $495,000 $165,000 $0 0.00%
    Cash Out Refi 2 $560,000 $280,000 $0 0.00%

    For 2023, Shrewsbury Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations. The 2nd most popular reason was Home Purchase, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 35 $6,515,000 $186,143 $0 0.00%

    For 2023, Shrewsbury Federal Credit Union's most frequently cited loan duration was Other, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $800,000 $50,000 $0 0.00%
    $100k-200k 8 $1,100,000 $137,500 $0 0.00%
    $200k-400k 5 $1,285,000 $257,000 $0 0.00%
    $400k-600k 4 $1,850,000 $462,500 $0 0.00%
    $600k-1MM 2 $1,480,000 $740,000 $0 0.00%

    2023 saw Shrewsbury Federal Credit Union place emphasis on $100,000 or less loans with 16 originations, totaling $800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 10 $1,550,000 $155,000 $0 0.00%
    $250k+ 10 $2,580,000 $258,000 $0 0.00%
    $75k-100k 6 $1,160,000 $193,333 $0 0.00%
    $100k-150k 5 $865,000 $173,000 $0 0.00%
    $50k-75k 3 $325,000 $108,333 $0 0.00%
    $50k or less 1 $35,000 $35,000 $0 0.00%

    Shrewsbury Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 10 originations. The second most popular income band? $250k+, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 35 $6,515,000 $186,143 $0 0.00%

    Shrewsbury Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 20 $3,530,000 $176,500 $0 0.00%
    Not provided 9 $1,215,000 $135,000 $0 0.00%
    Asian 2 $900,000 $450,000 $0 0.00%
    Asian Indian 3 $705,000 $235,000 $0 0.00%
    Vietnamese 1 $165,000 $165,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.73%

    Shrewsbury Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    94.29%

    Shrewsbury Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 35 $6,515,000 $186,143

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    35 $6,515,000 $186,143