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

Review & Overview

Shrewsbury Federal Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Shrewsbury Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Barnstable Town, Boston, and Providence among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Shrewsbury 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.

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Originations

49

Origination Dollar Volume (All Markets)

$7,955,000

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) 46 $7,280,000 $158,261 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Shrewsbury Federal Credit Union's top markets include Worcester, Barnstable Town, Boston, and Providence 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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 49 $7,955,000 $162,347 $0 0.00%

    For 2022, Shrewsbury Federal Credit Union's most frequently originated type of loan was Conventional, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 20 $1,690,000 $84,500 $0 0.00%
    Home Purchase 10 $2,950,000 $295,000 $0 0.00%
    Cash Out Refi 8 $1,750,000 $218,750 $0 0.00%
    Refi 6 $950,000 $158,333 $0 0.00%
    Other 5 $615,000 $123,000 $0 0.00%

    For 2022, Shrewsbury Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 20 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 49 $7,955,000 $162,347 $0 0.00%

    For 2022, Shrewsbury Federal Credit Union's most frequently cited loan duration was Other, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,150,000 $57,500 $0 0.00%
    $100k-200k 17 $2,575,000 $151,471 $0 0.00%
    $200k-400k 9 $2,635,000 $292,778 $0 0.00%
    $400k-600k 2 $950,000 $475,000 $0 0.00%
    $600k-1MM 1 $645,000 $645,000 $0 0.00%

    2022 saw Shrewsbury Federal Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $1,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 16 $3,030,000 $189,375 $0 0.00%
    $100k-150k 13 $1,945,000 $149,615 $0 0.00%
    $75k-100k 11 $1,285,000 $116,818 $0 0.00%
    $50k-75k 5 $775,000 $155,000 $0 0.00%
    $250k+ 4 $920,000 $230,000 $0 0.00%

    Shrewsbury Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 16 originations. The second most popular income band? $100k-150k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 49 $7,955,000 $162,347 $0 0.00%

    Shrewsbury Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 36 $5,910,000 $164,167 $0 0.00%
    Not provided 8 $1,020,000 $127,500 $0 0.00%
    Black 2 $560,000 $280,000 $0 0.00%
    Asian Indian 3 $465,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.37%

    Shrewsbury Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.63%

    Shrewsbury Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 49 $7,955,000 $162,347

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    49 $7,955,000 $162,347