Velocity Community Federal Credit Union Mortgage Rates, Fees & Info
PALM BEACH GARDENS, FLLEI: 549300QIEXWCVRBXUH64
Tax ID: 59-0857963
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Velocity Community Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Velocity Community Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Port St. Lucie, Deltona, Okeechobee, and Orlando among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Velocity Community Federal Credit Union has a below 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
161Origination Dollar Volume (All Markets)
$16,435,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 120 | $12,760,000 | $106,333 | $0 | 0.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 37 | $3,395,000 | $91,757 | $0 | 0.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Okeechobee, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 161 | $16,435,000 | $102,081 | $0 | 0.00% |
For 2024, Velocity Community Federal Credit Union's most frequently originated type of loan was Conventional, with 161 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 88 | $8,750,000 | $99,432 | $0 | 0.00% |
| Other | 57 | $5,225,000 | $91,667 | $0 | 0.00% |
| Refi | 16 | $2,460,000 | $153,750 | $0 | 0.00% |
For 2024, Velocity Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 88 originations. The 2nd most popular reason was Other, with 57 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 161 | $16,435,000 | $102,081 | $0 | 0.00% |
For 2024, Velocity Community Federal Credit Union's most frequently cited loan duration was Other, with 161 originations.
Loan Sizing
2024 saw Velocity Community Federal Credit Union place emphasis on $100,000 or less loans with 91 originations, totaling $5,025,000 in origination value.
Applicant Income
Velocity Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $150k-250k, with 49 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 161 | $16,435,000 | $102,081 | $0 | 0.00% |
Velocity Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 161 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications54.20%
Velocity Community Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination89.44%
Velocity Community Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 161 | $16,435,000 | $102,081 |