Velocity Community Federal Credit Union Mortgage Rates, Fees & Info

PALM BEACH GARDENS, FL

LEI: 549300QIEXWCVRBXUH64

Tax ID: 59-0857963

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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, Orlando, Lake City, and Palm Bay 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 an average pick rate when compared to similar lenders.

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Originations

194

Origination Dollar Volume (All Markets)

$17,910,000

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
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 155 $14,715,000 $94,935 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 33 $2,755,000 $83,485 $0 0.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $170,000 $85,000 $0 0.00%
Lake City, FL (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Velocity Community Federal Credit Union's top markets include Miami, Port St. Lucie, Orlando, Lake City, and Palm Bay among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 194 $17,910,000 $92,320 $0 0.00%

    For 2023, Velocity Community Federal Credit Union's most frequently originated type of loan was Conventional, with 194 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 106 $8,590,000 $81,038 $0 0.00%
    Other 66 $6,540,000 $99,091 $0 0.00%
    Refi 18 $2,300,000 $127,778 $0 0.00%
    Home Purchase 3 $275,000 $91,667 $0 0.00%
    Cash Out Refi 1 $205,000 $205,000 $0 0.00%

    For 2023, Velocity Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 106 originations. The 2nd most popular reason was Other, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 194 $17,910,000 $92,320 $0 0.00%

    For 2023, Velocity Community Federal Credit Union's most frequently cited loan duration was Other, with 194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 121 $6,835,000 $56,488 $0 0.00%
    $100k-200k 56 $7,190,000 $128,393 $0 0.00%
    $200k-400k 15 $3,075,000 $205,000 $0 0.00%
    $400k-600k 2 $810,000 $405,000 $0 0.00%

    2023 saw Velocity Community Federal Credit Union place emphasis on $100,000 or less loans with 121 originations, totaling $6,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $6,290,000 $98,281 $0 0.00%
    $150k-250k 60 $6,100,000 $101,667 $0 0.00%
    $75k-100k 30 $1,990,000 $66,333 $0 0.00%
    $50k-75k 17 $1,025,000 $60,294 $0 0.00%
    $250k+ 13 $1,685,000 $129,615 $0 0.00%
    $50k or less 9 $615,000 $68,333 $0 0.00%

    Velocity Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $150k-250k, with 60 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 194 $17,910,000 $92,320 $0 0.00%

    Velocity Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 194 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 151 $13,905,000 $92,086 $0 0.00%
    Not provided 23 $2,275,000 $98,913 $0 0.00%
    Black 17 $1,605,000 $94,412 $0 0.00%
    American Indian 3 $125,000 $41,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    55.42%

    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 origination
    93.30%

    Velocity Community Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 194 $17,910,000 $92,320

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    194 $17,910,000 $92,320