Velocity Community Federal Credit Union Mortgage Rates, Fees & Info
PALM BEACH GARDENS, FLLEI: 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 Refi, Cash Out Refi, and Home Purchase loans. Velocity Community Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Port St. Lucie, Ocala, Palm Bay, and Okeechobee among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Velocity Community Federal Credit Union 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.
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Originations
181Origination Dollar Volume (All Markets)
$16,645,000Top 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) | 132 | $11,920,000 | $90,303 | $0 | 0.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 37 | $2,865,000 | $77,432 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $1,020,000 | $255,000 | $0 | 0.00% |
| OCALA, FL (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $0 | 0.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 0.00% |
| Okeechobee, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 181 | $16,645,000 | $91,961 | $0 | 0.00% |
For 2018, Velocity Community Federal Credit Union's most frequently originated type of loan was Conventional, with 181 originations.
Loan Reason
For 2018, Velocity Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 59 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 181 | $16,645,000 | $91,961 | $0 | 0.00% |
For 2018, Velocity Community Federal Credit Union's most frequently cited loan duration was Other, with 181 originations.
Loan Sizing
2018 saw Velocity Community Federal Credit Union place emphasis on $100,000 or less loans with 123 originations, totaling $5,425,000 in origination value.
Applicant Income
Velocity Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 52 originations. The second most popular income band? $100k-150k, with 40 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 181 | $16,645,000 | $91,961 | $0 | 0.00% |
Velocity Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 181 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.93%
Velocity Community Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination62.98%
Velocity Community Federal Credit Union 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 |
|---|---|---|---|
| Exempt | 181 | $16,645,000 | $91,961 |