Velocity Community Federal Credit Union Mortgage Rates, Fees & Info
PALM BEACH GARDENS, FLLEI: 549300QIEXWCVRBXUH64
Tax ID: 59-0857963
Latest/2023 | 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, Orlando, Palm Bay, and Jacksonville among others. We have data for 7 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
238Origination Dollar Volume (All Markets)
$23,970,000Top 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) | 182 | $18,400,000 | $101,099 | $0 | 0.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 49 | $4,775,000 | $97,449 | $0 | 0.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 0.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 238 | $23,970,000 | $100,714 | $0 | 0.00% |
For 2022, Velocity Community Federal Credit Union's most frequently originated type of loan was Conventional, with 238 originations.
Loan Reason
For 2022, Velocity Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 129 originations. The 2nd most popular reason was Other, with 78 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 238 | $23,970,000 | $100,714 | $0 | 0.00% |
For 2022, Velocity Community Federal Credit Union's most frequently cited loan duration was Other, with 238 originations.
Loan Sizing
2022 saw Velocity Community Federal Credit Union place emphasis on $100,000 or less loans with 134 originations, totaling $7,490,000 in origination value.
Applicant Income
Velocity Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 86 originations. The second most popular income band? $150k-250k, with 64 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 238 | $23,970,000 | $100,714 | $0 | 0.00% |
Velocity Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 238 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications66.12%
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 origination73.53%
Velocity Community Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 238 | $23,970,000 | $100,714 |