Forum Credit Union Mortgage Rates, Fees & Info

Fishers, IN

LEI: 549300S4PNXPKYHHRE82

Tax ID: 35-0779057

5 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Forum Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Forum Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Indianapolis, Columbus, Bloomington, Muncie, and Bedford among others. Forum Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Forum Credit Union is typically a low fee lendor.


Originations

2,703

Origination Dollar Volume (All Markets)

$500,435,000
Show all (14) awards

Relative Rate

Forum Credit Union's average 30 year fixed rate mortgage of loans were 2.96%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.19%.

Relative Fees

Forum Credit Union's average total fees for a 30 year fixed rate mortgage are $1,984.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2,536 $467,240,000 $184,243 $1,803 3.33%
COLUMBUS, IN (FHA|USDA|VA) 25 $5,145,000 $205,800 $2,224 3.18%
BLOOMINGTON, IN (FHA|USDA|VA) 18 $4,750,000 $263,889 $1,884 3.25%
Outside of Metro Areas 21 $4,025,000 $191,667 $1,979 2.80%
MUNCIE, IN (FHA|USDA|VA) 14 $2,950,000 $210,714 $1,567 2.66%
Bedford, IN (FHA|USDA|VA) 8 $1,990,000 $248,750 $1,923 3.38%
New Castle, IN (FHA|USDA|VA) 12 $1,770,000 $147,500 $1,809 3.04%
KOKOMO, IN (FHA|USDA|VA) 9 $1,555,000 $172,778 $1,735 2.89%
Warsaw, IN (FHA|USDA|VA) 5 $1,345,000 $269,000 $1,785 3.13%
Crawfordsville, IN (FHA|USDA|VA) 6 $1,140,000 $190,000 $1,772 2.65%
Greensburg, IN (FHA|USDA|VA) 5 $835,000 $167,000 $1,651 2.73%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 6 $740,000 $123,333 $2,273 3.50%
Frankfort, IN (FHA|USDA|VA) 4 $680,000 $170,000 $1,364 4.12%
FORT WAYNE, IN (FHA|USDA|VA) 3 $645,000 $215,000 $1,222 2.79%
EVANSVILLE, IN-KY (FHA|USDA|VA) 5 $615,000 $123,000 $2,609 3.28%
Peru, IN (FHA|USDA|VA) 2 $610,000 $305,000 $2,784 3.06%
Marion, IN (FHA|USDA|VA) 3 $575,000 $191,667 $2,475 2.58%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $490,000 $245,000 $2,712 3.38%
Richmond, IN (FHA|USDA|VA) 4 $470,000 $117,500 $1,813 4.28%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $465,000 $155,000 $1,523 4.12%
North Vernon, IN (FHA|USDA|VA) 2 $450,000 $225,000 $1,604 3.00%
Kendallville, IN (FHA|USDA|VA) 1 $335,000 $335,000 $1,528 2.13%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $285,000 $285,000 $1,514 2.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $235,000 $235,000 $1,082 2.13%
Jasper, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,673 2.88%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $195,000 $195,000 $1,363 2.88%
Wabash, IN (FHA|USDA|VA) 1 $195,000 $195,000 $2,490 3.75%
Huntington, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,058 3.00%
Logansport, IN (FHA|USDA|VA) 1 $145,000 $145,000 $4,379 2.25%
Seymour, IN (FHA|USDA|VA) 1 $105,000 $105,000 $1,943 2.38%
Angola, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,976 2.25%

Forum Credit Union's top markets include Indianapolis, Columbus, Bloomington, Muncie, and Bedford among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,687 $497,235,000 $185,052 $1,790 3.32%
FHA 13 $2,495,000 $191,923 $4,928 2.82%
VA 3 $705,000 $235,000 $3,727 2.83%

For the 2021 period, Forum Credit Union's most frequently originated loan type of loans were Conventional, with 2,687 originations. Their 2nd most popular type is FHA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 896 $160,730,000 $179,386 $1,626 2.97%
Home Purchase 515 $149,505,000 $290,301 $2,136 2.85%
Other 476 $58,670,000 $123,256 $1,706 4.19%
Cash Out Refi 444 $89,430,000 $201,419 $1,892 3.01%
Home Improvement 372 $42,100,000 $113,172 $1,659 4.05%

For the 2021, Forum Credit Union's most frequently cited loan purpose of loans were Refi, with 896 originations. The 2nd most popular reason of loans were Home Purchase, with 515 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,146 $287,310,000 $250,707 $1,984 2.96%
15 Year 883 $104,535,000 $118,386 $1,702 3.50%
Other 441 $71,285,000 $161,644 $1,469 4.15%
20 Year 143 $26,385,000 $184,510 $1,690 2.82%
10 Year 88 $10,640,000 $120,909 $1,585 2.78%
5 Year 1 $155,000 $155,000 $0 4.00%
1 Year 1 $125,000 $125,000 $0 4.25%

For the 2021, Forum Credit Union's most frequently cited loan length of loans were 30 Year, with 1,146 originations. The 2nd most popular length of loans were 15 Year, with 883 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,050 $419,900,000 $204,829
$1k-2k 81 $16,925,000 $208,951
$2k-3k 12 $2,190,000 $182,500
$3k-4k 7 $2,135,000 $305,000
$5k+ 2 $960,000 $480,000

$1,984 of loans were Forum Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,050 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,197 $285,735,000 $238,709
3-4% 603 $79,405,000 $131,683
<2.5% 568 $112,560,000 $198,169
4-5% 149 $13,515,000 $90,705
7-8% 61 $3,165,000 $51,885
5-6% 55 $2,595,000 $47,182
6-7% 37 $1,775,000 $47,973
Over 8% 32 $1,580,000 $49,375

During 2021, Forum Credit Union's average interest rate of loans were 2.96%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,197 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 932 $135,910,000 $145,826 $1,716 2.98%
$200k-400k 795 $218,365,000 $274,673 $1,938 2.82%
$100,000 or less 777 $43,495,000 $55,978 $1,340 4.37%
$400k-600k 166 $78,300,000 $471,687 $2,315 2.75%
$600k-1MM 32 $23,350,000 $729,688 $3,700 2.87%
$1MM+ 1 $1,015,000 $1,015,000 $0 4.25%

2021 saw Forum Credit Union place emphasis on $100k-200k loans with 932 originations, totaling $135,910,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 787 $161,275,000 $204,924 $1,832 3.39%
$50k-75k 518 $75,700,000 $146,139 $1,760 3.20%
$75k-100k 509 $85,605,000 $168,183 $1,785 3.31%
$150k-250k 412 $104,290,000 $253,131 $1,928 3.51%
$50k or less 374 $39,540,000 $105,722 $1,675 3.08%
$250k+ 90 $29,520,000 $328,000 $2,344 3.35%

Forum Credit Union lent most frequently to those with incomes in the $100k-150k range, with 787 originations. The second most popular income band? $50k-75k, with 518 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 824 $151,090,000 $183,362 $1,742 3.28%
30-36% 567 $105,405,000 $185,899 $1,810 3.33%
<20% 354 $53,950,000 $152,401 $1,687 3.05%
37% 127 $24,355,000 $191,772 $2,015 3.27%
40% 112 $22,270,000 $198,839 $1,858 3.51%
41% 109 $23,895,000 $219,220 $1,935 3.68%
39% 105 $20,495,000 $195,190 $1,827 3.47%
38% 101 $16,135,000 $159,752 $1,692 3.64%
42% 100 $21,180,000 $211,800 $1,957 3.62%
36% 88 $17,000,000 $193,182 $2,023 3.37%
43% 54 $11,260,000 $208,519 $2,083 3.33%
44% 30 $3,680,000 $122,667 $1,646 3.49%
45% 29 $6,495,000 $223,966 $2,105 2.67%
47% 25 $4,675,000 $187,000 $1,757 2.91%
48% 22 $4,800,000 $218,182 $1,936 2.85%
46% 21 $4,575,000 $217,857 $1,921 2.95%
49% 16 $3,780,000 $236,250 $1,824 3.05%
50-60% 7 $955,000 $136,429 $3,203 5.46%
>60% 1 $175,000 $175,000 $1,513 3.00%

Forum Credit Union lent most frequently to those with DTI ratios of 20-30%, with 824 originations. The next most common DTI ratio? 30-36%, with 567 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,064 $371,970,000 $180,218 $1,777 3.32%
Not provided 429 $88,665,000 $206,678 $1,898 3.35%
Black 123 $18,335,000 $149,065 $2,007 3.27%
Asian 58 $13,850,000 $238,793 $2,007 2.88%
Not applicable 18 $5,710,000 $317,222 $1,567 3.83%
American Indian 9 $1,595,000 $177,222 $1,735 2.74%
Native Hawaiian 2 $310,000 $155,000 $2,074 2.88%

Approval Rates

Total approvals of all applications
90.08%

Forum Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
71.57%

Forum Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
125.0 1 $5,000 $5,000
205.0 1 $15,000 $15,000
250.0 312 $22,100,000 $70,833
300.0 2 $250,000 $125,000
330.0 19 $1,075,000 $56,579
NA 2,368 $476,990,000 $201,432

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,703 $500,435,000 $185,141

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 332 $31,200,000 $93,976 $1,535 4.05%
40-60% 495 $80,545,000 $162,717 $1,675 2.75%
60-80% 1,025 $237,555,000 $231,761 $1,900 2.83%
80-100% 455 $132,005,000 $290,121 $2,058 2.87%
Over 100% 4 $2,050,000 $512,500 $0 4.25%
Under 20% 392 $17,080,000 $43,571 $379 5.18%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 6 54.5%
Franklin Credit Management Corporation Conventional home mortgage Trouble during payment process 3 27.3%
Franklin Credit Management Corporation Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 9.1%
Franklin Credit Management Corporation Other type of mortgage Struggling to pay mortgage 1 9.1%