Forum Credit Union Mortgage Rates, Fees & Info

Fishers, IN

LEI: 549300S4PNXPKYHHRE82

Tax ID: 35-0779057

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Forum Credit Union is a smaller credit union specializing in 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 by origination volume include: Indianapolis, Columbus, Bloomington, Terre Haute, and Muncie among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Forum 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. Forum Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.37% 4/18/24
    30 Year Conventional Purchase 6.18% 4/18/24
    30 Year Conventional Refi 6.20% 4/18/24
    30 Year Cash-out Refi 6.28% 4/18/24
    30 Year FHA Purchase 6.89% 4/18/24
    30 Year FHA Refi 7.21% 4/18/24
    15 Year Conventional Purchase 5.60% 4/18/24
    15 Year Conventional Refi 6.27% 4/18/24
    15 Year Cash-out Refi 6.27% 4/18/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Forum Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Forum Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,518

    Origination Dollar Volume (All Markets)

    $215,120,000
    Show all (9) awards

    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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,422 $199,870,000 $140,556 $1,499 5.06%
    Outside of Metro Areas 24 $4,990,000 $207,917 $2,050 4.62%
    COLUMBUS, IN (FHA|USDA|VA) 6 $1,540,000 $256,667 $2,407 4.29%
    BLOOMINGTON, IN (FHA|USDA|VA) 9 $1,155,000 $128,333 $1,379 5.44%
    TERRE HAUTE, IN (FHA|USDA|VA) 6 $1,050,000 $175,000 $1,558 4.17%
    MUNCIE, IN (FHA|USDA|VA) 7 $985,000 $140,714 $1,844 5.05%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 6 $700,000 $116,667 $1,257 5.25%
    New Castle, IN (FHA|USDA|VA) 7 $665,000 $95,000 $1,235 5.59%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 4 $650,000 $162,500 $1,671 4.63%
    Frankfort, IN (FHA|USDA|VA) 3 $575,000 $191,667 $1,611 4.50%
    Warsaw, IN (FHA|USDA|VA) 2 $520,000 $260,000 $1,893 4.13%
    Crawfordsville, IN (FHA|USDA|VA) 3 $505,000 $168,333 $2,808 4.50%
    Marion, IN (FHA|USDA|VA) 5 $475,000 $95,000 $1,788 5.23%
    KOKOMO, IN (FHA|USDA|VA) 6 $370,000 $61,667 $1,612 4.69%
    FORT WAYNE, IN (FHA|USDA|VA) 2 $310,000 $155,000 $1,230 4.50%
    Greensburg, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,438 3.88%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $180,000 $90,000 $1,799 4.88%
    Scottsburg, IN (FHA|USDA|VA) 1 $145,000 $145,000 $3,478 4.00%
    Madison, IN (FHA|USDA|VA) 1 $145,000 $145,000 $2,271 4.75%
    Jasper, IN (FHA|USDA|VA) 1 $55,000 $55,000 $1,671 5.25%
    Forum Credit Union's top markets include Indianapolis, Columbus, Bloomington, Terre Haute, and Muncie among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FORUM Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Greenfield Banking Company
    Similarity Rank: 255
    Hendricks County Bank and Trust Company
    Similarity Rank: 393
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 495
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 589
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    The Farmers Bank, Frankfort, Indiana
    Similarity Rank: 814
    The National Bank of Indianapolis
    Similarity Rank: 1020
    Stock Yards Bank & Trust Company
    Similarity Rank: 1176
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 1278
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1482

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,206 $192,360,000 $159,502 $1,448 4.95%
    HELOC 279 $17,455,000 $62,563 n/a 5.52%
    FHA 33 $5,305,000 $160,758 $4,133 4.52%

    For 2018, Forum Credit Union's most frequently originated type of loan was Conventional, with 1,206 originations. Their 2nd most popular type was HELOC, with 279 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 593 $124,435,000 $209,840 $1,851 4.53%
    Cash Out Refi 275 $34,905,000 $126,927 $1,549 5.11%
    Home Improvement 268 $17,780,000 $66,343 $772 5.59%
    Other 255 $16,425,000 $64,412 $709 5.90%
    Refi 127 $21,575,000 $169,882 $1,777 4.47%

    For 2018, Forum Credit Union's most frequently cited loan purpose was Home Purchase, with 593 originations. The 2nd most popular reason was Cash Out Refi, with 275 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 677 $145,445,000 $214,838 $1,951 4.52%
    15 Year 435 $38,865,000 $89,345 $1,708 5.10%
    Other 321 $17,725,000 $55,218 $369 6.19%
    20 Year 61 $10,105,000 $165,656 $1,750 4.42%
    10 Year 20 $1,610,000 $80,500 $1,222 5.12%
    5 Year 3 $915,000 $305,000 $0 5.74%
    1 Year 1 $455,000 $455,000 $0 6.25%

    For 2018, Forum Credit Union's most frequently cited loan duration was 30 Year, with 677 originations. The 2nd most popular length was 15 Year, with 435 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,180 $188,790,000 $159,992
    $1k-2k 21 $3,355,000 $159,762
    $2k-3k 8 $1,680,000 $210,000
    $5k+ 1 $295,000 $295,000

    Forum Credit Union's average total fees were $1,951, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,180 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 790 $135,200,000 $171,139
    5-6% 239 $20,965,000 $87,720
    3-4% 236 $46,090,000 $195,297
    6-7% 111 $6,605,000 $59,505
    7-8% 95 $4,325,000 $45,526
    Over 8% 47 $1,935,000 $41,170

    During 2018, Forum Credit Union's average interest rate for loans was 4.52%, while their most frequently originated rate bucket for loans was 4-5%, with 790 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 702 $35,050,000 $49,929 $827 5.67%
    $100k-200k 460 $66,810,000 $145,239 $1,715 4.62%
    $200k-400k 278 $76,130,000 $273,849 $2,102 4.38%
    $400k-600k 68 $30,340,000 $446,176 $2,357 4.30%
    $600k-1MM 10 $6,790,000 $679,000 $3,143 4.36%

    2018 saw Forum Credit Union place emphasis on $100,000 or less loans with 702 originations, totaling $35,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 405 $62,975,000 $155,494 $1,473 5.13%
    $50k-75k 320 $35,090,000 $109,656 $1,490 5.09%
    $75k-100k 293 $37,475,000 $127,901 $1,480 5.09%
    $50k or less 227 $19,225,000 $84,692 $1,471 4.91%
    $150k-250k 211 $43,345,000 $205,427 $1,730 4.91%
    $250k+ 52 $14,600,000 $280,769 $1,835 4.92%

    Forum Credit Union lent most frequently to those with incomes in the $100k-150k range, with 405 originations. The second most popular income band? $50k-75k, with 320 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 369 $51,735,000 $140,203 $1,493 4.82%
    30-36% 330 $46,660,000 $141,394 $1,439 5.09%
    <20% 168 $21,670,000 $128,988 $1,507 4.74%
    42% 84 $12,320,000 $146,667 $1,642 5.24%
    41% 79 $10,385,000 $131,456 $1,282 5.33%
    38% 69 $7,845,000 $113,696 $1,246 5.49%
    40% 59 $8,855,000 $150,085 $1,663 5.22%
    39% 57 $7,715,000 $135,351 $1,508 5.48%
    36% 51 $7,095,000 $139,118 $1,342 5.46%
    43% 46 $6,700,000 $145,652 $1,368 5.34%
    37% 44 $7,250,000 $164,773 $1,594 4.98%
    44% 43 $5,495,000 $127,791 $1,744 5.29%
    48% 23 $3,635,000 $158,043 $1,920 4.55%
    47% 22 $3,440,000 $156,364 $2,002 4.72%
    46% 21 $3,445,000 $164,048 $1,783 4.76%
    45% 17 $2,735,000 $160,882 $2,009 4.54%
    49% 16 $3,620,000 $226,250 $1,650 4.93%
    50-60% 8 $1,130,000 $141,250 $3,490 5.19%
    >60% 1 $525,000 $525,000 $2,779 5.25%

    Forum Credit Union lent most frequently to those with DTI ratios of 20-30%, with 369 originations. The next most common DTI ratio? 30-36%, with 330 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,253 $177,675,000 $141,800 $1,499 5.04%
    Not provided 160 $20,960,000 $131,000 $1,565 5.01%
    Black 63 $7,035,000 $111,667 $1,750 5.09%
    Asian 27 $6,275,000 $232,407 $1,640 5.20%
    Not applicable 10 $2,410,000 $241,000 $0 5.79%
    Native Hawaiian or Islander 2 $240,000 $120,000 $1,160 4.68%
    Korean 1 $205,000 $205,000 $4,760 4.38%
    American Indian 1 $165,000 $165,000 $1,420 4.75%
    Vietnamese 1 $155,000 $155,000 $1,220 4.25%

    Approval Rates

    Total approvals of all applications
    85.39%

    Forum Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.09%

    Forum Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,518 $215,120,000 $141,713

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $155,000 $155,000
    Single Family (1-4 Units):Site-Built 1,517 $214,965,000 $141,704

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 238 $18,500,000 $77,731 $682 5.78%
    40-60% 120 $16,590,000 $138,250 $1,688 4.75%
    60-80% 337 $65,365,000 $193,961 $1,916 4.50%
    80-100% 476 $99,860,000 $209,790 $1,925 4.50%
    Over 100% 5 $2,245,000 $449,000 $2,779 5.64%
    Under 20% 342 $12,560,000 $36,725 $256 5.93%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Franklin Credit Management Corporation Conventional home mortgage Incorrect information on your report 1 7.1%
    Franklin Credit Management Corporation Other type of mortgage Trouble during payment process 1 7.1%
    Franklin Credit Management Corporation Other type of mortgage Struggling to pay mortgage 2 14.3%
    Franklin Credit Management Corporation Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 7.1%
    Franklin Credit Management Corporation Conventional home mortgage Trouble during payment process 3 21.4%
    Franklin Credit Management Corporation Conventional home mortgage Struggling to pay mortgage 6 42.9%