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 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 by origination volume include: Indianapolis, Columbus, Bloomington, Muncie, and Bedford among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Forum Credit Union has an above 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% 12/16/24
    30 Year Conventional Purchase 6.18% 12/16/24
    30 Year Conventional Refi 6.20% 12/16/24
    30 Year Cash-out Refi 6.28% 12/16/24
    30 Year FHA Purchase 6.89% 12/16/24
    30 Year FHA Refi 7.21% 12/16/24
    15 Year Conventional Purchase 5.60% 12/16/24
    15 Year Conventional Refi 6.27% 12/16/24
    15 Year Cash-out Refi 6.27% 12/16/24
    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

    2,703

    Origination Dollar Volume (All Markets)

    $500,435,000
    Show all (14) 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) 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, KY (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.

    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.

    PrimeTrust Financial Federal Credit Union
    Similarity Rank: 20
    The Riddell National Bank
    Similarity Rank: 252
    Mutual Savings Bank
    Similarity Rank: 264
    Independent Federal Credit Union
    Similarity Rank: 560
    MORTGAGE MASTERS OF INDIANA, INC.
    Similarity Rank: 675
    Madison County Federal Credit Union
    Similarity Rank: 784
    The Peoples State Bank
    Similarity Rank: 1375
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1690
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1786
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1980

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,239 $466,315,000 $208,269 $1,790 3.12%
    HELOC 448 $30,920,000 $69,018 n/a 4.30%
    FHA 13 $2,495,000 $191,923 $4,928 2.82%
    VA 3 $705,000 $235,000 $3,727 2.83%

    For 2021, Forum Credit Union's most frequently originated type of loan was Conventional, with 2,239 originations. Their 2nd most popular type was HELOC, with 448 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Forum Credit Union's most frequently cited loan purpose was Refi, with 896 originations. The 2nd most popular reason was 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 2021, Forum Credit Union's most frequently cited loan duration was 30 Year, with 1,146 originations. The 2nd most popular length was 15 Year, with 883 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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
    $4k-5k 4 $960,000 $240,000
    $3k-4k 3 $1,175,000 $391,667
    $5k+ 2 $960,000 $480,000

    Forum Credit Union's average total fees were $1,984, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.96%, while their most frequently originated rate bucket for loans was 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 or Islander 2 $310,000 $155,000 $2,074 2.88%

    Approval Rates

    Total approvals of all applications
    91.53%

    Forum Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.33%

    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%