Farm Credit East Aca Mortgage Rates, Fees & Info

Enfield, CT

LEI: 549300S5NLOTO329NX77

Tax ID: 06-0800610

1.2 stars - out of 5 stars, based on 25 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Farm Credit East Aca is a smaller mortgage company specializing in Home Purchase and Refi loans. Farm Credit East Aca has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: New York, Boston, Albany, Rochester, and Syracuse among others. We have data for 55 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farm Credit East Aca 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. Farm Credit East Aca is typically a high 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 relatively high 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.98% 10/3/22
    30 Year Conventional Refi 7.02% 10/3/22
    30 Year USDA Purchase 7.49% 10/3/22
    15 Year Conventional Purchase 7.02% 10/3/22
    15 Year Conventional Refi 6.83% 10/3/22
    15 Year Cash-out Refi 6.83% 10/3/22
    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.


    Originations

    646

    Origination Dollar Volume (All Markets)

    $189,200,000

    Relative Rate

    Farm Credit East Aca's average 30 year fixed mortgage rate was 3.62%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.47%.

    Relative Fees (Closing Costs)

    Farm Credit East Aca's average total fees/closing costs for a 30 year fixed rate mortgage were $7,111.

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

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 37 $20,925,000 $565,541 $10,957 3.41%
    Outside of Metro Areas 66 $17,240,000 $261,212 $6,082 3.64%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 30 $11,500,000 $383,333 $7,638 3.52%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 33 $11,025,000 $334,091 $5,340 3.69%
    ROCHESTER, NY (FHA|USDA|VA) 49 $9,875,000 $201,531 $5,418 3.25%
    SYRACUSE, NY (FHA|USDA|VA) 29 $8,705,000 $300,172 $7,527 3.40%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 22 $7,770,000 $353,182 $7,250 3.53%
    UTICA-ROME, NY (FHA|USDA|VA) 33 $7,685,000 $232,879 $5,538 3.58%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 12 $6,930,000 $577,500 $12,201 3.39%
    WORCESTER, MA-CT (FHA|USDA|VA) 16 $5,240,000 $327,500 $6,005 3.47%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 29 $4,675,000 $161,207 $4,806 3.48%
    Hudson, NY (FHA|USDA|VA) 9 $4,375,000 $486,111 $9,173 3.60%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $4,340,000 $2,170,000 $46,937 3.43%
    GLENS FALLS, NY (FHA|USDA|VA) 14 $4,150,000 $296,429 $5,913 3.51%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 13 $3,915,000 $301,154 $5,318 3.50%
    Corning, NY (FHA|USDA|VA) 23 $3,885,000 $168,913 $5,059 3.70%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 20 $3,840,000 $192,000 $6,236 3.25%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 10 $3,700,000 $370,000 $5,897 3.50%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $3,245,000 $1,081,667 $23,839 3.28%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 9 $3,035,000 $337,222 $7,058 3.44%
    Olean, NY (FHA|USDA|VA) 16 $2,970,000 $185,625 $5,251 3.73%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 8 $2,970,000 $371,250 $6,414 3.58%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 10 $2,370,000 $237,000 $5,411 3.51%
    Oneonta, NY (FHA|USDA|VA) 11 $2,345,000 $213,182 $4,337 3.64%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 13 $2,285,000 $175,769 $5,958 3.44%
    Batavia, NY (FHA|USDA|VA) 15 $2,185,000 $145,667 $5,052 3.27%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 7 $2,135,000 $305,000 $4,600 3.63%
    SPRINGFIELD, MA (FHA|USDA|VA) 7 $1,775,000 $253,571 $4,394 3.54%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 8 $1,690,000 $211,250 $5,214 3.61%
    Malone, NY (FHA|USDA|VA) 10 $1,640,000 $164,000 $5,913 3.51%
    Auburn, NY (FHA|USDA|VA) 7 $1,605,000 $229,286 $5,989 3.43%
    ITHACA, NY (FHA|USDA|VA) 6 $1,530,000 $255,000 $6,429 3.20%
    Gloversville, NY (FHA|USDA|VA) 3 $1,355,000 $451,667 $6,372 3.78%
    Amsterdam, NY (FHA|USDA|VA) 7 $1,345,000 $192,143 $5,124 3.68%
    BINGHAMTON, NY (FHA|USDA|VA) 6 $1,180,000 $196,667 $6,476 3.35%
    Keene, NH (FHA|USDA|VA) 2 $1,170,000 $585,000 $6,519 3.48%
    Seneca Falls, NY (FHA|USDA|VA) 7 $1,165,000 $166,429 $4,258 3.36%
    Torrington, CT (FHA|USDA|VA) 4 $1,160,000 $290,000 $5,870 3.40%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 4 $1,100,000 $275,000 $9,385 3.53%
    Lebanon, NH-VT (FHA|USDA|VA) 3 $1,075,000 $358,333 $8,854 3.17%
    Augusta-Waterville, ME (FHA|USDA|VA) 4 $930,000 $232,500 $3,953 3.74%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $810,000 $405,000 $4,040 3.78%
    Cortland, NY (FHA|USDA|VA) 4 $780,000 $195,000 $5,476 3.45%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $755,000 $755,000 $10,858 3.40%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $755,000 $251,667 $7,980 3.37%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $750,000 $375,000 $6,782 2.93%
    Laconia, NH (FHA|USDA|VA) 3 $625,000 $208,333 $5,420 3.55%
    Rutland, VT (FHA|USDA|VA) 3 $525,000 $175,000 $4,770 3.30%
    Concord, NH (FHA|USDA|VA) 3 $505,000 $168,333 $4,838 3.55%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $455,000 $455,000 $7,010 4.05%
    ELMIRA, NY (FHA|USDA|VA) 3 $415,000 $138,333 $4,937 4.15%
    Bennington, VT (FHA|USDA|VA) 1 $295,000 $295,000 $4,610 3.15%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $245,000 $245,000 $3,530 3.55%
    BANGOR, ME (FHA|USDA|VA) 1 $145,000 $145,000 $1,226 4.20%
    Warren, PA (FHA|USDA|VA) 1 $105,000 $105,000 $4,180 3.35%

    Farm Credit East Aca's top markets include New York, Boston, Albany, Rochester, and Syracuse among others.

    Similar Lenders

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

    Pittsford Federal Credit Union
    Similarity Rank: 52
    SECNY Federal Credit Union
    Similarity Rank: 57
    FIRST NEW YORK
    Similarity Rank: 63
    N C P D Federal Credit Union
    Similarity Rank: 102
    NORTHERN CREDIT UNION
    Similarity Rank: 117
    Bank of Richmondville
    Similarity Rank: 141
    HUDSON RIVER COMMUNITY
    Similarity Rank: 162
    COUNTRYSIDE Federal Credit Union
    Similarity Rank: 192

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 644 $187,850,000 $291,693 $6,552 3.50%
    USDA 2 $1,350,000 $675,000 $17,375 4.13%

    For 2021, Farm Credit East Aca's most frequently originated type of loan was Conventional, with 644 originations. Their 2nd most popular type was USDA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 378 $117,310,000 $310,344 $7,654 3.56%
    Refi 239 $67,285,000 $281,527 $5,204 3.41%
    Home Improvement 19 $2,675,000 $140,789 $3,809 3.39%
    Other 10 $1,930,000 $193,000 $4,235 3.53%

    For 2021, Farm Credit East Aca's most frequently cited loan purpose was Home Purchase, with 378 originations. The 2nd most popular reason was Refi, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 457 $145,435,000 $318,239 $7,111 3.62%
    15 Year 87 $18,155,000 $208,678 $4,957 3.18%
    20 Year 66 $17,030,000 $258,030 $6,514 3.27%
    Other 18 $6,470,000 $359,444 $4,464 3.43%
    10 Year 16 $1,980,000 $123,750 $2,697 2.93%
    5 Year 2 $130,000 $65,000 $1,138 2.38%

    For 2021, Farm Credit East Aca's most frequently cited loan duration was 30 Year, with 457 originations. The 2nd most popular length was 15 Year, with 87 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 158 $33,570,000 $212,468
    $2k-3k 118 $30,300,000 $256,780
    $5k+ 117 $55,355,000 $473,120
    $3k-4k 88 $26,820,000 $304,773
    $<1k 70 $18,000,000 $257,143
    $4k-5k 41 $14,685,000 $358,171

    Farm Credit East Aca's average total fees were $7,111, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 158 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 495 $148,215,000 $299,424
    2.5-3% 79 $22,025,000 $278,797
    4-5% 63 $17,365,000 $275,635
    <2.5% 7 $1,445,000 $206,429
    5-6% 2 $150,000 $75,000

    During 2021, Farm Credit East Aca's average interest rate for loans was 3.62%, while their most frequently originated rate bucket for loans was 3-4%, with 495 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 238 $68,290,000 $286,933 $6,538 3.49%
    $100k-200k 216 $31,800,000 $147,222 $4,601 3.45%
    $400k-600k 78 $36,510,000 $468,077 $8,279 3.59%
    $100,000 or less 65 $4,185,000 $64,385 $3,079 3.59%
    $600k-1MM 33 $24,675,000 $747,727 $10,795 3.52%
    $1MM+ 16 $23,740,000 $1,483,750 $26,590 3.48%

    2021 saw Farm Credit East Aca place emphasis on $200k-400k loans with 238 originations, totaling $68,290,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 173 $45,395,000 $262,399 $6,481 3.48%
    $150k-250k 118 $42,530,000 $360,424 $6,639 3.49%
    $50k or less 100 $15,550,000 $155,500 $4,234 3.59%
    $50k-75k 98 $17,790,000 $181,531 $5,260 3.55%
    $75k-100k 88 $20,890,000 $237,386 $5,838 3.46%
    $250k+ 61 $43,315,000 $710,082 $13,130 3.41%

    Farm Credit East Aca lent most frequently to those with incomes in the $100k-150k range, with 173 originations. The second most popular income band? $150k-250k, with 118 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 165 $49,525,000 $300,152 $6,814 3.51%
    20-30% 134 $33,460,000 $249,701 $6,576 3.44%
    >60% 47 $16,035,000 $341,170 $5,678 3.50%
    <20% 46 $14,480,000 $314,783 $6,213 3.38%
    40% 33 $11,465,000 $347,424 $6,912 3.57%
    38% 31 $8,205,000 $264,677 $6,186 3.49%
    39% 27 $7,055,000 $261,296 $6,051 3.52%
    50-60% 26 $7,690,000 $295,769 $5,827 3.51%
    42% 23 $7,955,000 $345,870 $7,306 3.65%
    41% 21 $5,995,000 $285,476 $6,250 3.66%
    36% 20 $6,010,000 $300,500 $7,198 3.64%
    37% 16 $4,710,000 $294,375 $6,523 3.61%
    44% 13 $3,385,000 $260,385 $8,447 3.44%
    45% 10 $3,070,000 $307,000 $6,229 3.62%
    43% 9 $2,755,000 $306,111 $6,115 3.53%
    46% 8 $3,120,000 $390,000 $13,040 3.45%
    48% 5 $1,605,000 $321,000 $7,225 3.23%
    49% 4 $720,000 $180,000 $3,311 3.31%
    47% 3 $675,000 $225,000 $3,998 3.80%

    Farm Credit East Aca lent most frequently to those with DTI ratios of 30-36%, with 165 originations. The next most common DTI ratio? 20-30%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 593 $170,885,000 $288,170 $6,485 3.50%
    Not provided 41 $12,765,000 $311,341 $7,020 3.55%
    Not applicable 6 $3,510,000 $585,000 $12,568 3.58%
    Black 3 $1,095,000 $365,000 $9,091 3.65%
    Asian 2 $750,000 $375,000 $8,461 3.30%
    American Indian 1 $195,000 $195,000 $5,835 3.55%

    Approval Rates

    Total approvals of all applications
    95.78%

    Farm Credit East Aca has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    80.80%

    Farm Credit East Aca has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 646 $189,200,000 $292,879

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    646 $189,200,000 $292,879

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $10,235,000 $217,766 $5,792 3.46%
    40-60% 108 $28,540,000 $264,259 $6,828 3.41%
    60-80% 311 $96,965,000 $311,785 $6,605 3.55%
    80-100% 162 $52,170,000 $322,037 $7,082 3.49%
    Under 20% 18 $1,290,000 $71,667 $1,933 3.38%

    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%