Southeast Financial Credit Union Mortgage Rates, Fees & Info

Franklin, TN

LEI: 549300TWLXP5O4IHG211

Tax ID: 62-0382058

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

Review & Overview

Southeast Financial Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Southeast Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Memphis, Bowling Green, Atlanta, and Lewisburg among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southeast Financial 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. Southeast Financial 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.

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	6.92%	5/4/24
30 Year Conventional Refi	6.92%	5/4/24
30 Year Cash-out Refi	6.80%	5/4/24
30 Year FHA Purchase	5.06%	5/4/24
15 Year Conventional Purchase	6.93%	5/4/24
15 Year Conventional Refi	7.28%	5/4/24
15 Year Cash-out Refi	7.28%	5/4/24
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.

Southeast Financial Credit Union Mortgage Calculator

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This is not an official calculator from Southeast Financial 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

143

Origination Dollar Volume (All Markets)

$23,915,000

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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	91	$16,685,000	$183,352	$3,109	3.41%
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	16	$2,130,000	$133,125	$2,611	3.52%
Outside of Metro Areas	8	$1,030,000	$128,750	$2,568	3.44%
BOWLING GREEN, KY (FHA\|USDA\|VA)	5	$885,000	$177,000	$2,780	3.45%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	4	$780,000	$195,000	$2,866	3.88%
Lewisburg, TN (FHA\|USDA\|VA)	4	$630,000	$157,500	$2,179	3.44%
KNOXVILLE, TN (FHA\|USDA\|VA)	4	$490,000	$122,500	$3,439	2.69%
JACKSON, TN (FHA\|USDA\|VA)	5	$475,000	$95,000	$2,317	3.98%
CHATTANOOGA, TN-GA (FHA\|USDA\|VA)	3	$425,000	$141,667	$3,711	3.04%
Lawrenceburg, TN (FHA\|USDA\|VA)	1	$225,000	$225,000	$5,477	2.75%
CLEVELAND, TN (FHA\|USDA\|VA)	1	$145,000	$145,000	$2,479	3.63%
Corinth, MS (FHA\|USDA\|VA)	1	$15,000	$15,000	$1,167	6.50%

Southeast Financial Credit Union's top markets include Nashville, Memphis, Bowling Green, Atlanta, and Lewisburg among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Kentucky (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Mississippi (FHA|USDA|VA)

Similar Lenders

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

Old Hickory Credit Union
Similarity Rank: 680

TENNESSEE TRUST MORTGAGE, INC
Similarity Rank: 684

Legacy Home Loans, LLC
Similarity Rank: 832

First Advantage Bank
Similarity Rank: 834

KELLEY MORTGAGE, LLC
Similarity Rank: 1350

The Farmers Bank
Similarity Rank: 1430

SHELTER MORTGAGE COMPANY, L.L.C.
Similarity Rank: 1771

Leaders Credit Union
Similarity Rank: 1786

US COMMUNITY
Similarity Rank: 1818

Independent Bank
Similarity Rank: 2175

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	143	$23,915,000	$167,238	$2,971	3.45%

For 2020, Southeast Financial Credit Union's most frequently originated type of loan was Conventional, with 143 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	63	$10,645,000	$168,968	$3,238	2.99%
Cash Out Refi	48	$8,320,000	$173,333	$3,243	3.22%
Home Purchase	18	$4,480,000	$248,889	$2,891	3.17%
Other	8	$300,000	$37,500	$988	6.59%
Home Improvement	6	$170,000	$28,333	$886	6.79%

For 2020, Southeast Financial Credit Union's most frequently cited loan purpose was Refi, with 63 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	69	$9,625,000	$139,493	$2,864	3.29%
30 Year	58	$13,100,000	$225,862	$3,470	3.27%
10 Year	9	$545,000	$60,556	$1,689	5.03%
5 Year	4	$70,000	$17,500	$820	5.50%
20 Year	3	$575,000	$191,667	$2,515	3.42%

For 2020, Southeast Financial Credit Union's most frequently cited loan duration was 15 Year, with 69 originations. The 2nd most popular length was 30 Year, with 58 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	92	$15,080,000	$163,913
$1k-2k	32	$4,290,000	$134,063
$2k-3k	6	$1,210,000	$201,667
$3k-4k	6	$1,340,000	$223,333
$4k-5k	4	$1,140,000	$285,000
$5k+	3	$855,000	$285,000

Southeast Financial Credit Union's average total fees were $3,470, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 92 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	61	$11,275,000	$184,836
3-4%	44	$7,850,000	$178,409
<2.5%	14	$2,840,000	$202,857
4-5%	11	$1,445,000	$131,364
6-7%	6	$200,000	$33,333
5-6%	3	$135,000	$45,000
7-8%	2	$70,000	$35,000
Over 8%	2	$100,000	$50,000

During 2020, Southeast Financial Credit Union's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 2.5-3%, with 61 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	50	$7,770,000	$155,400	$3,091	3.10%
$100,000 or less	47	$2,955,000	$62,872	$2,137	4.23%
$200k-400k	43	$11,945,000	$277,791	$3,563	3.06%
$400k-600k	3	$1,245,000	$415,000	$5,564	2.71%

2020 saw Southeast Financial Credit Union place emphasis on $100k-200k loans with 50 originations, totaling $7,770,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	35	$3,965,000	$113,286	$2,698	3.47%
$75k-100k	34	$4,760,000	$140,000	$2,578	3.79%
$100k-150k	29	$6,105,000	$210,517	$3,534	3.51%
$50k-75k	27	$4,355,000	$161,296	$3,105	3.16%
$150k-250k	12	$3,100,000	$258,333	$2,631	3.28%
$250k+	6	$1,630,000	$271,667	$4,157	2.85%

Southeast Financial Credit Union lent most frequently to those with incomes in the $50k or less range, with 35 originations. The second most popular income band? $75k-100k, with 34 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	36	$6,190,000	$171,944	$3,096	3.12%
<20%	25	$4,145,000	$165,800	$3,042	3.07%
30-36%	24	$4,760,000	$198,333	$3,212	3.48%
37%	12	$1,540,000	$128,333	$2,591	3.44%
45%	6	$1,060,000	$176,667	$2,856	3.77%
36%	5	$695,000	$139,000	$2,131	4.00%
43%	4	$950,000	$237,500	$2,942	3.59%
40%	4	$940,000	$235,000	$3,585	3.72%
41%	3	$395,000	$131,667	$4,088	3.00%
42%	2	$250,000	$125,000	$2,510	3.75%
39%	2	$280,000	$140,000	$2,740	3.44%
44%	2	$300,000	$150,000	$2,204	5.88%
46%	2	$120,000	$60,000	$1,895	6.56%
47%	2	$500,000	$250,000	$2,969	4.00%
48%	2	$100,000	$50,000	$2,093	4.69%
49%	1	$35,000	$35,000	$973	7.25%

Southeast Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? <20%, with 25 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	102	$15,930,000	$156,176	$2,893	3.55%
Not provided	27	$5,475,000	$202,778	$3,067	3.31%
Black	13	$2,145,000	$165,000	$3,412	3.06%
Other Pacific Islander	1	$365,000	$365,000	$2,599	2.88%

Approval Rates

Total approvals of all applications
81.48%

Southeast Financial Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
46.85%

Southeast Financial Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	143	$23,915,000	$167,238

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	143	$23,915,000	$167,238

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	22	$2,070,000	$94,091	$2,363	3.57%
40-60%	38	$6,140,000	$161,579	$2,924	3.02%
60-80%	42	$9,580,000	$228,095	$3,853	3.09%
80-100%	17	$4,045,000	$237,941	$3,124	3.14%
Under 20%	13	$425,000	$32,692	$1,047	6.30%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
SOUTHSTATE CORPORATION	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	14.3%
SOUTHSTATE CORPORATION	Conventional home mortgage	Struggling to pay mortgage	1	14.3%
SOUTHSTATE CORPORATION	Conventional home mortgage	Trouble during payment process	5	71.4%