Gerber Federal Credit Union Mortgage Rates, Fees & Info
Fremont, MILEI: 549300UJJ1Q3YTRSGM27
Tax ID: 38-1712660
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Mortgage Data
Review & Overview
Gerber Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Gerber Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Muskegon, Grand Rapids, Traverse City, South Bend, and Flint among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Gerber Federal 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.
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Originations
159Origination Dollar Volume (All Markets)
$12,465,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 133 | $10,235,000 | $76,955 | $0 | 0.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 17 | $1,585,000 | $93,235 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 5 | $355,000 | $71,000 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
| FLINT, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Ludington, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 154 | $11,970,000 | $77,727 | $0 | 0.00% |
| USDA | 5 | $495,000 | $99,000 | $0 | 0.00% |
For 2018, Gerber Federal Credit Union's most frequently originated type of loan was Conventional, with 154 originations. Their 2nd most popular type was USDA, with 5 originations.
Loan Reason
For 2018, Gerber Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 61 originations. The 2nd most popular reason was Home Purchase, with 50 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 159 | $12,465,000 | $78,396 | $0 | 0.00% |
For 2018, Gerber Federal Credit Union's most frequently cited loan duration was Other, with 159 originations.
Loan Sizing
2018 saw Gerber Federal Credit Union place emphasis on $100,000 or less loans with 113 originations, totaling $5,835,000 in origination value.
Applicant Income
Gerber Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 60 originations. The second most popular income band? $75k-100k, with 39 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 159 | $12,465,000 | $78,396 | $0 | 0.00% |
Gerber Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 159 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 158 | $12,420,000 | $78,608 | $0 | 0.00% |
| Black | 1 | $45,000 | $45,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications82.83%
Gerber Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination84.28%
Gerber Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 159 | $12,465,000 | $78,396 |