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: Grand Rapids, Muskegon, Ludington, Lansing, and Sturgis among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Gerber Federal 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.
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Originations
214Origination Dollar Volume (All Markets)
$24,350,000Top 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 | 179 | $19,585,000 | $109,413 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 12 | $1,880,000 | $156,667 | $0 | 0.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 16 | $1,550,000 | $96,875 | $0 | 0.00% |
| Ludington, MI (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 0.00% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 213 | $24,235,000 | $113,779 | $0 | 0.00% |
| USDA | 1 | $115,000 | $115,000 | $0 | 0.00% |
For 2020, Gerber Federal Credit Union's most frequently originated type of loan was Conventional, with 213 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2020, Gerber Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 123 originations. The 2nd most popular reason was Home Purchase, with 37 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 214 | $24,350,000 | $113,785 | $0 | 0.00% |
For 2020, Gerber Federal Credit Union's most frequently cited loan duration was Other, with 214 originations.
Loan Sizing
2020 saw Gerber Federal Credit Union place emphasis on $100,000 or less loans with 107 originations, totaling $5,875,000 in origination value.
Applicant Income
Gerber Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 68 originations. The second most popular income band? $50k or less, with 62 originations.
Applicant Debt to Income Ratio
Gerber Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 69 originations. The next most common DTI ratio? 30-36%, with 44 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 212 | $24,210,000 | $114,198 | $0 | 0.00% |
| Black | 2 | $140,000 | $70,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications96.36%
Gerber Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination78.97%
Gerber Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 214 | $24,350,000 | $113,785 |