Trust Federal Credit Union Mortgage Rates, Fees & Info
Chattanooga, TNLEI: 549300V4IWDO6EFUKC70
Tax ID: 62-0331198
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Mortgage Data
Review & Overview
Trust Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Trust Federal Credit Union has a high proportion of conventional loans. Their top two markets are Chattanooga and Dalton .Trust Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Trust Federal 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 relatively high rates.
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Originations
21Origination Dollar Volume (All Markets)
$2,135,000Awards
Trust Federal Credit Union - 2019
Trust Federal Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 20 | $2,120,000 | $106,000 | $1,948 | 5.17% |
| DALTON, GA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $1,629 | 3.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against Trust Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $2,135,000 | $101,667 | $1,933 | 5.11% |
For 2019, Trust Federal Credit Union's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 11 | $1,005,000 | $91,364 | $2,094 | 4.99% |
| Home Purchase | 6 | $790,000 | $131,667 | $1,778 | 5.49% |
| Refi | 4 | $340,000 | $85,000 | $1,722 | 4.87% |
For 2019, Trust Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 11 originations. The 2nd most popular reason was Home Purchase, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 11 | $1,595,000 | $145,000 | $1,790 | 5.17% |
| 10 Year | 9 | $525,000 | $58,333 | $2,141 | 5.16% |
| 5 Year | 1 | $15,000 | $15,000 | $1,629 | 3.99% |
For 2019, Trust Federal Credit Union's most frequently cited loan duration was 30 Year, with 11 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 19 | $1,965,000 | $103,421 |
| $1k-2k | 2 | $170,000 | $85,000 |
Trust Federal Credit Union's average total fees were $1,790, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 15 | $1,435,000 | $95,667 |
| 5-6% | 2 | $170,000 | $85,000 |
| 7-8% | 2 | $460,000 | $230,000 |
| 3-4% | 1 | $15,000 | $15,000 |
| 6-7% | 1 | $55,000 | $55,000 |
During 2019, Trust Federal Credit Union's average interest rate for loans was 5.17%, while their most frequently originated rate bucket for loans was 4-5%, with 15 originations.
Loan Sizing
2019 saw Trust Federal Credit Union place emphasis on $100,000 or less loans with 13 originations, totaling $745,000 in origination value.
Applicant Income
Trust Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
Trust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 20 | $2,010,000 | $100,500 | $1,963 | 4.99% |
| Black | 1 | $125,000 | $125,000 | $1,321 | 7.49% |
Approval Rates
Total approvals of all applications91.67%
Trust Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination95.24%
Trust Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 21 | $2,135,000 | $101,667 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $75,000 | $75,000 |
| Single Family (1-4 Units):Site-Built | 20 | $2,060,000 | $103,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TRUSTMARK CORPORATION | Conventional home mortgage | Trouble during payment process | 5 | 45.5% |
| TRUSTMARK CORPORATION | FHA mortgage | Struggling to pay mortgage | 1 | 9.1% |
| TRUSTMARK CORPORATION | FHA mortgage | Trouble during payment process | 1 | 9.1% |
| TRUSTMARK CORPORATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 9.1% |
| TRUSTMARK CORPORATION | Other type of mortgage | Closing on a mortgage | 1 | 9.1% |
| TRUSTMARK CORPORATION | Other type of mortgage | Trouble during payment process | 2 | 18.2% |