Honda Federal Credit Union Mortgage Rates, Fees & Info
Torrance, CALEI: 549300VBY3NBKUNMKL64
Tax ID: 95-3036119
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Honda Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Honda Federal Credit Union has a high proportion of conventional loans. Their top markets include Columbus, Los Angeles, Bellefontaine, Sidney, and Birmingham among others. Honda Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Honda Federal Credit Union is typically an average fee lendor.Originations
1,174Origination Dollar Volume (All Markets)
$183,090,000Awards
HONDA Federal Credit Union - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Honda Federal Credit Union's average 30 year fixed rate mortgage of loans were
3.1%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.05%.
Relative Fees
Honda Federal Credit Union's average total fees for a 30 year fixed rate
mortgage are $4,048.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| COLUMBUS, OH (FHA|USDA|VA) | 283 | $42,145,000 | $148,922 | $2,961 | 3.27% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 86 | $26,290,000 | $305,698 | $4,772 | 3.40% |
| Bellefontaine, OH (FHA|USDA|VA) | 150 | $17,810,000 | $118,733 | $2,891 | 3.25% |
| Outside of Metro Areas | 72 | $8,980,000 | $124,722 | $2,935 | 3.51% |
| Sidney, OH (FHA|USDA|VA) | 58 | $7,410,000 | $127,759 | $2,790 | 3.29% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 44 | $6,770,000 | $153,864 | $2,321 | 3.49% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 34 | $6,290,000 | $185,000 | $5,029 | 3.38% |
| Urbana, OH (FHA|USDA|VA) | 50 | $5,680,000 | $113,600 | $2,377 | 3.43% |
| Wapakoneta, OH (FHA|USDA|VA) | 34 | $4,230,000 | $124,412 | $2,715 | 3.32% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 29 | $3,395,000 | $117,069 | $2,195 | 3.55% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 16 | $2,980,000 | $186,250 | $2,738 | 2.98% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 27 | $2,905,000 | $107,593 | $2,501 | 3.44% |
| FLORENCE, SC (FHA|USDA|VA) | 19 | $2,785,000 | $146,579 | $4,478 | 3.22% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 23 | $2,635,000 | $114,565 | $2,896 | 3.07% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 7 | $2,415,000 | $345,000 | $7,156 | 3.73% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 6 | $2,280,000 | $380,000 | $10,288 | 2.54% |
| Greensburg, IN (FHA|USDA|VA) | 19 | $2,175,000 | $114,474 | $2,042 | 3.16% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 15 | $2,105,000 | $140,333 | $2,596 | 3.42% |
| Marion, OH (FHA|USDA|VA) | 21 | $1,965,000 | $93,571 | $2,673 | 3.26% |
| GADSDEN, AL (FHA|USDA|VA) | 15 | $1,885,000 | $125,667 | $2,670 | 3.63% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 15 | $1,655,000 | $110,333 | $2,980 | 3.27% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 12 | $1,610,000 | $134,167 | $3,429 | 3.30% |
| LIMA, OH (FHA|USDA|VA) | 12 | $1,370,000 | $114,167 | $2,455 | 3.72% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $3,351 | 2.83% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $1,245,000 | $1,245,000 | $4,761 | 3.00% |
| Celina, OH (FHA|USDA|VA) | 11 | $975,000 | $88,636 | $2,855 | 3.11% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $3,722 | 2.94% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $4,214 | 3.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $3,029 | 4.03% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $7,108 | 2.88% |
| COLUMBUS, IN (FHA|USDA|VA) | 7 | $785,000 | $112,143 | $1,560 | 4.70% |
| Albertville, AL (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $2,956 | 2.83% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $7,527 | 2.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $6,298 | 2.50% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $6,878 | 2.63% |
| BURLINGTON, NC (FHA|USDA|VA) | 5 | $615,000 | $123,000 | $2,569 | 3.05% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $3,120 | 3.63% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $7,433 | 2.69% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 4 | $530,000 | $132,500 | $1,407 | 4.53% |
| TOLEDO, OH (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $3,745 | 2.94% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $2,575 | 4.42% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 3.50% |
| Greenville, OH (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,076 | 3.13% |
| New Castle, IN (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $1,846 | 4.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,736 | 2.75% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $2,372 | 3.42% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $14,676 | 2.25% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,311 | 2.38% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,563 | 3.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,485 | 2.75% |
| Findlay, OH (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $1,602 | 3.75% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,485 | 3.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,153 | 2.75% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,196 | 3.00% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,163 | 2.00% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,853 | 3.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,849 | 3.50% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,218 | 3.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $11,946 | 2.25% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $10,102 | 2.75% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $1,807 | 4.38% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,290 | 2.75% |
| Connersville, IN (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $2,587 | 3.17% |
| Seneca, SC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,291 | 2.38% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,941 | 3.00% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $1,580 | 3.75% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,991 | 2.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,290 | 3.00% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,183 | 3.25% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,430 | 3.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,173 | 3.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,570 | 3.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,994 | 3.50% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,987 | 3.25% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,101 | 3.13% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,563 | 2.63% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,836 | 2.63% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 3.50% |
| Athens, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,192 | 2.38% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,705 | 3.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,227 | 2.38% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,879 | 2.75% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,810 | 2.50% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,058 | 3.00% |
| Richmond, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,070 | 3.38% |
| Cedartown, GA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,755 | 2.38% |
| Mount Vernon, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.50% |
| AKRON, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,009 | 2.50% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.50% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.50% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,310 | 2.88% |
Honda Federal Credit Union's top markets include Columbus, Los Angeles, Bellefontaine, Sidney, and Birmingham among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,174 | $183,090,000 | $155,954 | $3,183 | 3.32% |
For the 2021 period, Honda Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,174 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 572 | $75,240,000 | $131,538 | $2,655 | 3.51% |
| Home Purchase | 256 | $57,670,000 | $225,273 | $4,236 | 3.08% |
| Refi | 241 | $39,095,000 | $162,220 | $3,018 | 2.89% |
| Other | 75 | $5,115,000 | $68,200 | $401 | 4.29% |
| Home Improvement | 30 | $5,970,000 | $199,000 | $2,936 | 2.98% |
For the 2021, Honda Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 572 originations. The 2nd most popular reason of loans were Home Purchase, with 256 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20 Year | 524 | $60,630,000 | $115,706 | $2,689 | 3.62% |
| 30 Year | 325 | $79,275,000 | $243,923 | $4,048 | 3.10% |
| 15 Year | 226 | $30,910,000 | $136,770 | $2,825 | 2.83% |
| 10 Year | 63 | $4,745,000 | $75,317 | $1,641 | 3.89% |
| Other | 30 | $7,310,000 | $243,667 | $3,206 | 2.67% |
| 5 Year | 6 | $220,000 | $36,667 | $312 | 5.04% |
For the 2021, Honda Federal Credit Union's most frequently cited loan length of loans were 20 Year, with 524 originations. The 2nd most popular length of loans were 30 Year, with 325 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 827 | $147,645,000 | $178,531 |
| $1k-2k | 10 | $4,500,000 | $450,000 |
| $3k-4k | 4 | $1,010,000 | $252,500 |
| $5k+ | 2 | $900,000 | $450,000 |
| $2k-3k | 1 | $175,000 | $175,000 |
$4,048 of loans were Honda Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 827 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 483 | $64,265,000 | $133,054 |
| 2.5-3% | 281 | $58,825,000 | $209,342 |
| <2.5% | 279 | $52,295,000 | $187,437 |
| 5-6% | 62 | $3,930,000 | $63,387 |
| 4-5% | 33 | $2,105,000 | $63,788 |
| 6-7% | 28 | $1,350,000 | $48,214 |
| 7-8% | 6 | $270,000 | $45,000 |
| Over 8% | 2 | $50,000 | $25,000 |
During 2021, Honda Federal Credit Union's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 3-4%, with 483 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 440 | $63,130,000 | $143,477 | $2,917 | 2.98% |
| $100,000 or less | 435 | $23,445,000 | $53,897 | $1,685 | 3.94% |
| $200k-400k | 243 | $65,105,000 | $267,922 | $3,868 | 2.95% |
| $400k-600k | 41 | $19,225,000 | $468,902 | $7,501 | 2.91% |
| $600k-1MM | 13 | $9,475,000 | $728,846 | $10,749 | 2.79% |
| $1MM+ | 2 | $2,710,000 | $1,355,000 | $6,618 | 3.00% |
2021 saw Honda Federal Credit Union place emphasis on $100k-200k loans with 440 originations, totaling $63,130,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 320 | $38,420,000 | $120,063 | $2,803 | 3.24% |
| $100k-150k | 289 | $49,375,000 | $170,848 | $3,290 | 3.32% |
| $75k-100k | 233 | $36,355,000 | $156,030 | $3,325 | 3.32% |
| $50k or less | 154 | $15,760,000 | $102,338 | $2,379 | 3.48% |
| $150k-250k | 127 | $29,765,000 | $234,370 | $4,322 | 3.31% |
| $250k+ | 32 | $10,180,000 | $318,125 | $5,987 | 3.49% |
Honda Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 320 originations. The second most popular income band? $100k-150k, with 289 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 342 | $54,720,000 | $160,000 | $3,439 | 3.11% |
| 30-36% | 205 | $32,245,000 | $157,293 | $3,039 | 3.30% |
| <20% | 152 | $21,620,000 | $142,237 | $3,266 | 3.12% |
| 40% | 47 | $6,445,000 | $137,128 | $2,399 | 3.56% |
| 36% | 44 | $6,240,000 | $141,818 | $3,594 | 3.45% |
| 50-60% | 42 | $7,030,000 | $167,381 | $3,529 | 3.73% |
| 38% | 39 | $7,045,000 | $180,641 | $3,269 | 3.30% |
| 41% | 37 | $5,435,000 | $146,892 | $3,341 | 3.32% |
| 39% | 34 | $5,390,000 | $158,529 | $3,647 | 3.51% |
| 44% | 31 | $3,895,000 | $125,645 | $2,017 | 3.74% |
| 37% | 31 | $4,925,000 | $158,871 | $2,873 | 3.52% |
| 42% | 28 | $3,950,000 | $141,071 | $3,692 | 3.58% |
| 46% | 26 | $4,940,000 | $190,000 | $3,032 | 3.33% |
| 43% | 25 | $3,425,000 | $137,000 | $2,552 | 3.80% |
| 45% | 24 | $4,470,000 | $186,250 | $3,112 | 3.53% |
| 48% | 22 | $3,230,000 | $146,818 | $2,735 | 3.66% |
| 49% | 19 | $3,455,000 | $181,842 | $2,608 | 3.82% |
| 47% | 16 | $2,270,000 | $141,875 | $2,309 | 3.77% |
| >60% | 9 | $2,155,000 | $239,444 | $3,557 | 3.40% |
Honda Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 342 originations. The next most common DTI ratio? 30-36%, with 205 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 883 | $129,125,000 | $146,234 | $3,119 | 3.28% |
| Not provided | 172 | $28,880,000 | $167,907 | $3,069 | 3.51% |
| Asian | 40 | $11,020,000 | $275,500 | $4,338 | 3.00% |
| Black | 58 | $9,610,000 | $165,690 | $3,492 | 3.48% |
| Japanese | 6 | $1,340,000 | $223,333 | $3,483 | 2.96% |
| American Indian | 6 | $950,000 | $158,333 | $2,926 | 4.00% |
| Asian Indian | 3 | $905,000 | $301,667 | $9,979 | 3.08% |
| Filipino | 4 | $900,000 | $225,000 | $1,587 | 3.69% |
| Chinese | 1 | $335,000 | $335,000 | $2,888 | 3.25% |
| Native Hawaiian | 1 | $25,000 | $25,000 | $325 | 5.50% |
Approval Rates
Total approvals of all applications95.00%
Honda 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 origination78.68%
Honda Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,174 | $183,090,000 | $155,954 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,174 | $183,090,000 | $155,954 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 194 | $20,280,000 | $104,536 | $2,871 | 3.65% |
| 40-60% | 190 | $33,280,000 | $175,158 | $3,366 | 2.91% |
| 60-80% | 372 | $73,860,000 | $198,548 | $3,563 | 2.89% |
| 80-100% | 193 | $44,105,000 | $228,523 | $3,528 | 3.04% |
| Under 20% | 225 | $11,565,000 | $51,400 | $489 | 4.34% |
