Arc Federal Credit Union Mortgage Rates, Fees & Info
Altoona, PALEI: 549300VOPM5QG76KFF73
Tax ID: 23-1573267
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Mortgage Data
Review & Overview
Arc Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Arc Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Altoona, Johnstown, Dubois, Huntingdon, and York among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Arc 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. Arc 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
65Origination Dollar Volume (All Markets)
$3,905,000Relative Rate
Arc Federal Credit Union's average 30 year fixed mortgage rate was
7.26%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.78%.
Relative Fees (Closing Costs)
Arc Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,003.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| ALTOONA, PA (FHA|USDA|VA) | 56 | $3,550,000 | $63,393 | $3,003 | 6.62% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 4 | $150,000 | $37,500 | $0 | 6.50% |
| DuBois, PA (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 7.22% |
| Huntingdon, PA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 6.24% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.49% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 62 | $3,510,000 | $56,613 | $3,003 | 6.52% |
| HELOC | 3 | $395,000 | $131,667 | n/a | 8.33% |
For 2023, Arc Federal Credit Union's most frequently originated type of loan was Conventional, with 62 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
For 2023, Arc Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Improvement, with 22 originations.
Loan Duration/Length
For 2023, Arc Federal Credit Union's most frequently cited loan duration was 10 Year, with 21 originations. The 2nd most popular length was 15 Year, with 19 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $155,000 | $155,000 |
| $1k-2k | 1 | $15,000 | $15,000 |
| $3k-4k | 1 | $125,000 | $125,000 |
Arc Federal Credit Union's average total fees were $3,003, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
During 2023, Arc Federal Credit Union's average interest rate for loans was 7.26%, while their most frequently originated rate bucket for loans was 5-6%, with 24 originations.
Loan Sizing
2023 saw Arc Federal Credit Union place emphasis on $100,000 or less loans with 56 originations, totaling $2,640,000 in origination value.
Applicant Income
Arc Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 17 originations.
Applicant Debt to Income Ratio
Arc Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 20 originations. The next most common DTI ratio? 20-30%, with 19 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 62 | $3,690,000 | $59,516 | $3,003 | 6.55% |
| Not applicable | 3 | $215,000 | $71,667 | $0 | 7.83% |
Approval Rates
Total approvals of all applications97.14%
Arc 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 origination95.38%
Arc 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 |
|---|---|---|---|
| 2746.79 | 1 | $125,000 | $125,000 |
| 717.83 | 1 | $15,000 | $15,000 |
| NA | 63 | $3,765,000 | $59,762 |