Dfcu Financial Mortgage Rates, Fees & Info
Dearborn, MILEI: 549300W6K140RN8NQB93
Tax ID: 38-1350130
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Dfcu Financial is a smaller credit union specializing in Refi and Cash Out Refi loans. Dfcu Financial has a high proportion of conventional loans. Their top markets include Detroit, Ann Arbor, Grand Rapids, Lansing, and Monroe among others. Dfcu Financial has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Dfcu Financial is typically an average fee lendor.Originations
3,288Origination Dollar Volume (All Markets)
$450,480,000Relative Rate
Dfcu Financial's average 30 year fixed rate mortgage of loans were
3.32%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.17%.
Relative Fees
Dfcu Financial's average total fees for a 30 year fixed rate
mortgage are $3,940.
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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2,376 | $325,930,000 | $137,176 | $3,605 | 3.69% |
| ANN ARBOR, MI (FHA|USDA|VA) | 338 | $54,840,000 | $162,249 | $3,683 | 3.57% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 196 | $21,730,000 | $110,867 | $4,116 | 3.50% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 118 | $12,400,000 | $105,085 | $3,826 | 3.47% |
| Outside of Metro Areas | 84 | $11,080,000 | $131,905 | $3,629 | 3.46% |
| MONROE, MI (FHA|USDA|VA) | 54 | $6,970,000 | $129,074 | $3,410 | 3.74% |
| Adrian, MI (FHA|USDA|VA) | 22 | $3,150,000 | $143,182 | $3,952 | 3.56% |
| JACKSON, MI (FHA|USDA|VA) | 25 | $3,065,000 | $122,600 | $3,467 | 3.26% |
| FLINT, MI (FHA|USDA|VA) | 16 | $2,570,000 | $160,625 | $3,382 | 3.63% |
| Traverse City, MI (FHA|USDA|VA) | 9 | $1,375,000 | $152,778 | $4,411 | 3.32% |
| Holland, MI (FHA|USDA|VA) | 10 | $1,270,000 | $127,000 | $4,447 | 3.43% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $6,814 | 3.25% |
| Big Rapids, MI (FHA|USDA|VA) | 6 | $820,000 | $136,667 | $4,879 | 3.10% |
| Hillsdale, MI (FHA|USDA|VA) | 4 | $620,000 | $155,000 | $2,635 | 3.91% |
| NILES, MI (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,702 | 3.42% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $2,822 | 3.28% |
| Cadillac, MI (FHA|USDA|VA) | 5 | $535,000 | $107,000 | $3,593 | 3.50% |
| MUSKEGON, MI (FHA|USDA|VA) | 4 | $510,000 | $127,500 | $2,803 | 4.19% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,009 | 3.25% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $3,480 | 2.81% |
| Escanaba, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,938 | 3.63% |
| Houghton, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.50% |
| Ludington, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,060 | 2.88% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,637 | 3.50% |
| Alma, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.00% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,452 | 3.25% |
Dfcu Financial's top markets include Detroit, Ann Arbor, Grand Rapids, Lansing, and Monroe among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 3,288 | $450,480,000 | $137,007 | $3,666 | 3.64% |
For the 2021 period, Dfcu Financial's most frequently originated loan type of loans were Conventional, with 3,288 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Improvement | 908 | $67,980,000 | $74,868 | $1,513 | 4.35% |
| Refi | 890 | $140,430,000 | $157,787 | $3,423 | 3.16% |
| Cash Out Refi | 657 | $119,565,000 | $181,986 | $4,203 | 3.01% |
| Other | 438 | $40,490,000 | $92,443 | $2,468 | 4.38% |
| Home Purchase | 395 | $82,015,000 | $207,633 | $3,856 | 3.34% |
For the 2021, Dfcu Financial's most frequently cited loan purpose of loans were Home Improvement, with 908 originations. The 2nd most popular reason of loans were Refi, with 890 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 5 Year | 1,445 | $115,845,000 | $80,170 | $187 | 4.38% |
| 30 Year | 857 | $178,905,000 | $208,757 | $3,940 | 3.32% |
| 15 Year | 519 | $85,035,000 | $163,844 | $3,808 | 2.73% |
| 10 Year | 245 | $33,825,000 | $138,061 | $2,638 | 2.84% |
| 20 Year | 213 | $35,495,000 | $166,643 | $4,315 | 3.09% |
| Other | 9 | $1,375,000 | $152,778 | $4,921 | 3.14% |
For the 2021, Dfcu Financial's most frequently cited loan length of loans were 5 Year, with 1,445 originations. The 2nd most popular length of loans were 30 Year, with 857 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 603 | $105,435,000 | $174,851 |
| $1k-2k | 530 | $70,760,000 | $133,509 |
| $3k-4k | 319 | $67,795,000 | $212,524 |
| $2k-3k | 315 | $53,795,000 | $170,778 |
| $5k+ | 135 | $38,715,000 | $286,778 |
$3,940 of loans were Dfcu Financial's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 603 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,796 | $263,660,000 | $146,804 |
| 2.5-3% | 594 | $99,930,000 | $168,232 |
| 4-5% | 440 | $30,820,000 | $70,045 |
| <2.5% | 307 | $48,725,000 | $158,713 |
| 5-6% | 77 | $3,565,000 | $46,299 |
| 6-7% | 67 | $3,585,000 | $53,507 |
| Over 8% | 5 | $135,000 | $27,000 |
| 7-8% | 2 | $60,000 | $30,000 |
During 2021, Dfcu Financial's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 1,796 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 1,423 | $74,615,000 | $52,435 | $2,199 | 4.09% |
| $100k-200k | 1,100 | $157,400,000 | $143,091 | $3,590 | 3.30% |
| $200k-400k | 687 | $177,755,000 | $258,741 | $4,780 | 3.32% |
| $400k-600k | 62 | $29,120,000 | $469,677 | $5,356 | 3.09% |
| $600k-1MM | 15 | $10,465,000 | $697,667 | $4,422 | 3.01% |
| $1MM+ | 1 | $1,125,000 | $1,125,000 | $4,959 | 3.00% |
2021 saw Dfcu Financial place emphasis on $100,000 or less loans with 1,423 originations, totaling $74,615,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 821 | $120,795,000 | $147,132 | $3,913 | 3.62% |
| $50k-75k | 726 | $79,380,000 | $109,339 | $3,371 | 3.64% |
| $75k-100k | 610 | $77,310,000 | $126,738 | $3,595 | 3.66% |
| $50k or less | 506 | $43,380,000 | $85,731 | $3,112 | 3.77% |
| $150k-250k | 493 | $97,755,000 | $198,286 | $4,058 | 3.53% |
| $250k+ | 114 | $30,690,000 | $269,211 | $4,589 | 3.54% |
Dfcu Financial lent most frequently to those with incomes in the $100k-150k range, with 821 originations. The second most popular income band? $50k-75k, with 726 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 940 | $131,540,000 | $139,936 | $3,677 | 3.54% |
| <20% | 595 | $69,195,000 | $116,294 | $3,340 | 3.63% |
| 30-36% | 560 | $82,270,000 | $146,911 | $3,704 | 3.61% |
| 50-60% | 138 | $12,330,000 | $89,348 | $2,730 | 4.53% |
| 37% | 99 | $14,065,000 | $142,071 | $3,933 | 3.66% |
| 38% | 95 | $13,555,000 | $142,684 | $3,953 | 3.48% |
| 39% | 88 | $12,060,000 | $137,045 | $3,662 | 3.73% |
| 43% | 88 | $12,610,000 | $143,295 | $3,690 | 3.59% |
| 36% | 87 | $12,245,000 | $140,747 | $3,652 | 3.73% |
| 40% | 85 | $12,245,000 | $144,059 | $3,405 | 3.66% |
| 42% | 82 | $14,100,000 | $171,951 | $3,767 | 3.53% |
| 41% | 82 | $12,400,000 | $151,220 | $3,713 | 3.76% |
| 44% | 71 | $12,045,000 | $169,648 | $3,920 | 3.41% |
| 45% | 63 | $8,365,000 | $132,778 | $3,323 | 3.69% |
| 47% | 54 | $7,370,000 | $136,481 | $3,890 | 3.85% |
| 48% | 53 | $8,525,000 | $160,849 | $4,251 | 3.74% |
| 46% | 50 | $7,530,000 | $150,600 | $3,997 | 3.57% |
| 49% | 48 | $7,080,000 | $147,500 | $4,396 | 3.69% |
| >60% | 8 | $770,000 | $96,250 | $3,030 | 4.05% |
Dfcu Financial lent most frequently to those with DTI ratios of 20-30%, with 940 originations. The next most common DTI ratio? <20%, with 595 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 2,493 | $332,505,000 | $133,375 | $3,636 | 3.65% |
| Not provided | 455 | $75,175,000 | $165,220 | $3,858 | 3.45% |
| Black | 239 | $24,765,000 | $103,619 | $3,360 | 3.90% |
| Asian | 67 | $13,315,000 | $198,731 | $4,042 | 3.53% |
| American Indian | 17 | $1,855,000 | $109,118 | $2,988 | 4.06% |
| Asian Indian | 7 | $1,475,000 | $210,714 | $4,911 | 3.39% |
| Korean | 2 | $510,000 | $255,000 | $3,900 | 3.75% |
| Native Hawaiian | 4 | $500,000 | $125,000 | $2,950 | 4.09% |
| Other Pacific Islander | 2 | $180,000 | $90,000 | $2,708 | 3.19% |
| Filipino | 1 | $135,000 | $135,000 | $2,362 | 2.63% |
| Native Hawiian | 1 | $65,000 | $65,000 | $0 | 5.00% |
Approval Rates
Total approvals of all applications87.86%
Dfcu Financial has an average approval rate.
Pick Rate
Approvals leading to origination76.27%
Dfcu Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,288 | $450,480,000 | $137,007 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3,288 | $450,480,000 | $137,007 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 632 | $63,160,000 | $99,937 | $2,578 | 3.88% |
| 40-60% | 618 | $98,380,000 | $159,191 | $3,346 | 3.29% |
| 60-80% | 774 | $152,230,000 | $196,680 | $4,313 | 3.23% |
| 80-100% | 238 | $54,310,000 | $228,193 | $4,134 | 3.38% |
| Under 20% | 745 | $29,495,000 | $39,591 | $705 | 4.48% |
