Dfcu Financial Mortgage Rates, Fees & Info

Dearborn, MI

LEI: 549300W6K140RN8NQB93

Tax ID: 38-1350130

5 stars - out of 5 stars, based on 57 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

3,288

Origination Dollar Volume (All Markets)

$450,480,000

Relative 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 applications
87.86%

Dfcu Financial has an average approval rate.

Pick Rate

Approvals leading to origination
76.27%

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%