Advanced Financial Federal Credit Union Mortgage Rates, Fees & Info
New Providence, NJLEI: 549300WVV5REOCSC4A63
Tax ID: 22-6076829
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Mortgage Data
Review & Overview
Advanced Financial Federal Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Advanced Financial Federal Credit Union has a high proportion of conventional loans. Their top two markets are New York and Philadelphia .Advanced Financial Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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Originations
18Origination Dollar Volume (All Markets)
$2,430,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 17 | $2,345,000 | $137,941 | $0 | 5.16% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.25% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $2,430,000 | $135,000 | $0 | 5.17% |
For 2021, Advanced Financial Federal Credit Union's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 9 | $1,535,000 | $170,556 | $0 | 5.28% |
| Home Improvement | 8 | $820,000 | $102,500 | $0 | 5.22% |
| Refi | 1 | $75,000 | $75,000 | $0 | 3.75% |
For 2021, Advanced Financial Federal Credit Union's most frequently cited loan purpose was Other, with 9 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 14 | $2,260,000 | $161,429 | $0 | 5.48% |
| 5 Year | 3 | $115,000 | $38,333 | $0 | 3.75% |
| 10 Year | 1 | $55,000 | $55,000 | $0 | 5.00% |
For 2021, Advanced Financial Federal Credit Union's most frequently cited loan duration was 15 Year, with 14 originations. The 2nd most popular length was 5 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 7 | $945,000 | $135,000 |
| 5-6% | 5 | $1,035,000 | $207,000 |
| 3-4% | 3 | $115,000 | $38,333 |
| 6-7% | 3 | $335,000 | $111,667 |
During 2021, Advanced Financial Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 7 originations.
Loan Sizing
2021 saw Advanced Financial Federal Credit Union place emphasis on $100,000 or less loans with 9 originations, totaling $545,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 11 | $1,265,000 | $115,000 | $0 | 5.25% |
| $250k+ | 4 | $600,000 | $150,000 | $0 | 5.19% |
| $100k-150k | 3 | $565,000 | $188,333 | $0 | 4.83% |
Advanced Financial Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $250k+, with 4 originations.
Applicant Debt to Income Ratio
Advanced Financial Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 16 | $2,050,000 | $128,125 | $0 | 5.05% |
| Black | 2 | $380,000 | $190,000 | $0 | 6.13% |
Approval Rates
Total approvals of all applications100.00%
Advanced Financial 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 18 | $2,430,000 | $135,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 3 | $495,000 | $165,000 | $0 | 5.83% |
| 40-60% | 4 | $1,080,000 | $270,000 | $0 | 5.00% |
| Under 20% | 11 | $855,000 | $77,727 | $0 | 5.05% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Advantage Credit, Inc. | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |