Empower Federal Credit Union Mortgage Rates, Fees & Info

Syracuse, NY

LEI: 549300YKTME1U7Z0UN20

Tax ID: 15-0547278

5 stars - out of 5 stars, based on 59 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Empower Federal Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Empower Federal Credit Union has a high proportion of conventional loans. Their top markets include Syracuse, Auburn, Rochester, Binghamton, and Utica among others. Empower Federal Credit Union 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. Empower Federal Credit Union is typically an average fee lendor.


Originations

3,465

Origination Dollar Volume (All Markets)

$379,825,000

Relative Rate

Empower Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.3%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.15%.

Relative Fees

Empower Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,583.

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
SYRACUSE, NY (FHA|USDA|VA) 2,886 $302,910,000 $104,958 $2,598 3.46%
Auburn, NY (FHA|USDA|VA) 118 $11,110,000 $94,153 $2,156 3.82%
ROCHESTER, NY (FHA|USDA|VA) 53 $8,995,000 $169,717 $2,673 3.30%
BINGHAMTON, NY (FHA|USDA|VA) 86 $8,630,000 $100,349 $2,140 4.00%
UTICA-ROME, NY (FHA|USDA|VA) 79 $8,515,000 $107,785 $2,694 3.64%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 64 $7,880,000 $123,125 $2,527 4.18%
ITHACA, NY (FHA|USDA|VA) 2 $6,780,000 $3,390,000 $0 3.83%
Outside of Metro Areas 17 $2,665,000 $156,765 $2,151 4.55%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 16 $2,340,000 $146,250 $2,562 3.17%
ELMIRA, NY (FHA|USDA|VA) 38 $2,070,000 $54,474 $2,023 3.79%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 7 $1,705,000 $243,571 $6,055 3.14%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,320,000 $330,000 $6,180 2.72%
Corning, NY (FHA|USDA|VA) 4 $1,220,000 $305,000 $2,363 3.53%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 8 $1,140,000 $142,500 $2,541 3.22%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,050,000 $175,000 $4,559 2.92%
Cortland, NY (FHA|USDA|VA) 9 $1,045,000 $116,111 $3,498 2.72%
Amsterdam, NY (FHA|USDA|VA) 17 $1,025,000 $60,294 $1,905 3.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,015,000 $338,333 $4,940 2.96%
Gloversville, NY (FHA|USDA|VA) 6 $880,000 $146,667 $2,986 3.37%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $830,000 $415,000 $8,035 2.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $690,000 $345,000 $5,228 3.31%
Seneca Falls, NY (FHA|USDA|VA) 5 $585,000 $117,000 $2,988 4.72%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $520,000 $260,000 $13,561 3.19%
Ogdensburg-Massena, NY (FHA|USDA|VA) 6 $480,000 $80,000 $2,054 3.37%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $445,000 $445,000 $7,740 3.75%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $405,000 $135,000 $5,338 5.12%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $1,648 3.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,061 3.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $275,000 $275,000 $6,319 3.50%
Olean, NY (FHA|USDA|VA) 2 $260,000 $130,000 $4,491 3.63%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.00%
BURLINGTON, NC (FHA|USDA|VA) 1 $245,000 $245,000 $4,629 3.13%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $5,427 3.13%
NEW BERN, NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,101 2.88%
GLENS FALLS, NY (FHA|USDA|VA) 2 $210,000 $105,000 $1,718 3.56%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $205,000 $205,000 $6,275 3.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,886 3.25%
Oneonta, NY (FHA|USDA|VA) 2 $200,000 $100,000 $4,492 3.88%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $195,000 $195,000 $3,967 2.63%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $145,000 $145,000 $2,553 2.38%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,958 3.63%
Sayre, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.00%
Batavia, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.25%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $15,000 $15,000 $0 4.99%

Empower Federal Credit Union's top markets include Syracuse, Auburn, Rochester, Binghamton, and Utica among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,465 $379,825,000 $109,618 $2,614 3.51%

For the 2021 period, Empower Federal Credit Union's most frequently originated loan type of loans were Conventional, with 3,465 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 884 $55,830,000 $63,156 $333 3.83%
Home Purchase 878 $130,480,000 $148,610 $3,393 3.26%
Refi 732 $100,320,000 $137,049 $2,576 3.04%
Cash Out Refi 679 $76,795,000 $113,100 $3,010 3.40%
Other 292 $16,400,000 $56,164 $160 4.67%

For the 2021, Empower Federal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 884 originations. The 2nd most popular reason of loans were Home Purchase, with 878 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,136 $223,300,000 $104,541 $3,583 3.30%
15 Year 702 $97,950,000 $139,530 $2,077 3.76%
10 Year 243 $16,065,000 $66,111 $929 4.55%
20 Year 190 $27,600,000 $145,263 $3,683 2.81%
5 Year 115 $3,715,000 $32,304 $0 4.86%
Other 71 $9,695,000 $136,549 $3,319 3.44%
30+ year 8 $1,500,000 $187,500 $6,397 2.94%

For the 2021, Empower Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 2,136 originations. The 2nd most popular length of loans were 15 Year, with 702 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,233 $110,175,000 $89,355
$1k-2k 514 $73,170,000 $142,354
$2k-3k 221 $35,615,000 $161,154
$3k-4k 102 $21,260,000 $208,431
$5k+ 27 $8,245,000 $305,370

$3,583 of loans were Empower Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,233 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,405 $156,715,000 $111,541
3-4% 946 $126,520,000 $133,742
<2.5% 419 $54,215,000 $129,391
4-5% 393 $27,525,000 $70,038
5-6% 127 $5,895,000 $46,417
Over 8% 82 $4,100,000 $50,000
6-7% 64 $3,240,000 $50,625
7-8% 29 $1,615,000 $55,690

During 2021, Empower Federal Credit Union's average interest rate of loans were 3.30%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,405 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,951 $107,875,000 $55,292 $1,461 3.82%
$100k-200k 1,188 $164,280,000 $138,283 $3,228 3.11%
$200k-400k 295 $74,665,000 $253,102 $4,545 2.99%
$400k-600k 15 $6,965,000 $464,333 $7,814 2.97%
$1MM+ 8 $19,680,000 $2,460,000 $0 3.74%
$600k-1MM 8 $6,360,000 $795,000 $14,643 3.81%

2021 saw Empower Federal Credit Union place emphasis on $100,000 or less loans with 1,951 originations, totaling $107,875,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 904 $81,410,000 $90,055 $2,507 3.47%
$50k or less 769 $62,235,000 $80,930 $2,421 3.57%
$100k-150k 685 $81,495,000 $118,971 $2,941 3.48%
$75k-100k 649 $64,395,000 $99,222 $2,400 3.57%
$150k-250k 336 $48,550,000 $144,494 $3,091 3.37%
$250k+ 57 $11,215,000 $196,754 $3,824 3.08%

Empower Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 904 originations. The second most popular income band? $50k or less, with 769 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 837 $83,875,000 $100,209 $2,560 3.32%
30-36% 612 $66,660,000 $108,922 $2,750 3.47%
<20% 333 $33,695,000 $101,186 $2,513 3.12%
50-60% 201 $16,655,000 $82,861 $1,809 4.13%
36% 137 $12,825,000 $93,613 $2,489 3.61%
39% 132 $12,950,000 $98,106 $2,647 3.58%
40% 124 $13,610,000 $109,758 $2,615 3.81%
38% 123 $13,735,000 $111,667 $3,090 3.51%
37% 122 $11,740,000 $96,230 $2,313 3.73%
41% 113 $11,585,000 $102,522 $2,858 3.37%
44% 112 $14,880,000 $132,857 $3,353 3.38%
43% 100 $10,540,000 $105,400 $2,759 3.44%
42% 96 $10,320,000 $107,500 $2,984 3.69%
49% 81 $7,835,000 $96,728 $2,671 3.66%
47% 71 $7,005,000 $98,662 $2,298 3.81%
48% 66 $6,410,000 $97,121 $2,324 3.89%
45% 63 $7,145,000 $113,413 $2,700 3.57%
46% 62 $5,680,000 $91,613 $2,187 3.61%
>60% 45 $3,995,000 $88,778 $2,233 3.98%

Empower Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 837 originations. The next most common DTI ratio? 30-36%, with 612 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,044 $308,840,000 $101,459 $2,554 3.50%
Not applicable 32 $28,230,000 $882,188 $0 4.03%
Not provided 141 $17,475,000 $123,936 $3,215 3.15%
Black 165 $16,225,000 $98,333 $2,895 3.89%
Asian 46 $5,450,000 $118,478 $3,033 3.14%
American Indian 28 $2,770,000 $98,929 $2,491 3.77%
Native Hawaiian 6 $500,000 $83,333 $0 4.71%
Other Pacific Islander 1 $155,000 $155,000 $2,097 3.00%
Other Asian 1 $135,000 $135,000 $0 3.00%
Asian Indian 1 $45,000 $45,000 $0 4.24%

Approval Rates

Total approvals of all applications
87.25%

Empower Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
86.79%

Empower Federal Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,465 $379,825,000 $109,618

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,465 $379,825,000 $109,618

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 809 $52,185,000 $64,506 $679 3.92%
40-60% 543 $57,465,000 $105,829 $2,275 3.28%
60-80% 833 $140,405,000 $168,553 $3,369 3.03%
80-100% 772 $113,900,000 $147,539 $3,439 3.32%
Under 20% 508 $15,870,000 $31,240 $0 4.14%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
EMBRACE HOME LOANS Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
EMBRACE HOME LOANS Conventional home mortgage Closing on a mortgage 1 20.0%
EMBRACE HOME LOANS Conventional home mortgage Trouble during payment process 1 20.0%
EMBRACE HOME LOANS VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%