First Priority Federal Credit Union Mortgage Rates, Fees & Info
Huntington,LEI: 8945001K7B2ZYXWUBZ02
Tax ID: 55-0199905
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Mortgage Data
Review & Overview
First Priority Federal Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. First Priority Federal Credit Union has a high proportion of conventional loans. Their top two markets are Huntington and Charleston .First Priority Federal Credit Union has an average approval rate when compared to the average across all lenders. First Priority 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 about average rates.
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Originations
9Origination Dollar Volume (All Markets)
$525,000Top 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 |
|---|---|---|---|---|---|
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 8 | $420,000 | $52,500 | $1,729 | 3.67% |
| CHARLESTON, WV (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,217 | 4.84% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 9 | $525,000 | $58,333 | $1,894 | 3.80% |
For 2020, First Priority Federal Credit Union's most frequently originated type of loan was Conventional, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $365,000 | $52,143 | $1,813 | 3.99% |
| Refi | 2 | $160,000 | $80,000 | $2,178 | 3.12% |
For 2020, First Priority Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 6 | $330,000 | $55,000 | $1,682 | 3.99% |
| 30 Year | 2 | $160,000 | $80,000 | $3,007 | 3.80% |
| 15 Year | 1 | $35,000 | $35,000 | $946 | 2.67% |
For 2020, First Priority Federal Credit Union's most frequently cited loan duration was 10 Year, with 6 originations. The 2nd most popular length was 30 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 9 | $525,000 | $58,333 |
First Priority Federal Credit Union's average total fees were $3,007, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 9 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 4 | $270,000 | $67,500 |
| 4-5% | 3 | $165,000 | $55,000 |
| 2.5-3% | 2 | $90,000 | $45,000 |
During 2020, First Priority Federal Credit Union's average interest rate for loans was 3.80%, while their most frequently originated rate bucket for loans was 3-4%, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 7 | $315,000 | $45,000 | $1,753 | 3.70% |
| $100k-200k | 2 | $210,000 | $105,000 | $2,388 | 4.17% |
2020 saw First Priority Federal Credit Union place emphasis on $100,000 or less loans with 7 originations, totaling $315,000 in origination value.
Applicant Income
First Priority Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 3 originations. The second most popular income band? $50k or less, with 3 originations.
Applicant Debt to Income Ratio
First Priority Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 3 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 9 | $525,000 | $58,333 | $1,894 | 3.80% |
Approval Rates
Total approvals of all applications81.82%
First Priority Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 9 | $525,000 | $58,333 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 9 | $525,000 | $58,333 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 60-80% | 8 | $470,000 | $58,750 | $1,902 | 3.84% |
| 80-100% | 1 | $55,000 | $55,000 | $1,830 | 3.49% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| First Technology Federal Credit Union | Conventional home mortgage | Trouble during payment process | 1 | 25.0% |
| First Technology Federal Credit Union | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 25.0% |
| First Technology Federal Credit Union | Conventional home mortgage | Incorrect information on your report | 1 | 25.0% |
| First Technology Federal Credit Union | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |