Question 1

How many mortgage applications did First New York Federal Credit Union process?

Accepted Answer

First New York Federal Credit Union processed 677 mortgage applications in the 2024 HMDA reporting year. Of these, 473 were originated (approved and funded), 121 were withdrawn by the applicant, and 77 were denied.

Question 2

What is First New York Federal Credit Union's mortgage approval rate?

Accepted Answer

First New York Federal Credit Union has an approval (origination) rate of 69.9%, meaning 69.9% of all applications resulted in a funded mortgage. The denial rate is 11.4%.

Question 3

What is the average loan amount at First New York Federal Credit Union?

Accepted Answer

The average mortgage loan amount at First New York Federal Credit Union is $153,006. The average interest rate is 5.285%. The average applicant income is $37,000.

Question 4

What are the most common reasons for mortgage denial at First New York Federal Credit Union?

Accepted Answer

The most common reasons for mortgage denial at First New York Federal Credit Union are: Other, Debt-to-income ratio, Credit history. In total, 77 applications were denied out of 677 total applications.

Question 5

What types of mortgage loans does First New York Federal Credit Union offer?

Accepted Answer

First New York Federal Credit Union processes Conventional loans. The most common type is Conventional with 677 applications and an average loan amount of $153,006.

Question 6

What loan purposes does First New York Federal Credit Union serve?

Accepted Answer

First New York Federal Credit Union serves the following loan purposes: Cash-out Refinancing (265 applications), Home Improvement (233 applications), Refinancing (96 applications), Home Purchase (83 applications). Cash-out Refinancing is the most common purpose.

Question 7

Where is First New York Federal Credit Union located?

Accepted Answer

First New York Federal Credit Union is headquartered in ALBANY, NY. The lender is identified by LEI 5493007G2SOD8W9RK547 in HMDA data.

Question 8

Where does First New York Federal Credit Union sit among U.S. mortgage lenders?

Accepted Answer

According to CFPB HMDA 2024 originated-loan volume among all listed lenders, First New York Federal Credit Union ranks #1,275 of 4,908, and #63 of 194 among lenders headquartered in NY. It is below the 1,000-application origination-share board (677 applications). Its originated-loan count is higher than 74% of the 4,908 reporting lenders in this 2024 HMDA population. Ordinals use originated DESC matching the /lenders default sort. See /methodology#corpus-placement.

Question 9

How does First New York Federal Credit Union compare in lending across racial demographics?

Accepted Answer

First New York Federal Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 71.5% and denial rate of 11.7%; Asian applicants have an approval rate of 75.7% and denial rate of 5.4%; Black or African American applicants have an approval rate of 50.0% and denial rate of 21.4%. This data reflects derived race categories as reported by applicants.

Purpose	Applications	Originated	Avg Loan
Cash-out Refinancing	265	184	$148,132
Home Improvement	233	163	$96,502
Refinancing	96	66	$184,896
Home Purchase	83	60	$290,301

Ethnicity	Applications	Approval Rate	Denial Rate
Not Hispanic or Latino	597	70.0%	11.9%
Hispanic or Latino *	15	66.7%	20.0%
Joint *	9	77.8%	0.0%

First New York Federal Credit Union

Loan types by applications · First New York Federal Cred…

Cited denial reasons · First New York Federal Cred…

Lending activity by loan program · First New York Federal Cred…

Why borrowers applied

Reported outcomes by applicant race

Reported outcomes by applicant ethnicity

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Race	Applications	Approval Rate	Denial Rate
White	554	71.5%	11.7%
Asian *	37	75.7%	5.4%
Black or African American *	28	50.0%	21.4%
Joint *	9	55.6%	11.1%
American Indian or Alaska Native *	2	50.0%	0.0%
2 or more minority races *	1	0.0%	0.0%