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First Source Federal Credit Un

New Hartford, NY

First Source Federal Credit Un processed 1,262 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 948 loans with a 13.7% denial rate. Home Improvement was the primary loan purpose. Based in New Hartford, NY. The approval rate of 75.1% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. First Source Federal Credit Un processed 1,262 HMDA-reported mortgage applications in 2024, originating 948 loans and denying 173 for a denial rate of 13.7% (applicants themselves withdrew 113 files before a decision). The average loan amount was $99,540 at a 7.095% average note rate, and applicants self-reported an average income of $36,000. The lender reports under LEI 549300NBSU5FHMDN5F74 from New Hartford, NY.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% — HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. First Source Federal Credit Un's 75.1% origination rate tells you how often an application turned into funded money; the 13.7% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Other, Debt-to-income ratio, Credit history, which together explain the majority of rejections. Most activity concentrated in Conventional loans (1,262 applications).

How to read this page. These figures are aggregate HMDA disclosures — they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting — it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

1,262
Applications
948
Originated
13.7%
Denial Rate
$99,540
Avg Loan Amount
Avg Interest Rate: 7.095% Avg Applicant Income: $36,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 1,262 948 173 $99,540

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for First Source Federal Credit Un (LEI: 549300NBSU5FHMDN5F74) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Other
87
Debt-to-income ratio
83
Credit history
51
Credit application incomplete
37
Collateral
23
Employment history
18
Unverifiable information
8
Insufficient cash
3

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Improvement 512 379 $67,773
Other 264 189 $67,348
Refinancing 243 191 $121,049
Home Purchase 232 183 $179,526
Cash-out Refinancing 11 6 $188,636

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 1,124 74.8% 14.0%
Black or African American 24 54.2% 20.8%
Asian 21 66.7% 14.3%
Joint 12 66.7% 25.0%
Native Hawaiian or Other Pacific Islander 3 66.7% 33.3%
American Indian or Alaska Native 2 50.0% 50.0%

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 1,132 75.3% 12.9%
Hispanic or Latino 49 42.9% 42.9%
Joint 16 68.8% 25.0%

Nearby Lenders in NY

Other HMDA-reporting lenders in NY with similar activity. Compare any two side-by-side.

Citibank, NA

New York, NY

54,575 apps 14,104 originated 8.6% denied

M&T BANK

BUFFALO, NY

36,377 apps 20,743 originated 30.9% denied

Loan Funder LLC

New York, NY

23,955 apps 10,690 originated 11.6% denied

BETHPAGE FEDERAL CREDIT UNION

BETHPAGE, NY

21,186 apps 9,086 originated 44.3% denied

Better Mortgage Corporation

New York, NY

18,219 apps 5,450 originated 11.3% denied
Compare First Source Federal Credit Un vs Citibank, NA →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did First Source Federal Credit Un process?
First Source Federal Credit Un processed 1,262 mortgage applications in the 2023 HMDA reporting year. Of these, 948 were originated (approved and funded), 113 were withdrawn by the applicant, and 173 were denied.
What is First Source Federal Credit Un's mortgage approval rate?
First Source Federal Credit Un has an approval (origination) rate of 75.1%, meaning 75.1% of all applications resulted in a funded mortgage. The denial rate is 13.7%.
What is the average loan amount at First Source Federal Credit Un?
The average mortgage loan amount at First Source Federal Credit Un is $99,540. The average interest rate is 7.095%. The average applicant income is $36,000.
What are the most common reasons for mortgage denial at First Source Federal Credit Un?
The most common reasons for mortgage denial at First Source Federal Credit Un are: Other, Debt-to-income ratio, Credit history. In total, 173 applications were denied out of 1,262 total applications.
What types of mortgage loans does First Source Federal Credit Un offer?
First Source Federal Credit Un processes Conventional loans. The most common type is Conventional with 1,262 applications and an average loan amount of $99,540.
What loan purposes does First Source Federal Credit Un serve?
First Source Federal Credit Un serves the following loan purposes: Home Improvement (512 applications), Other (264 applications), Refinancing (243 applications), Home Purchase (232 applications), Cash-out Refinancing (11 applications). Home Improvement is the most common purpose.
Where is First Source Federal Credit Un located?
First Source Federal Credit Un is headquartered in New Hartford, NY. The lender is identified by LEI 549300NBSU5FHMDN5F74 in HMDA data.
How does First Source Federal Credit Un compare in lending across racial demographics?
First Source Federal Credit Un reports demographic lending data under HMDA requirements. White applicants have an approval rate of 74.8% and denial rate of 14.0%; Black or African American applicants have an approval rate of 54.2% and denial rate of 20.8%; Asian applicants have an approval rate of 66.7% and denial rate of 14.3%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology — how this data is sourced, computed, and verified.