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TruChoice Federal Credit Union

South Portland, ME

TruChoice Federal Credit Union processed 390 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 225 loans with a 6.7% denial rate. Other was the primary loan purpose. Based in South Portland, ME. The approval rate of 57.7% reflects originated loans as a share of all applications.

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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. TruChoice Federal Credit Union's 57.7% origination rate tells you how often an application turned into funded money; the 6.7% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Other, which together explain the majority of rejections. Most activity concentrated in Conventional loans (384 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.

390
Applications
225
Originated
6.7%
Denial Rate
$129,487
Avg Loan Amount
Avg Interest Rate: 8.603% Avg Applicant Income: $39,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 384 225 26 $123,958
FHA 6 0 0 $483,333

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for TruChoice Federal Credit Union (LEI: 549300LGD38SS4PVFC71) · 2024 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio
16
Credit history
9
Other
5
Collateral
2

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Other 145 90 $83,207
Home Improvement 139 99 $85,719
Home Purchase 79 15 $289,937
Refinancing 21 17 $96,905
Cash-out Refinancing 6 4 $263,333

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 269 65.8% 6.3%
Black or African American * 7 42.9% 0.0%
Joint * 4 50.0% 25.0%
Asian * 2 0.0% 0.0%
2 or more minority races * 1 0.0% 0.0%
American Indian or Alaska Native * 1 0.0% 100.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

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 272 64.3% 7.0%
Joint * 5 60.0% 20.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Nearby Lenders in ME

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

Bangor Savings Bank

BANGOR, ME

4,953 apps 3,426 originated 18.7% denied

The Camden National Bank

CAMDEN, ME

2,443 apps 1,733 originated 11.2% denied

Kennebec Savings Bank

Augusta, ME

1,775 apps 1,044 originated 8.7% denied

Norway Savings Bank

Norway, ME

1,109 apps 624 originated 15.5% denied

Town and Country Federal Credi

South Portland, ME

1,013 apps 710 originated 15.4% denied
Compare TruChoice Federal Credit Union vs Bangor Savings Bank →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did TruChoice Federal Credit Union process?
TruChoice Federal Credit Union processed 390 mortgage applications in the 2024 HMDA reporting year. Of these, 225 were originated (approved and funded), 122 were withdrawn by the applicant, and 26 were denied.
What is TruChoice Federal Credit Union's mortgage approval rate?
TruChoice Federal Credit Union has an approval (origination) rate of 57.7%, meaning 57.7% of all applications resulted in a funded mortgage. The denial rate is 6.7%.
What is the average loan amount at TruChoice Federal Credit Union?
The average mortgage loan amount at TruChoice Federal Credit Union is $129,487. The average interest rate is 8.603%. The average applicant income is $39,000.
What are the most common reasons for mortgage denial at TruChoice Federal Credit Union?
The most common reasons for mortgage denial at TruChoice Federal Credit Union are: Debt-to-income ratio, Credit history, Other. In total, 26 applications were denied out of 390 total applications.
What types of mortgage loans does TruChoice Federal Credit Union offer?
TruChoice Federal Credit Union processes Conventional, FHA loans. The most common type is Conventional with 384 applications and an average loan amount of $123,958.
What loan purposes does TruChoice Federal Credit Union serve?
TruChoice Federal Credit Union serves the following loan purposes: Other (145 applications), Home Improvement (139 applications), Home Purchase (79 applications), Refinancing (21 applications), Cash-out Refinancing (6 applications). Other is the most common purpose.
Where is TruChoice Federal Credit Union located?
TruChoice Federal Credit Union is headquartered in South Portland, ME. The lender is identified by LEI 549300LGD38SS4PVFC71 in HMDA data.
How does TruChoice Federal Credit Union compare in lending across racial demographics?
TruChoice Federal Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 65.8% and denial rate of 6.3%; Black or African American applicants have an approval rate of 42.9% and denial rate of 0.0%; Joint applicants have an approval rate of 50.0% and denial rate of 25.0%. 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.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.