Somerset Federal Credit Union at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the C grade breaks down
Each component is a percentile rank among 1,883 small mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
35th13.4% deniedProcesswithdrawn + incomplete share, weight 15%
22nd19.1%Closing coststotal loan costs ÷ loan amount, weight 10%
76th1.26% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 378 | 233 | 18.8% | 23.4% | 5.63% | $26M |
| 2024 | 271 | 152 | 19.9% | 26.1% | 6.50% | $20M |
| 2025 | 324 | 227 | 10.8% | 13.4% | 6.25% | $38M |
What Somerset Federal Credit Union lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 39 home-equity lines, 0 reverse mortgages, 173 manufactured homes, 0 investment properties.
Why Somerset Federal Credit Union denies applications
Primary reason reported for each of the 35 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Somerset Federal Credit Union
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 35 | 20 | 20.0% |
| $50k – $100k | 137 | 90 | 14.3% |
| $100k – $150k | 89 | 63 | 14.9% |
| $150k – $250k | 55 | 48 | 7.7% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 43 | 33 | 10.8% |
| 35–44 | 36 | 24 | 17.2% |
| 45–54 | 54 | 37 | 22.9% |
| 55–64 | 96 | 71 | 9.0% |
| 65–74 | 70 | 45 | 11.8% |
| Over 74 | 24 | 16 | 11.1% |
Where Somerset Federal Credit Union lends
4 states and 10 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Massachusetts | 254 | 193 | 9.1% | 6.25% | #132 |
| Rhode Island | 68 | 34 | 16.2% | 6.25% | #81 |
Frequently asked questions
Somerset Federal Credit Union denied 13.4% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 35th percentile of small mortgage lenders.
The most common reason Somerset Federal Credit Union gave in 2025 was "credit history", cited on 37.1% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Somerset Federal Credit Union originated in 2025 was 6.25%, and its median rate spread over the average prime offer rate was 0.00 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 51% of its applications were for home purchases, 35% for refinancing (including cash-out), and 14% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.