My Community Credit Union Mortgage Rates, Fees & Info
Midland, TXLEI: 2549000PNXYVRN44TV91
Tax ID: 75-0969777
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Mortgage Data
Review & Overview
My Community Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. My Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Midland, Odessa, Dallas, Wichita Falls, and Alice among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)My Community Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. My Community Credit Union is typically an average 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
46Origination Dollar Volume (All Markets)
$10,430,000Awards
My Community Credit Union - 2019
My Community Credit Union is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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Top 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 |
|---|---|---|---|---|---|
| MIDLAND, TX (FHA|USDA|VA) | 35 | $8,285,000 | $236,714 | $6,034 | 3.71% |
| ODESSA, TX (FHA|USDA|VA) | 5 | $905,000 | $181,000 | $6,265 | 3.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $6,508 | 4.29% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,981 | 4.25% |
| Alice, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,403 | 3.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,246 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against My Community Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 46 | $10,430,000 | $226,739 | $6,058 | 3.77% |
For 2019, My Community Credit Union's most frequently originated type of loan was Conventional, with 46 originations.
Loan Reason
For 2019, My Community Credit Union's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
For 2019, My Community Credit Union's most frequently cited loan duration was 30 Year, with 33 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
My Community Credit Union's average total fees were $6,229, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 26 | $5,790,000 | $222,692 |
| 4-5% | 16 | $3,950,000 | $246,875 |
| 2.5-3% | 4 | $690,000 | $172,500 |
During 2019, My Community Credit Union's average interest rate for loans was 3.93%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.
Loan Sizing
2019 saw My Community Credit Union place emphasis on $200k-400k loans with 26 originations, totaling $6,820,000 in origination value.
Applicant Income
My Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $75k-100k, with 10 originations.
Applicant Debt to Income Ratio
My Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.21%
My Community Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.61%
My Community Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 46 | $10,430,000 | $226,739 |