My Community Credit Union Mortgage Rates, Fees & Info

Midland, TX

LEI: 2549000PNXYVRN44TV91

Tax ID: 75-0969777

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    My Community Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. My Community Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Midland, Dallas, Odessa, Corpus Christi, and Sherman among others. We have data for 7 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    83

    Origination Dollar Volume (All Markets)

    $22,665,000

    Awards

    My Community Credit Union 30 Year Conventional Loans gold My Community Credit Union 30 Year Conventional Loans gold
    Show all (2) awards

    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) 57 $15,705,000 $275,526 $7,070 2.72%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 13 $3,925,000 $301,923 $6,125 2.59%
    ODESSA, TX (FHA|USDA|VA) 8 $1,480,000 $185,000 $5,759 2.77%
    CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $615,000 $615,000 $4,953 4.00%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $395,000 $395,000 $9,673 2.38%
    Carlsbad-Artesia, NM (FHA|USDA|VA) 1 $345,000 $345,000 $6,616 2.38%
    Outside of Metro Areas 2 $200,000 $100,000 $4,422 2.50%
    My Community Credit Union's top markets include Midland, Dallas, Odessa, Corpus Christi, and Sherman among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)

    • 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.

    My Community Credit Union
    Similarity Rank: 350
    CHEVRON
    Similarity Rank: 620
    LRS FINANCIAL NETWORK, INC.
    Similarity Rank: 1064
    First Financial Bank
    Similarity Rank: 1072
    Southwest Bank
    Similarity Rank: 1254
    TEXAS TECH
    Similarity Rank: 2106
    INFINITY MORTGAGE HOLDINGS, LLC
    Similarity Rank: 2394
    SOUTHWEST STAGE FUNDING, LLC
    Similarity Rank: 4113
    PREMIA MORTGAGE, LLC
    Similarity Rank: 4823
    Prosperity Bank
    Similarity Rank: 5940

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 83 $22,665,000 $273,072 $6,732 2.71%

    For 2020, My Community Credit Union's most frequently originated type of loan was Conventional, with 83 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 34 $9,290,000 $273,235 $7,445 2.72%
    Refi 33 $7,835,000 $237,424 $5,590 2.61%
    Home Purchase 16 $5,540,000 $346,250 $7,574 2.88%

    For 2020, My Community Credit Union's most frequently cited loan purpose was Cash Out Refi, with 34 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 54 $16,430,000 $304,259 $7,170 2.84%
    15 Year 16 $3,830,000 $239,375 $6,580 2.41%
    20 Year 8 $1,680,000 $210,000 $5,748 2.70%
    10 Year 3 $395,000 $131,667 $2,957 2.13%
    Other 2 $330,000 $165,000 $5,740 2.50%

    For 2020, My Community Credit Union's most frequently cited loan duration was 30 Year, with 54 originations. The 2nd most popular length was 15 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 30 $6,630,000 $221,000
    $2k-3k 18 $2,470,000 $137,222
    $4k-5k 14 $4,330,000 $309,286
    $5k+ 12 $7,100,000 $591,667
    $1k-2k 5 $805,000 $161,000
    $<1k 4 $1,330,000 $332,500

    My Community Credit Union's average total fees were $7,170, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 30 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 37 $8,905,000 $240,676
    2.5-3% 34 $9,990,000 $293,824
    3-4% 11 $3,095,000 $281,364
    4-5% 1 $675,000 $675,000

    During 2020, My Community Credit Union's average interest rate for loans was 2.84%, while their most frequently originated rate bucket for loans was <2.5%, with 37 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 41 $11,225,000 $273,780 $6,625 2.65%
    $100k-200k 26 $3,900,000 $150,000 $5,093 2.63%
    $400k-600k 6 $2,970,000 $495,000 $10,080 2.75%
    $600k-1MM 6 $4,350,000 $725,000 $13,411 3.35%
    $100,000 or less 4 $220,000 $55,000 $3,445 2.72%

    2020 saw My Community Credit Union place emphasis on $200k-400k loans with 41 originations, totaling $11,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 22 $5,610,000 $255,000 $6,073 2.63%
    $75k-100k 17 $3,485,000 $205,000 $5,866 2.71%
    $50k-75k 14 $2,480,000 $177,143 $5,788 2.72%
    $150k-250k 12 $3,800,000 $316,667 $7,447 2.61%
    $250k+ 12 $6,500,000 $541,667 $10,700 2.93%
    $50k or less 6 $790,000 $131,667 $4,440 2.71%

    My Community Credit Union lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $75k-100k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $5,910,000 $268,636 $6,927 2.63%
    30-36% 17 $5,235,000 $307,941 $7,484 2.65%
    <20% 10 $2,680,000 $268,000 $6,165 2.40%
    40% 6 $1,760,000 $293,333 $6,089 2.85%
    41% 5 $905,000 $181,000 $5,568 2.93%
    38% 4 $1,080,000 $270,000 $6,631 2.78%
    42% 4 $900,000 $225,000 $6,900 2.69%
    37% 3 $725,000 $241,667 $7,235 2.79%
    36% 3 $825,000 $275,000 $6,643 2.63%
    43% 3 $1,055,000 $351,667 $8,479 3.75%
    50-60% 2 $370,000 $185,000 $5,336 2.56%
    48% 2 $400,000 $200,000 $5,151 2.44%
    47% 1 $205,000 $205,000 $6,016 2.75%
    39% 1 $615,000 $615,000 $4,953 4.00%

    My Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? 30-36%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 66 $17,940,000 $271,818 $6,659 2.69%
    Not provided 9 $2,435,000 $270,556 $6,966 2.76%
    Asian 3 $1,175,000 $391,667 $8,597 2.58%
    American Indian 4 $840,000 $210,000 $5,865 2.97%
    Filipino 1 $275,000 $275,000 $7,326 2.50%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination
    84.34%

    My Community Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 83 $22,665,000 $273,072

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 83 $22,665,000 $273,072

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $365,000 $121,667 $5,009 2.54%
    40-60% 16 $2,850,000 $178,125 $5,554 2.60%
    60-80% 41 $12,015,000 $293,049 $6,970 2.68%
    80-100% 22 $7,410,000 $336,818 $7,587 2.90%
    Under 20% 1 $25,000 $25,000 $2,193 2.00%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Mason McDuffie Mortgage Corporation Conventional home mortgage Trouble during payment process 1 100.0%