Madison County Federal Credit Union Mortgage Rates, Fees & Info
Anderson, INLEI: 25490053IH908EDF8D65
Tax ID: 35-0868126
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Mortgage Data
Review & Overview
Madison County Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Madison County Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, and Terre Haute among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Madison County Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Madison County Federal Credit Union is typically a low 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.20% | 12/4/24 |
| 30 Year Conventional Purchase | 7.42% | 12/4/24 |
| 30 Year Cash-out Refi | 6.66% | 12/4/24 |
| 30 Year USDA Purchase | 6.27% | 12/4/24 |
| 15 Year Conventional Purchase | 6.47% | 12/4/24 |
| 15 Year Conventional Refi | 6.65% | 12/4/24 |
| 15 Year Cash-out Refi | 6.65% | 12/4/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Madison County Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
51Origination Dollar Volume (All Markets)
$4,225,000Awards
Madison County Federal Credit Union - 2018
Madison County Federal Credit Union is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 46 | $3,550,000 | $77,174 | $1,391 | 5.48% |
| MUNCIE, IN (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $2,638 | 5.08% |
| Outside of Metro Areas | 1 | $285,000 | $285,000 | $1,538 | 5.00% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,484 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Madison County Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 255
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Similarity Rank: 614
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Similarity Rank: 1020
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Similarity Rank: 1278
Similarity Rank: 1482
Similarity Rank: 1520
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 43 | $3,815,000 | $88,721 | $1,478 | 5.51% |
| HELOC | 8 | $410,000 | $51,250 | n/a | 5.03% |
For 2018, Madison County Federal Credit Union's most frequently originated type of loan was Conventional, with 43 originations. Their 2nd most popular type was HELOC, with 8 originations.
Loan Reason
For 2018, Madison County Federal Credit Union's most frequently cited loan purpose was Other, with 17 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.
Loan Duration/Length
For 2018, Madison County Federal Credit Union's most frequently cited loan duration was 30 Year, with 17 originations. The 2nd most popular length was 20 Year, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 24 | $2,490,000 | $103,750 |
| $<1k | 19 | $1,325,000 | $69,737 |
Madison County Federal Credit Union's average total fees were $1,967, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 24 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 27 | $2,415,000 | $89,444 |
| 5-6% | 9 | $975,000 | $108,333 |
| 6-7% | 8 | $440,000 | $55,000 |
| 7-8% | 4 | $120,000 | $30,000 |
| 3-4% | 3 | $275,000 | $91,667 |
During 2018, Madison County Federal Credit Union's average interest rate for loans was 4.93%, while their most frequently originated rate bucket for loans was 4-5%, with 27 originations.
Loan Sizing
2018 saw Madison County Federal Credit Union place emphasis on $100,000 or less loans with 37 originations, totaling $1,875,000 in origination value.
Applicant Income
Madison County Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
Madison County Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.66%
Madison County Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination50.98%
Madison County Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 51 | $4,225,000 | $82,843 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $150,000 | $75,000 |
| Single Family (1-4 Units):Site-Built | 49 | $4,075,000 | $83,163 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Madison Management Services, LLC | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |
| Madison Management Services, LLC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |
| Madison Management Services, LLC | Other type of mortgage | Trouble during payment process | 1 | 33.3% |