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 Other and Home Purchase loans. Madison County Federal Credit Union has a high proportion of conventional loans. Their top two markets are Indianapolis and Muncie .Madison County Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an 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% | 12/2/24 |
| 30 Year Conventional Purchase | 7.42% | 12/2/24 |
| 30 Year Cash-out Refi | 6.66% | 12/2/24 |
| 30 Year USDA Purchase | 6.27% | 12/2/24 |
| 15 Year Conventional Purchase | 6.47% | 12/2/24 |
| 15 Year Conventional Refi | 6.65% | 12/2/24 |
| 15 Year Cash-out Refi | 6.65% | 12/2/24 |
| 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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This is not an official calculator from Madison County Federal Credit Union. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
37Origination Dollar Volume (All Markets)
$2,425,000Top 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) | 35 | $1,975,000 | $56,429 | $1,486 | 5.50% |
| MUNCIE, IN (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,422 | 4.44% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 21 | $925,000 | $44,048 | n/a | 5.40% |
| Conventional | 16 | $1,500,000 | $93,750 | $1,603 | 5.48% |
For 2019, Madison County Federal Credit Union's most frequently originated type of loan was HELOC, with 21 originations. Their 2nd most popular type was Conventional, with 16 originations.
Loan Reason
For 2019, Madison County Federal Credit Union's most frequently cited loan purpose was Other, with 22 originations. The 2nd most popular reason was Home Improvement, with 7 originations.
Loan Duration/Length
For 2019, Madison County Federal Credit Union's most frequently cited loan duration was 20 Year, with 23 originations. The 2nd most popular length was 30 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 12 | $960,000 | $80,000 |
| $1k-2k | 4 | $540,000 | $135,000 |
Madison County Federal Credit Union's average total fees were $2,498, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 17 | $755,000 | $44,412 |
| 4-5% | 9 | $675,000 | $75,000 |
| 3-4% | 6 | $830,000 | $138,333 |
| 7-8% | 5 | $165,000 | $33,000 |
During 2019, Madison County Federal Credit Union's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 5-6%, with 17 originations.
Loan Sizing
2019 saw Madison County Federal Credit Union place emphasis on $100,000 or less loans with 31 originations, totaling $1,375,000 in origination value.
Applicant Income
Madison County Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $75k-100k, with 7 originations.
Applicant Debt to Income Ratio
Madison County Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 9 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 21 | $1,685,000 | $80,238 | $1,536 | 5.54% |
| Not provided | 16 | $740,000 | $46,250 | $2,607 | 5.30% |
Approval Rates
Total approvals of all applications79.63%
Madison County Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination91.89%
Madison County Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 37 | $2,425,000 | $65,541 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 37 | $2,425,000 | $65,541 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Madison Management Services, LLC | Conventional home mortgage | Struggling to pay mortgage | 2 | 40.0% |
| Madison Management Services, LLC | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| Madison Management Services, LLC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 20.0% |
| Madison Management Services, LLC | Other type of mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 20.0% |