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, Richmond, and New Castle 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% | 4/21/24 |
| 30 Year Conventional Purchase | 7.42% | 4/21/24 |
| 30 Year Cash-out Refi | 6.66% | 4/21/24 |
| 30 Year USDA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.47% | 4/21/24 |
| 15 Year Conventional Refi | 6.65% | 4/21/24 |
| 15 Year Cash-out Refi | 6.65% | 4/21/24 |
| 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
93Origination Dollar Volume (All Markets)
$8,015,000Awards
Madison County Federal Credit Union - 2020
Madison County Federal Credit Union is a 2020 , due to their low .
For 2020, 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) | 83 | $7,305,000 | $88,012 | $2,639 | 3.67% |
| MUNCIE, IN (FHA|USDA|VA) | 8 | $420,000 | $52,500 | $1,776 | 4.45% |
| Richmond, IN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,644 | 2.75% |
| New Castle, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,797 | 4.00% |
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: 376
Similarity Rank: 441
Similarity Rank: 488
Similarity Rank: 750
Similarity Rank: 1338
Similarity Rank: 1881
Similarity Rank: 2070
Similarity Rank: 2418
Similarity Rank: 2496
Similarity Rank: 2808
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 58 | $6,670,000 | $115,000 | $2,553 | 3.32% |
| HELOC | 35 | $1,345,000 | $38,429 | n/a | 4.43% |
For 2020, Madison County Federal Credit Union's most frequently originated type of loan was Conventional, with 58 originations. Their 2nd most popular type was HELOC, with 35 originations.
Loan Reason
For 2020, Madison County Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Improvement, with 23 originations.
Loan Duration/Length
For 2020, Madison County Federal Credit Union's most frequently cited loan duration was 20 Year, with 42 originations. The 2nd most popular length was 30 Year, with 28 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 40 | $4,550,000 | $113,750 |
| $<1k | 18 | $2,120,000 | $117,778 |
Madison County Federal Credit Union's average total fees were $2,711, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 40 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 32 | $2,490,000 | $77,813 |
| 2.5-3% | 22 | $2,910,000 | $132,273 |
| 4-5% | 18 | $750,000 | $41,667 |
| <2.5% | 16 | $1,700,000 | $106,250 |
| 7-8% | 5 | $165,000 | $33,000 |
During 2020, Madison County Federal Credit Union's average interest rate for loans was 2.98%, while their most frequently originated rate bucket for loans was 3-4%, with 32 originations.
Loan Sizing
2020 saw Madison County Federal Credit Union place emphasis on $100,000 or less loans with 66 originations, totaling $3,150,000 in origination value.
Applicant Income
Madison County Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 31 originations. The second most popular income band? $50k-75k, with 30 originations.
Applicant Debt to Income Ratio
Madison County Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 16 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 72 | $7,080,000 | $98,333 | $2,553 | 3.51% |
| Not provided | 19 | $865,000 | $45,526 | $0 | 4.52% |
| Black | 2 | $70,000 | $35,000 | $0 | 4.50% |
Approval Rates
Total approvals of all applications85.61%
Madison County Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination77.42%
Madison County Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 93 | $8,015,000 | $86,183 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $180,000 | $90,000 |
| Single Family (1-4 Units):Site-Built | 91 | $7,835,000 | $86,099 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Madison Management Services, LLC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 100.0% |