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 loans. Madison County Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Muncie, New Castle, Marion, and Frankfort among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Madison County Federal 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. 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% | 4/28/24 |
| 30 Year Conventional Purchase | 7.42% | 4/28/24 |
| 30 Year Cash-out Refi | 6.66% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 6.47% | 4/28/24 |
| 15 Year Conventional Refi | 6.65% | 4/28/24 |
| 15 Year Cash-out Refi | 6.65% | 4/28/24 |
| 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
134Origination Dollar Volume (All Markets)
$11,340,000Awards
Madison County Federal Credit Union - 2021
Madison County Federal Credit Union is a 2021 , due to their low .
For 2021, 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) | 114 | $9,590,000 | $84,123 | $2,795 | 3.33% |
| MUNCIE, IN (FHA|USDA|VA) | 12 | $1,240,000 | $103,333 | $2,517 | 3.63% |
| New Castle, IN (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 4.00% |
| Marion, IN (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $2,360 | 2.69% |
| Outside of Metro Areas | 2 | $90,000 | $45,000 | $0 | 4.00% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,750 | 2.75% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,820 | 3.13% |
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: 252
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 89 | $9,285,000 | $104,326 | $2,746 | 3.04% |
| HELOC | 45 | $2,055,000 | $45,667 | n/a | 4.00% |
For 2021, Madison County Federal Credit Union's most frequently originated type of loan was Conventional, with 89 originations. Their 2nd most popular type was HELOC, with 45 originations.
Loan Reason
For 2021, Madison County Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 57 originations. The 2nd most popular reason was Home Improvement, with 32 originations.
Loan Duration/Length
For 2021, Madison County Federal Credit Union's most frequently cited loan duration was 20 Year, with 68 originations. The 2nd most popular length was 30 Year, with 33 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 53 | $5,545,000 | $104,623 |
| $1k-2k | 34 | $3,320,000 | $97,647 |
| $2k-3k | 2 | $420,000 | $210,000 |
Madison County Federal Credit Union's average total fees were $2,694, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 53 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 64 | $4,830,000 | $75,469 |
| 2.5-3% | 48 | $4,960,000 | $103,333 |
| <2.5% | 18 | $1,430,000 | $79,444 |
| 7-8% | 4 | $120,000 | $30,000 |
During 2021, Madison County Federal Credit Union's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 3-4%, with 64 originations.
Loan Sizing
2021 saw Madison County Federal Credit Union place emphasis on $100,000 or less loans with 92 originations, totaling $4,890,000 in origination value.
Applicant Income
Madison County Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 46 originations. The second most popular income band? $50k-75k, with 40 originations.
Applicant Debt to Income Ratio
Madison County Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 56 originations. The next most common DTI ratio? 20-30%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.77%
Madison County Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.85%
Madison County Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 134 | $11,340,000 | $84,627 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Madison Avenue Associates | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |