Mccoy Federal Credit Union Mortgage Rates, Fees & Info

Orlando, FL

LEI: 2549005T4NUXGTZTUE50

Tax ID: 59-0772729

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
  • 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

    Mccoy Federal Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Home Purchase loans. Mccoy Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Orlando, Deltona, Lakeland, and Ocala among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mccoy Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mccoy 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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    Originations

    216

    Origination Dollar Volume (All Markets)

    $22,800,000

    Awards

    McCoy Federal Credit Union 30 Year Conventional Loans gold McCoy Federal Credit Union 30 Year Conventional Loans bronze McCoy Federal Credit Union 30 Year Conventional Loans gold McCoy Federal Credit Union 30 Year Conventional Loans gold
    Show all (4) 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
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 199 $21,655,000 $108,819 $1,648 4.30%
    Outside of Metro Areas 9 $615,000 $68,333 $1,406 4.47%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 4 $300,000 $75,000 $1,593 3.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $195,000 $65,000 $1,059 4.25%
    OCALA, FL (FHA|USDA|VA) 1 $35,000 $35,000 $1,063 5.25%
    Mccoy Federal Credit Union's top markets include Orlando, Deltona, Lakeland, and Ocala among others.

    Their top states include:
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against McCoy Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    McCoy Federal Credit Union
    Similarity Rank: 60
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    TrustCo Bank
    Similarity Rank: 700
    ADDITION FINANCIAL
    Similarity Rank: 1222
    WATSON MORTGAGE CORP.
    Similarity Rank: 1254
    SPACE COAST Credit Union
    Similarity Rank: 1344
    VYSTAR
    Similarity Rank: 1512
    FAIRWINDS CREDIT UNION
    Similarity Rank: 1700
    INSIGHT
    Similarity Rank: 1980
    Shea Mortgage Inc.
    Similarity Rank: 2088

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 167 $19,465,000 $116,557 $1,621 4.28%
    HELOC 49 $3,335,000 $68,061 n/a 4.39%

    For 2018, Mccoy Federal Credit Union's most frequently originated type of loan was Conventional, with 167 originations. Their 2nd most popular type was HELOC, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 103 $7,295,000 $70,825 $1,132 4.42%
    Refi 39 $6,165,000 $158,077 $1,992 3.71%
    Other 37 $2,315,000 $62,568 $1,092 4.80%
    Home Purchase 24 $5,210,000 $217,083 $3,077 4.01%
    Cash Out Refi 13 $1,815,000 $139,615 $1,918 4.26%

    For 2018, Mccoy Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 103 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 127 $10,155,000 $79,961 $1,328 4.42%
    15 Year 33 $3,895,000 $118,030 $1,630 3.88%
    30 Year 33 $7,045,000 $213,485 $2,517 4.18%
    10 Year 19 $1,395,000 $73,421 $1,237 4.34%
    Other 4 $310,000 $77,500 $1,544 4.88%

    For 2018, Mccoy Federal Credit Union's most frequently cited loan duration was 20 Year, with 127 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 163 $18,705,000 $114,755

    Mccoy Federal Credit Union's average total fees were $2,517, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 163 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 105 $9,175,000 $87,381
    3-4% 82 $10,680,000 $130,244
    5-6% 19 $1,405,000 $73,947
    2.5-3% 9 $1,525,000 $169,444
    6-7% 1 $15,000 $15,000

    During 2018, Mccoy Federal Credit Union's average interest rate for loans was 4.18%, while their most frequently originated rate bucket for loans was 4-5%, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 132 $7,090,000 $53,712 $1,172 4.46%
    $100k-200k 57 $8,325,000 $146,053 $1,888 4.10%
    $200k-400k 24 $5,840,000 $243,333 $2,474 3.96%
    $400k-600k 2 $930,000 $465,000 $3,729 3.63%
    $600k-1MM 1 $615,000 $615,000 $5,444 4.50%

    2018 saw Mccoy Federal Credit Union place emphasis on $100,000 or less loans with 132 originations, totaling $7,090,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 56 $4,920,000 $87,857 $1,504 4.40%
    $100k-150k 47 $4,475,000 $95,213 $1,479 4.35%
    $75k-100k 39 $5,325,000 $136,538 $1,954 4.19%
    $50k or less 34 $2,570,000 $75,588 $1,369 4.36%
    $150k-250k 28 $3,340,000 $119,286 $1,732 4.14%
    $250k+ 12 $2,170,000 $180,833 $2,142 4.23%

    Mccoy Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $100k-150k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $5,750,000 $99,138 $1,632 4.17%
    30-36% 50 $5,590,000 $111,800 $1,687 4.25%
    <20% 25 $2,755,000 $110,200 $1,865 4.25%
    39% 13 $1,065,000 $81,923 $1,262 4.56%
    41% 12 $1,570,000 $130,833 $1,540 4.35%
    45% 12 $1,190,000 $99,167 $1,862 4.67%
    36% 11 $1,365,000 $124,091 $1,488 4.36%
    37% 10 $1,140,000 $114,000 $1,616 4.25%
    40% 6 $740,000 $123,333 $2,077 4.04%
    42% 6 $610,000 $101,667 $1,389 4.46%
    43% 6 $420,000 $70,000 $1,138 4.83%
    44% 3 $135,000 $45,000 $929 4.42%
    38% 3 $215,000 $71,667 $787 4.67%
    46% 1 $255,000 $255,000 $0 4.00%

    Mccoy Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 131 $13,005,000 $99,275 $1,558 4.30%
    Not provided 52 $4,640,000 $89,231 $1,564 4.40%
    Black 14 $2,470,000 $176,429 $1,880 4.13%
    Asian 12 $1,940,000 $161,667 $2,272 4.17%
    Asian Indian 2 $300,000 $150,000 $2,297 4.00%
    Korean 1 $185,000 $185,000 $2,060 4.50%
    Chinese 1 $165,000 $165,000 $2,097 3.50%
    American Indian 1 $45,000 $45,000 $688 5.25%
    Other Asian 1 $25,000 $25,000 $0 4.00%
    Filipino 1 $25,000 $25,000 $900 4.25%

    Approval Rates

    Total approvals of all applications
    59.39%

    Mccoy Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    75.93%

    Mccoy Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 216 $22,800,000 $105,556

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 216 $22,800,000 $105,556

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 62 $4,870,000 $78,548 $1,275 4.33%
    40-60% 26 $3,910,000 $150,385 $1,878 4.14%
    60-80% 42 $8,100,000 $192,857 $2,220 4.03%
    80-100% 12 $2,630,000 $219,167 $2,593 3.92%
    Under 20% 74 $3,290,000 $44,459 $1,105 4.55%