Mccoy Federal Credit Union Mortgage Rates, Fees & Info
Orlando, FLLEI: 2549005T4NUXGTZTUE50
Tax ID: 59-0772729
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Mortgage Data
Review & Overview
Mccoy Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Mccoy Federal Credit Union has a high proportion of conventional loans. Their top two markets are Orlando and Lakeland .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.
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Originations
116Origination Dollar Volume (All Markets)
$10,980,000Awards
McCoy Federal Credit Union - 2019
McCoy Federal Credit Union is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 111 | $10,455,000 | $94,189 | $1,827 | 4.67% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 4 | $290,000 | $72,500 | $3,076 | 4.45% |
| Outside of Metro Areas | 1 | $235,000 | $235,000 | $1,829 | 4.50% |
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.
Similarity Rank: 342
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 84 | $9,120,000 | $108,571 | $1,842 | 4.55% |
| HELOC | 32 | $1,860,000 | $58,125 | n/a | 4.96% |
For 2019, Mccoy Federal Credit Union's most frequently originated type of loan was Conventional, with 84 originations. Their 2nd most popular type was HELOC, with 32 originations.
Loan Reason
For 2019, Mccoy Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 36 originations. The 2nd most popular reason was Other, with 33 originations.
Loan Duration/Length
For 2019, Mccoy Federal Credit Union's most frequently cited loan duration was 20 Year, with 42 originations. The 2nd most popular length was 10 Year, with 39 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 84 | $9,120,000 | $108,571 |
Mccoy Federal Credit Union's average total fees were $2,883, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 84 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 67 | $6,095,000 | $90,970 |
| 5-6% | 30 | $1,740,000 | $58,000 |
| 3-4% | 17 | $2,995,000 | $176,176 |
| 6-7% | 1 | $15,000 | $15,000 |
| 7-8% | 1 | $135,000 | $135,000 |
During 2019, Mccoy Federal Credit Union's average interest rate for loans was 4.26%, while their most frequently originated rate bucket for loans was 4-5%, with 67 originations.
Loan Sizing
2019 saw Mccoy Federal Credit Union place emphasis on $100,000 or less loans with 78 originations, totaling $3,980,000 in origination value.
Applicant Income
Mccoy Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 33 originations. The second most popular income band? $100k-150k, with 28 originations.
Applicant Debt to Income Ratio
Mccoy Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 32 originations. The next most common DTI ratio? 20-30%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications40.76%
Mccoy Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination53.45%
Mccoy 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 | 116 | $10,980,000 | $94,655 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 116 | $10,980,000 | $94,655 |