Muskegon Co Op Federal Credit Union Mortgage Rates, Fees & Info

Muskegon, MI

LEI: 2549006QH61JRY6BYY91

Tax ID: 38-1381220

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
  • Complaints
  • 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

    Muskegon Co Op Federal Credit Union is a smaller credit union specializing in Other and Cash Out Refi loans. Muskegon Co Op Federal Credit Union has a high proportion of conventional loans. Their top two markets are Muskegon and Grand Rapids .

    Muskegon Co Op 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.

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    Originations

    55

    Origination Dollar Volume (All Markets)

    $2,935,000

    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
    MUSKEGON, MI (FHA|USDA|VA) 46 $2,380,000 $51,739 $466 4.87%
    Outside of Metro Areas 6 $370,000 $61,667 $700 4.43%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $185,000 $61,667 $611 4.62%
    Muskegon Co Op Federal Credit Union's top markets include Muskegon and Grand Rapids among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 55 $2,935,000 $53,364 $499 4.80%

    For 2018, Muskegon Co Op Federal Credit Union's most frequently originated type of loan was Conventional, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 21 $1,035,000 $49,286 $430 4.86%
    Cash Out Refi 17 $1,075,000 $63,235 $617 4.63%
    Home Improvement 10 $370,000 $37,000 $515 4.96%
    Refi 6 $350,000 $58,333 $399 5.06%
    Home Purchase 1 $105,000 $105,000 $399 3.45%

    For 2018, Muskegon Co Op Federal Credit Union's most frequently cited loan purpose was Other, with 21 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 28 $1,510,000 $53,929 $478 4.68%
    15 Year 15 $1,035,000 $69,000 $495 5.36%
    10 Year 7 $275,000 $39,286 $589 4.66%
    5 Year 5 $115,000 $23,000 $505 4.02%

    For 2018, Muskegon Co Op Federal Credit Union's most frequently cited loan duration was Other, with 28 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 55 $2,935,000 $53,364

    Muskegon Co Op Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 55 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 24 $1,080,000 $45,000
    5-6% 17 $1,065,000 $62,647
    3-4% 10 $590,000 $59,000
    6-7% 4 $200,000 $50,000

    During 2018, Muskegon Co Op Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 24 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 49 $2,075,000 $42,347 $495 4.82%
    $100k-200k 5 $645,000 $129,000 $559 4.89%
    $200k-400k 1 $215,000 $215,000 $399 3.45%

    2018 saw Muskegon Co Op Federal Credit Union place emphasis on $100,000 or less loans with 49 originations, totaling $2,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 20 $1,060,000 $53,000 $471 4.86%
    $50k-75k 17 $775,000 $45,588 $523 4.78%
    $100k-150k 10 $700,000 $70,000 $527 4.55%
    $75k-100k 7 $385,000 $55,000 $497 4.94%
    $150k-250k 1 $15,000 $15,000 $399 5.75%

    Muskegon Co Op Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 20 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 22 $1,220,000 $55,455 $469 4.85%
    <20% 11 $475,000 $43,182 $447 4.72%
    30-36% 6 $270,000 $45,000 $730 4.58%
    39% 3 $225,000 $75,000 $666 4.83%
    49% 1 $35,000 $35,000 $399 4.15%
    40% 1 $15,000 $15,000 $399 4.50%
    42% 1 $15,000 $15,000 $399 5.75%
    46% 1 $75,000 $75,000 $399 4.90%

    Muskegon Co Op Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 22 originations. The next most common DTI ratio? <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 45 $2,205,000 $49,000 $506 4.84%
    Not provided 7 $615,000 $87,857 $497 4.51%
    Black 2 $100,000 $50,000 $399 5.38%
    American Indian 1 $15,000 $15,000 $399 4.00%

    Approval Rates

    Total approvals of all applications
    81.11%

    Muskegon Co Op Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.64%

    Muskegon Co Op Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 55 $2,935,000 $53,364

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $90,000 $45,000
    Single Family (1-4 Units):Site-Built 53 $2,845,000 $53,679

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $410,000 $41,000 $485 5.19%
    40-60% 7 $335,000 $47,857 $669 4.34%
    60-80% 15 $1,225,000 $81,667 $498 4.78%
    80-100% 1 $15,000 $15,000 $399 5.20%
    Under 20% 13 $345,000 $26,538 $447 4.67%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. Other type of mortgage Closing on a mortgage 1 50.0%
    Michigan Mutual, Inc. Other type of mortgage Trouble during payment process 1 50.0%