Municipal Credit Union Mortgage Rates, Fees & Info
New York, NYLEI: 2549006T9J2DMLJVRS64
Tax ID: 13-5261470
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Municipal Credit Union is a smaller credit union specializing in loans. Municipal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, Kingston, Philadelphia, and Allentown among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Municipal 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. Municipal Credit Union is typically an average 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.77% | 3/19/23 |
| 30 Year Conventional Refi | 6.53% | 3/19/23 |
| 30 Year Cash-out Refi | 6.58% | 3/19/23 |
| 15 Year Conventional Purchase | 5.58% | 3/19/23 |
| 15 Year Conventional Refi | 5.82% | 3/19/23 |
| 15 Year Cash-out Refi | 5.82% | 3/19/23 |
| 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. | ||
Originations
786Origination Dollar Volume (All Markets)
$172,690,000Awards
Municipal Credit Union - 2021
Municipal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Municipal Credit Union's average 30 year fixed mortgage rate was
3.22%.
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.07%.
Relative Fees (Closing Costs)
Municipal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,655.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 735 | $163,495,000 | $222,442 | $1,896 | 3.22% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 35 | $6,445,000 | $184,143 | $1,790 | 3.20% |
| KINGSTON, NY (FHA|USDA|VA) | 5 | $875,000 | $175,000 | $1,580 | 3.30% |
| Outside of Metro Areas | 4 | $660,000 | $165,000 | $4,165 | 3.16% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $4,870 | 3.31% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 2.25% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 2.25% |
| Auburn, NY (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.12% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.25% |
| Cortland, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,246 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Municipal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 102
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 786 | $172,690,000 | $219,707 | $1,904 | 3.22% |
For 2021, Municipal Credit Union's most frequently originated type of loan was Conventional, with 786 originations.
Loan Reason
For 2021, Municipal Credit Union's most frequently cited loan purpose was Home Improvement, with 259 originations. The 2nd most popular reason was Cash Out Refi, with 204 originations.
Loan Duration/Length
For 2021, Municipal Credit Union's most frequently cited loan duration was 15 Year, with 258 originations. The 2nd most popular length was 30 Year, with 250 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 763 | $168,375,000 | $220,675 |
| $1k-2k | 18 | $3,460,000 | $192,222 |
| $2k-3k | 1 | $165,000 | $165,000 |
| $4k-5k | 1 | $205,000 | $205,000 |
Municipal Credit Union's average total fees were $4,655, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 763 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 500 | $109,030,000 | $218,060 |
| <2.5% | 143 | $28,575,000 | $199,825 |
| 2.5-3% | 95 | $31,585,000 | $332,474 |
| 4-5% | 48 | $3,500,000 | $72,917 |
During 2021, Municipal Credit Union's average interest rate for loans was 3.22%, while their most frequently originated rate bucket for loans was 3-4%, with 500 originations.
Loan Sizing
2021 saw Municipal Credit Union place emphasis on $100,000 or less loans with 251 originations, totaling $14,835,000 in origination value.
Applicant Income
Municipal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 273 originations. The second most popular income band? $150k-250k, with 178 originations.
Applicant Debt to Income Ratio
Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 154 originations. The next most common DTI ratio? 30-36%, with 150 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications63.64%
Municipal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination41.86%
Municipal 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 |
|---|---|---|---|
| 0.0 | 1 | $205,000 | $205,000 |
| NA | 785 | $172,485,000 | $219,726 |