Municipal Credit Union Mortgage Rates, Fees & Info

New York, NY

LEI: 2549006T9J2DMLJVRS64

Tax ID: 13-5261470

4.9 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Municipal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Municipal Credit Union has a high proportion of conventional loans. Their top markets include New York, Poughkeepsie, Kingston, Philadelphia, and Allentown among others. Municipal Credit Union has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Municipal Credit Union is typically an average fee lendor.


Originations

786

Origination Dollar Volume (All Markets)

$172,690,000

Awards

Municipal Credit Union 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Municipal Credit Union's average 30 year fixed rate mortgage of loans were 3.22%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.07%.

Relative Fees

Municipal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,655.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

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%

Municipal Credit Union's top markets include New York, Poughkeepsie, Kingston, Philadelphia, and Allentown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 786 $172,690,000 $219,707 $1,904 3.22%

For the 2021 period, Municipal Credit Union's most frequently originated loan type of loans were Conventional, with 786 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 259 $29,835,000 $115,193 $94 3.35%
Cash Out Refi 204 $74,750,000 $366,422 $4,750 3.14%
Other 131 $15,785,000 $120,496 $225 3.38%
Refi 107 $27,915,000 $260,888 $1,934 2.82%
Home Purchase 85 $24,405,000 $287,118 $3,986 3.29%

For the 2021, Municipal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 259 originations. The 2nd most popular reason of loans were Cash Out Refi, with 204 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 258 $43,610,000 $169,031 $556 2.90%
30 Year 250 $91,950,000 $367,800 $4,655 3.22%
20 Year 142 $23,260,000 $163,803 $16 3.85%
10 Year 122 $8,960,000 $73,443 $371 3.19%
Other 14 $4,910,000 $350,714 $4,415 3.13%

For the 2021, Municipal Credit Union's most frequently cited loan length of loans were 15 Year, with 258 originations. The 2nd most popular length of loans were 30 Year, with 250 originations.

Origination Fees

Origination Fee 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
$3k-4k 1 $205,000 $205,000

$4,655 of loans were Municipal Credit Union's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 500 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 251 $14,835,000 $59,104 $179 3.51%
$200k-400k 224 $67,600,000 $301,786 $2,978 2.96%
$100k-200k 181 $24,925,000 $137,707 $1,106 3.22%
$400k-600k 111 $51,785,000 $466,532 $4,641 3.06%
$600k-1MM 19 $13,545,000 $712,895 $5,840 3.39%

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

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 273 $56,405,000 $206,612 $1,597 3.31%
$150k-250k 178 $46,690,000 $262,303 $1,851 3.18%
$75k-100k 151 $30,485,000 $201,887 $1,847 3.15%
$50k-75k 88 $12,780,000 $145,227 $1,664 3.19%
$250k+ 33 $8,085,000 $245,000 $2,021 3.28%
$50k or less 13 $1,305,000 $100,385 $1,529 3.04%

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

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 154 $30,190,000 $196,039 $1,783 3.09%
30-36% 150 $31,800,000 $212,000 $1,904 3.29%
<20% 59 $9,565,000 $162,119 $1,250 2.81%
44% 42 $7,280,000 $173,333 $1,092 3.46%
37% 35 $6,925,000 $197,857 $1,669 3.42%
42% 28 $7,130,000 $254,643 $2,340 3.41%
39% 27 $6,805,000 $252,037 $1,770 3.25%
40% 27 $5,925,000 $219,444 $1,503 3.41%
41% 27 $7,085,000 $262,407 $1,999 3.19%
45% 27 $7,475,000 $276,852 $1,917 3.38%
46% 26 $5,520,000 $212,308 $1,532 3.10%
43% 25 $5,405,000 $216,200 $1,729 3.29%
38% 23 $3,955,000 $171,957 $1,861 3.49%
36% 22 $4,670,000 $212,273 $1,748 2.98%
47% 20 $5,140,000 $257,000 $1,761 3.21%
48% 14 $4,020,000 $287,143 $1,932 3.31%
50-60% 14 $2,030,000 $145,000 $642 3.58%
49% 12 $3,660,000 $305,000 $2,919 3.26%
>60% 2 $410,000 $205,000 $0 3.18%

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

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Black 316 $81,680,000 $258,481 $2,622 3.22%
White 203 $48,165,000 $237,266 $2,344 3.12%
Not provided 214 $29,650,000 $138,551 $496 3.34%
Asian 30 $7,730,000 $257,667 $1,724 3.11%
Asian Indian 9 $2,645,000 $293,889 $2,529 3.11%
Other Asian 5 $1,215,000 $243,000 $3,239 3.35%
American Indian 4 $1,150,000 $287,500 $3,204 3.34%
Native Hawaiian 3 $285,000 $95,000 $0 3.08%
Other Pacific Islander 2 $170,000 $85,000 $0 3.25%

Approval Rates

Total approvals of all applications
53.86%

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

Pick Rate

Approvals leading to origination
54.48%

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

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
786 $172,690,000 $219,707

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 138 $27,030,000 $195,870 $1,091 3.01%
40-60% 106 $33,420,000 $315,283 $3,041 2.87%
60-80% 176 $67,230,000 $381,989 $4,406 3.12%
80-100% 60 $21,330,000 $355,500 $4,481 3.27%
Over 100% 1 $385,000 $385,000 $4,354 3.13%
Under 20% 305 $23,295,000 $76,377 $80 3.49%