Municipal Credit Union Mortgage Rates, Fees & Info
New York, NYLEI: 2549006T9J2DMLJVRS64
Tax ID: 13-5261470
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
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 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 applications53.86%
Municipal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination54.48%
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% |
