Municipal Credit Union Mortgage Rates, Fees & Info

New York, NY

LEI: 2549006T9J2DMLJVRS64

Tax ID: 13-5261470

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Municipal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Municipal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, Philadelphia, Gloversville, and Albany among others. We have data for 8 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 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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.48% 4/18/24
    30 Year Conventional Refi 5.30% 4/18/24
    30 Year Cash-out Refi 5.40% 4/18/24
    15 Year Conventional Purchase 5.87% 4/18/24
    15 Year Conventional Refi 4.95% 4/18/24
    15 Year Cash-out Refi 4.95% 4/18/24
    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.

    Municipal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Municipal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    557

    Origination Dollar Volume (All Markets)

    $166,425,000

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 527 $160,275,000 $304,127 $3,554 3.52%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 20 $4,670,000 $233,500 $3,564 3.39%
    Outside of Metro Areas 3 $425,000 $141,667 $2,868 3.17%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $410,000 $205,000 $2,399 3.13%
    Gloversville, NY (FHA|USDA|VA) 1 $235,000 $235,000 $3,906 4.13%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2 $220,000 $110,000 $3,415 3.56%
    Seneca Falls, NY (FHA|USDA|VA) 1 $155,000 $155,000 $3,899 3.63%
    Hudson, NY (FHA|USDA|VA) 1 $35,000 $35,000 $15 3.25%
    Municipal Credit Union's top markets include New York, Poughkeepsie, Philadelphia, Gloversville, and Albany among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)

    • 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.

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    MID-HUDSON VALLEY
    Similarity Rank: 702
    Hanover Community Bank
    Similarity Rank: 727
    Roselle Bank
    Similarity Rank: 796
    TEG Federal Credit Union
    Similarity Rank: 869
    Poli Mortgage Group, Inc.
    Similarity Rank: 1012

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 557 $166,425,000 $298,788 $3,539 3.51%

    For 2020, Municipal Credit Union's most frequently originated type of loan was Conventional, with 557 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 257 $88,765,000 $345,389 $4,525 3.48%
    Home Purchase 114 $37,030,000 $324,825 $4,367 3.72%
    Refi 96 $30,050,000 $313,021 $3,267 3.27%
    Home Improvement 55 $7,375,000 $134,091 $488 3.44%
    Other 35 $3,205,000 $91,571 $0 3.83%

    For 2020, Municipal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 257 originations. The 2nd most popular reason was Home Purchase, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 303 $111,425,000 $367,739 $4,541 3.65%
    15 Year 104 $22,690,000 $218,173 $2,471 3.04%
    20 Year 99 $25,075,000 $253,283 $9 3.73%
    10 Year 43 $4,075,000 $94,767 $759 3.22%
    Other 8 $3,160,000 $395,000 $5,291 3.47%

    For 2020, Municipal Credit Union's most frequently cited loan duration was 30 Year, with 303 originations. The 2nd most popular length was 15 Year, with 104 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 512 $154,730,000 $302,207
    $1k-2k 37 $9,855,000 $266,351
    $5k+ 4 $1,340,000 $335,000

    Municipal Credit Union's average total fees were $4,541, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 512 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 425 $132,085,000 $310,788
    2.5-3% 65 $19,445,000 $299,154
    4-5% 36 $9,100,000 $252,778
    <2.5% 22 $4,800,000 $218,182
    6-7% 4 $690,000 $172,500
    7-8% 3 $165,000 $55,000
    5-6% 2 $140,000 $70,000

    During 2020, Municipal Credit Union's average interest rate for loans was 3.65%, while their most frequently originated rate bucket for loans was 3-4%, with 425 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 229 $67,835,000 $296,223 $4,079 3.42%
    $400k-600k 142 $67,030,000 $472,042 $4,767 3.47%
    $100k-200k 85 $12,285,000 $144,529 $2,340 3.53%
    $100,000 or less 81 $4,825,000 $59,568 $636 3.81%
    $600k-1MM 19 $12,885,000 $678,158 $5,510 3.68%
    $1MM+ 1 $1,565,000 $1,565,000 $7,490 3.37%

    2020 saw Municipal Credit Union place emphasis on $200k-400k loans with 229 originations, totaling $67,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 207 $63,015,000 $304,420 $3,447 3.51%
    $150k-250k 132 $48,480,000 $367,273 $3,766 3.49%
    $75k-100k 106 $30,800,000 $290,566 $3,928 3.47%
    $50k-75k 74 $14,310,000 $193,378 $3,169 3.53%
    $250k+ 21 $7,595,000 $361,667 $3,000 3.38%
    $50k or less 16 $1,790,000 $111,875 $2,896 4.12%

    Municipal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 207 originations. The second most popular income band? $150k-250k, with 132 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 120 $35,140,000 $292,833 $3,335 3.40%
    30-36% 94 $24,680,000 $262,553 $3,383 3.64%
    39% 33 $9,075,000 $275,000 $3,099 3.36%
    40% 31 $10,415,000 $335,968 $3,679 3.70%
    41% 30 $9,000,000 $300,000 $3,440 3.53%
    44% 28 $8,940,000 $319,286 $3,794 3.47%
    42% 27 $8,615,000 $319,074 $3,694 3.60%
    43% 25 $8,395,000 $335,800 $4,051 3.50%
    <20% 24 $5,040,000 $210,000 $2,513 3.32%
    38% 22 $7,570,000 $344,091 $4,396 3.55%
    45% 20 $6,950,000 $347,500 $3,726 3.71%
    37% 20 $6,480,000 $324,000 $4,116 3.54%
    46% 19 $5,375,000 $282,895 $2,916 3.51%
    48% 17 $5,315,000 $312,647 $4,397 3.40%
    36% 15 $5,855,000 $390,333 $4,365 3.64%
    47% 11 $3,835,000 $348,636 $4,253 3.36%
    49% 10 $2,640,000 $264,000 $3,097 3.50%
    50-60% 10 $2,670,000 $267,000 $3,199 3.56%

    Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 120 originations. The next most common DTI ratio? 30-36%, with 94 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 255 $75,475,000 $295,980 $3,833 3.56%
    White 184 $52,350,000 $284,511 $2,977 3.52%
    Not provided 61 $21,315,000 $349,426 $4,629 3.44%
    Asian 33 $11,155,000 $338,030 $3,221 3.35%
    Asian Indian 5 $2,345,000 $469,000 $5,209 3.35%
    American Indian 4 $1,090,000 $272,500 $3,398 3.31%
    Other Pacific Islander 2 $800,000 $400,000 $3,624 3.12%
    Filipino 2 $760,000 $380,000 $5,751 3.37%
    Native Hawaiian or Islander 9 $715,000 $79,444 $11 3.39%
    Chinese 1 $275,000 $275,000 $0 2.99%
    Korean 1 $145,000 $145,000 $2,851 3.88%

    Approval Rates

    Total approvals of all applications
    48.47%

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

    Pick Rate

    Approvals leading to origination
    33.21%

    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
    NA 557 $166,425,000 $298,788

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 557 $166,425,000 $298,788

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $14,195,000 $218,385 $2,891 3.39%
    40-60% 105 $33,725,000 $321,190 $3,859 3.34%
    60-80% 193 $75,165,000 $389,456 $4,509 3.52%
    80-100% 102 $35,230,000 $345,392 $4,558 3.67%
    Under 20% 92 $8,110,000 $88,152 $441 3.61%