Mutual Savings Credit Union Mortgage Rates, Fees & Info

Birmingham, AL

LEI: 2549008PQJ4J5Z32RI14

Tax ID: 63-0148940

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Mortgage Data

Review & Overview

Mutual Savings Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Mutual Savings Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Birmingham, Daphne, Alexander City, Tuscaloosa, and Selma among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mutual Savings 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

96

Origination Dollar Volume (All Markets)

$25,720,000

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
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 61 $16,445,000 $269,590 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 7 $3,775,000 $539,286 $0 0.00%
Alexander City, AL (FHA|USDA|VA) 6 $1,960,000 $326,667 $0 0.00%
TUSCALOOSA, AL (FHA|USDA|VA) 9 $1,515,000 $168,333 $0 0.00%
Outside of Metro Areas 2 $990,000 $495,000 $0 0.00%
Selma, AL (FHA|USDA|VA) 8 $890,000 $111,250 $0 0.00%
MONTGOMERY, AL (FHA|USDA|VA) 2 $100,000 $50,000 $0 0.00%
GADSDEN, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Mutual Savings Credit Union's top markets include Birmingham, Daphne, Alexander City, Tuscaloosa, and Selma among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Mutual Savings Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 96 $25,720,000 $267,917 $0 0.00%

    For 2022, Mutual Savings Credit Union's most frequently originated type of loan was Conventional, with 96 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 44 $10,780,000 $245,000 $0 0.00%
    Home Purchase 39 $13,465,000 $345,256 $0 0.00%
    Refi 12 $1,430,000 $119,167 $0 0.00%
    NA 1 $45,000 $45,000 $0 0.00%

    For 2022, Mutual Savings Credit Union's most frequently cited loan purpose was Cash Out Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 96 $25,720,000 $267,917 $0 0.00%

    For 2022, Mutual Savings Credit Union's most frequently cited loan duration was Other, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 30 $1,800,000 $60,000 $0 0.00%
    $100k-200k 21 $2,885,000 $137,381 $0 0.00%
    $400k-600k 20 $10,120,000 $506,000 $0 0.00%
    $200k-400k 18 $5,170,000 $287,222 $0 0.00%
    $600k-1MM 6 $4,460,000 $743,333 $0 0.00%
    $1MM+ 1 $1,285,000 $1,285,000 $0 0.00%

    2022 saw Mutual Savings Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $1,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 21 $5,715,000 $272,143 $0 0.00%
    $50k or less 20 $2,060,000 $103,000 $0 0.00%
    $75k-100k 20 $3,750,000 $187,500 $0 0.00%
    $150k-250k 15 $6,305,000 $420,333 $0 0.00%
    $250k+ 10 $6,700,000 $670,000 $0 0.00%
    $50k-75k 10 $1,190,000 $119,000 $0 0.00%

    Mutual Savings Credit Union lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $50k or less, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 96 $25,720,000 $267,917 $0 0.00%

    Mutual Savings Credit Union lent most frequently to those with DTI ratios of Exempt%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 73 $22,945,000 $314,315 $0 0.00%
    Black 20 $1,970,000 $98,500 $0 0.00%
    Asian 2 $530,000 $265,000 $0 0.00%
    Not applicable 1 $275,000 $275,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    75.42%

    Mutual Savings Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    64.58%

    Mutual Savings 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
    Exempt 96 $25,720,000 $267,917

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    96 $25,720,000 $267,917