Municipal Employees Credit Union Of Oklahoma City Mortgage Rates, Fees & Info
Oklahoma City, OKLEI: 254900Y4P4X4Y1L26R43
Tax ID: 73-0366010
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Mortgage Data
Review & Overview
Municipal Employees Credit Union Of Oklahoma City is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Municipal Employees Credit Union Of Oklahoma City has a high proportion of conventional loans. Their top markets by origination volume include: Oklahoma City, Woodward, Shawnee, and Tulsa among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Municipal Employees Credit Union Of Oklahoma City has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Municipal Employees Credit Union Of Oklahoma City 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 4/28/24 |
| 30 Year Conventional Refi | 5.97% | 4/28/24 |
| 30 Year Cash-out Refi | 6.86% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 15 Year Conventional Refi | 6.37% | 4/28/24 |
| 15 Year Cash-out Refi | 6.37% | 4/28/24 |
| 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 Employees Credit Union Of Oklahoma City Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
89Origination Dollar Volume (All Markets)
$14,365,000Top 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 |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 84 | $13,570,000 | $161,548 | $3,408 | 3.62% |
| Outside of Metro Areas | 2 | $470,000 | $235,000 | $4,656 | 3.56% |
| Woodward, OK (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,961 | 3.00% |
| Shawnee, OK (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,466 | 4.63% |
| TULSA, OK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,025 | 4.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Municipal Employees Credit Union of Oklahoma City 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 | 89 | $14,365,000 | $161,404 | $3,405 | 3.63% |
For 2020, Municipal Employees Credit Union Of Oklahoma City's most frequently originated type of loan was Conventional, with 89 originations.
Loan Reason
For 2020, Municipal Employees Credit Union Of Oklahoma City's most frequently cited loan purpose was Cash Out Refi, with 51 originations. The 2nd most popular reason was Home Purchase, with 24 originations.
Loan Duration/Length
For 2020, Municipal Employees Credit Union Of Oklahoma City's most frequently cited loan duration was 30 Year, with 49 originations. The 2nd most popular length was 20 Year, with 15 originations.
Origination Fees/Closing Costs
Municipal Employees Credit Union Of Oklahoma City's average total fees were $3,968, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 42 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 59 | $9,695,000 | $164,322 |
| 2.5-3% | 13 | $2,215,000 | $170,385 |
| 4-5% | 13 | $2,225,000 | $171,154 |
| 5-6% | 3 | $195,000 | $65,000 |
| 6-7% | 1 | $35,000 | $35,000 |
During 2020, Municipal Employees Credit Union Of Oklahoma City's average interest rate for loans was 3.55%, while their most frequently originated rate bucket for loans was 3-4%, with 59 originations.
Loan Sizing
2020 saw Municipal Employees Credit Union Of Oklahoma City place emphasis on $100k-200k loans with 46 originations, totaling $6,650,000 in origination value.
Applicant Income
Municipal Employees Credit Union Of Oklahoma City lent most frequently to those with incomes in the $75k-100k range, with 24 originations. The second most popular income band? $50k-75k, with 22 originations.
Applicant Debt to Income Ratio
Municipal Employees Credit Union Of Oklahoma City lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? <20%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.85%
Municipal Employees Credit Union Of Oklahoma City has an average approval rate.
Pick Rate
Approvals leading to origination58.43%
Municipal Employees Credit Union Of Oklahoma City 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 | 89 | $14,365,000 | $161,404 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 89 | $14,365,000 | $161,404 |