Michigan State University Federal Credit Union Mortgage Rates, Fees & Info

East Lansing, MI

LEI: 54930053SM8COVIPIY54

Tax ID: 38-1373106

5 stars - out of 5 stars, based on 69 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Michigan State University Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Michigan State University Federal Credit Union has a high proportion of conventional loans. Their top markets include Lansing, Detroit, Grand Rapids, Traverse City, and Flint among others. Michigan State University Federal Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Michigan State University Federal Credit Union is typically a low fee lendor.


Originations

4,757

Origination Dollar Volume (All Markets)

$655,735,000

Relative Rate

Michigan State University Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.33%.

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

This yields a difference of 0.18%.

Relative Fees

Michigan State University Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,142.

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
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2,879 $367,935,000 $127,800 $2,940 3.35%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 827 $117,035,000 $141,518 $3,109 3.47%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 271 $50,635,000 $186,845 $3,128 3.43%
Outside of Metro Areas 205 $27,545,000 $134,366 $3,079 3.33%
Traverse City, MI (FHA|USDA|VA) 118 $19,430,000 $164,661 $3,516 3.24%
FLINT, MI (FHA|USDA|VA) 68 $9,670,000 $142,206 $2,978 3.62%
ANN ARBOR, MI (FHA|USDA|VA) 53 $8,865,000 $167,264 $3,198 3.29%
BATTLE CREEK, MI (FHA|USDA|VA) 34 $6,100,000 $179,412 $2,821 3.33%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 32 $5,810,000 $181,563 $3,432 3.38%
Holland, MI (FHA|USDA|VA) 25 $5,045,000 $201,800 $3,107 3.31%
JACKSON, MI (FHA|USDA|VA) 45 $4,855,000 $107,889 $2,720 3.72%
NILES, MI (FHA|USDA|VA) 8 $4,210,000 $526,250 $3,453 3.33%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $2,135,000 $305,000 $5,488 3.11%
MUSKEGON, MI (FHA|USDA|VA) 16 $1,960,000 $122,500 $2,764 3.22%
SAGINAW, MI (FHA|USDA|VA) 18 $1,930,000 $107,222 $2,845 3.59%
MIDLAND, MI (FHA|USDA|VA) 10 $1,910,000 $191,000 $2,925 3.24%
Big Rapids, MI (FHA|USDA|VA) 14 $1,550,000 $110,714 $3,304 2.92%
Alma, MI (FHA|USDA|VA) 14 $1,450,000 $103,571 $2,705 3.44%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $1,270,000 $317,500 $2,910 3.00%
Cadillac, MI (FHA|USDA|VA) 15 $1,265,000 $84,333 $2,880 3.48%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $8,568 3.50%
Key West, FL (FHA|USDA|VA) 2 $1,130,000 $565,000 $5,808 3.31%
Adrian, MI (FHA|USDA|VA) 9 $1,125,000 $125,000 $3,093 3.26%
Coldwater, MI (FHA|USDA|VA) 8 $910,000 $113,750 $3,235 3.09%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $900,000 $225,000 $4,932 2.72%
BAY CITY, MI (FHA|USDA|VA) 6 $760,000 $126,667 $2,925 3.38%
Ludington, MI (FHA|USDA|VA) 6 $710,000 $118,333 $2,749 3.23%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $665,000 $665,000 $5,234 3.00%
Sturgis, MI (FHA|USDA|VA) 5 $605,000 $121,000 $3,074 3.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $590,000 $295,000 $4,383 3.13%
Marquette, MI (FHA|USDA|VA) 5 $575,000 $115,000 $2,358 3.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $575,000 $191,667 $3,933 3.21%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $545,000 $181,667 $2,951 3.21%
MONROE, MI (FHA|USDA|VA) 7 $535,000 $76,429 $2,895 3.57%
Mount Pleasant, MI (FHA|USDA|VA) 6 $490,000 $81,667 $3,128 3.67%
Hillsdale, MI (FHA|USDA|VA) 5 $485,000 $97,000 $2,908 3.15%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $385,000 $385,000 $6,026 2.88%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $305,000 $305,000 $3,288 2.63%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $265,000 $265,000 $3,277 2.63%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $265,000 $265,000 $4,177 2.38%
Houghton, MI (FHA|USDA|VA) 2 $260,000 $130,000 $3,221 4.19%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $240,000 $120,000 $3,611 2.56%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $185,000 $185,000 $4,079 2.13%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $185,000 $185,000 $3,698 3.25%
OCALA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,455 2.38%
Alpena, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,417 3.50%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,588 3.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $135,000 $135,000 $2,461 2.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $4,046 3.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $115,000 $115,000 $2,802 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,246 2.88%
ASHEVILLE, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,355 2.63%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.25%
Escanaba, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.25%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $55,000 $55,000 $2,742 2.63%

Michigan State University Federal Credit Union's top markets include Lansing, Detroit, Grand Rapids, Traverse City, and Flint among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,757 $655,735,000 $137,846 $3,022 3.38%

For the 2021 period, Michigan State University Federal Credit Union's most frequently originated loan type of loans were Conventional, with 4,757 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Other 2,016 $125,000,000 $62,004 $2,543 3.75%
Home Purchase 1,078 $236,460,000 $219,351 $3,366 3.26%
Cash Out Refi 1,008 $181,650,000 $180,208 $2,831 3.09%
Refi 591 $101,775,000 $172,208 $2,795 2.83%
Home Improvement 64 $10,850,000 $169,531 $2,789 3.20%

For the 2021, Michigan State University Federal Credit Union's most frequently cited loan purpose of loans were Other, with 2,016 originations. The 2nd most popular reason of loans were Home Purchase, with 1,078 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 2,004 $134,550,000 $67,141 $3,578 3.75%
30 Year 1,432 $283,610,000 $198,052 $3,142 3.33%
15 Year 778 $115,910,000 $148,985 $2,793 2.78%
20 Year 301 $57,585,000 $191,312 $2,863 3.05%
10 Year 169 $24,155,000 $142,929 $2,740 2.51%
30+ year 38 $14,930,000 $392,895 $4,637 3.40%
5 Year 30 $20,300,000 $676,667 $202 4.25%
3 Year 5 $4,695,000 $939,000 $0 3.77%

For the 2021, Michigan State University Federal Credit Union's most frequently cited loan length of loans were Other, with 2,004 originations. The 2nd most popular length of loans were 30 Year, with 1,432 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,311 $423,095,000 $183,079
$2k-3k 114 $16,610,000 $145,702
$3k-4k 100 $24,910,000 $249,100
$<1k 37 $6,855,000 $185,270
$5k+ 16 $7,950,000 $496,875

$3,142 of loans were Michigan State University Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,311 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 3,205 $415,565,000 $129,661
2.5-3% 821 $148,315,000 $180,652
<2.5% 401 $61,925,000 $154,426
4-5% 231 $25,675,000 $111,147
5-6% 73 $3,015,000 $41,301
6-7% 23 $1,155,000 $50,217
7-8% 3 $85,000 $28,333

During 2021, Michigan State University Federal Credit Union's average interest rate of loans were 3.33%, while their most frequently originated rate bucket of loans were 3-4%, with 3,205 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 2,260 $118,400,000 $52,389 $2,525 3.60%
$100k-200k 1,501 $215,735,000 $143,728 $2,860 3.17%
$200k-400k 870 $229,940,000 $264,299 $3,354 3.15%
$400k-600k 76 $35,230,000 $463,553 $4,412 3.21%
$600k-1MM 31 $23,485,000 $757,581 $5,219 3.25%
$1MM+ 19 $32,945,000 $1,733,947 $6,339 3.81%

2021 saw Michigan State University Federal Credit Union place emphasis on $100,000 or less loans with 2,260 originations, totaling $118,400,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,207 $163,845,000 $135,746 $3,089 3.39%
$50k-75k 980 $101,250,000 $103,316 $2,839 3.38%
$75k-100k 877 $108,705,000 $123,951 $2,979 3.35%
$150k-250k 785 $129,355,000 $164,783 $3,287 3.33%
$50k or less 546 $44,530,000 $81,557 $2,700 3.42%
$250k+ 264 $59,190,000 $224,205 $3,735 3.36%

Michigan State University Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,207 originations. The second most popular income band? $50k-75k, with 980 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,430 $191,570,000 $133,965 $2,996 3.30%
30-36% 921 $122,795,000 $133,328 $3,095 3.40%
<20% 724 $90,730,000 $125,318 $2,958 3.12%
50-60% 162 $19,810,000 $122,284 $3,020 3.66%
42% 151 $18,915,000 $125,265 $3,047 3.52%
37% 148 $21,180,000 $143,108 $3,002 3.47%
39% 144 $20,310,000 $141,042 $3,068 3.47%
36% 144 $18,980,000 $131,806 $2,919 3.38%
38% 138 $17,340,000 $125,652 $3,001 3.55%
41% 137 $19,105,000 $139,453 $3,069 3.50%
40% 137 $19,785,000 $144,416 $3,087 3.50%
43% 97 $11,785,000 $121,495 $3,189 3.49%
>60% 91 $10,575,000 $116,209 $2,841 3.60%
44% 77 $9,415,000 $122,273 $2,993 3.63%
48% 58 $7,020,000 $121,034 $3,252 3.62%
45% 55 $6,725,000 $122,273 $3,300 3.41%
46% 49 $6,465,000 $131,939 $2,896 3.49%
47% 34 $3,510,000 $103,235 $2,879 3.62%
49% 22 $2,460,000 $111,818 $3,113 3.59%

Michigan State University Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,430 originations. The next most common DTI ratio? 30-36%, with 921 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,716 $486,380,000 $130,888 $3,010 3.36%
Not provided 639 $81,735,000 $127,911 $3,118 3.41%
Not applicable 37 $36,715,000 $992,297 $0 4.11%
Black 225 $28,715,000 $127,622 $2,914 3.54%
Asian 83 $12,875,000 $155,120 $3,031 3.23%
American Indian 31 $5,095,000 $164,355 $3,356 3.28%
Asian Indian 12 $2,170,000 $180,833 $3,771 3.04%
Native Hawaiian 4 $700,000 $175,000 $3,509 3.19%
Other Asian 6 $690,000 $115,000 $2,545 3.02%
Other Pacific Islander 1 $265,000 $265,000 $5,486 2.50%
Chinese 1 $215,000 $215,000 $2,815 2.50%
Korean 1 $145,000 $145,000 $2,915 3.50%
Filipino 1 $35,000 $35,000 $0 4.25%

Approval Rates

Total approvals of all applications
94.68%

Michigan State University Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
78.28%

Michigan State University Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,757 $655,735,000 $137,846

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,757 $655,735,000 $137,846

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 848 $65,440,000 $77,170 $2,597 3.51%
40-60% 693 $99,015,000 $142,879 $2,770 3.02%
60-80% 1,327 $270,175,000 $203,598 $3,050 3.15%
80-100% 884 $181,060,000 $204,819 $3,235 3.34%
Over 100% 1 $55,000 $55,000 $2,269 4.13%
Under 20% 1,004 $39,990,000 $39,831 $1,891 3.83%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Michigan Mutual, Inc. Conventional home mortgage Closing on a mortgage 3 42.9%
Michigan Mutual, Inc. Conventional home mortgage Trouble during payment process 2 28.6%
Michigan Mutual, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
Michigan Mutual, Inc. Other type of mortgage Closing on a mortgage 1 14.3%