Merck Sharp & Dohme Federal Credit Union Mortgage Rates, Fees & Info

Chalfont, PA

LEI: 549300A4SPX2JOQ71791

Tax ID: 23-1433398

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

Review & Overview

Merck Sharp & Dohme Federal Credit Union is a smaller credit union specializing in Refi and Cash Out Refi loans. Merck Sharp & Dohme Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Philadelphia.

Merck Sharp & Dohme Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Merck Sharp & Dohme Federal Credit Union is typically an average 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	7.16%	11/21/24
30 Year Conventional Refi	6.21%	11/21/24
30 Year Cash-out Refi	6.38%	11/21/24
15 Year Conventional Purchase	5.89%	11/21/24
15 Year Conventional Refi	5.60%	11/21/24
15 Year Cash-out Refi	5.60%	11/21/24
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.

Merck Sharp & Dohme Federal Credit Union Mortgage Calculator

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

Originations

251

Origination Dollar Volume (All Markets)

$48,935,000

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
Outside of Metro Areas	248	$48,790,000	$196,734	$5,254	3.60%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	3	$145,000	$48,333	$0	3.49%

Merck Sharp & Dohme Federal Credit Union's top markets include and Philadelphia among others.

Their top states include:

Pennsylvania (FHA|USDA|VA)

New Jersey (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against MERCK SHARP & DOHME FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

First Citizens Community Bank
Similarity Rank: 589

BHCU
Similarity Rank: 625

Prudential Bank
Similarity Rank: 640

Unity Bank
Similarity Rank: 1258

GLENDENNING MORTGAGE CORPORATION
Similarity Rank: 1340

ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
Similarity Rank: 1585

FEDERATED LENDING CORPORATION
Similarity Rank: 1932

Penn Community Bank
Similarity Rank: 1950

Columbia Bank
Similarity Rank: 1971

PINNACLE MORTGAGE, INC.
Similarity Rank: 1978

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	251	$48,935,000	$194,960	$5,254	3.60%

For 2020, Merck Sharp & Dohme Federal Credit Union's most frequently originated type of loan was Conventional, with 251 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	120	$23,670,000	$197,250	$4,546	3.49%
Cash Out Refi	52	$13,180,000	$253,462	$5,919	3.31%
Home Improvement	43	$2,435,000	$56,628	$0	4.29%
Home Purchase	30	$8,750,000	$291,667	$5,981	3.35%
NA	5	$865,000	$173,000	$0	5.10%
Other	1	$35,000	$35,000	$0	3.24%

For 2020, Merck Sharp & Dohme Federal Credit Union's most frequently cited loan purpose was Refi, with 120 originations. The 2nd most popular reason was Cash Out Refi, with 52 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	103	$19,685,000	$191,117	$4,297	3.69%
30 Year	61	$17,235,000	$282,541	$6,211	3.31%
10 Year	35	$4,845,000	$138,429	$4,675	4.04%
5 Year	26	$1,530,000	$58,846	$0	3.47%
20 Year	18	$5,070,000	$281,667	$5,471	3.15%
Other	8	$570,000	$71,250	$0	4.27%

For 2020, Merck Sharp & Dohme Federal Credit Union's most frequently cited loan duration was 15 Year, with 103 originations. The 2nd most popular length was 30 Year, with 61 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	132	$18,590,000	$140,833
$2k-3k	28	$6,100,000	$217,857
$1k-2k	25	$5,555,000	$222,200
$3k-4k	23	$6,765,000	$294,130
$4k-5k	10	$3,560,000	$356,000
$5k+	10	$4,330,000	$433,000

Merck Sharp & Dohme Federal Credit Union's average total fees were $6,211, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	99	$21,385,000	$216,010
2.5-3%	67	$16,435,000	$245,299
4-5%	55	$6,355,000	$115,545
5-6%	16	$1,510,000	$94,375
<2.5%	12	$3,040,000	$253,333

During 2020, Merck Sharp & Dohme Federal Credit Union's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 99 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	91	$25,485,000	$280,055	$5,589	3.18%
$100,000 or less	75	$3,895,000	$51,933	$3,559	4.28%
$100k-200k	69	$11,035,000	$159,928	$3,982	3.50%
$400k-600k	13	$6,015,000	$462,692	$7,853	3.41%
$600k-1MM	2	$1,380,000	$690,000	$7,702	2.94%
$1MM+	1	$1,125,000	$1,125,000	$14,044	3.50%

2020 saw Merck Sharp & Dohme Federal Credit Union place emphasis on $200k-400k loans with 91 originations, totaling $25,485,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	75	$16,255,000	$216,733	$5,805	3.45%
$100k-150k	66	$10,780,000	$163,333	$4,958	3.72%
$75k-100k	33	$5,335,000	$161,667	$4,877	3.32%
$250k+	31	$9,065,000	$292,419	$5,628	3.34%
$50k-75k	17	$2,695,000	$158,529	$4,502	3.59%
$50k or less	7	$755,000	$107,857	$3,768	3.73%

Merck Sharp & Dohme Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 75 originations. The second most popular income band? $100k-150k, with 66 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	77	$14,975,000	$194,481	$5,342	3.52%
<20%	60	$13,380,000	$223,000	$5,110	3.43%
30-36%	37	$6,375,000	$172,297	$4,736	3.51%
39%	9	$2,055,000	$228,333	$7,549	3.46%
41%	6	$1,590,000	$265,000	$4,689	3.27%
38%	5	$1,175,000	$235,000	$4,884	3.10%
45%	5	$685,000	$137,000	$6,771	3.74%
43%	5	$645,000	$129,000	$5,224	3.65%
37%	4	$970,000	$242,500	$4,775	3.78%
46%	4	$900,000	$225,000	$5,219	3.50%
42%	4	$190,000	$47,500	$0	4.18%
36%	3	$415,000	$138,333	$4,929	3.41%
>60%	2	$290,000	$145,000	$4,056	3.31%
40%	2	$440,000	$220,000	$7,004	3.31%
44%	2	$410,000	$205,000	$5,685	4.06%
50-60%	2	$220,000	$110,000	$4,373	3.93%
47%	1	$25,000	$25,000	$0	4.75%

Merck Sharp & Dohme Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 77 originations. The next most common DTI ratio? <20%, with 60 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	180	$36,790,000	$204,389	$5,387	3.51%
Not provided	28	$4,090,000	$146,071	$4,999	3.59%
Not applicable	20	$3,770,000	$188,500	$0	4.88%
Asian Indian	6	$1,250,000	$208,333	$3,711	3.02%
Black	8	$1,140,000	$142,500	$4,255	3.73%
Other Asian	3	$665,000	$221,667	$4,168	3.08%
Korean	1	$335,000	$335,000	$8,107	2.50%
Vietnamese	1	$305,000	$305,000	$3,605	3.63%
Asian	2	$240,000	$120,000	$0	3.74%
Japanese	1	$225,000	$225,000	$8,113	2.88%
American Indian	1	$125,000	$125,000	$0	4.24%

Approval Rates

Total approvals of all applications
94.16%

Merck Sharp & Dohme Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
91.63%

Merck Sharp & Dohme Federal Credit Union has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	251	$48,935,000	$194,960

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$890,000	$445,000
Single Family (1-4 Units):Site-Built	249	$48,045,000	$192,952

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	28	$4,060,000	$145,000	$3,478	3.72%
40-60%	35	$7,875,000	$225,000	$4,944	3.19%
60-80%	84	$21,440,000	$255,238	$5,278	3.40%
80-100%	20	$6,780,000	$339,000	$7,197	3.30%
Under 20%	24	$1,210,000	$50,417	$0	4.17%