Meritrust Federal Credit Union Mortgage Rates, Fees & Info

Wichita, KS

LEI: 549300O0SJ54M4D70R54

Tax ID: 48-0570799

5 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Meritrust Federal Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, and Refi loans. Meritrust Federal Credit Union has a high proportion of conventional loans. Their top markets include Wichita, Manhattan, Lawrence, Kansas City, and Topeka among others. Meritrust 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. Meritrust Federal Credit Union is typically a low fee lendor.


Originations

1,516

Origination Dollar Volume (All Markets)

$239,500,000

Awards

MERITRUST Federal Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Meritrust Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.21%.

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

This yields a difference of 0.06%.

Relative Fees

Meritrust Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $2,962.

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
WICHITA, KS (FHA|USDA|VA) 1,255 $196,405,000 $156,498 $2,574 3.36%
MANHATTAN, KS (FHA|USDA|VA) 84 $14,880,000 $177,143 $3,066 3.25%
LAWRENCE, KS (FHA|USDA|VA) 53 $9,715,000 $183,302 $2,471 3.23%
KANSAS CITY, MO-KS (FHA|USDA|VA) 28 $5,480,000 $195,714 $2,383 3.63%
Outside of Metro Areas 38 $3,220,000 $84,737 $2,271 3.37%
TOPEKA, KS (FHA|USDA|VA) 12 $2,190,000 $182,500 $2,536 3.16%
Winfield, KS (FHA|USDA|VA) 14 $1,830,000 $130,714 $2,858 3.22%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $1,805,000 $1,805,000 $0 3.85%
Hutchinson, KS (FHA|USDA|VA) 14 $1,240,000 $88,571 $3,033 3.81%
Emporia, KS (FHA|USDA|VA) 3 $625,000 $208,333 $2,110 2.92%
Great Bend, KS (FHA|USDA|VA) 2 $410,000 $205,000 $2,141 3.25%
Ottawa, KS (FHA|USDA|VA) 1 $385,000 $385,000 $3,315 3.63%
Garden City, KS (FHA|USDA|VA) 1 $245,000 $245,000 $3,100 2.88%
McPherson, KS (FHA|USDA|VA) 3 $205,000 $68,333 $963 4.79%
Pittsburg, KS (FHA|USDA|VA) 1 $195,000 $195,000 $2,708 3.13%
Salina, KS (FHA|USDA|VA) 2 $190,000 $95,000 $2,234 3.38%
Hays, KS (FHA|USDA|VA) 1 $165,000 $165,000 $2,585 2.88%
Parsons, KS (FHA|USDA|VA) 1 $125,000 $125,000 $2,517 3.38%
PUEBLO, CO (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%
Coffeyville, KS (FHA|USDA|VA) 1 $85,000 $85,000 $2,676 3.88%

Meritrust Federal Credit Union's top markets include Wichita, Manhattan, Lawrence, Kansas City, and Topeka among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,516 $239,500,000 $157,982 $2,588 3.36%

For the 2021 period, Meritrust Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,516 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 688 $127,520,000 $185,349 $3,088 3.24%
Cash Out Refi 436 $51,550,000 $118,234 $1,929 3.70%
Refi 392 $60,430,000 $154,158 $2,400 3.21%

For the 2021, Meritrust Federal Credit Union's most frequently cited loan purpose of loans were Home Purchase, with 688 originations. The 2nd most popular reason of loans were Cash Out Refi, with 436 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 635 $116,905,000 $184,102 $2,962 3.21%
15 Year 452 $70,760,000 $156,549 $2,695 2.91%
5 Year 174 $23,250,000 $133,621 $192 4.24%
20 Year 120 $18,170,000 $151,417 $2,439 3.31%
10 Year 79 $5,065,000 $64,114 $1,270 4.14%
Other 56 $5,350,000 $95,536 $435 5.05%

For the 2021, Meritrust Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 635 originations. The 2nd most popular length of loans were 15 Year, with 452 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 678 $98,140,000 $144,749
$1k-2k 551 $87,335,000 $158,503
$2k-3k 92 $19,410,000 $210,978
$3k-4k 15 $4,715,000 $314,333
$5k+ 4 $2,120,000 $530,000

$2,962 of loans were Meritrust Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 678 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 736 $131,840,000 $179,130
2.5-3% 430 $73,210,000 $170,256
<2.5% 142 $18,230,000 $128,380
4-5% 140 $13,590,000 $97,071
5-6% 67 $2,535,000 $37,836
6-7% 1 $95,000 $95,000

During 2021, Meritrust Federal Credit Union's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 736 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 659 $96,445,000 $146,351 $2,614 3.16%
$100,000 or less 480 $29,640,000 $61,750 $1,701 3.78%
$200k-400k 340 $88,060,000 $259,000 $3,340 3.16%
$400k-600k 24 $10,990,000 $457,917 $4,342 3.13%
$600k-1MM 9 $6,995,000 $777,222 $7,556 3.73%
$1MM+ 4 $7,370,000 $1,842,500 $0 4.03%

2021 saw Meritrust Federal Credit Union place emphasis on $100k-200k loans with 659 originations, totaling $96,445,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 363 $50,645,000 $139,518 $2,556 3.24%
$50k or less 339 $38,985,000 $115,000 $2,337 3.25%
$75k-100k 277 $45,255,000 $163,375 $2,635 3.25%
$100k-150k 268 $52,550,000 $196,082 $2,788 3.29%
$150k-250k 91 $20,225,000 $222,253 $2,772 3.39%
$250k+ 15 $4,995,000 $333,000 $3,604 3.33%

Meritrust Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 363 originations. The second most popular income band? $50k or less, with 339 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 391 $59,415,000 $151,957 $2,533 3.22%
30-36% 263 $42,315,000 $160,894 $2,620 3.34%
<20% 142 $20,430,000 $143,873 $2,448 2.92%
40% 62 $9,110,000 $146,935 $2,293 3.34%
42% 51 $8,225,000 $161,275 $2,745 3.36%
38% 49 $8,575,000 $175,000 $2,834 3.21%
37% 49 $7,765,000 $158,469 $2,633 3.48%
43% 49 $6,775,000 $138,265 $2,339 3.51%
44% 49 $8,125,000 $165,816 $2,805 3.35%
36% 48 $7,280,000 $151,667 $2,755 3.21%
41% 40 $7,350,000 $183,750 $2,876 3.36%
39% 35 $6,245,000 $178,429 $2,961 3.39%
>60% 32 $6,090,000 $190,313 $2,103 3.36%
45% 31 $4,735,000 $152,742 $2,694 3.41%
47% 15 $2,805,000 $187,000 $2,746 2.95%
46% 14 $2,010,000 $143,571 $2,193 3.29%
48% 13 $3,215,000 $247,308 $3,159 3.08%
49% 7 $1,255,000 $179,286 $3,488 3.13%

Meritrust Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 391 originations. The next most common DTI ratio? 30-36%, with 263 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,056 $167,270,000 $158,400 $2,613 3.25%
Not provided 226 $32,360,000 $143,186 $2,290 3.35%
Not applicable 162 $26,790,000 $165,370 $0 4.16%
Asian 26 $5,350,000 $205,769 $3,697 3.02%
American Indian 22 $3,950,000 $179,545 $2,603 3.33%
Black 22 $3,570,000 $162,273 $3,172 3.52%
Native Hawaiian 2 $210,000 $105,000 $2,456 2.69%

Approval Rates

Total approvals of all applications
92.94%

Meritrust Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
79.27%

Meritrust Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,516 $239,500,000 $157,982

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,516 $239,500,000 $157,982

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 88 $5,310,000 $60,341 $1,395 3.79%
40-60% 180 $26,120,000 $145,111 $2,300 2.99%
60-80% 530 $86,650,000 $163,491 $2,614 3.25%
80-100% 642 $118,410,000 $184,439 $3,091 3.29%
Under 20% 72 $2,220,000 $30,833 $421 5.26%