Meritrust Federal Credit Union Mortgage Rates, Fees & Info
Wichita, KSLEI: 549300O0SJ54M4D70R54
Tax ID: 48-0570799
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,516Origination Dollar Volume (All Markets)
$239,500,000Awards
MERITRUST Federal Credit Union - 2021
MERITRUST Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications92.94%
Meritrust Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.27%
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% |
