Marine Federal Credit Union Mortgage Rates, Fees & Info
Jacksonville, NCLEI: 549300OP5DX4ZL2E2S84
Tax ID: 56-0706163
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Mortgage Data
Review & Overview
Marine Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Marine Federal Credit Union has a high proportion of conventional loans. Marine Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Jacksonville, Wilmington, Washington, New Bern, and Atlanta among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)Marine Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
53Origination Dollar Volume (All Markets)
$12,225,000Top 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 |
|---|---|---|---|---|---|
| JACKSONVILLE, NC (FHA|USDA|VA) | 25 | $4,475,000 | $179,000 | $0 | 4.88% |
| WILMINGTON, NC (FHA|USDA|VA) | 3 | $1,655,000 | $551,667 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 6 | $1,510,000 | $251,667 | $0 | 6.50% |
| NEW BERN, NC (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 0.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $0 | 0.00% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 3.75% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $265,000 | $88,333 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.50% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| Danville, VA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 45 | $10,375,000 | $230,556 | $0 | 0.00% |
| Conventional | 7 | $1,355,000 | $193,571 | $0 | 5.04% |
| VA | 1 | $495,000 | $495,000 | $0 | 0.00% |
For 2022, Marine Federal Credit Union's most frequently originated type of loan was Conventional, with 45 originations. Their 2nd most popular type was Conventional, with 7 originations.
Loan Reason
For 2022, Marine Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 48 | $11,640,000 | $242,500 | $0 | 4.13% |
| 5 Year | 5 | $585,000 | $117,000 | $0 | 5.40% |
For 2022, Marine Federal Credit Union's most frequently cited loan duration was Other, with 48 originations. The 2nd most popular length was 5 Year, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 3 | $455,000 | $151,667 |
| 6-7% | 2 | $220,000 | $110,000 |
| 3-4% | 1 | $555,000 | $555,000 |
| 5-6% | 1 | $125,000 | $125,000 |
During 2022, Marine Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 3 originations.
Loan Sizing
2022 saw Marine Federal Credit Union place emphasis on $100k-200k loans with 15 originations, totaling $2,035,000 in origination value.
Applicant Income
Marine Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $100k-150k, with 11 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 46 | $10,870,000 | $236,304 | $0 | 0.00% |
Marine Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications70.07%
Marine Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination18.87%
Marine Federal Credit Union 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 |
|---|---|---|---|
| Exempt | 46 | $10,870,000 | $236,304 |
| NA | 7 | $1,355,000 | $193,571 |