Mass. Institute Of Tech. Federal Credit Union Mortgage Rates, Fees & Info
Cambridge, MALEI: 549300P1347BFCBHJV60
Tax ID: 04-2128083
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Mortgage Data
Review & Overview
Mass. Institute Of Tech. Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Mass. Institute Of Tech. Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Los Angeles, Washington, New York, and Santa Cruz among others. We have data for 68 markets. (Some data included below & more in-depth data is available with an active subscription.)Mass. Institute Of Tech. Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mass. Institute Of Tech. Federal Credit Union is typically a low 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.
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Originations
266Origination Dollar Volume (All Markets)
$66,330,000Awards
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION - 2021
MASS. INSTITUTE OF TECH. 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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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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 109 | $15,415,000 | $141,422 | $10 | 3.86% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 10 | $4,230,000 | $423,000 | $4,528 | 2.83% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 8 | $3,660,000 | $457,500 | $4,503 | 2.88% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 10 | $3,030,000 | $303,000 | $3,259 | 3.09% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 3 | $2,955,000 | $985,000 | $4,080 | 2.83% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $2,175,000 | $435,000 | $5,859 | 2.93% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $2,145,000 | $429,000 | $3,774 | 2.83% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 4 | $2,030,000 | $507,500 | $3,294 | 2.81% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 5 | $1,985,000 | $397,000 | $2,412 | 3.18% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $1,780,000 | $890,000 | $2,591 | 2.94% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $1,620,000 | $270,000 | $4,750 | 3.08% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 5 | $1,505,000 | $301,000 | $2,160 | 3.25% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $1,405,000 | $468,333 | $2,513 | 2.96% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $3,089 | 2.83% |
| Outside of Metro Areas | 7 | $1,335,000 | $190,714 | $3,364 | 2.88% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $1,220,000 | $610,000 | $4,162 | 3.19% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $3,754 | 2.92% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $3,220 | 2.92% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $4,194 | 2.63% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $8,112 | 3.38% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $3,465 | 2.54% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $7,554 | 3.38% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $4,051 | 2.63% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $4,481 | 2.94% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,891 | 2.25% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,699 | 2.88% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $3,026 | 3.46% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 8 | $440,000 | $55,000 | $0 | 4.16% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 6 | $420,000 | $70,000 | $0 | 4.46% |
| Key West, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,621 | 2.25% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $2,718 | 2.25% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,160 | 2.25% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,587 | 3.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $4,747 | 3.00% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,406 | 2.50% |
| SANTA FE, NM (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,531 | 2.50% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,497 | 3.25% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,346 | 3.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,735 | 2.69% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,459 | 3.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,206 | 2.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,784 | 2.25% |
| Los Alamos, NM (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,622 | 2.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,881 | 2.88% |
| READING, PA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,313 | 2.13% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,143 | 3.25% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,539 | 2.88% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,759 | 2.88% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.25% |
| ITHACA, NY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,771 | 2.25% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,767 | 2.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,277 | 2.38% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,115 | 2.38% |
| Nogales, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,622 | 3.75% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,459 | 2.63% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 3.75% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 4.75% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,149 | 2.88% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,789 | 2.63% |
| Torrington, CT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.25% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.25% |
| Keene, NH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.25% |
| Hilo, HI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,647 | 2.88% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.25% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.75% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.25% |
| Concord, NH (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.25% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 152 | $49,030,000 | $322,566 | $2,858 | 3.28% |
| HELOC | 114 | $17,300,000 | $151,754 | n/a | 3.57% |
For 2021, Mass. Institute Of Tech. Federal Credit Union's most frequently originated type of loan was Conventional, with 152 originations. Their 2nd most popular type was HELOC, with 114 originations.
Loan Reason
For 2021, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 102 originations. The 2nd most popular reason was Refi, with 56 originations.
Loan Duration/Length
For 2021, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan duration was 20 Year, with 115 originations. The 2nd most popular length was 30 Year, with 64 originations.
Origination Fees/Closing Costs
Mass. Institute Of Tech. Federal Credit Union's average total fees were $3,975, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 145 originations.
Interest Rates
During 2021, Mass. Institute Of Tech. Federal Credit Union's average interest rate for loans was 2.97%, while their most frequently originated rate bucket for loans was 3-4%, with 110 originations.
Loan Sizing
2021 saw Mass. Institute Of Tech. Federal Credit Union place emphasis on $100,000 or less loans with 77 originations, totaling $3,855,000 in origination value.
Applicant Income
Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 92 originations. The second most popular income band? $250k+, with 73 originations.
Applicant Debt to Income Ratio
Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 85 originations. The next most common DTI ratio? 30-36%, with 52 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.66%
Mass. Institute Of Tech. Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination76.69%
Mass. Institute Of Tech. Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 266 | $66,330,000 | $249,361 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MECHANICS BANK | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| MECHANICS BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 50.0% |