Mayo Employees Federal Credit Union Mortgage Rates, Fees & Info

Rochester, MN

LEI: 549300QTN66CFMVWLH03

Tax ID: 41-0400045

3.2 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mayo Employees Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Mayo Employees Federal Credit Union has a high proportion of conventional loans. Their top markets include Rochester, Phoenix, Jacksonville, Minneapolis, and Chicago among others. Mayo Employees 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. Mayo Employees Federal Credit Union is typically a high fee lendor.


Originations

500

Origination Dollar Volume (All Markets)

$94,730,000

Relative Rate

Mayo Employees Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.16%.

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

This yields a difference of 0.01%.

Relative Fees

Mayo Employees Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $6,499.

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
ROCHESTER, MN (FHA|USDA|VA) 276 $36,450,000 $132,065 $1,335 3.87%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 87 $16,465,000 $189,253 $1,472 4.32%
JACKSONVILLE, FL (FHA|USDA|VA) 30 $14,510,000 $483,667 $5,726 3.66%
Outside of Metro Areas 63 $4,725,000 $75,000 $432 4.44%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 5 $4,215,000 $843,000 $7,404 3.08%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $2,910,000 $1,455,000 $13,431 3.06%
EAU CLAIRE, WI (FHA|USDA|VA) 5 $2,335,000 $467,000 $5,149 2.85%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $1,880,000 $940,000 $10,010 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $13,804 3.25%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $1,165,000 $1,165,000 $10,428 3.13%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 7 $1,085,000 $155,000 $1,442 4.33%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $9,696 3.25%
TUCSON, AZ (FHA|USDA|VA) 1 $895,000 $895,000 $9,359 3.25%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $875,000 $875,000 $7,354 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $775,000 $775,000 $10,322 3.13%
Winona, MN (FHA|USDA|VA) 2 $610,000 $305,000 $3,916 3.06%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $535,000 $535,000 $4,636 3.13%
SAVANNAH, GA (FHA|USDA|VA) 1 $465,000 $465,000 $5,856 3.50%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $455,000 $455,000 $6,508 3.25%
Austin, MN (FHA|USDA|VA) 3 $415,000 $138,333 $3,349 2.63%
ST. CLOUD, MN (FHA|USDA|VA) 1 $355,000 $355,000 $5,147 3.25%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $245,000 $245,000 $4,010 3.00%
Show Low, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $5,674 2.88%
YUMA, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $5,084 2.25%
MANKATO, MN (FHA|USDA|VA) 1 $165,000 $165,000 $3,729 2.25%
Red Wing, MN (FHA|USDA|VA) 1 $165,000 $165,000 $3,021 2.25%
Owatonna, MN (FHA|USDA|VA) 1 $125,000 $125,000 $3,204 2.38%
DULUTH, MN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $3,472 3.25%
Albert Lea, MN (FHA|USDA|VA) 1 $55,000 $55,000 $2,700 2.38%

Mayo Employees Federal Credit Union's top markets include Rochester, Phoenix, Jacksonville, Minneapolis, and Chicago among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 500 $94,730,000 $189,460 $1,894 3.94%

For the 2021 period, Mayo Employees Federal Credit Union's most frequently originated loan type of loans were Conventional, with 500 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 195 $11,125,000 $57,051 $159 4.48%
Refi 99 $13,085,000 $132,172 $1,242 3.66%
Home Purchase 97 $56,005,000 $577,371 $6,759 3.08%
Other 79 $6,085,000 $77,025 $330 4.48%
Cash Out Refi 30 $8,430,000 $281,000 $3,719 2.75%

For the 2021, Mayo Employees Federal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 195 originations. The 2nd most popular reason of loans were Refi, with 99 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 193 $28,155,000 $145,881 $1,360 4.24%
10 Year 126 $8,330,000 $66,111 $190 4.26%
30 Year 96 $53,790,000 $560,313 $6,499 3.16%
5 Year 78 $2,700,000 $34,615 $149 3.77%
20 Year 7 $1,755,000 $250,714 $3,613 2.88%

For the 2021, Mayo Employees Federal Credit Union's most frequently cited loan length of loans were 15 Year, with 193 originations. The 2nd most popular length of loans were 10 Year, with 126 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 57 $16,955,000 $297,456
$3k-4k 48 $33,330,000 $694,375
$1k-2k 46 $6,940,000 $150,870
$5k+ 9 $14,265,000 $1,585,000
$<1k 5 $325,000 $65,000

$6,499 of loans were Mayo Employees Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 57 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 214 $53,420,000 $249,626
5-6% 123 $8,985,000 $73,049
4-5% 69 $3,105,000 $45,000
<2.5% 49 $10,185,000 $207,857
2.5-3% 44 $18,920,000 $430,000
Over 8% 1 $115,000 $115,000

During 2021, Mayo Employees Federal Credit Union's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were 3-4%, with 214 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 282 $13,020,000 $46,170 $249 4.39%
$100k-200k 93 $13,175,000 $141,667 $1,425 3.74%
$200k-400k 61 $16,665,000 $273,197 $3,909 3.00%
$400k-600k 26 $13,250,000 $509,615 $5,006 3.23%
$600k-1MM 23 $17,395,000 $756,304 $7,787 3.15%
$1MM+ 15 $21,225,000 $1,415,000 $13,114 3.18%

2021 saw Mayo Employees Federal Credit Union place emphasis on $100,000 or less loans with 282 originations, totaling $13,020,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 138 $14,900,000 $107,971 $1,116 3.99%
$150k-250k 120 $16,060,000 $133,833 $1,130 4.18%
$250k+ 79 $47,395,000 $599,937 $5,705 3.61%
$50k-75k 76 $9,180,000 $120,789 $1,722 3.63%
$75k-100k 70 $5,750,000 $82,143 $811 4.21%
$50k or less 17 $1,445,000 $85,000 $1,133 3.77%

Mayo Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 138 originations. The second most popular income band? $150k-250k, with 120 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 178 $31,330,000 $176,011 $1,781 3.95%
30-36% 104 $18,460,000 $177,500 $1,640 4.03%
<20% 102 $20,900,000 $204,902 $2,118 3.50%
36% 22 $3,280,000 $149,091 $1,097 4.52%
40% 15 $1,765,000 $117,667 $1,424 4.04%
41% 12 $2,560,000 $213,333 $1,963 4.45%
38% 12 $3,710,000 $309,167 $3,027 4.12%
42% 12 $2,470,000 $205,833 $1,813 4.61%
39% 11 $1,135,000 $103,182 $960 4.29%
37% 7 $2,025,000 $289,286 $3,577 4.00%
50-60% 7 $1,995,000 $285,000 $2,747 4.86%
44% 6 $1,870,000 $311,667 $3,598 3.83%
45% 3 $495,000 $165,000 $3,470 3.08%
47% 3 $565,000 $188,333 $1,699 3.98%
43% 3 $205,000 $68,333 $143 4.11%
46% 1 $1,665,000 $1,665,000 $17,858 2.88%
>60% 1 $55,000 $55,000 $2,283 3.25%

Mayo Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 178 originations. The next most common DTI ratio? 30-36%, with 104 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 446 $71,440,000 $160,179 $1,588 3.99%
Not provided 14 $9,130,000 $652,143 $6,697 2.93%
Asian 19 $6,105,000 $321,316 $3,163 3.79%
Black 10 $2,850,000 $285,000 $3,086 3.93%
Asian Indian 3 $1,665,000 $555,000 $6,482 3.21%
Chinese 1 $1,355,000 $1,355,000 $12,568 3.25%
Filipino 1 $645,000 $645,000 $8,465 3.25%
Native Hawaiian 1 $515,000 $515,000 $180 5.39%
Korean 1 $385,000 $385,000 $4,868 2.75%
Other Asian 1 $345,000 $345,000 $4,937 3.13%
Not applicable 2 $180,000 $90,000 $173 4.08%
American Indian 1 $115,000 $115,000 $3,472 3.25%

Approval Rates

Total approvals of all applications
91.45%

Mayo Employees Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
77.42%

Mayo Employees Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 500 $94,730,000 $189,460

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
500 $94,730,000 $189,460

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 85 $8,105,000 $95,353 $506 4.20%
40-60% 55 $10,795,000 $196,273 $2,466 3.16%
60-80% 49 $13,555,000 $276,633 $3,196 3.12%
80-100% 81 $52,055,000 $642,654 $7,074 3.19%
Under 20% 230 $10,220,000 $44,435 $169 4.48%