Merck Employees Federal Credit Union Mortgage Rates, Fees & Info

RAHWAY, NJ

LEI: 549300RKVDUINI2A8Y77

Tax ID: 22-1511702

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Merck Employees Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Merck Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Trenton, Allentown, Harrisonburg, and Philadelphia among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Merck Employees 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    37

    Origination Dollar Volume (All Markets)

    $5,025,000

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 25 $3,255,000 $130,200 $0 0.00%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 3 $675,000 $225,000 $0 0.00%
    Outside of Metro Areas 3 $355,000 $118,333 $0 0.00%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
    HARRISONBURG, VA (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $150,000 $75,000 $0 0.00%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    Merck Employees Federal Credit Union's top markets include New York, Trenton, Allentown, Harrisonburg, and Philadelphia among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $5,025,000 $135,811 $0 0.00%

    For 2018, Merck Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 12 $2,710,000 $225,833 $0 0.00%
    Home Improvement 7 $375,000 $53,571 $0 0.00%
    Other 7 $315,000 $45,000 $0 0.00%
    Cash Out Refi 7 $1,285,000 $183,571 $0 0.00%
    Refi 4 $340,000 $85,000 $0 0.00%

    For 2018, Merck Employees Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 12 originations. The 2nd most popular reason was Home Improvement, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 37 $5,025,000 $135,811 $0 0.00%

    For 2018, Merck Employees Federal Credit Union's most frequently cited loan duration was Other, with 37 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 18 $890,000 $49,444 $0 0.00%
    $100k-200k 9 $1,145,000 $127,222 $0 0.00%
    $200k-400k 8 $2,080,000 $260,000 $0 0.00%
    $400k-600k 2 $910,000 $455,000 $0 0.00%

    2018 saw Merck Employees Federal Credit Union place emphasis on $100,000 or less loans with 18 originations, totaling $890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $1,080,000 $108,000 $0 0.00%
    $150k-250k 7 $1,725,000 $246,429 $0 0.00%
    $250k+ 6 $450,000 $75,000 $0 0.00%
    $75k-100k 6 $790,000 $131,667 $0 0.00%
    $50k-75k 4 $530,000 $132,500 $0 0.00%
    $50k or less 4 $450,000 $112,500 $0 0.00%

    Merck Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 37 $5,025,000 $135,811 $0 0.00%

    Merck Employees Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 28 $3,390,000 $121,071 $0 0.00%
    Not provided 5 $715,000 $143,000 $0 0.00%
    Other Asian 1 $415,000 $415,000 $0 0.00%
    Asian 1 $345,000 $345,000 $0 0.00%
    Black 1 $105,000 $105,000 $0 0.00%
    Asian Indian 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.13%

    Merck Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.19%

    Merck Employees Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 37 $5,025,000 $135,811

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 37 $5,025,000 $135,811

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 1 33.3%
    MORGAN STANLEY & CO. LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    MORGAN STANLEY & CO. LLC Other type of mortgage Closing on a mortgage 1 33.3%