Merck Employees Federal Credit Union Mortgage Rates, Fees & Info
RAHWAY, NJLEI: 549300RKVDUINI2A8Y77
Tax ID: 22-1511702
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Mortgage Data
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, Harrisonburg, Philadelphia, Allentown, and Miami among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Merck Employees 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.
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Originations
149Origination Dollar Volume (All Markets)
$24,015,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 105 | $17,055,000 | $162,429 | $0 | 0.00% |
| HARRISONBURG, VA (FHA|USDA|VA) | 16 | $2,390,000 | $149,375 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 9 | $1,195,000 | $132,778 | $0 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $1,175,000 | $167,857 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| Sanford, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| STAUNTON, VA (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 149 | $24,015,000 | $161,174 | $0 | 0.00% |
For 2019, Merck Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 149 originations.
Loan Reason
For 2019, Merck Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 41 originations. The 2nd most popular reason was Home Purchase, with 40 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 149 | $24,015,000 | $161,174 | $0 | 0.00% |
For 2019, Merck Employees Federal Credit Union's most frequently cited loan duration was Other, with 149 originations.
Loan Sizing
2019 saw Merck Employees Federal Credit Union place emphasis on $100,000 or less loans with 52 originations, totaling $2,320,000 in origination value.
Applicant Income
Merck Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $150k-250k, with 38 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 149 | $24,015,000 | $161,174 | $0 | 0.00% |
Merck Employees Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 149 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.27%
Merck Employees Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination87.92%
Merck Employees Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 149 | $24,015,000 | $161,174 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 149 | $24,015,000 | $161,174 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Closing on a mortgage | 1 | 8.3% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Incorrect information on your report | 1 | 8.3% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Struggling to pay mortgage | 3 | 25.0% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Trouble during payment process | 6 | 50.0% |
| MORGAN STANLEY & CO. LLC | Other type of mortgage | Struggling to pay mortgage | 1 | 8.3% |