Merck Employees Federal Credit Union Mortgage Rates, Fees & Info
RAHWAY, NJLEI: 549300RKVDUINI2A8Y77
Tax ID: 22-1511702
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Merck Employees Federal Credit Union is a smaller credit union specializing in Refi, 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, Philadelphia, Washington, Allentown, and Charlottesville among others. We have data for 19 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.
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Originations
199Origination Dollar Volume (All Markets)
$47,075,000Top 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) | 140 | $32,030,000 | $228,786 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 16 | $4,480,000 | $280,000 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 3 | $2,705,000 | $901,667 | $0 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 8 | $1,270,000 | $158,750 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $0 | 0.00% |
| HARRISONBURG, VA (FHA|USDA|VA) | 9 | $1,095,000 | $121,667 | $0 | 0.00% |
| Lewisburg, PA (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $0 | 0.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 0.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $0 | 0.00% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 0.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $350,000 | $87,500 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 199 | $47,075,000 | $236,558 | $0 | 0.00% |
For 2020, Merck Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 199 originations.
Loan Reason
For 2020, Merck Employees Federal Credit Union's most frequently cited loan purpose was Refi, with 49 originations. The 2nd most popular reason was Home Improvement, with 46 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 199 | $47,075,000 | $236,558 | $0 | 0.00% |
For 2020, Merck Employees Federal Credit Union's most frequently cited loan duration was Other, with 199 originations.
Loan Sizing
2020 saw Merck Employees Federal Credit Union place emphasis on $200k-400k loans with 72 originations, totaling $20,160,000 in origination value.
Applicant Income
Merck Employees Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 62 originations. The second most popular income band? $100k-150k, with 55 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 199 | $47,075,000 | $236,558 | $0 | 0.00% |
Merck Employees Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 199 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.99%
Merck Employees Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination72.36%
Merck Employees Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 199 | $47,075,000 | $236,558 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $55,000 | $55,000 |
| Single Family (1-4 Units):Site-Built | 198 | $47,020,000 | $237,475 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Closing on a mortgage | 1 | 11.1% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Struggling to pay mortgage | 2 | 22.2% |
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Trouble during payment process | 4 | 44.4% |
| MORGAN STANLEY & CO. LLC | Other type of mortgage | Struggling to pay mortgage | 1 | 11.1% |
| MORGAN STANLEY & CO. LLC | Other type of mortgage | Trouble during payment process | 1 | 11.1% |