Mtc Federal Credit Union Mortgage Rates, Fees & Info

Greenville, SC

LEI: 549300WDLOVGUYVTS727

Tax ID: 57-0638331

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
  • Similar Lenders
  • 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

    Mtc Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Mtc Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Greenville, Miami, Ardmore, Spartanburg, and Seneca among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mtc 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. Mtc Federal Credit Union is typically a high 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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    81

    Origination Dollar Volume (All Markets)

    $12,615,000

    Awards

    MTC Federal Credit Union 30 Year Conventional Loans gold MTC Federal Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    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
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 43 $7,115,000 $165,465 $5,069 4.39%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $1,315,000 $1,315,000 $58,310 4.16%
    Ardmore, OK (FHA|USDA|VA) 9 $855,000 $95,000 $4,946 5.25%
    SPARTANBURG, SC (FHA|USDA|VA) 6 $680,000 $113,333 $3,805 5.00%
    Seneca, SC (FHA|USDA|VA) 3 $425,000 $141,667 $6,787 4.15%
    COLUMBIA, SC (FHA|USDA|VA) 3 $375,000 $125,000 $3,521 4.37%
    Outside of Metro Areas 3 $365,000 $121,667 $3,243 3.58%
    OCALA, FL (FHA|USDA|VA) 1 $295,000 $295,000 $14,226 3.91%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $215,000 $215,000 $8,232 4.75%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $195,000 $195,000 $6,487 4.00%
    Forest City, NC (FHA|USDA|VA) 1 $185,000 $185,000 $6,534 4.16%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $155,000 $155,000 $5,127 4.40%
    DOTHAN, AL (FHA|USDA|VA) 3 $125,000 $41,667 $1,652 4.37%
    Newberry, SC (FHA|USDA|VA) 1 $105,000 $105,000 $6,166 4.11%
    Gaffney, SC (FHA|USDA|VA) 2 $90,000 $45,000 $1,076 7.75%
    FLORENCE, SC (FHA|USDA|VA) 1 $65,000 $65,000 $4,833 3.60%
    Albemarle, NC (FHA|USDA|VA) 1 $55,000 $55,000 $624 10.25%
    Mtc Federal Credit Union's top markets include Greenville, Miami, Ardmore, Spartanburg, and Seneca among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MTC Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    GREENVILLE FEDERAL CREDIT UNION
    Similarity Rank: 285
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 561
    BLMC, INC
    Similarity Rank: 755
    First Piedmont Federal Savings and Loan Association of Gaffney
    Similarity Rank: 780
    CPM Federal Credit Union
    Similarity Rank: 882
    Entegra Bank
    Similarity Rank: 1036
    Amerisouth Mortgage Company
    Similarity Rank: 1131
    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 1444
    MTC Federal Credit Union
    Similarity Rank: 1751
    SHARONVIEW FEDERAL CREDIT UNION
    Similarity Rank: 1800

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 80 $12,450,000 $155,625 $5,451 4.63%
    USDA 1 $165,000 $165,000 $7,918 4.13%

    For 2018, Mtc Federal Credit Union's most frequently originated type of loan was Conventional, with 80 originations. Their 2nd most popular type was USDA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 36 $3,680,000 $102,222 $3,319 4.67%
    Home Purchase 35 $8,245,000 $235,571 $8,795 4.19%
    Refi 10 $690,000 $69,000 $2,001 5.97%

    For 2018, Mtc Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 36 originations. The 2nd most popular reason was Home Purchase, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 35 $8,145,000 $232,714 $8,398 4.32%
    15 Year 27 $3,345,000 $123,889 $4,626 4.79%
    10 Year 10 $440,000 $44,000 $1,186 5.40%
    Other 5 $405,000 $81,000 $1,417 4.09%
    5 Year 3 $95,000 $31,667 $822 5.00%
    20 Year 1 $185,000 $185,000 $6,698 4.25%

    For 2018, Mtc Federal Credit Union's most frequently cited loan duration was 30 Year, with 35 originations. The 2nd most popular length was 15 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 36 $2,950,000 $81,944
    $1k-2k 34 $5,100,000 $150,000
    $2k-3k 5 $1,215,000 $243,000
    $3k-4k 2 $990,000 $495,000
    $4k-5k 2 $850,000 $425,000
    $5k+ 1 $1,315,000 $1,315,000

    Mtc Federal Credit Union's average total fees were $8,398, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 36 $6,860,000 $190,556
    3-4% 28 $4,160,000 $148,571
    5-6% 8 $950,000 $118,750
    Over 8% 5 $335,000 $67,000
    2.5-3% 1 $195,000 $195,000
    6-7% 1 $45,000 $45,000
    7-8% 1 $25,000 $25,000
    <2.5% 1 $45,000 $45,000

    During 2018, Mtc Federal Credit Union's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 36 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 37 $5,455,000 $147,432 $5,281 4.21%
    $100,000 or less 29 $1,675,000 $57,759 $2,428 5.36%
    $200k-400k 11 $2,705,000 $245,909 $7,832 4.30%
    $400k-600k 2 $850,000 $425,000 $11,242 3.91%
    $1MM+ 1 $1,315,000 $1,315,000 $58,310 4.16%
    $600k-1MM 1 $615,000 $615,000 $11,045 3.65%

    2018 saw Mtc Federal Credit Union place emphasis on $100k-200k loans with 37 originations, totaling $5,455,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 27 $3,255,000 $120,556 $3,991 4.87%
    $100k-150k 18 $2,980,000 $165,556 $5,785 4.60%
    $75k-100k 17 $2,665,000 $156,765 $5,066 4.51%
    $50k or less 12 $1,050,000 $87,500 $2,865 4.57%
    $150k-250k 4 $680,000 $170,000 $6,786 4.31%
    $250k+ 3 $1,985,000 $661,667 $27,296 3.82%

    Mtc Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 27 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $2,285,000 $108,810 $4,277 4.75%
    30-36% 16 $3,460,000 $216,250 $8,163 4.67%
    <20% 16 $3,000,000 $187,500 $5,663 3.99%
    39% 5 $555,000 $111,000 $3,785 4.52%
    40% 4 $310,000 $77,500 $3,684 4.22%
    38% 4 $590,000 $147,500 $5,735 5.13%
    42% 3 $335,000 $111,667 $1,684 6.68%
    45% 3 $775,000 $258,333 $8,139 3.79%
    37% 3 $385,000 $128,333 $4,811 4.12%
    36% 2 $360,000 $180,000 $5,377 4.73%
    50-60% 1 $175,000 $175,000 $7,561 5.13%
    41% 1 $95,000 $95,000 $3,659 9.30%
    43% 1 $25,000 $25,000 $950 4.50%
    44% 1 $265,000 $265,000 $5,768 3.90%

    Mtc Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? 30-36%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 55 $8,925,000 $162,273 $5,848 4.44%
    Not provided 23 $3,535,000 $153,696 $5,026 4.95%
    Black 3 $155,000 $51,667 $2,106 5.42%

    Approval Rates

    Total approvals of all applications
    97.94%

    Mtc Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    85.19%

    Mtc Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 81 $12,615,000 $155,741

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $315,000 $105,000
    Single Family (1-4 Units):Site-Built 78 $12,300,000 $157,692

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $415,000 $46,111 $1,538 5.90%
    40-60% 6 $720,000 $120,000 $3,742 4.78%
    60-80% 33 $6,315,000 $191,364 $6,913 4.31%
    80-100% 25 $4,775,000 $191,000 $6,293 4.43%
    Under 20% 7 $265,000 $37,857 $2,485 4.96%