Mtc Federal Credit Union Mortgage Rates, Fees & Info

Greenville, SC

LEI: 549300WDLOVGUYVTS727

Tax ID: 57-0638331

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Mortgage Data

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. Their top markets by origination volume include: Greenville, Spartanburg, Columbia, Ardmore, and Seneca among others. We have data for 6 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. Mtc Federal Credit Union is typically a low 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.

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Originations

28

Origination Dollar Volume (All Markets)

$4,890,000

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
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 16 $2,920,000 $182,500 $3,646 4.79%
SPARTANBURG, SC (FHA|USDA|VA) 4 $670,000 $167,500 $3,883 6.04%
COLUMBIA, SC (FHA|USDA|VA) 3 $595,000 $198,333 $3,406 4.56%
Ardmore, OK (FHA|USDA|VA) 2 $390,000 $195,000 $4,028 4.16%
Seneca, SC (FHA|USDA|VA) 1 $175,000 $175,000 $4,042 4.91%
Outside of Metro Areas 2 $140,000 $70,000 $2,763 5.56%
Mtc Federal Credit Union's top markets include Greenville, Spartanburg, Columbia, Ardmore, and Seneca among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Oklahoma (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: 402
    BLMC, INC
    Similarity Rank: 1266
    Coastal Carolina National Bank
    Similarity Rank: 1328
    S. C. STATE FEDERAL CREDIT UNION
    Similarity Rank: 1598
    CPM Federal Credit Union
    Similarity Rank: 1650
    First Community Bank
    Similarity Rank: 2015
    Amerisouth Mortgage Company
    Similarity Rank: 2121
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 2592
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 3038

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 28 $4,890,000 $174,643 $3,632 4.96%

    For 2019, Mtc Federal Credit Union's most frequently originated type of loan was Conventional, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 16 $2,260,000 $141,250 $3,249 5.36%
    Home Purchase 10 $2,270,000 $227,000 $4,256 4.47%
    Refi 2 $360,000 $180,000 $3,586 4.16%

    For 2019, Mtc Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 16 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 15 $3,235,000 $215,667 $4,059 5.08%
    15 Year 11 $1,555,000 $141,364 $3,347 4.81%
    Other 2 $100,000 $50,000 $2,002 4.89%

    For 2019, Mtc Federal Credit Union's most frequently cited loan duration was 30 Year, with 15 originations. The 2nd most popular length was 15 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 12 $2,660,000 $221,667
    $1k-2k 8 $990,000 $123,750
    $<1k 7 $935,000 $133,571
    $3k-4k 1 $305,000 $305,000

    Mtc Federal Credit Union's average total fees were $4,059, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 12 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 18 $3,250,000 $180,556
    5-6% 6 $940,000 $156,667
    3-4% 1 $145,000 $145,000
    6-7% 1 $145,000 $145,000
    7-8% 1 $205,000 $205,000
    Over 8% 1 $205,000 $205,000

    During 2019, Mtc Federal Credit Union's average interest rate for loans was 5.08%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 11 $1,755,000 $159,545 $3,587 4.73%
    $200k-400k 10 $2,340,000 $234,000 $4,283 5.13%
    $100,000 or less 6 $390,000 $65,000 $2,413 5.05%
    $400k-600k 1 $405,000 $405,000 $4,936 5.16%

    2019 saw Mtc Federal Credit Union place emphasis on $100k-200k loans with 11 originations, totaling $1,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 9 $1,485,000 $165,000 $3,638 4.64%
    $50k-75k 8 $1,150,000 $143,750 $3,407 5.49%
    $100k-150k 4 $910,000 $227,500 $4,793 5.20%
    $150k-250k 4 $950,000 $237,500 $3,784 4.65%
    $50k or less 3 $395,000 $131,667 $2,470 4.58%

    Mtc Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 9 originations. The second most popular income band? $50k-75k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 9 $1,615,000 $179,444 $3,884 4.53%
    30-36% 8 $1,270,000 $158,750 $3,528 5.60%
    <20% 4 $480,000 $120,000 $2,596 4.57%
    47% 2 $310,000 $155,000 $4,162 5.16%
    41% 1 $235,000 $235,000 $4,648 4.41%
    42% 1 $245,000 $245,000 $2,262 4.16%
    44% 1 $155,000 $155,000 $3,933 5.91%
    46% 1 $405,000 $405,000 $4,936 5.16%
    38% 1 $175,000 $175,000 $4,042 4.91%

    Mtc Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 28 $4,890,000 $174,643 $3,632 4.96%

    Approval Rates

    Total approvals of all applications
    100.00%

    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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 28 $4,890,000 $174,643

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 28 $4,890,000 $174,643

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $225,000 $75,000 $2,082 4.63%
    40-60% 1 $65,000 $65,000 $2,354 5.66%
    60-80% 7 $1,185,000 $169,286 $3,305 4.82%
    80-100% 17 $3,415,000 $200,882 $4,116 5.03%