Mtc Federal Credit Union Mortgage Rates, Fees & Info
Greenville, SCLEI: 549300WDLOVGUYVTS727
Tax ID: 57-0638331
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Mortgage Data
Review & Overview
Mtc Federal Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Mtc Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Greenville, Charlotte, Seneca, and Spartanburg among others. We have data for 7 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 an average 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
14Origination Dollar Volume (All Markets)
$3,590,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $1,305,000 | $1,305,000 | $19,938 | 3.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 7 | $1,205,000 | $172,143 | $4,110 | 3.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $6,449 | 3.38% |
| Outside of Metro Areas | 2 | $310,000 | $155,000 | $5,920 | 3.44% |
| Seneca, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,038 | 3.13% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,545 | 2.50% |
| Ardmore, OK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,364 | 2.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 14 | $3,590,000 | $256,429 | $5,567 | 3.04% |
For 2020, Mtc Federal Credit Union's most frequently originated type of loan was Conventional, with 14 originations.
Loan Reason
For 2020, Mtc Federal Credit Union's most frequently cited loan purpose was Other, with 8 originations. The 2nd most popular reason was Home Purchase, with 4 originations.
Loan Duration/Length
For 2020, Mtc Federal Credit Union's most frequently cited loan duration was 15 Year, with 9 originations. The 2nd most popular length was 30 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 6 | $770,000 | $128,333 |
| $2k-3k | 3 | $485,000 | $161,667 |
| $3k-4k | 3 | $795,000 | $265,000 |
| $5k+ | 2 | $1,540,000 | $770,000 |
Mtc Federal Credit Union's average total fees were $6,176, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 9 | $2,535,000 | $281,667 |
| 3-4% | 3 | $775,000 | $258,333 |
| <2.5% | 1 | $145,000 | $145,000 |
| 4-5% | 1 | $135,000 | $135,000 |
During 2020, Mtc Federal Credit Union's average interest rate for loans was 3.42%, while their most frequently originated rate bucket for loans was 2.5-3%, with 9 originations.
Loan Sizing
2020 saw Mtc Federal Credit Union place emphasis on $100k-200k loans with 5 originations, totaling $775,000 in origination value.
Applicant Income
Mtc Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $50k-75k, with 4 originations.
Applicant Debt to Income Ratio
Mtc Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4 originations. The next most common DTI ratio? <20%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 11 | $3,245,000 | $295,000 | $6,132 | 3.08% |
| Not provided | 3 | $345,000 | $115,000 | $3,498 | 2.92% |
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 14 | $3,590,000 | $256,429 |