Merced School Employees Federal Credit Union Mortgage Rates, Fees & Info

Merced, CA

LEI: 549300Y37WHI3S8KVE74

Tax ID: 94-1284984

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
  • Complaints
  • 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

    Merced School Employees Federal Credit Union is a smaller credit union specializing in Cash Out Refi loans. Merced School Employees Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Merced.

    Merced School 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

    98

    Origination Dollar Volume (All Markets)

    $12,870,000

    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
    MERCED, CA (FHA|USDA|VA) 94 $12,260,000 $130,426 $0 0.00%
    Outside of Metro Areas 4 $610,000 $152,500 $0 0.00%
    Merced School Employees Federal Credit Union's top markets include and Merced among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 98 $12,870,000 $131,327 $0 0.00%

    For 2019, Merced School Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 50 $7,840,000 $156,800 $0 0.00%
    Other 13 $535,000 $41,154 $0 0.00%
    Refi 13 $1,975,000 $151,923 $0 0.00%
    Home Purchase 11 $1,885,000 $171,364 $0 0.00%
    Home Improvement 11 $635,000 $57,727 $0 0.00%

    For 2019, Merced School Employees Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 50 originations. The 2nd most popular reason was Other, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 98 $12,870,000 $131,327 $0 0.00%

    For 2019, Merced School Employees Federal Credit Union's most frequently cited loan duration was Other, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 44 $2,400,000 $54,545 $0 0.00%
    $100k-200k 35 $5,155,000 $147,286 $0 0.00%
    $200k-400k 18 $4,900,000 $272,222 $0 0.00%
    $400k-600k 1 $415,000 $415,000 $0 0.00%

    2019 saw Merced School Employees Federal Credit Union place emphasis on $100,000 or less loans with 44 originations, totaling $2,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 27 $2,485,000 $92,037 $0 0.00%
    $50k-75k 24 $2,780,000 $115,833 $0 0.00%
    $75k-100k 21 $2,815,000 $134,048 $0 0.00%
    $100k-150k 18 $3,220,000 $178,889 $0 0.00%
    $150k-250k 7 $1,245,000 $177,857 $0 0.00%
    $250k+ 1 $325,000 $325,000 $0 0.00%

    Merced School Employees Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 27 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 32 $4,160,000 $130,000 $0 0.00%
    30-36% 24 $3,240,000 $135,000 $0 0.00%
    <20% 17 $1,355,000 $79,706 $0 0.00%
    38% 6 $1,180,000 $196,667 $0 0.00%
    41% 4 $700,000 $175,000 $0 0.00%
    40% 4 $980,000 $245,000 $0 0.00%
    42% 3 $285,000 $95,000 $0 0.00%
    37% 3 $385,000 $128,333 $0 0.00%
    49% 2 $310,000 $155,000 $0 0.00%
    39% 1 $55,000 $55,000 $0 0.00%
    43% 1 $105,000 $105,000 $0 0.00%
    36% 1 $115,000 $115,000 $0 0.00%

    Merced School Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 32 originations. The next most common DTI ratio? 30-36%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 89 $11,605,000 $130,393 $0 0.00%
    Asian 8 $1,220,000 $152,500 $0 0.00%
    American Indian 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.03%

    Merced School Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.76%

    Merced School Employees Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 98 $12,870,000 $131,327

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 98 $12,870,000 $131,327

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $2,200,000 $91,667 $0 0.00%
    40-60% 14 $2,000,000 $142,857 $0 0.00%
    60-80% 28 $5,750,000 $205,357 $0 0.00%
    80-100% 10 $2,060,000 $206,000 $0 0.00%
    Under 20% 22 $860,000 $39,091 $0 0.00%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Market Place Mortgage Corp. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Market Place Mortgage Corp. FHA mortgage Closing on a mortgage 1 50.0%