St. Mary's Credit Union Mortgage Rates, Fees & Info

Marlborough, MA

LEI: 549300Y7VXZSDR0D6I81

Tax ID: 04-1802000

5 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

St. Mary's Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. St. Mary's Credit Union has a high proportion of conventional loans. Their top markets include Boston, Worcester, Barnstable Town, Providence, and Springfield among others. St. Mary's Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. St. Mary's Credit Union is typically an average fee lendor.


Originations

373

Origination Dollar Volume (All Markets)

$91,525,000

Relative Rate

St. Mary's Credit Union's average 30 year fixed rate mortgage of loans were 3.15%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0%.

Relative Fees

St. Mary's Credit Union's average total fees for a 30 year fixed rate mortgage are $3,536.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 177 $46,205,000 $261,045 $2,666 3.23%
WORCESTER, MA-CT (FHA|USDA|VA) 184 $41,080,000 $223,261 $2,649 3.30%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $3,040,000 $380,000 $3,469 3.07%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $740,000 $370,000 $3,750 3.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $245,000 $245,000 $3,053 3.25%
PITTSFIELD, MA (FHA|USDA|VA) 1 $215,000 $215,000 $2,977 3.13%

St. Mary's Credit Union's top markets include Boston, Worcester, Barnstable Town, Providence, and Springfield among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 373 $91,525,000 $245,375 $2,681 3.26%

For the 2021 period, St. Mary's Credit Union's most frequently originated loan type of loans were Conventional, with 373 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 129 $38,535,000 $298,721 $3,415 3.19%
Refi 115 $27,675,000 $240,652 $3,009 2.93%
Home Purchase 66 $21,960,000 $332,727 $3,261 3.04%
Home Improvement 46 $2,530,000 $55,000 $0 4.28%
Other 17 $825,000 $48,529 $0 4.16%

For the 2021, St. Mary's Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 129 originations. The 2nd most popular reason of loans were Refi, with 115 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 174 $55,130,000 $316,839 $3,536 3.15%
15 Year 72 $16,670,000 $231,528 $2,475 2.98%
20 Year 64 $12,240,000 $191,250 $2,326 3.58%
10 Year 33 $5,835,000 $176,818 $1,610 3.28%
Other 18 $1,370,000 $76,111 $167 3.93%
5 Year 12 $280,000 $23,333 $0 3.75%

For the 2021, St. Mary's Credit Union's most frequently cited loan length of loans were 30 Year, with 174 originations. The 2nd most popular length of loans were 15 Year, with 72 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 268 $58,480,000 $218,209
$1k-2k 47 $13,665,000 $290,745
$3k-4k 24 $5,750,000 $239,583
$2k-3k 16 $3,810,000 $238,125
$5k+ 15 $6,725,000 $448,333

$3,536 of loans were St. Mary's Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 268 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 167 $42,205,000 $252,725
2.5-3% 126 $37,770,000 $299,762
4-5% 43 $3,005,000 $69,884
<2.5% 37 $8,545,000 $230,946

During 2021, St. Mary's Credit Union's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 167 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 153 $43,295,000 $282,974 $3,443 3.07%
$100k-200k 94 $14,760,000 $157,021 $2,445 3.08%
$100,000 or less 77 $4,025,000 $52,273 $305 4.00%
$400k-600k 31 $15,195,000 $490,161 $4,262 3.10%
$600k-1MM 14 $9,450,000 $675,000 $5,381 2.83%
$1MM+ 4 $4,800,000 $1,200,000 $3,870 3.26%

2021 saw St. Mary's Credit Union place emphasis on $200k-400k loans with 153 originations, totaling $43,295,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 115 $30,845,000 $268,217 $2,869 3.25%
$100k-150k 93 $21,305,000 $229,086 $2,826 3.26%
$75k-100k 61 $11,185,000 $183,361 $2,365 3.30%
$50k-75k 57 $10,855,000 $190,439 $2,513 3.21%
$250k+ 27 $12,745,000 $472,037 $3,015 3.28%
$50k or less 18 $2,500,000 $138,889 $1,844 3.29%

St. Mary's Credit Union lent most frequently to those with incomes in the $150k-250k range, with 115 originations. The second most popular income band? $100k-150k, with 93 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 103 $25,015,000 $242,864 $2,509 3.24%
30-36% 89 $20,175,000 $226,685 $2,498 3.30%
<20% 44 $10,410,000 $236,591 $2,878 3.06%
39% 18 $4,640,000 $257,778 $2,849 3.17%
40% 18 $4,120,000 $228,889 $3,408 2.90%
41% 18 $5,080,000 $282,222 $2,777 3.54%
38% 16 $3,080,000 $192,500 $2,610 3.41%
42% 14 $2,140,000 $152,857 $923 3.93%
36% 14 $3,720,000 $265,714 $2,639 3.32%
37% 14 $3,840,000 $274,286 $3,830 3.24%
44% 12 $3,020,000 $251,667 $3,013 3.15%
43% 9 $2,835,000 $315,000 $4,205 3.10%
46% 1 $355,000 $355,000 $2,684 3.38%

St. Mary's Credit Union lent most frequently to those with DTI ratios of 20-30%, with 103 originations. The next most common DTI ratio? 30-36%, with 89 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 313 $72,085,000 $230,304 $2,696 3.26%
Not provided 35 $10,685,000 $305,286 $2,389 3.31%
Asian 10 $2,730,000 $273,000 $2,449 3.09%
Not applicable 2 $2,090,000 $1,045,000 $0 3.50%
Black 6 $1,410,000 $235,000 $3,246 2.73%
Asian Indian 3 $785,000 $261,667 $3,239 3.92%
Other Asian 1 $685,000 $685,000 $3,465 2.63%
Filipino 1 $655,000 $655,000 $3,857 3.00%
American Indian 2 $400,000 $200,000 $2,847 3.94%

Approval Rates

Total approvals of all applications
86.76%

St. Mary's Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
82.28%

St. Mary's Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 373 $91,525,000 $245,375

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
373 $91,525,000 $245,375

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 57 $10,015,000 $175,702 $2,304 3.12%
40-60% 92 $23,070,000 $250,761 $3,448 2.93%
60-80% 91 $32,655,000 $358,846 $3,732 3.20%
80-100% 57 $19,995,000 $350,789 $3,305 3.01%
Over 100% 1 $1,705,000 $1,705,000 $0 3.50%
Under 20% 75 $4,085,000 $54,467 $299 4.03%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
21ST MORTGAGE CORP. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 8.1%
21ST MORTGAGE CORP. Conventional home mortgage Closing on a mortgage 3 4.8%
21ST MORTGAGE CORP. Conventional home mortgage Incorrect information on your report 1 1.6%
21ST MORTGAGE CORP. Conventional home mortgage Struggling to pay mortgage 19 30.6%
21ST MORTGAGE CORP. Conventional home mortgage Trouble during payment process 16 25.8%
21ST MORTGAGE CORP. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.6%
21ST MORTGAGE CORP. FHA mortgage Struggling to pay mortgage 3 4.8%
21ST MORTGAGE CORP. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 3 4.8%
21ST MORTGAGE CORP. Other type of mortgage Closing on a mortgage 1 1.6%
21ST MORTGAGE CORP. Other type of mortgage Struggling to pay mortgage 7 11.3%
21ST MORTGAGE CORP. Other type of mortgage Trouble during payment process 2 3.2%
21ST MORTGAGE CORP. VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 1.6%