Is myCUmortgage LLC An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at myCUmortgage LLC with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.24%)
Loan Related Closing Costs: similar to average (-$161)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, myCUmortgage LLC originated 1615 mortgages, a national market share of 0.0%. It was most active in OH (0.5% market share), KY (0.1% market share), and WV (0.1% market share).

On average, myCUmortgage LLC’s interest rates were lower than those of comparable mortgages at other lenders (-0.24%).1The comparable mortgages control for myCUmortgage LLC’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4648, which was similar to those of comparable mortgages at $4809, with a difference of -$161. Overall, we estimate that myCUmortgage LLC tends to be an cheap lender, with a cost-adjusted-rate difference of -0.27% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with myCUmortgage LLC.

myCUmortgage LLC originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated FHA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from myCUmortgage LLC compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.10% -0.31% -0.36% -0.21%
Loan related Closing Cost Difference +$462 -$260 +$204 -$272
Cost Adjusted Rate Difference +0.17% -0.36% -0.34% -0.27%

Based on the table above, myCUmortgage LLC is cheap for FHA, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from myCUmortgage LLC compared to other lenders

FHA
Interest Rate Difference -0.11%
Loan Related Closing Cost Difference -$558
Cost Adjusted Rate Difference -0.20%

Based on the table above, myCUmortgage LLC is cheap for FHA mortgage refinance.

Other information about myCUmortgage LLC:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: BEAVERCREEK, OH, 45431

Footnotes   [ + ]

1. The comparable mortgages control for myCUmortgage LLC’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.

Leave a Comment