Membersfirst Ct Fcu Mortgage Rates, Fees & Info

Meriden, CT

LEI: 2549007UXYHMV9ES9L95

Tax ID: 06-0655046

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Membersfirst Ct Fcu is a smaller credit union specializing in Home Improvement, Refi, and Home Purchase loans. Membersfirst Ct Fcu has a high proportion of conventional loans. Their top two markets are New Haven and Hartford .

Membersfirst Ct Fcu has an above average approval rate when compared to the average across all lenders. Membersfirst Ct Fcu 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.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.27%	11/23/24
30 Year Conventional Refi	6.27%	11/23/24
15 Year Conventional Purchase	5.68%	11/23/24
15 Year Conventional Refi	5.68%	11/23/24
15 Year Cash-out Refi	5.68%	11/23/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Membersfirst Ct Fcu Mortgage Calculator

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$3,405,000

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
NEW HAVEN-MILFORD, CT (FHA\|USDA\|VA)	29	$2,695,000	$92,931	$2,728	3.12%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA\|USDA\|VA)	6	$710,000	$118,333	$2,157	3.42%

Membersfirst Ct Fcu's top markets include New Haven and Hartford among others.

Their top states include:

Connecticut (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
HELOC	18	$1,130,000	$62,778	n/a	2.50%
Conventional	17	$2,275,000	$133,824	$2,640	3.88%

For 2018, Membersfirst Ct Fcu's most frequently originated type of loan was HELOC, with 18 originations. Their 2nd most popular type was Conventional, with 17 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Improvement	16	$880,000	$55,000	$1,450	2.73%
Refi	12	$1,330,000	$110,833	$1,636	3.58%
Cash Out Refi	4	$460,000	$115,000	$1,400	2.69%
Home Purchase	3	$735,000	$245,000	$6,269	4.50%

For 2018, Membersfirst Ct Fcu's most frequently cited loan purpose was Home Improvement, with 16 originations. The 2nd most popular reason was Refi, with 12 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
10 Year	20	$1,220,000	$61,000	$1,298	2.59%
30 Year	8	$1,630,000	$203,750	$3,399	4.28%
15 Year	4	$460,000	$115,000	$1,457	3.44%
5 Year	3	$95,000	$31,667	$0	3.75%

For 2018, Membersfirst Ct Fcu's most frequently cited loan duration was 10 Year, with 20 originations. The 2nd most popular length was 30 Year, with 8 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	13	$2,145,000	$165,000

Membersfirst Ct Fcu's average total fees were $3,399, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
<2.5%	19	$1,185,000	$62,368
3-4%	9	$975,000	$108,333
4-5%	7	$1,245,000	$177,857

During 2018, Membersfirst Ct Fcu's average interest rate for loans was 4.28%, while their most frequently originated rate bucket for loans was <2.5%, with 19 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	20	$850,000	$42,500	$1,335	2.85%
$100k-200k	11	$1,475,000	$134,091	$1,703	3.43%
$200k-400k	4	$1,080,000	$270,000	$4,932	4.06%

2018 saw Membersfirst Ct Fcu place emphasis on $100,000 or less loans with 20 originations, totaling $850,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$75k-100k	12	$1,050,000	$87,500	$1,586	2.96%
$100k-150k	7	$895,000	$127,857	$4,804	3.57%
$50k-75k	7	$575,000	$82,143	$1,554	3.14%
$50k or less	5	$325,000	$65,000	$2,365	2.90%
$150k-250k	4	$560,000	$140,000	$1,644	3.50%

Membersfirst Ct Fcu lent most frequently to those with incomes in the $75k-100k range, with 12 originations. The second most popular income band? $100k-150k, with 7 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
<20%	13	$1,175,000	$90,385	$1,508	2.98%
20-30%	12	$1,410,000	$117,500	$3,917	3.54%
30-36%	3	$155,000	$51,667	$0	2.50%
36%	2	$160,000	$80,000	$1,497	3.38%
39%	2	$220,000	$110,000	$0	2.50%
40%	1	$25,000	$25,000	$0	3.75%
44%	1	$65,000	$65,000	$0	2.50%
50-60%	1	$195,000	$195,000	$1,781	4.25%

Membersfirst Ct Fcu lent most frequently to those with DTI ratios of <20%, with 13 originations. The next most common DTI ratio? 20-30%, with 12 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	35	$3,405,000	$97,286	$2,640	3.17%

Approval Rates

Total approvals of all applications
100.00%

Membersfirst Ct Fcu 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	35	$3,405,000	$97,286

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	35	$3,405,000	$97,286

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	10	$590,000	$59,000	$1,358	2.73%
40-60%	6	$800,000	$133,333	$1,729	3.38%
60-80%	8	$1,650,000	$206,250	$3,889	3.81%
Under 20%	11	$365,000	$33,182	$0	3.00%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
MEMBER FIRST MORTGAGE, LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%