Minnesota Power Employees Credit Union Mortgage Rates, Fees & Info

Duluth, MN

LEI: 254900J9CE43FKIA7D19

Tax ID: 41-0418235

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

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Mortgage Data

  • Originations
  • Relative Rates
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Minnesota Power Employees Credit Union is a smaller credit union specializing in Home Purchase and Refi loans. Minnesota Power Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Minneapolis, Brainerd, and Grand Rapids among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Minnesota Power Employees Credit Union has an above average approval rate when compared to the average across all lenders. They typically have relatively high 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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    Originations

    30

    Origination Dollar Volume (All Markets)

    $8,530,000

    Relative Rate

    Minnesota Power Employees Credit Union's average 30 year fixed mortgage rate was 6.75%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of 0.27%.

    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
    DULUTH, MN-WI (FHA|USDA|VA) 18 $5,250,000 $291,667 $4,104 6.79%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 6 $1,670,000 $278,333 $2,394 6.56%
    Outside of Metro Areas 3 $755,000 $251,667 $2,475 6.96%
    Brainerd, MN (FHA|USDA|VA) 2 $740,000 $370,000 $6,496 5.50%
    Grand Rapids, MN (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.00%
    Minnesota Power Employees Credit Union's top markets include Duluth, Minneapolis, Brainerd, and Grand Rapids among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $8,205,000 $282,931 $4,089 6.63%
    HELOC 1 $325,000 $325,000 n/a 7.25%

    For 2023, Minnesota Power Employees Credit Union's most frequently originated type of loan was Conventional, with 29 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 17 $4,875,000 $286,765 $4,098 6.57%
    Cash Out Refi 8 $1,630,000 $203,750 $3,665 6.97%
    Refi 5 $2,025,000 $405,000 $4,206 6.43%

    For 2023, Minnesota Power Employees Credit Union's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 7 $3,045,000 $435,000 $4,514 6.86%
    15 Year 7 $1,165,000 $166,429 $3,493 6.52%
    30 Year 7 $2,255,000 $322,143 $0 6.75%
    5 Year 6 $1,430,000 $238,333 $0 6.13%
    10 Year 1 $105,000 $105,000 $0 7.63%
    3 Year 1 $325,000 $325,000 $0 7.25%
    1 Year 1 $205,000 $205,000 $0 7.00%

    For 2023, Minnesota Power Employees Credit Union's most frequently cited loan duration was 20 Year, with 7 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 8 $2,330,000 $291,250
    $2k-3k 5 $1,285,000 $257,000
    $3k-4k 1 $525,000 $525,000

    Minnesota Power Employees Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 13 $3,245,000 $249,615
    5-6% 9 $2,805,000 $311,667
    7-8% 6 $2,180,000 $363,333
    Over 8% 2 $300,000 $150,000

    During 2023, Minnesota Power Employees Credit Union's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 13 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 13 $3,395,000 $261,154 $4,302 6.46%
    $100k-200k 8 $1,220,000 $152,500 $3,520 7.25%
    $400k-600k 4 $1,810,000 $452,500 $8,147 6.13%
    $100,000 or less 3 $235,000 $78,333 $2,060 6.50%
    $1MM+ 1 $1,255,000 $1,255,000 $3,270 7.50%
    $600k-1MM 1 $615,000 $615,000 $0 6.00%

    2023 saw Minnesota Power Employees Credit Union place emphasis on $200k-400k loans with 13 originations, totaling $3,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 8 $1,560,000 $195,000 $4,049 6.50%
    $250k+ 8 $2,830,000 $353,750 $0 6.53%
    $150k-250k 7 $1,665,000 $237,857 $4,366 6.55%
    $50k-75k 3 $705,000 $235,000 $4,741 6.67%
    $50k or less 3 $1,565,000 $521,667 $3,468 7.58%
    $75k-100k 1 $205,000 $205,000 $0 6.63%

    Minnesota Power Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $250k+, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 13 $3,105,000 $238,846 $3,100 6.55%
    30-36% 7 $1,535,000 $219,286 $4,312 6.82%
    20-30% 5 $1,455,000 $291,000 $5,389 6.83%
    38% 2 $1,430,000 $715,000 $3,270 7.00%
    36% 1 $405,000 $405,000 $0 6.50%
    37% 1 $355,000 $355,000 $2,890 6.88%

    Minnesota Power Employees Credit Union lent most frequently to those with DTI ratios of <20%, with 13 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 26 $6,590,000 $253,462 $4,095 6.68%
    American Indian 1 $1,255,000 $1,255,000 $3,270 7.50%
    Native Hawaiian or Islander 2 $470,000 $235,000 $0 6.50%
    Not provided 1 $215,000 $215,000 $4,846 5.25%

    Approval Rates

    Total approvals of all applications
    100.00%

    Minnesota Power Employees 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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 30 $8,530,000 $284,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    30 $8,530,000 $284,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $715,000 $143,000 $2,748 7.23%
    40-60% 5 $1,865,000 $373,000 $3,917 6.83%
    60-80% 11 $3,355,000 $305,000 $3,816 6.60%
    80-100% 8 $2,380,000 $297,500 $6,338 6.42%
    Under 20% 1 $215,000 $215,000 $4,846 5.25%