Members Plus Credit Union Mortgage Rates, Fees & Info

Medford, MA

LEI: 254900VYWY829DG3Z473

Tax ID: 04-2039851

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
  • Similar Lenders
  • 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

    Members Plus Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Members Plus Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, Barnstable Town, and Manchester among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Plus 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. Members Plus Credit Union 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    78

    Origination Dollar Volume (All Markets)

    $15,790,000

    Awards

    Members Plus Credit Union 30 Year Conventional Loans gold Members Plus Credit Union 30 Year Conventional Loans silver Members Plus Credit Union 30 Year Conventional Loans bronze
    Show all (3) awards

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 66 $13,780,000 $208,788 $1,430 4.71%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $790,000 $197,500 $1,653 4.28%
    WORCESTER, MA-CT (FHA|USDA|VA) 5 $725,000 $145,000 $1,123 4.70%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $265,000 $265,000 $1,944 5.38%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $205,000 $205,000 $2,430 4.75%
    Laconia, NH (FHA|USDA|VA) 1 $25,000 $25,000 $221 4.50%
    Members Plus Credit Union's top markets include Boston, Providence, Worcester, Barnstable Town, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Members Plus Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Triangle Credit Union
    Similarity Rank: 147
    First Ipswich Bank
    Similarity Rank: 164
    Middlesex Savings Bank
    Similarity Rank: 165
    Coastal Heritage Bank
    Similarity Rank: 180
    Bristol County Savings Bank
    Similarity Rank: 210
    Milford Federal Bank
    Similarity Rank: 285
    Methuen Cooperative Bank
    Similarity Rank: 330
    The Cooperative Bank
    Similarity Rank: 380

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 78 $15,790,000 $202,436 $1,426 4.69%

    For 2018, Members Plus Credit Union's most frequently originated type of loan was Conventional, with 78 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 27 $6,095,000 $225,741 $1,541 4.56%
    Home Purchase 21 $7,225,000 $344,048 $2,716 4.43%
    Home Improvement 21 $1,005,000 $47,857 $65 5.17%
    Other 5 $565,000 $113,000 $512 4.85%
    Refi 4 $900,000 $225,000 $2,166 4.28%

    For 2018, Members Plus Credit Union's most frequently cited loan purpose was Cash Out Refi, with 27 originations. The 2nd most popular reason was Home Purchase, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 35 $11,215,000 $320,429 $2,446 4.48%
    20 Year 13 $775,000 $59,615 $51 5.63%
    10 Year 13 $1,025,000 $78,846 $454 4.68%
    15 Year 9 $1,585,000 $176,111 $1,207 4.50%
    5 Year 5 $165,000 $33,000 $138 4.25%
    Other 2 $470,000 $235,000 $1,889 4.69%
    30+ year 1 $555,000 $555,000 $3,722 3.88%

    For 2018, Members Plus Credit Union's most frequently cited loan duration was 30 Year, with 35 originations. The 2nd most popular length was 20 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 78 $15,790,000 $202,436

    Members Plus Credit Union's average total fees were $2,446, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 78 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 48 $10,560,000 $220,000
    3-4% 14 $3,300,000 $235,714
    5-6% 14 $1,740,000 $124,286
    6-7% 2 $190,000 $95,000

    During 2018, Members Plus Credit Union's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was 4-5%, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 33 $9,615,000 $291,364 $2,298 4.38%
    $100,000 or less 27 $1,115,000 $41,296 $133 5.07%
    $100k-200k 10 $1,310,000 $131,000 $775 4.79%
    $400k-600k 8 $3,750,000 $468,750 $3,006 4.58%

    2018 saw Members Plus Credit Union place emphasis on $200k-400k loans with 33 originations, totaling $9,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 31 $7,515,000 $242,419 $1,658 4.60%
    $75k-100k 20 $4,030,000 $201,500 $1,501 4.68%
    $150k-250k 17 $3,035,000 $178,529 $1,055 4.82%
    $50k-75k 7 $1,155,000 $165,000 $1,632 4.39%
    $50k or less 2 $30,000 $15,000 $221 5.63%
    $250k+ 1 $25,000 $25,000 $0 5.99%

    Members Plus Credit Union lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $75k-100k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 18 $4,090,000 $227,222 $1,769 4.44%
    20-30% 17 $3,405,000 $200,294 $1,509 4.63%
    39% 6 $1,380,000 $230,000 $1,485 5.13%
    45% 6 $580,000 $96,667 $779 4.67%
    40% 5 $555,000 $111,000 $616 5.10%
    41% 5 $1,455,000 $291,000 $2,049 4.50%
    <20% 4 $600,000 $150,000 $1,032 3.97%
    38% 4 $1,050,000 $262,500 $1,251 5.19%
    42% 4 $700,000 $175,000 $1,296 4.47%
    37% 3 $415,000 $138,333 $663 5.42%
    50-60% 2 $290,000 $145,000 $1,247 5.50%
    43% 2 $830,000 $415,000 $2,934 4.75%
    36% 1 $145,000 $145,000 $0 4.75%
    48% 1 $295,000 $295,000 $2,154 4.63%

    Members Plus Credit Union lent most frequently to those with DTI ratios of 30-36%, with 18 originations. The next most common DTI ratio? 20-30%, with 17 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 59 $11,985,000 $203,136 $1,458 4.73%
    Not provided 11 $2,205,000 $200,455 $1,449 4.42%
    Black 7 $1,295,000 $185,000 $1,037 4.77%
    Asian 1 $305,000 $305,000 $1,993 5.00%

    Approval Rates

    Total approvals of all applications
    81.98%

    Members Plus Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.33%

    Members Plus Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 78 $15,790,000 $202,436

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 78 $15,790,000 $202,436

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,835,000 $203,889 $1,156 4.79%
    40-60% 13 $3,845,000 $295,769 $2,220 4.16%
    60-80% 18 $5,550,000 $308,333 $2,420 4.54%
    80-100% 10 $3,310,000 $331,000 $2,681 4.40%
    Under 20% 28 $1,250,000 $44,643 $56 5.11%

    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%