Members Plus Credit Union Mortgage Rates, Fees & Info
Medford, MALEI: 254900VYWY829DG3Z473
Tax ID: 04-2039851
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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, and Springfield among others. We have data for 3 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.
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Originations
36Origination Dollar Volume (All Markets)
$8,870,000Top 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) | 34 | $8,200,000 | $241,176 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 36 | $8,870,000 | $246,389 | $0 | 0.00% |
For 2020, Members Plus Credit Union's most frequently originated type of loan was Conventional, with 36 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 21 | $4,895,000 | $233,095 | $0 | 0.00% |
| Home Purchase | 8 | $2,220,000 | $277,500 | $0 | 0.00% |
| Refi | 7 | $1,755,000 | $250,714 | $0 | 0.00% |
For 2020, Members Plus Credit Union's most frequently cited loan purpose was Cash Out Refi, with 21 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 36 | $8,870,000 | $246,389 | $0 | 0.00% |
For 2020, Members Plus Credit Union's most frequently cited loan duration was Other, with 36 originations.
Loan Sizing
2020 saw Members Plus Credit Union place emphasis on $200k-400k loans with 18 originations, totaling $5,060,000 in origination value.
Applicant Income
Members Plus Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 36 | $8,870,000 | $246,389 | $0 | 0.00% |
Members Plus Credit Union lent most frequently to those with DTI ratios of Exempt%, with 36 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.07%
Members Plus Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination33.33%
Members Plus Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 36 | $8,870,000 | $246,389 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 36 | $8,870,000 | $246,389 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MEMBER MORTGAGE SERVICES | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |