Members Plus Credit Union Mortgage Rates, Fees & Info

Medford, MA

LEI: 254900VYWY829DG3Z473

Tax ID: 04-2039851

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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, Barnstable Town, Manchester, and Providence among others. We have data for 4 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

42

Origination Dollar Volume (All Markets)

$13,660,000

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 37 $12,225,000 $330,405 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $955,000 $318,333 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
Members Plus Credit Union's top markets include Boston, Barnstable Town, Manchester, and Providence among others.

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

    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    Middlesex Savings Bank
    Similarity Rank: 672
    Bridgewater Savings Bank
    Similarity Rank: 672
    East Boston Savings Bank
    Similarity Rank: 755
    Piscataqua Savings Bank
    Similarity Rank: 789
    Norwood Co-operative Bank
    Similarity Rank: 820
    QUINCY CREDIT UNION
    Similarity Rank: 900
    HARVARD UNIVERSITY EMPLOYEES
    Similarity Rank: 1001
    Walpole Co-operative Bank
    Similarity Rank: 1052

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $13,660,000 $325,238 $0 0.00%

    For 2021, Members Plus Credit Union's most frequently originated type of loan was Conventional, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 28 $8,660,000 $309,286 $0 0.00%
    Home Purchase 7 $2,925,000 $417,857 $0 0.00%
    Refi 6 $1,770,000 $295,000 $0 0.00%
    Home Improvement 1 $305,000 $305,000 $0 0.00%

    For 2021, Members Plus Credit Union's most frequently cited loan purpose was Cash Out Refi, with 28 originations. The 2nd most popular reason was Home Purchase, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 42 $13,660,000 $325,238 $0 0.00%

    For 2021, Members Plus Credit Union's most frequently cited loan duration was Other, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 25 $7,445,000 $297,800 $0 0.00%
    $400k-600k 9 $4,115,000 $457,222 $0 0.00%
    $100k-200k 5 $745,000 $149,000 $0 0.00%
    $600k-1MM 2 $1,280,000 $640,000 $0 0.00%
    $100,000 or less 1 $75,000 $75,000 $0 0.00%

    2021 saw Members Plus Credit Union place emphasis on $200k-400k loans with 25 originations, totaling $7,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 16 $5,370,000 $335,625 $0 0.00%
    $150k-250k 15 $5,185,000 $345,667 $0 0.00%
    $75k-100k 7 $2,125,000 $303,571 $0 0.00%
    $50k-75k 2 $290,000 $145,000 $0 0.00%
    $250k+ 1 $435,000 $435,000 $0 0.00%

    Members Plus Credit Union lent most frequently to those with incomes in the $100k-150k range, with 16 originations. The second most popular income band? $150k-250k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 42 $13,660,000 $325,238 $0 0.00%

    Members Plus Credit Union lent most frequently to those with DTI ratios of Exempt%, with 42 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 29 $9,505,000 $327,759 $0 0.00%
    Black 6 $2,340,000 $390,000 $0 0.00%
    Not provided 7 $1,815,000 $259,286 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.37%

    Members Plus Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    42.86%

    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 42 $13,660,000 $325,238

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    42 $13,660,000 $325,238

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MEMBERS MORTGAGE COMPANY, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%