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, 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
42Origination Dollar Volume (All Markets)
$13,660,000Top 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) | 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% |
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 | 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
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
2021 saw Members Plus Credit Union place emphasis on $200k-400k loans with 25 originations, totaling $7,445,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications88.37%
Members Plus Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination42.86%
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 |
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% |