Members First Credit Union Mortgage Rates, Fees & Info
Brigham City, UTLEI: 54930032YM5T2EF3J715
Tax ID: 87-0241679
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Mortgage Data
Review & Overview
Members First Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Members First Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Ogden, Logan, Burley, and St. George among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Members First Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Members First Credit Union is typically an average 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 relatively high rates.
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Originations
65Origination Dollar Volume (All Markets)
$5,125,000Relative Rate
Members First Credit Union's average 30 year fixed mortgage rate was
6.99%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.51%.
Relative Fees (Closing Costs)
Members First Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,229.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 53 | $4,175,000 | $78,774 | $1,310 | 6.92% |
| LOGAN, UT-ID (FHA|USDA|VA) | 9 | $615,000 | $68,333 | $1,540 | 7.22% |
| Burley, ID (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,936 | 6.99% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $1,348 | 6.99% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $684 | 6.74% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 65 | $5,125,000 | $78,846 | $1,388 | 6.96% |
For 2023, Members First Credit Union's most frequently originated type of loan was Conventional, with 65 originations.
Loan Reason
For 2023, Members First Credit Union's most frequently cited loan purpose was Cash Out Refi, with 21 originations. The 2nd most popular reason was Home Improvement, with 20 originations.
Loan Duration/Length
For 2023, Members First Credit Union's most frequently cited loan duration was 10 Year, with 58 originations. The 2nd most popular length was 5 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $165,000 | $55,000 |
| $1k-2k | 2 | $240,000 | $120,000 |
Members First Credit Union's average total fees were $5,229, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 41 | $3,175,000 | $77,439 |
| 7-8% | 15 | $875,000 | $58,333 |
| 5-6% | 6 | $930,000 | $155,000 |
| Over 8% | 3 | $145,000 | $48,333 |
During 2023, Members First Credit Union's average interest rate for loans was 6.99%, while their most frequently originated rate bucket for loans was 6-7%, with 41 originations.
Loan Sizing
2023 saw Members First Credit Union place emphasis on $100,000 or less loans with 54 originations, totaling $2,950,000 in origination value.
Applicant Income
Members First Credit Union lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 18 originations.
Applicant Debt to Income Ratio
Members First 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 14 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 64 | $5,080,000 | $79,375 | $1,400 | 6.92% |
| Black | 1 | $45,000 | $45,000 | $673 | 9.50% |
Approval Rates
Total approvals of all applications90.91%
Members First Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination93.85%
Members First Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 65 | $5,125,000 | $78,846 |