Members Choice Credit Union Mortgage Rates, Fees & Info

Houston, TX

LEI: 5493008EOM1VM8BBK206

Tax ID: 74-1886524

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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 Choice Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Members Choice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Houston, San Antonio, and Dallas among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Choice 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 Choice 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 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.80% 12/16/24
    30 Year Conventional Refi 3.71% 12/16/24
    30 Year Cash-out Refi 5.50% 12/16/24
    15 Year Conventional Purchase 7.44% 12/16/24
    15 Year Conventional Refi 4.65% 12/16/24
    15 Year Cash-out Refi 4.65% 12/16/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Members Choice Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Members Choice Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    194

    Origination Dollar Volume (All Markets)

    $30,880,000

    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
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 189 $29,455,000 $155,847 $3,013 3.96%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $1,000,000 $500,000 $6,290 3.06%
    Outside of Metro Areas 2 $370,000 $185,000 $4,609 3.44%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $55,000 $55,000 $550 4.13%
    Members Choice Credit Union's top markets include Houston, San Antonio, and Dallas among others.

    Their top states include:
  • Texas (FHA|USDA|VA)

    • Similar Lenders

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

    AAXY L.L.C.
    Similarity Rank: 522
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1140
    SMART CHOICE MORTGAGE, A TEXAS LIMITED LIABILITY C
    Similarity Rank: 1140
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 1265
    CADENCE LENDING GROUP, INC.
    Similarity Rank: 1480
    CAPITAL PLUS FINANCIAL, LLC
    Similarity Rank: 1508
    ADVISA MORTGAGE SERVICES, LTD.
    Similarity Rank: 1524
    MEMBERS CHOICE Credit Union
    Similarity Rank: 1824
    Shea Mortgage Inc.
    Similarity Rank: 1848
    ASSOCIATED CREDIT UNION OF TEXAS
    Similarity Rank: 1895

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 194 $30,880,000 $159,175 $3,044 3.95%

    For 2020, Members Choice Credit Union's most frequently originated type of loan was Conventional, with 194 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 63 $14,265,000 $226,429 $4,364 3.25%
    Home Improvement 46 $3,060,000 $66,522 $668 5.10%
    Cash Out Refi 39 $6,135,000 $157,308 $3,762 3.54%
    Home Purchase 27 $6,255,000 $231,667 $4,962 3.57%
    Other 19 $1,165,000 $61,316 $471 4.88%

    For 2020, Members Choice Credit Union's most frequently cited loan purpose was Refi, with 63 originations. The 2nd most popular reason was Home Improvement, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 61 $14,145,000 $231,885 $4,792 3.55%
    15 Year 53 $9,145,000 $172,547 $3,363 3.62%
    20 Year 47 $5,175,000 $110,106 $1,796 4.62%
    10 Year 29 $2,165,000 $74,655 $1,157 4.27%
    5 Year 4 $250,000 $62,500 $575 4.38%

    For 2020, Members Choice Credit Union's most frequently cited loan duration was 30 Year, with 61 originations. The 2nd most popular length was 15 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 102 $10,970,000 $107,549
    $1k-2k 49 $7,015,000 $143,163
    $2k-3k 22 $5,520,000 $250,909
    $4k-5k 6 $2,720,000 $453,333
    $3k-4k 5 $1,785,000 $357,000
    $5k+ 3 $1,935,000 $645,000

    Members Choice Credit Union's average total fees were $4,792, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 102 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 74 $14,020,000 $189,459
    4-5% 42 $3,690,000 $87,857
    2.5-3% 41 $9,435,000 $230,122
    5-6% 29 $2,185,000 $75,345
    <2.5% 5 $1,245,000 $249,000
    6-7% 3 $305,000 $101,667

    During 2020, Members Choice Credit Union's average interest rate for loans was 3.55%, while their most frequently originated rate bucket for loans was 3-4%, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 75 $10,965,000 $146,200 $3,401 3.58%
    $100,000 or less 69 $3,945,000 $57,174 $621 4.82%
    $200k-400k 40 $10,800,000 $270,000 $5,081 3.38%
    $400k-600k 8 $3,770,000 $471,250 $7,964 2.89%
    $600k-1MM 2 $1,400,000 $700,000 $12,666 3.13%

    2020 saw Members Choice Credit Union place emphasis on $100k-200k loans with 75 originations, totaling $10,965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 54 $7,870,000 $145,741 $2,822 4.06%
    $150k-250k 49 $8,485,000 $173,163 $3,089 4.11%
    $75k-100k 37 $5,715,000 $154,459 $3,024 3.90%
    $50k-75k 27 $2,975,000 $110,185 $2,449 3.73%
    $250k+ 16 $4,800,000 $300,000 $5,613 3.64%
    $50k or less 11 $1,035,000 $94,091 $2,155 3.86%

    Members Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 54 originations. The second most popular income band? $150k-250k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 54 $9,230,000 $170,926 $3,172 3.83%
    30-36% 45 $7,115,000 $158,111 $3,034 3.98%
    <20% 22 $3,700,000 $168,182 $3,089 3.50%
    37% 16 $3,210,000 $200,625 $4,026 3.99%
    36% 7 $1,155,000 $165,000 $3,101 4.14%
    38% 7 $1,285,000 $183,571 $4,292 3.70%
    39% 6 $820,000 $136,667 $2,156 4.23%
    42% 6 $470,000 $78,333 $1,384 4.85%
    41% 5 $515,000 $103,000 $1,184 5.00%
    44% 5 $735,000 $147,000 $3,019 3.75%
    46% 4 $700,000 $175,000 $3,525 3.47%
    45% 4 $470,000 $117,500 $2,672 3.50%
    40% 4 $320,000 $80,000 $1,459 5.44%
    43% 3 $465,000 $155,000 $3,708 3.54%
    47% 3 $395,000 $131,667 $2,941 3.75%
    48% 2 $170,000 $85,000 $600 5.25%
    49% 1 $125,000 $125,000 $2,454 4.50%

    Members Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 45 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 142 $21,980,000 $154,789 $2,963 3.99%
    Not provided 17 $3,375,000 $198,529 $3,609 3.66%
    Black 18 $2,720,000 $151,111 $2,668 4.11%
    Asian 16 $2,320,000 $145,000 $3,151 3.77%
    American Indian 1 $485,000 $485,000 $9,384 2.88%

    Approval Rates

    Total approvals of all applications
    80.47%

    Members Choice Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    18.04%

    Members Choice 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
    NA 194 $30,880,000 $159,175

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 194 $30,880,000 $159,175

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $3,455,000 $104,697 $1,521 4.35%
    40-60% 30 $4,240,000 $141,333 $3,103 3.48%
    60-80% 61 $14,115,000 $231,393 $4,804 3.49%
    80-100% 32 $7,160,000 $223,750 $4,616 3.48%
    Under 20% 38 $1,910,000 $50,263 $399 5.11%

    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%