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, Cash Out 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, Dallas, Corpus Christi, and Austin among others. We have data for 8 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

    144

    Origination Dollar Volume (All Markets)

    $24,560,000

    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) 135 $22,395,000 $165,889 $3,887 3.51%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $760,000 $380,000 $8,209 5.00%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $495,000 $495,000 $8,962 2.75%
    Outside of Metro Areas 2 $320,000 $160,000 $4,184 3.63%
    CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $185,000 $185,000 $4,738 3.25%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $185,000 $185,000 $3,968 2.75%
    Bay City, TX (FHA|USDA|VA) 1 $165,000 $165,000 $4,160 2.75%
    Lufkin, TX (FHA|USDA|VA) 1 $55,000 $55,000 $500 4.25%
    Members Choice Credit Union's top markets include Houston, San Antonio, Dallas, Corpus Christi, and Austin 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.

    AMOCO
    Similarity Rank: 405
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 560
    U S WIDE FINANCIAL LLC
    Similarity Rank: 588
    AAXY L.L.C.
    Similarity Rank: 648
    CAPITAL PLUS FINANCIAL, LLC
    Similarity Rank: 1104
    SCHLUMBERGER EMPLOYEES CREDIT UNION
    Similarity Rank: 1320
    Credence Funding Corporation
    Similarity Rank: 1616
    SMART CHOICE MORTGAGE, A TEXAS LIMITED LIABILITY C
    Similarity Rank: 1832
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1950
    TEXAS BAY
    Similarity Rank: 2076

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 144 $24,560,000 $170,556 $3,970 3.52%

    For 2021, Members Choice Credit Union's most frequently originated type of loan was Conventional, with 144 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 51 $9,085,000 $178,137 $4,429 2.89%
    Cash Out Refi 39 $5,985,000 $153,462 $4,002 3.49%
    Home Purchase 28 $7,490,000 $267,500 $6,009 3.57%
    Other 18 $1,310,000 $72,778 $916 4.63%
    Home Improvement 8 $690,000 $86,250 $880 5.02%

    For 2021, Members Choice Credit Union's most frequently cited loan purpose was Refi, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 58 $13,390,000 $230,862 $5,377 3.32%
    15 Year 41 $5,885,000 $143,537 $3,426 3.35%
    20 Year 26 $3,520,000 $135,385 $3,203 3.81%
    10 Year 19 $1,765,000 $92,895 $1,944 4.08%

    For 2021, Members Choice Credit Union's most frequently cited loan duration was 30 Year, with 58 originations. The 2nd most popular length was 15 Year, with 41 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 64 $9,000,000 $140,625
    $<1k 35 $2,435,000 $69,571
    $2k-3k 30 $7,210,000 $240,333
    $3k-4k 8 $2,650,000 $331,250
    $4k-5k 3 $1,445,000 $481,667
    $5k+ 2 $1,560,000 $780,000

    Members Choice Credit Union's average total fees were $5,377, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 52 $9,520,000 $183,077
    3-4% 45 $9,105,000 $202,333
    4-5% 21 $2,035,000 $96,905
    <2.5% 14 $2,800,000 $200,000
    5-6% 9 $685,000 $76,111
    6-7% 2 $210,000 $105,000
    7-8% 1 $205,000 $205,000

    During 2021, Members Choice Credit Union's average interest rate for loans was 3.32%, while their most frequently originated rate bucket for loans was 2.5-3%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 65 $9,135,000 $140,538 $3,605 3.36%
    $200k-400k 39 $10,065,000 $258,077 $5,891 3.20%
    $100,000 or less 35 $2,355,000 $67,286 $1,252 4.22%
    $400k-600k 4 $2,000,000 $500,000 $9,789 3.06%
    $1MM+ 1 $1,005,000 $1,005,000 $21,529 3.38%

    2021 saw Members Choice Credit Union place emphasis on $100k-200k loans with 65 originations, totaling $9,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 51 $8,775,000 $172,059 $3,966 3.56%
    $75k-100k 29 $4,105,000 $141,552 $3,621 3.54%
    $50k-75k 25 $3,515,000 $140,600 $3,558 3.26%
    $150k-250k 24 $5,200,000 $216,667 $4,702 3.48%
    $50k or less 10 $770,000 $77,000 $1,766 3.51%
    $250k+ 5 $2,195,000 $439,000 $8,913 4.43%

    Members Choice Credit Union lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $75k-100k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 40 $6,480,000 $162,000 $3,758 3.24%
    30-36% 24 $4,370,000 $182,083 $3,977 3.93%
    <20% 16 $2,170,000 $135,625 $3,239 3.23%
    44% 8 $1,170,000 $146,250 $3,743 3.50%
    37% 6 $730,000 $121,667 $2,609 3.63%
    41% 5 $765,000 $153,000 $3,242 3.60%
    39% 5 $985,000 $197,000 $4,866 2.93%
    36% 5 $1,025,000 $205,000 $4,926 4.10%
    42% 4 $1,530,000 $382,500 $8,420 3.25%
    38% 4 $550,000 $137,500 $3,556 4.34%
    43% 4 $580,000 $145,000 $3,436 3.50%
    47% 4 $980,000 $245,000 $5,770 3.34%
    48% 4 $650,000 $162,500 $3,804 3.88%
    49% 4 $780,000 $195,000 $4,978 3.25%
    46% 4 $810,000 $202,500 $5,183 3.44%
    40% 3 $365,000 $121,667 $1,000 4.50%
    45% 3 $455,000 $151,667 $3,219 3.75%
    50-60% 1 $165,000 $165,000 $4,122 3.50%

    Members Choice Credit Union lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 24 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 106 $18,480,000 $174,340 $4,031 3.53%
    Black 20 $3,390,000 $169,500 $4,302 3.39%
    Asian 11 $1,775,000 $161,364 $3,850 3.40%
    Not provided 7 $915,000 $130,714 $2,299 3.88%

    Approval Rates

    Total approvals of all applications
    84.73%

    Members Choice Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    17.36%

    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 144 $24,560,000 $170,556

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    144 $24,560,000 $170,556

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 32 $2,800,000 $87,500 $1,762 3.81%
    40-60% 24 $3,390,000 $141,250 $3,477 3.38%
    60-80% 51 $11,525,000 $225,980 $5,482 3.23%
    80-100% 30 $6,400,000 $213,333 $4,953 3.43%
    Under 20% 7 $445,000 $63,571 $593 5.21%

    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%