Memphis City Employees Credit Union Mortgage Rates, Fees & Info
Memphis, TNLEI: 549300DU662K57XBSH20
Tax ID: 62-0630690
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Mortgage Data
Review & Overview
Memphis City Employees Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Memphis City Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Memphis, Indianapolis, Batesville, Daphne, and Forrest City among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Memphis City Employees 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.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 4/18/24 |
| 30 Year Conventional Refi | 6.27% | 4/18/24 |
| 30 Year Cash-out Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 5.54% | 4/18/24 |
| 15 Year Conventional Refi | 5.53% | 4/18/24 |
| 15 Year Cash-out Refi | 5.53% | 4/18/24 |
| 15 Year FHA Purchase | 5.61% | 4/18/24 |
| 15 Year USDA Purchase | 5.68% | 4/18/24 |
| 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. | ||
Memphis City Employees Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
105Origination Dollar Volume (All Markets)
$12,995,000Top 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 |
|---|---|---|---|---|---|
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 99 | $11,515,000 | $116,313 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $410,000 | $205,000 | $0 | 0.00% |
| Batesville, AR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Forrest City, AR (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 105 | $12,995,000 | $123,762 | $0 | 0.00% |
For 2023, Memphis City Employees Credit Union's most frequently originated type of loan was Conventional, with 105 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 80 | $6,560,000 | $82,000 | $0 | 0.00% |
| Home Purchase | 18 | $5,300,000 | $294,444 | $0 | 0.00% |
| Refi | 7 | $1,135,000 | $162,143 | $0 | 0.00% |
For 2023, Memphis City Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 80 originations. The 2nd most popular reason was Home Purchase, with 18 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 105 | $12,995,000 | $123,762 | $0 | 0.00% |
For 2023, Memphis City Employees Credit Union's most frequently cited loan duration was Other, with 105 originations.
Loan Sizing
2023 saw Memphis City Employees Credit Union place emphasis on $100,000 or less loans with 69 originations, totaling $3,635,000 in origination value.
Applicant Income
Memphis City Employees Credit Union lent most frequently to those with incomes in the $50k-75k range, with 29 originations. The second most popular income band? $75k-100k, with 24 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.90%
Memphis City Employees Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination69.52%
Memphis City Employees 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 | 105 | $12,995,000 | $123,762 |