Memphis City Employees Credit Union Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300DU662K57XBSH20

Tax ID: 62-0630690

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
  • 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

    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, Crestview, Mountain Home, Knoxville, and Clarksville among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Memphis City Employees 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. Memphis City Employees 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.54% 12/16/24
    15 Year Conventional Refi 5.53% 12/16/24
    15 Year Cash-out Refi 5.53% 12/16/24
    15 Year FHA Purchase 5.61% 12/16/24
    15 Year USDA Purchase 5.68% 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.

    Memphis City Employees Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Memphis City Employees 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

    205

    Origination Dollar Volume (All Markets)

    $25,455,000

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 187 $22,415,000 $119,866 $2,991 4.06%
    Outside of Metro Areas 7 $795,000 $113,571 $1,314 4.02%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $570,000 $285,000 $44,015 4.19%
    Mountain Home, AR (FHA|USDA|VA) 1 $555,000 $555,000 $1,034 3.25%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $295,000 $295,000 $26,945 3.75%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $235,000 $235,000 $23,495 4.25%
    Brownsville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $1,981 4.38%
    LOUISVILLE, KY (FHA|USDA|VA) 2 $160,000 $80,000 $82,366 3.38%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $135,000 $135,000 $188,525 3.75%
    JONESBORO, AR (FHA|USDA|VA) 1 $95,000 $95,000 $487 3.88%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.50%
    Memphis City Employees Credit Union's top markets include Memphis, Crestview, Mountain Home, Knoxville, and Clarksville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 205 $25,455,000 $124,171 $5,487 4.06%

    For 2019, Memphis City Employees Credit Union's most frequently originated type of loan was Conventional, with 205 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 89 $10,745,000 $120,730 $1,334 3.84%
    Home Purchase 44 $8,460,000 $192,273 $18,052 3.83%
    Other 39 $1,585,000 $40,641 $525 5.07%
    Refi 33 $4,665,000 $141,364 $993 3.75%

    For 2019, Memphis City Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 89 originations. The 2nd most popular reason was Home Purchase, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 179 $22,635,000 $126,453 $5,015 4.10%
    10 Year 13 $1,045,000 $80,385 $13,071 3.51%
    20 Year 6 $630,000 $105,000 $1,003 4.10%
    30 Year 5 $1,055,000 $211,000 $6,352 4.10%
    Other 2 $90,000 $45,000 $512 3.50%

    For 2019, Memphis City Employees Credit Union's most frequently cited loan duration was 15 Year, with 179 originations. The 2nd most popular length was 10 Year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 205 $25,455,000 $124,171

    Memphis City Employees Credit Union's average total fees were $6,352, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 205 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 131 $20,675,000 $157,824
    4-5% 61 $4,025,000 $65,984
    5-6% 12 $420,000 $35,000
    2.5-3% 1 $335,000 $335,000

    During 2019, Memphis City Employees Credit Union's average interest rate for loans was 4.10%, while their most frequently originated rate bucket for loans was 3-4%, with 131 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 106 $5,510,000 $51,981 $4,091 4.36%
    $100k-200k 64 $8,800,000 $137,500 $7,258 3.77%
    $200k-400k 28 $7,320,000 $261,429 $4,072 3.73%
    $400k-600k 6 $3,190,000 $531,667 $9,229 3.38%
    $600k-1MM 1 $635,000 $635,000 $2,794 3.25%

    2019 saw Memphis City Employees Credit Union place emphasis on $100,000 or less loans with 106 originations, totaling $5,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 68 $6,630,000 $97,500 $7,840 4.03%
    $75k-100k 40 $4,710,000 $117,750 $3,580 4.01%
    $100k-150k 36 $4,240,000 $117,778 $2,090 4.22%
    $50k or less 27 $2,205,000 $81,667 $7,944 4.08%
    $150k-250k 25 $3,955,000 $158,200 $3,785 4.15%
    $250k+ 9 $3,715,000 $412,778 $2,171 3.47%

    Memphis City Employees Credit Union lent most frequently to those with incomes in the $50k-75k range, with 68 originations. The second most popular income band? $75k-100k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 194 $24,270,000 $125,103 $5,584 4.06%
    <20% 1 $45,000 $45,000 $612 4.75%
    30-36% 1 $275,000 $275,000 $28,002 3.88%
    50-60% 1 $35,000 $35,000 $0 5.00%

    Memphis City Employees Credit Union lent most frequently to those with DTI ratios of >60%, with 194 originations. The next most common DTI ratio? <20%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 104 $12,850,000 $123,558 $3,756 4.13%
    White 53 $7,545,000 $142,358 $11,710 3.96%
    Black 46 $4,730,000 $102,826 $2,451 4.03%
    Asian 1 $265,000 $265,000 $2,148 3.25%
    Not applicable 1 $65,000 $65,000 $1,500 3.88%

    Approval Rates

    Total approvals of all applications
    93.31%

    Memphis City Employees Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.22%

    Memphis City Employees Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 205 $25,455,000 $124,171

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 205 $25,455,000 $124,171

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $1,710,000 $65,769 $1,139 4.08%
    40-60% 23 $2,705,000 $117,609 $644 3.84%
    60-80% 70 $11,580,000 $165,429 $2,977 3.83%
    80-100% 43 $7,505,000 $174,535 $11,774 3.86%
    Under 20% 36 $1,170,000 $32,500 $33,095 4.91%