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 Refi loans. Memphis City Employees Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Memphis, Nashville, Little Rock, Mountain Home, and Jackson among others. We have data for 16 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 a below average pick rate when compared to similar lenders. Memphis City Employees Credit Union is typically a low 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
275Origination Dollar Volume (All Markets)
$43,615,000Top 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) | 243 | $38,425,000 | $158,128 | $828 | 3.30% |
| Outside of Metro Areas | 10 | $1,900,000 | $190,000 | $1,267 | 2.94% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $800,000 | $200,000 | $1,467 | 3.69% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $710 | 3.66% |
| Mountain Home, AR (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $1,465 | 4.13% |
| JACKSON, TN (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $749 | 2.91% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $430 | 2.99% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $539 | 2.75% |
| Farmington, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $650 | 2.63% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,953 | 2.75% |
| Newport, TN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $573 | 2.75% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $530 | 2.75% |
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $445 | 3.24% |
| Oxford, MS (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $657 | 2.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,671 | 3.00% |
| Batesville, AR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,635 | 2.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 275 | $43,615,000 | $158,600 | $857 | 3.28% |
For 2020, Memphis City Employees Credit Union's most frequently originated type of loan was Conventional, with 275 originations.
Loan Reason
For 2020, Memphis City Employees Credit Union's most frequently cited loan purpose was Cash Out Refi, with 154 originations. The 2nd most popular reason was Refi, with 72 originations.
Loan Duration/Length
For 2020, Memphis City Employees Credit Union's most frequently cited loan duration was 15 Year, with 232 originations. The 2nd most popular length was 10 Year, with 19 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 275 | $43,615,000 | $158,600 |
Memphis City Employees Credit Union's average total fees were $1,654, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 275 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 145 | $27,465,000 | $189,414 |
| 3-4% | 81 | $12,785,000 | $157,840 |
| 4-5% | 30 | $1,510,000 | $50,333 |
| <2.5% | 14 | $1,710,000 | $122,143 |
| 5-6% | 5 | $145,000 | $29,000 |
During 2020, Memphis City Employees Credit Union's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was 2.5-3%, with 145 originations.
Loan Sizing
2020 saw Memphis City Employees Credit Union place emphasis on $100k-200k loans with 99 originations, totaling $14,605,000 in origination value.
Applicant Income
Memphis City Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 68 originations. The second most popular income band? $50k-75k, with 54 originations.
Applicant Debt to Income Ratio
Memphis City Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? <20%, with 66 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.23%
Memphis City Employees Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination79.27%
Memphis City Employees Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 275 | $43,615,000 | $158,600 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 275 | $43,615,000 | $158,600 |