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 Refi, Cash Out Refi, and Home Purchase loans. Memphis City Employees Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Memphis, Jackson, Batesville, Crossville, and Corinth 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% 4/28/24
    30 Year Conventional Refi 6.27% 4/28/24
    30 Year Cash-out Refi 6.27% 4/28/24
    15 Year Conventional Purchase 5.54% 4/28/24
    15 Year Conventional Refi 5.53% 4/28/24
    15 Year Cash-out Refi 5.53% 4/28/24
    15 Year FHA Purchase 5.61% 4/28/24
    15 Year USDA Purchase 5.68% 4/28/24
    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

    143

    Origination Dollar Volume (All Markets)

    $23,115,000

    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) 137 $21,145,000 $154,343 $1,568 4.12%
    JACKSON, TN (FHA|USDA|VA) 2 $1,440,000 $720,000 $1,241 4.63%
    Batesville, AR (FHA|USDA|VA) 1 $185,000 $185,000 $991 3.50%
    Crossville, TN (FHA|USDA|VA) 1 $135,000 $135,000 $991 3.25%
    Corinth, MS (FHA|USDA|VA) 1 $105,000 $105,000 $752 2.50%
    Outside of Metro Areas 1 $105,000 $105,000 $1,002 2.50%
    Memphis City Employees Credit Union's top markets include Memphis, Jackson, Batesville, Crossville, and Corinth among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 142 $22,880,000 $161,127 $1,548 4.10%
    FHA 1 $235,000 $235,000 $1,127 2.75%

    For 2022, Memphis City Employees Credit Union's most frequently originated type of loan was Conventional, with 142 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 59 $9,005,000 $152,627 $1,460 3.98%
    Cash Out Refi 58 $8,500,000 $146,552 $1,474 4.14%
    Home Purchase 26 $5,610,000 $215,769 $1,909 4.23%

    For 2022, Memphis City Employees Credit Union's most frequently cited loan purpose was Refi, with 59 originations. The 2nd most popular reason was Cash Out Refi, with 58 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 126 $20,230,000 $160,556 $1,554 4.20%
    10 Year 13 $2,015,000 $155,000 $1,529 3.04%
    Other 3 $535,000 $178,333 $1,043 2.83%
    5 Year 1 $335,000 $335,000 $2,239 7.75%

    For 2022, Memphis City Employees Credit Union's most frequently cited loan duration was 15 Year, with 126 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 143 $23,115,000 $161,643

    Memphis City Employees Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 143 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 39 $6,365,000 $163,205
    4-5% 25 $4,925,000 $197,000
    5-6% 25 $3,345,000 $133,800
    2.5-3% 24 $3,800,000 $158,333
    <2.5% 20 $3,710,000 $185,500
    6-7% 8 $590,000 $73,750
    7-8% 2 $380,000 $190,000

    During 2022, Memphis City Employees Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 55 $3,215,000 $58,455 $1,276 4.45%
    $100k-200k 46 $6,610,000 $143,696 $1,560 3.81%
    $200k-400k 36 $10,030,000 $278,611 $1,862 3.93%
    $400k-600k 5 $2,405,000 $481,000 $2,215 3.75%
    $600k-1MM 1 $855,000 $855,000 $991 5.00%

    2022 saw Memphis City Employees Credit Union place emphasis on $100,000 or less loans with 55 originations, totaling $3,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 45 $7,165,000 $159,222 $1,566 4.46%
    $75k-100k 33 $4,515,000 $136,818 $1,328 3.87%
    $50k-75k 30 $5,250,000 $175,000 $1,237 3.83%
    $50k or less 14 $2,110,000 $150,714 $1,591 3.66%
    $150k-250k 11 $1,955,000 $177,727 $2,277 4.50%
    $250k+ 8 $1,910,000 $238,750 $2,405 4.41%

    Memphis City Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $75k-100k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 41 $6,725,000 $164,024 $1,385 3.83%
    30-36% 38 $5,880,000 $154,737 $1,629 4.11%
    <20% 20 $2,490,000 $124,500 $1,544 3.74%
    42% 8 $760,000 $95,000 $1,533 4.78%
    39% 8 $2,080,000 $260,000 $1,359 4.25%
    38% 6 $1,200,000 $200,000 $1,945 5.54%
    40% 6 $800,000 $133,333 $1,428 4.33%
    41% 6 $1,120,000 $186,667 $1,581 4.04%
    36% 5 $1,035,000 $207,000 $1,992 3.45%
    37% 5 $1,025,000 $205,000 $1,759 4.85%

    Memphis City Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 52 $8,840,000 $170,000 $1,457 4.00%
    Black 48 $7,880,000 $164,167 $1,603 4.35%
    Not provided 42 $6,270,000 $149,286 $1,610 3.94%
    Asian 1 $125,000 $125,000 $807 2.50%

    Approval Rates

    Total approvals of all applications
    81.45%

    Memphis City Employees Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.13%

    Memphis City Employees Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 143 $23,115,000 $161,643

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    143 $23,115,000 $161,643

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $4,360,000 $109,000 $1,672 4.32%
    40-60% 22 $3,580,000 $162,727 $1,580 4.05%
    60-80% 23 $4,435,000 $192,826 $1,719 3.62%
    80-100% 9 $2,055,000 $228,333 $1,750 4.28%
    Over 100% 23 $7,435,000 $323,261 $1,347 3.74%
    Under 20% 26 $1,250,000 $48,077 $1,285 4.45%