Members Cooperative Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300GS2JP8CQK0MD31

Tax ID: 41-0195345

5 stars - Updated: 6/9/24 - out of 5 stars, based on 24 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Members Cooperative is a smaller mortgage company specializing in Home Purchase loans. Members Cooperative has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Grand Rapids, Minneapolis, Brainerd, and Bemidji among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Members Cooperative 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. Members Cooperative 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 relatively high 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 7.09% 6/9/24
30 Year Conventional Refi 7.18% 6/9/24
30 Year Cash-out Refi 6.71% 6/9/24
30 Year FHA Purchase 6.27% 6/9/24
30 Year USDA Refi 6.27% 6/9/24
15 Year Conventional Purchase 6.76% 6/9/24
15 Year Conventional Refi 6.86% 6/9/24
15 Year Cash-out Refi 6.86% 6/9/24
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 Cooperative Mortgage Calculator






Your Estimates

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

This is not an official calculator from Members Cooperative. 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

558

Origination Dollar Volume (All Markets)

$71,250,000

Relative Rate

Members Cooperative's average 30 year fixed mortgage rate was 6.98%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.5%.

Relative Fees (Closing Costs)

Members Cooperative's average total fees/closing costs for a 30 year fixed rate mortgage were $4,607.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
DULUTH, MN-WI (FHA|USDA|VA) 290 $36,190,000 $124,793 $2,257 7.33%
Grand Rapids, MN (FHA|USDA|VA) 91 $13,085,000 $143,791 $3,272 7.39%
Outside of Metro Areas 110 $11,450,000 $104,091 $1,712 7.48%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 34 $4,430,000 $130,294 $1,640 7.74%
Brainerd, MN (FHA|USDA|VA) 21 $2,945,000 $140,238 $2,606 7.23%
Bemidji, MN (FHA|USDA|VA) 6 $2,270,000 $378,333 $2,448 7.23%
MADISON, WI (FHA|USDA|VA) 1 $285,000 $285,000 $1,936 6.63%
ST. CLOUD, MN (FHA|USDA|VA) 2 $240,000 $120,000 $2,622 7.44%
Red Wing, MN (FHA|USDA|VA) 1 $235,000 $235,000 $6,867 7.75%
Fergus Falls, MN (FHA|USDA|VA) 1 $85,000 $85,000 $255 7.24%
FARGO, ND-MN (FHA|USDA|VA) 1 $35,000 $35,000 $1,080 9.25%
Members Cooperative's top markets include Duluth, Grand Rapids, Minneapolis, Brainerd, and Bemidji among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MEMBERS COOPERATIVE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    North Shore Federal Credit Union
    Similarity Rank: 28
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 556 $71,010,000 $127,716 $2,302 7.39%
    HELOC 2 $240,000 $120,000 n/a 9.38%

    For 2023, Members Cooperative's most frequently originated type of loan was Conventional, with 556 originations. Their 2nd most popular type was HELOC, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 242 $47,730,000 $197,231 $4,541 7.09%
    Other 147 $9,745,000 $66,293 $359 7.72%
    Refi 79 $9,285,000 $117,532 $1,430 7.40%
    Home Improvement 78 $3,340,000 $42,821 $283 7.80%
    Cash Out Refi 12 $1,150,000 $95,833 $3,448 7.03%

    For 2023, Members Cooperative's most frequently cited loan purpose was Home Purchase, with 242 originations. The 2nd most popular reason was Other, with 147 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 252 $16,380,000 $65,000 $367 7.75%
    30 Year 203 $38,745,000 $190,862 $4,607 6.98%
    10 Year 66 $7,580,000 $114,848 $289 7.30%
    30+ year 21 $6,245,000 $297,381 $6,958 7.36%
    20 Year 8 $1,020,000 $127,500 $3,357 8.41%
    3 Year 3 $275,000 $91,667 $0 9.50%
    Other 3 $855,000 $285,000 $1,251 3.96%
    5 Year 2 $150,000 $75,000 $233 6.25%

    For 2023, Members Cooperative's most frequently cited loan duration was 15 Year, with 252 originations. The 2nd most popular length was 30 Year, with 203 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 301 $20,485,000 $68,056
    $2k-3k 106 $18,380,000 $173,396
    $1k-2k 52 $4,970,000 $95,577
    $3k-4k 46 $12,110,000 $263,261
    $4k-5k 13 $4,715,000 $362,692
    $5k+ 10 $4,950,000 $495,000

    Members Cooperative's average total fees were $4,607, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 301 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 223 $34,245,000 $153,565
    7-8% 196 $24,900,000 $127,041
    Over 8% 107 $7,445,000 $69,579
    5-6% 27 $3,605,000 $133,519
    4-5% 3 $245,000 $81,667
    <2.5% 1 $445,000 $445,000
    3-4% 1 $365,000 $365,000

    During 2023, Members Cooperative's average interest rate for loans was 6.98%, while their most frequently originated rate bucket for loans was 6-7%, with 223 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 298 $14,850,000 $49,832 $613 7.69%
    $100k-200k 149 $22,025,000 $147,819 $3,330 7.14%
    $200k-400k 93 $24,275,000 $261,022 $5,100 7.01%
    $400k-600k 16 $7,550,000 $471,875 $7,530 6.74%
    $1MM+ 1 $1,585,000 $1,585,000 $0 6.60%
    $600k-1MM 1 $965,000 $965,000 $0 6.58%

    2023 saw Members Cooperative place emphasis on $100,000 or less loans with 298 originations, totaling $14,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 144 $14,890,000 $103,403 $2,246 7.37%
    $100k-150k 108 $16,130,000 $149,352 $2,735 7.31%
    $75k-100k 108 $15,140,000 $140,185 $2,808 7.51%
    $50k or less 98 $6,520,000 $66,531 $1,473 7.54%
    $150k-250k 50 $8,870,000 $177,400 $2,154 7.49%
    $250k+ 14 $2,560,000 $182,857 $1,676 7.45%

    Members Cooperative lent most frequently to those with incomes in the $50k-75k range, with 144 originations. The second most popular income band? $100k-150k, with 108 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 95 $11,875,000 $125,000 $2,434 7.28%
    20-30% 93 $10,015,000 $107,688 $2,075 7.37%
    44% 41 $5,275,000 $128,659 $1,898 7.65%
    41% 33 $4,305,000 $130,455 $2,765 7.40%
    40% 33 $4,395,000 $133,182 $2,638 7.42%
    43% 30 $3,230,000 $107,667 $1,687 7.56%
    39% 30 $3,000,000 $100,000 $1,897 7.22%
    36% 30 $3,610,000 $120,333 $2,607 7.43%
    <20% 27 $2,735,000 $101,296 $1,528 7.23%
    42% 25 $3,415,000 $136,600 $2,411 7.73%
    38% 24 $2,990,000 $124,583 $2,502 7.26%
    37% 20 $1,760,000 $88,000 $1,677 7.62%
    48% 10 $2,060,000 $206,000 $3,553 7.93%
    47% 9 $1,905,000 $211,667 $3,214 7.36%
    49% 9 $1,465,000 $162,778 $2,194 7.24%
    46% 8 $1,590,000 $198,750 $4,720 8.20%
    45% 7 $1,235,000 $176,429 $2,924 6.98%
    50-60% 5 $805,000 $161,000 $2,884 7.15%

    Members Cooperative lent most frequently to those with DTI ratios of 30-36%, with 95 originations. The next most common DTI ratio? 20-30%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 476 $59,840,000 $125,714 $2,361 7.42%
    Not applicable 27 $5,295,000 $196,111 $0 7.06%
    Not provided 30 $3,050,000 $101,667 $1,597 7.21%
    American Indian 15 $1,835,000 $122,333 $2,398 7.36%
    Black 4 $850,000 $212,500 $3,043 7.00%
    Other Asian 1 $205,000 $205,000 $210 7.50%
    Asian 4 $110,000 $27,500 $235 8.00%
    Korean 1 $65,000 $65,000 $254 8.50%

    Approval Rates

    Total approvals of all applications
    92.16%

    Members Cooperative has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.41%

    Members Cooperative has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 558 $71,250,000 $127,688

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    558 $71,250,000 $127,688

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 114 $8,290,000 $72,719 $499 7.77%
    40-60% 51 $6,215,000 $121,863 $2,137 7.17%
    60-80% 77 $16,935,000 $219,935 $3,674 7.25%
    80-100% 170 $34,180,000 $201,059 $4,754 7.06%
    Under 20% 146 $5,630,000 $38,562 $303 7.65%