Members Cooperative Mortgage Rates, Fees & Info
Duluth, MNLEI: 549300GS2JP8CQK0MD31
Tax ID: 41-0195345
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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, Minneapolis, Grand Rapids, Brainerd, and Fergus Falls among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Members Cooperative 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. 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 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.72% | 4/5/25 |
| 30 Year Conventional Purchase | 7.05% | 4/5/25 |
| 30 Year Conventional Refi | 7.18% | 4/5/25 |
| 30 Year Cash-out Refi | 6.98% | 4/5/25 |
| 30 Year FHA Purchase | 6.72% | 4/5/25 |
| 30 Year VA Purchase | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 7.89% | 4/5/25 |
| 15 Year Conventional Refi | 7.93% | 4/5/25 |
| 15 Year Cash-out Refi | 7.93% | 4/5/25 |
| 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™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
477Origination Dollar Volume (All Markets)
$57,185,000Relative Rate
Members Cooperative's average 30 year fixed mortgage rate was
6.88%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.33%.
Relative Fees (Closing Costs)
Members Cooperative's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,897.
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 $8,356.
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) | 284 | $33,810,000 | $119,049 | $2,467 | 8.30% |
| Outside of Metro Areas | 102 | $10,830,000 | $106,176 | $2,265 | 8.75% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 40 | $5,720,000 | $143,000 | $3,390 | 8.73% |
| Grand Rapids, MN (FHA|USDA|VA) | 28 | $3,650,000 | $130,357 | $3,205 | 8.14% |
| Brainerd, MN (FHA|USDA|VA) | 17 | $2,315,000 | $136,176 | $2,974 | 8.21% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,159 | 6.88% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,237 | 8.38% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,842 | 7.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 7.50% |
| Bemidji, MN (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $367 | 10.13% |
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.
Similarity Rank: 55
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Similarity Rank: 140
Similarity Rank: 184
Similarity Rank: 280
Similarity Rank: 348
Similarity Rank: 378
Similarity Rank: 585
Similarity Rank: 742
Similarity Rank: 903
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 357 | $47,545,000 | $133,179 | $2,544 | 8.12% |
| HELOC | 120 | $9,640,000 | $80,333 | n/a | 9.31% |
For 2024, Members Cooperative's most frequently originated type of loan was Conventional, with 357 originations. Their 2nd most popular type was HELOC, with 120 originations.
Loan Reason
For 2024, Members Cooperative's most frequently cited loan purpose was Home Improvement, with 153 originations. The 2nd most popular reason was Home Purchase, with 145 originations.
Loan Duration/Length
For 2024, Members Cooperative's most frequently cited loan duration was 15 Year, with 160 originations. The 2nd most popular length was 30 Year, with 134 originations.
Origination Fees/Closing Costs
Members Cooperative's average total fees were $4,897, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 186 originations.
Interest Rates
During 2024, Members Cooperative's average interest rate for loans was 6.88%, while their most frequently originated rate bucket for loans was Over 8%, with 241 originations.
Loan Sizing
2024 saw Members Cooperative place emphasis on $100,000 or less loans with 262 originations, totaling $12,900,000 in origination value.
Applicant Income
Members Cooperative lent most frequently to those with incomes in the $50k-75k range, with 122 originations. The second most popular income band? $100k-150k, with 106 originations.
Applicant Debt to Income Ratio
Members Cooperative lent most frequently to those with DTI ratios of 30-36%, with 89 originations. The next most common DTI ratio? 20-30%, with 61 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.44%
Members Cooperative has an average approval rate.
Pick Rate
Approvals leading to origination75.05%
Members Cooperative has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 477 | $57,185,000 | $119,885 |