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, 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.09% | 4/19/24 |
| 30 Year Conventional Refi | 7.18% | 4/19/24 |
| 30 Year Cash-out Refi | 6.71% | 4/19/24 |
| 30 Year FHA Purchase | 6.27% | 4/19/24 |
| 30 Year USDA Refi | 6.27% | 4/19/24 |
| 15 Year Conventional Purchase | 6.76% | 4/19/24 |
| 15 Year Conventional Refi | 6.86% | 4/19/24 |
| 15 Year Cash-out Refi | 6.86% | 4/19/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
558Origination Dollar Volume (All Markets)
$71,250,000Relative 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% |
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: 28
Similarity Rank: 55
Similarity Rank: 192
Similarity Rank: 195
Similarity Rank: 225
Similarity Rank: 264
Similarity Rank: 285
Similarity Rank: 392
Similarity Rank: 405
Similarity Rank: 456
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
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
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
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
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
2023 saw Members Cooperative place emphasis on $100,000 or less loans with 298 originations, totaling $14,850,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.16%
Members Cooperative has an average approval rate.
Pick Rate
Approvals leading to origination84.41%
Members Cooperative has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 558 | $71,250,000 | $127,688 |