Members Cooperative Mortgage Rates, Fees & Info

Duluth, MN

LEI: 549300GS2JP8CQK0MD31

Tax ID: 41-0195345

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Members Cooperative is a smaller mortgage company specializing in Refi and 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 Owatonna among others. We have data for 6 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.09% 4/21/24
    30 Year Conventional Refi 7.18% 4/21/24
    30 Year Cash-out Refi 6.71% 4/21/24
    30 Year FHA Purchase 6.27% 4/21/24
    30 Year USDA Refi 6.27% 4/21/24
    15 Year Conventional Purchase 6.76% 4/21/24
    15 Year Conventional Refi 6.86% 4/21/24
    15 Year Cash-out Refi 6.86% 4/21/24
    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

    696

    Origination Dollar Volume (All Markets)

    $80,470,000
    Show all (6) awards

    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) 363 $41,305,000 $113,788 $3,509 4.77%
    Outside of Metro Areas 140 $14,790,000 $105,643 $3,426 4.63%
    Grand Rapids, MN (FHA|USDA|VA) 82 $10,470,000 $127,683 $3,646 4.20%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 76 $8,840,000 $116,316 $3,199 5.14%
    Brainerd, MN (FHA|USDA|VA) 33 $4,945,000 $149,848 $3,956 4.25%
    Owatonna, MN (FHA|USDA|VA) 2 $120,000 $60,000 $3,570 5.63%
    Members Cooperative's top markets include Duluth, Grand Rapids, Minneapolis, Brainerd, and Owatonna 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.

    The Miners National Bank of Eveleth
    Similarity Rank: 78
    Western National Bank
    Similarity Rank: 110
    Regent Financial Group, Inc.
    Similarity Rank: 450
    Cornerstone State Bank
    Similarity Rank: 468
    SUPERIOR CHOICE
    Similarity Rank: 616
    North Shore Bank of Commerce
    Similarity Rank: 630
    FIRST STATE MORTGAGE SERVICES, LLC
    Similarity Rank: 792
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    South Metro Federal Credit Union
    Similarity Rank: 882

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 695 $80,415,000 $115,705 $3,502 4.69%
    HELOC 1 $55,000 $55,000 n/a 6.25%

    For 2018, Members Cooperative's most frequently originated type of loan was Conventional, with 695 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 346 $34,200,000 $98,844 $3,052 4.74%
    Home Purchase 249 $40,255,000 $161,667 $4,177 4.36%
    Home Improvement 95 $5,365,000 $56,474 $1,693 5.36%
    Cash Out Refi 5 $635,000 $127,000 $3,547 5.05%
    Other 1 $15,000 $15,000 $0 5.75%

    For 2018, Members Cooperative's most frequently cited loan purpose was Refi, with 346 originations. The 2nd most popular reason was Home Purchase, with 249 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 281 $46,085,000 $164,004 $3,911 4.20%
    15 Year 246 $17,780,000 $72,276 $2,403 4.72%
    10 Year 98 $5,990,000 $61,122 $527 6.01%
    30+ year 27 $6,795,000 $251,667 $5,946 4.16%
    20 Year 19 $1,895,000 $99,737 $3,212 5.28%
    Other 17 $1,545,000 $90,882 $3,723 4.44%
    3 Year 5 $215,000 $43,000 $0 6.80%
    5 Year 2 $90,000 $45,000 $0 5.75%
    1 Year 1 $75,000 $75,000 $0 5.50%

    For 2018, Members Cooperative's most frequently cited loan duration was 30 Year, with 281 originations. The 2nd most popular length was 15 Year, with 246 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 170 $16,330,000 $96,059
    $2k-3k 142 $24,460,000 $172,254
    $3k-4k 50 $13,900,000 $278,000
    $4k-5k 11 $3,935,000 $357,727
    $<1k 8 $1,290,000 $161,250
    $5k+ 7 $2,905,000 $415,000

    Members Cooperative's average total fees were $3,911, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 170 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 259 $34,355,000 $132,645
    4-5% 185 $28,445,000 $153,757
    6-7% 93 $3,515,000 $37,796
    5-6% 81 $6,725,000 $83,025
    2.5-3% 44 $5,970,000 $135,682
    7-8% 27 $1,115,000 $41,296
    Over 8% 7 $345,000 $49,286

    During 2018, Members Cooperative's average interest rate for loans was 4.20%, while their most frequently originated rate bucket for loans was 3-4%, with 259 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 356 $17,400,000 $48,876 $1,979 5.28%
    $100k-200k 231 $32,425,000 $140,368 $3,560 4.13%
    $200k-400k 101 $26,995,000 $267,277 $5,245 3.97%
    $400k-600k 8 $3,650,000 $456,250 $7,780 4.05%

    2018 saw Members Cooperative place emphasis on $100,000 or less loans with 356 originations, totaling $17,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 248 $19,390,000 $78,185 $2,965 4.73%
    $50k-75k 186 $20,450,000 $109,946 $3,412 4.66%
    $75k-100k 103 $15,915,000 $154,515 $4,065 4.47%
    $100k-150k 95 $15,085,000 $158,789 $3,718 4.68%
    $150k-250k 29 $5,335,000 $183,966 $4,992 4.64%
    $250k+ 2 $710,000 $355,000 $6,392 3.75%

    Members Cooperative lent most frequently to those with incomes in the $50k or less range, with 248 originations. The second most popular income band? $50k-75k, with 186 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 131 $14,595,000 $111,412 $3,408 4.34%
    30-36% 131 $16,515,000 $126,069 $3,558 4.63%
    41% 43 $4,705,000 $109,419 $3,312 4.88%
    <20% 40 $3,340,000 $83,500 $3,327 4.63%
    42% 40 $3,830,000 $95,750 $3,179 4.75%
    44% 30 $3,240,000 $108,000 $3,008 5.06%
    36% 30 $3,000,000 $100,000 $2,793 4.93%
    43% 28 $3,260,000 $116,429 $3,444 4.82%
    39% 27 $2,475,000 $91,667 $3,008 5.50%
    38% 25 $2,655,000 $106,200 $3,585 4.85%
    37% 25 $3,175,000 $127,000 $3,681 4.75%
    40% 23 $3,585,000 $155,870 $3,988 4.37%
    45% 17 $2,595,000 $152,647 $3,961 4.38%
    50-60% 12 $1,800,000 $150,000 $3,697 4.52%
    49% 11 $1,755,000 $159,545 $4,201 3.80%
    47% 10 $1,810,000 $181,000 $5,834 4.28%
    48% 9 $1,255,000 $139,444 $3,817 4.07%
    46% 9 $1,475,000 $163,889 $4,100 3.97%
    >60% 4 $580,000 $145,000 $4,073 4.06%

    Members Cooperative lent most frequently to those with DTI ratios of 20-30%, with 131 originations. The next most common DTI ratio? 30-36%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 623 $72,125,000 $115,770 $3,483 4.65%
    Not applicable 33 $3,585,000 $108,636 $0 5.49%
    Not provided 26 $3,430,000 $131,923 $3,921 4.43%
    Black 2 $500,000 $250,000 $5,465 5.13%
    Asian 4 $470,000 $117,500 $3,438 4.28%
    American Indian 8 $360,000 $45,000 $1,847 5.47%

    Approval Rates

    Total approvals of all applications
    87.74%

    Members Cooperative has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.89%

    Members Cooperative has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 696 $80,470,000 $115,618

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $180,000 $90,000
    Single Family (1-4 Units):Manufactured 25 $2,325,000 $93,000
    Single Family (1-4 Units):Site-Built 669 $77,965,000 $116,540

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $5,690,000 $55,784 $1,973 5.07%
    40-60% 80 $7,710,000 $96,375 $3,021 4.48%
    60-80% 234 $35,810,000 $153,034 $3,886 4.26%
    80-100% 167 $28,015,000 $167,754 $4,115 4.47%
    Over 100% 4 $570,000 $142,500 $3,116 4.90%
    Under 20% 109 $2,675,000 $24,541 $409 5.76%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%