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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
30 Year Conventional Purchase | 7.09% | 9/1/24 |
30 Year Conventional Refi | 7.18% | 9/1/24 |
30 Year Cash-out Refi | 6.71% | 9/1/24 |
30 Year FHA Purchase | 6.27% | 9/1/24 |
30 Year USDA Refi | 6.27% | 9/1/24 |
15 Year Conventional Purchase | 6.76% | 9/1/24 |
15 Year Conventional Refi | 6.86% | 9/1/24 |
15 Year Cash-out Refi | 6.86% | 9/1/24 |
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
696Origination Dollar Volume (All Markets)
$80,470,000MEMBERS COOPERATIVE - 2018
MEMBERS COOPERATIVE is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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% |
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.
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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
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
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
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
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
2018 saw Members Cooperative place emphasis on $100,000 or less loans with 356 originations, totaling $17,400,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications87.74%
Members Cooperative has an average approval rate.
Pick Rate
Approvals leading to origination79.89%
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
LTV Distribution
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% |