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 Faribault among others. We have data for 12 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 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% | 11/22/24 |
| 30 Year Conventional Refi | 7.18% | 11/22/24 |
| 30 Year Cash-out Refi | 6.71% | 11/22/24 |
| 30 Year FHA Purchase | 6.27% | 11/22/24 |
| 30 Year USDA Refi | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 6.76% | 11/22/24 |
| 15 Year Conventional Refi | 6.86% | 11/22/24 |
| 15 Year Cash-out Refi | 6.86% | 11/22/24 |
| 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
968Origination Dollar Volume (All Markets)
$157,910,000Awards
MEMBERS COOPERATIVE - 2021
MEMBERS COOPERATIVE is a 2021 , due to their low .
For 2021, 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) | 538 | $83,030,000 | $154,331 | $3,285 | 3.34% |
| Outside of Metro Areas | 171 | $25,465,000 | $148,918 | $3,355 | 3.12% |
| Grand Rapids, MN (FHA|USDA|VA) | 124 | $23,290,000 | $187,823 | $3,590 | 3.36% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 94 | $17,930,000 | $190,745 | $3,718 | 3.02% |
| Brainerd, MN (FHA|USDA|VA) | 34 | $6,710,000 | $197,353 | $2,864 | 3.38% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,582 | 2.75% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,408 | 2.38% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,574 | 3.38% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,289 | 2.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,293 | 5.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,268 | 2.88% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $100 | 5.50% |
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 | 966 | $157,770,000 | $163,323 | $3,371 | 3.28% |
| HELOC | 2 | $140,000 | $70,000 | n/a | 4.25% |
For 2021, Members Cooperative's most frequently originated type of loan was Conventional, with 966 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2021, Members Cooperative's most frequently cited loan purpose was Refi, with 464 originations. The 2nd most popular reason was Home Purchase, with 346 originations.
Loan Duration/Length
For 2021, Members Cooperative's most frequently cited loan duration was 30 Year, with 568 originations. The 2nd most popular length was 15 Year, with 204 originations.
Origination Fees/Closing Costs
Members Cooperative's average total fees were $3,835, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 339 originations.
Interest Rates
During 2021, Members Cooperative's average interest rate for loans was 3.12%, while their most frequently originated rate bucket for loans was 2.5-3%, with 355 originations.
Loan Sizing
2021 saw Members Cooperative place emphasis on $100k-200k loans with 459 originations, totaling $67,745,000 in origination value.
Applicant Income
Members Cooperative lent most frequently to those with incomes in the $50k-75k range, with 252 originations. The second most popular income band? $50k or less, with 248 originations.
Applicant Debt to Income Ratio
Members Cooperative lent most frequently to those with DTI ratios of 20-30%, with 221 originations. The next most common DTI ratio? 30-36%, with 203 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.02%
Members Cooperative has an average approval rate.
Pick Rate
Approvals leading to origination81.61%
Members Cooperative has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 700.0 | 1 | $485,000 | $485,000 |
| NA | 967 | $157,425,000 | $162,797 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MEMBERS MORTGAGE COMPANY, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |