Members First Credit Union Mortgage Rates, Fees & Info

Midland, MI

LEI: 549300MPZCS4LF270327

Tax ID: 38-1489454

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 First Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Members First Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Midland, Grand Rapids, Mount Pleasant, Bay City, and Saginaw among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members First Credit Union 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 First Credit Union 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 6.83% 11/21/24
    30 Year Conventional Refi 6.48% 11/21/24
    30 Year Cash-out Refi 6.81% 11/21/24
    30 Year USDA Purchase 6.88% 11/21/24
    15 Year Conventional Purchase 7.03% 11/21/24
    15 Year Conventional Refi 7.11% 11/21/24
    15 Year Cash-out Refi 7.11% 11/21/24
    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 First Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Members First Credit Union. 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

    672

    Origination Dollar Volume (All Markets)

    $79,060,000
    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
    Outside of Metro Areas 244 $26,650,000 $109,221 $1,519 3.30%
    MIDLAND, MI (FHA|USDA|VA) 191 $23,695,000 $124,058 $1,392 3.22%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 86 $11,730,000 $136,395 $1,459 3.55%
    Mount Pleasant, MI (FHA|USDA|VA) 72 $7,850,000 $109,028 $1,636 3.27%
    BAY CITY, MI (FHA|USDA|VA) 20 $2,010,000 $100,500 $1,726 3.56%
    SAGINAW, MI (FHA|USDA|VA) 18 $2,000,000 $111,111 $1,386 3.32%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 8 $1,610,000 $201,250 $2,466 3.77%
    Big Rapids, MI (FHA|USDA|VA) 9 $715,000 $79,444 $1,749 2.94%
    ANN ARBOR, MI (FHA|USDA|VA) 2 $540,000 $270,000 $0 2.31%
    Alma, MI (FHA|USDA|VA) 9 $535,000 $59,444 $1,429 3.19%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $490,000 $245,000 $2,690 3.06%
    Holland, MI (FHA|USDA|VA) 4 $460,000 $115,000 $1,175 4.69%
    MUSKEGON, MI (FHA|USDA|VA) 2 $300,000 $150,000 $0 3.19%
    Cadillac, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,212 3.25%
    FLINT, MI (FHA|USDA|VA) 2 $150,000 $75,000 $0 3.94%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,359 2.50%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.25%
    Members First Credit Union's top markets include Midland, Grand Rapids, Mount Pleasant, Bay City, and Saginaw among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MEMBERS FIRST Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SUNRISE FAMILY CREDIT UNION
    Similarity Rank: 54
    FinancialEdge Community Credit Union
    Similarity Rank: 112
    JOLT CREDIT UNION
    Similarity Rank: 192
    UNITED FINANCIAL Credit Union
    Similarity Rank: 225
    Wanigas Credit Union
    Similarity Rank: 273
    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316
    TEAM ONE CREDIT UNION
    Similarity Rank: 323
    HEALTH ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 360
    PREFERRED CREDIT UNION
    Similarity Rank: 532

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 531 $71,135,000 $133,964 $1,482 3.06%
    HELOC 135 $7,355,000 $54,481 n/a 4.35%
    USDA 6 $570,000 $95,000 $2,406 2.83%

    For 2021, Members First Credit Union's most frequently originated type of loan was Conventional, with 531 originations. Their 2nd most popular type was HELOC, with 135 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 339 $33,605,000 $99,130 $1,510 3.61%
    Refi 160 $22,050,000 $137,813 $1,087 2.82%
    Home Purchase 154 $21,850,000 $141,883 $1,861 3.10%
    Home Improvement 19 $1,555,000 $81,842 $1,136 4.03%

    For 2021, Members First Credit Union's most frequently cited loan purpose was Cash Out Refi, with 339 originations. The 2nd most popular reason was Refi, with 160 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 283 $39,375,000 $139,134 $1,768 3.15%
    15 Year 150 $15,900,000 $106,000 $998 2.81%
    20 Year 96 $9,040,000 $94,167 $1,661 3.80%
    Other 92 $8,450,000 $91,848 $2,098 4.11%
    10 Year 30 $2,640,000 $88,000 $971 2.78%
    5 Year 16 $2,670,000 $166,875 $951 4.24%
    1 Year 2 $180,000 $90,000 $0 4.38%
    3 Year 2 $390,000 $195,000 $0 3.75%
    30+ year 1 $415,000 $415,000 $2,113 4.50%

    For 2021, Members First Credit Union's most frequently cited loan duration was 30 Year, with 283 originations. The 2nd most popular length was 15 Year, with 150 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 515 $64,915,000 $126,049

    Members First Credit Union's average total fees were $1,768, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 515 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 238 $28,090,000 $118,025
    2.5-3% 231 $29,065,000 $125,823
    <2.5% 103 $11,825,000 $114,806
    4-5% 55 $4,715,000 $85,727
    5-6% 22 $4,420,000 $200,909
    6-7% 15 $625,000 $41,667
    Over 8% 5 $205,000 $41,000
    7-8% 3 $115,000 $38,333

    During 2021, Members First Credit Union's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 3-4%, with 238 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 345 $20,015,000 $58,014 $1,253 3.57%
    $100k-200k 251 $34,785,000 $138,586 $1,551 3.03%
    $200k-400k 68 $17,610,000 $258,971 $2,068 3.08%
    $400k-600k 6 $2,660,000 $443,333 $2,107 3.04%
    $1MM+ 1 $3,385,000 $3,385,000 $0 5.25%
    $600k-1MM 1 $605,000 $605,000 $0 4.50%

    2021 saw Members First Credit Union place emphasis on $100,000 or less loans with 345 originations, totaling $20,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 207 $16,355,000 $79,010 $1,432 3.18%
    $50k-75k 195 $20,115,000 $103,154 $1,466 3.31%
    $100k-150k 104 $14,760,000 $141,923 $1,581 3.40%
    $75k-100k 100 $13,060,000 $130,600 $1,551 3.43%
    $150k-250k 42 $7,180,000 $170,952 $1,510 3.23%
    $250k+ 6 $1,150,000 $191,667 $2,399 3.31%

    Members First Credit Union lent most frequently to those with incomes in the $50k or less range, with 207 originations. The second most popular income band? $50k-75k, with 195 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 187 $20,725,000 $110,829 $1,400 3.10%
    30-36% 120 $12,650,000 $105,417 $1,645 3.29%
    <20% 75 $7,575,000 $101,000 $1,263 3.10%
    42% 29 $3,125,000 $107,759 $1,411 3.46%
    37% 25 $2,585,000 $103,400 $1,523 3.46%
    40% 24 $2,890,000 $120,417 $1,278 3.68%
    38% 21 $1,905,000 $90,714 $1,466 3.52%
    44% 20 $2,900,000 $145,000 $2,055 3.26%
    43% 20 $2,250,000 $112,500 $1,515 3.73%
    41% 19 $2,275,000 $119,737 $1,664 4.03%
    45% 18 $1,960,000 $108,889 $1,894 3.72%
    48% 17 $1,975,000 $116,176 $1,757 3.27%
    36% 15 $2,305,000 $153,667 $1,782 3.08%
    39% 15 $1,705,000 $113,667 $1,021 3.14%
    46% 15 $1,865,000 $124,333 $1,761 3.28%
    47% 13 $1,355,000 $104,231 $1,128 3.15%
    49% 8 $910,000 $113,750 $2,587 3.61%
    50-60% 5 $855,000 $171,000 $1,556 3.28%
    >60% 1 $55,000 $55,000 $0 3.25%

    Members First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 187 originations. The next most common DTI ratio? 30-36%, with 120 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 602 $67,050,000 $111,379 $1,512 3.29%
    Not applicable 17 $6,385,000 $375,588 $0 4.07%
    Not provided 41 $4,195,000 $102,317 $1,139 3.30%
    Black 8 $1,110,000 $138,750 $2,255 3.70%
    American Indian 4 $320,000 $80,000 $707 2.91%

    Approval Rates

    Total approvals of all applications
    83.32%

    Members First Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    61.01%

    Members First Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 29 $1,495,000 $51,552
    1759.9 1 $15,000 $15,000
    NA 642 $77,550,000 $120,794

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    672 $79,060,000 $117,649

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $6,035,000 $60,960 $1,313 3.89%
    40-60% 110 $11,680,000 $106,182 $1,267 2.95%
    60-80% 223 $31,875,000 $142,937 $1,489 3.00%
    80-100% 161 $21,565,000 $133,944 $1,753 3.07%
    Over 100% 10 $5,600,000 $560,000 $2,113 4.21%
    Under 20% 69 $2,305,000 $33,406 $657 4.57%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Closing on a mortgage 1 33.3%
    MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Incorrect information on your report 1 33.3%
    MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Trouble during payment process 1 33.3%