Members First Credit Union Mortgage Rates, Fees & Info
Midland, MILEI: 549300MPZCS4LF270327
Tax ID: 38-1489454
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Mortgage Data
Review & Overview
Members First Credit Union is a smaller credit union specializing in Cash Out 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, Muskegon, and Bay City among others. We have data for 15 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.83% | 4/28/24 |
| 30 Year Conventional Refi | 6.48% | 4/28/24 |
| 30 Year Cash-out Refi | 6.81% | 4/28/24 |
| 30 Year USDA Purchase | 6.88% | 4/28/24 |
| 15 Year Conventional Purchase | 7.03% | 4/28/24 |
| 15 Year Conventional Refi | 7.11% | 4/28/24 |
| 15 Year Cash-out Refi | 7.11% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
430Origination Dollar Volume (All Markets)
$45,330,000Awards
MEMBERS FIRST Credit Union - 2022
MEMBERS FIRST Credit Union is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 169 | $17,025,000 | $100,740 | $1,823 | 5.02% |
| MIDLAND, MI (FHA|USDA|VA) | 104 | $9,740,000 | $93,654 | $1,952 | 5.43% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 57 | $6,655,000 | $116,754 | $1,945 | 5.76% |
| Mount Pleasant, MI (FHA|USDA|VA) | 45 | $4,575,000 | $101,667 | $2,350 | 5.46% |
| MUSKEGON, MI (FHA|USDA|VA) | 4 | $2,030,000 | $507,500 | $2,764 | 4.78% |
| BAY CITY, MI (FHA|USDA|VA) | 20 | $1,830,000 | $91,500 | $2,054 | 4.88% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $2,470 | 4.93% |
| SAGINAW, MI (FHA|USDA|VA) | 8 | $620,000 | $77,500 | $2,111 | 4.88% |
| Alma, MI (FHA|USDA|VA) | 6 | $530,000 | $88,333 | $2,637 | 6.38% |
| Holland, MI (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $0 | 5.92% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $2,417 | 6.21% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $2,513 | 5.81% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 8.00% |
| FLINT, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,699 | 3.38% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $50,000 | $25,000 | $0 | 6.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 272 | $35,710,000 | $131,287 | $1,977 | 5.10% |
| HELOC | 153 | $9,015,000 | $58,922 | n/a | 5.64% |
| USDA | 5 | $605,000 | $121,000 | $2,517 | 5.18% |
For 2022, Members First Credit Union's most frequently originated type of loan was Conventional, with 272 originations. Their 2nd most popular type was HELOC, with 153 originations.
Loan Reason
For 2022, Members First Credit Union's most frequently cited loan purpose was Cash Out Refi, with 263 originations. The 2nd most popular reason was Home Purchase, with 122 originations.
Loan Duration/Length
For 2022, Members First Credit Union's most frequently cited loan duration was 30 Year, with 158 originations. The 2nd most popular length was Other, with 104 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 229 | $26,525,000 | $115,830 |
| $1k-2k | 7 | $745,000 | $106,429 |
Members First Credit Union's average total fees were $2,299, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 229 originations.
Interest Rates
During 2022, Members First Credit Union's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 5-6%, with 122 originations.
Loan Sizing
2022 saw Members First Credit Union place emphasis on $100,000 or less loans with 276 originations, totaling $15,030,000 in origination value.
Applicant Income
Members First Credit Union lent most frequently to those with incomes in the $50k or less range, with 123 originations. The second most popular income band? $50k-75k, with 112 originations.
Applicant Debt to Income Ratio
Members First Credit Union lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 101 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications77.95%
Members First Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination63.49%
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 | 17 | $1,005,000 | $59,118 |
| NA | 413 | $44,325,000 | $107,324 |