Midwest Members Credit Union Mortgage Rates, Fees & Info
Wood River, ILLEI: 549300PM3R14MRQSOJ39
Tax ID: 37-0661473
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Mortgage Data
Review & Overview
Midwest Members Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Midwest Members Credit Union has a high proportion of conventional loans. Their top (well, only) market is St. Louis.Midwest Members Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
57Origination Dollar Volume (All Markets)
$2,855,000Top 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 |
|---|---|---|---|---|---|
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 57 | $2,855,000 | $50,088 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 57 | $2,855,000 | $50,088 | $0 | 0.00% |
For 2023, Midwest Members Credit Union's most frequently originated type of loan was Conventional, with 57 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 36 | $1,820,000 | $50,556 | $0 | 0.00% |
| Home Improvement | 21 | $1,035,000 | $49,286 | $0 | 0.00% |
For 2023, Midwest Members Credit Union's most frequently cited loan purpose was Cash Out Refi, with 36 originations. The 2nd most popular reason was Home Improvement, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 57 | $2,855,000 | $50,088 | $0 | 0.00% |
For 2023, Midwest Members Credit Union's most frequently cited loan duration was Other, with 57 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 50 | $2,120,000 | $42,400 | $0 | 0.00% |
| $100k-200k | 7 | $735,000 | $105,000 | $0 | 0.00% |
2023 saw Midwest Members Credit Union place emphasis on $100,000 or less loans with 50 originations, totaling $2,120,000 in origination value.
Applicant Income
Midwest Members Credit Union lent most frequently to those with incomes in the $150k-250k range, with 15 originations. The second most popular income band? $100k-150k, with 14 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 57 | $2,855,000 | $50,088 | $0 | 0.00% |
Midwest Members Credit Union lent most frequently to those with DTI ratios of Exempt%, with 57 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 56 | $2,840,000 | $50,714 | $0 | 0.00% |
| Black | 1 | $15,000 | $15,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications95.24%
Midwest Members Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.74%
Midwest Members Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 57 | $2,855,000 | $50,088 |