Midwest Members Credit Union Mortgage Rates, Fees & Info

Wood River, IL

LEI: 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

25

Origination Dollar Volume (All Markets)

$935,000

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
ST. LOUIS, MO-IL (FHA|USDA|VA) 24 $860,000 $35,833 $0 0.00%
Outside of Metro Areas 1 $75,000 $75,000 $0 0.00%
Midwest Members Credit Union's top markets include and St. Louis among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 25 $935,000 $37,400 $0 0.00%

    For 2021, Midwest Members Credit Union's most frequently originated type of loan was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 14 $580,000 $41,429 $0 0.00%
    Home Improvement 11 $355,000 $32,273 $0 0.00%

    For 2021, Midwest Members Credit Union's most frequently cited loan purpose was Cash Out Refi, with 14 originations. The 2nd most popular reason was Home Improvement, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 25 $935,000 $37,400 $0 0.00%

    For 2021, Midwest Members Credit Union's most frequently cited loan duration was Other, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 25 $935,000 $37,400 $0 0.00%

    2021 saw Midwest Members Credit Union place emphasis on $100,000 or less loans with 25 originations, totaling $935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 8 $320,000 $40,000 $0 0.00%
    $50k-75k 6 $150,000 $25,000 $0 0.00%
    $75k-100k 6 $210,000 $35,000 $0 0.00%
    $150k-250k 3 $145,000 $48,333 $0 0.00%
    $50k or less 2 $110,000 $55,000 $0 0.00%

    Midwest Members Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 25 $935,000 $37,400 $0 0.00%

    Midwest Members Credit Union lent most frequently to those with DTI ratios of Exempt%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 25 $935,000 $37,400 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.43%

    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 origination
    92.00%

    Midwest Members Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 25 $935,000 $37,400

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    25 $935,000 $37,400

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Incorrect information on your report 1 14.3%
    Midwest Loan Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 14.3%
    Midwest Loan Services, Inc. Conventional home mortgage Trouble during payment process 2 28.6%
    Midwest Loan Services, Inc. FHA mortgage Trouble during payment process 1 14.3%
    Midwest Loan Services, Inc. Other type of mortgage Closing on a mortgage 1 14.3%
    Midwest Loan Services, Inc. VA mortgage Trouble during payment process 1 14.3%