Midwest Members Credit Union Mortgage Rates, Fees & Info
Wood River, ILLEI: 549300PM3R14MRQSOJ39
Tax ID: 37-0661473
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
25Origination Dollar Volume (All Markets)
$935,000Top 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) | 24 | $860,000 | $35,833 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $0 | 0.00% |
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
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 applications96.43%
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 origination92.00%
Midwest Members Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 25 | $935,000 | $37,400 |
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% |