Indiana Members Credit Union Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 549300S99IK3EU11AS13

Tax ID: 35-0997241

5 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Indiana Members Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Indiana Members Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Indianapolis, Evansville, Louisville/jefferson County, Bloomington, and Marion among others. Indiana Members Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Indiana Members Credit Union is typically a low fee lendor.


Originations

2,732

Origination Dollar Volume (All Markets)

$381,930,000
Show all (8) awards

Relative Rate

Indiana Members Credit Union's average 30 year fixed rate mortgage of loans were 2.62%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.53%.

Relative Fees

Indiana Members Credit Union's average total fees for a 30 year fixed rate mortgage are $2,386.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2,423 $326,875,000 $134,905 $2,125 2.69%
EVANSVILLE, IN-KY (FHA|USDA|VA) 129 $29,725,000 $230,426 $2,344 2.78%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 33 $6,595,000 $199,848 $2,428 2.54%
Outside of Metro Areas 31 $4,195,000 $135,323 $1,935 2.69%
BLOOMINGTON, IN (FHA|USDA|VA) 18 $2,820,000 $156,667 $2,138 2.48%
Marion, IN (FHA|USDA|VA) 24 $1,980,000 $82,500 $1,855 2.56%
MUNCIE, IN (FHA|USDA|VA) 23 $1,835,000 $79,783 $2,198 2.63%
Angola, IN (FHA|USDA|VA) 2 $1,220,000 $610,000 $3,730 2.50%
New Castle, IN (FHA|USDA|VA) 8 $1,100,000 $137,500 $2,351 2.48%
Crawfordsville, IN (FHA|USDA|VA) 10 $1,080,000 $108,000 $2,070 2.38%
COLUMBUS, IN (FHA|USDA|VA) 8 $990,000 $123,750 $2,192 2.40%
TERRE HAUTE, IN (FHA|USDA|VA) 3 $535,000 $178,333 $1,450 3.13%
FORT WAYNE, IN (FHA|USDA|VA) 1 $505,000 $505,000 $2,485 2.13%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 3 $425,000 $141,667 $2,015 2.75%
Warsaw, IN (FHA|USDA|VA) 2 $410,000 $205,000 $2,082 2.58%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $355,000 $355,000 $3,002 2.88%
Greensburg, IN (FHA|USDA|VA) 2 $230,000 $115,000 $1,987 3.38%
Seymour, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,211 3.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $220,000 $110,000 $2,516 2.94%
Richmond, IN (FHA|USDA|VA) 1 $215,000 $215,000 $2,200 3.00%
Scottsburg, IN (FHA|USDA|VA) 1 $135,000 $135,000 $1,681 3.13%
Logansport, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,824 3.13%
KOKOMO, IN (FHA|USDA|VA) 1 $75,000 $75,000 $1,841 3.00%
Bluffton, IN (FHA|USDA|VA) 1 $55,000 $55,000 $0 1.90%
Vincennes, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.90%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.90%
Bedford, IN (FHA|USDA|VA) 1 $15,000 $15,000 $0 1.90%

Indiana Members Credit Union's top markets include Indianapolis, Evansville, Louisville/jefferson County, Bloomington, and Marion among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,711 $378,645,000 $139,670 $2,108 2.68%
FHA 21 $3,285,000 $156,429 $4,554 2.88%

For the 2021 period, Indiana Members Credit Union's most frequently originated loan type of loans were Conventional, with 2,711 originations. Their 2nd most popular type is FHA, with 21 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 769 $119,655,000 $155,598 $2,170 2.80%
Refi 767 $116,785,000 $152,262 $2,073 2.81%
Home Improvement 652 $35,260,000 $54,080 $47 2.27%
Home Purchase 436 $100,450,000 $230,390 $2,504 2.92%
Other 108 $9,780,000 $90,556 $0 2.49%

For the 2021, Indiana Members Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 769 originations. The 2nd most popular reason of loans were Refi, with 767 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,878 $253,600,000 $135,037 $2,386 2.62%
15 Year 437 $69,545,000 $159,142 $2,192 2.49%
20 Year 192 $34,600,000 $180,208 $2,169 2.79%
10 Year 140 $13,730,000 $98,071 $1,180 3.42%
Other 49 $8,325,000 $169,898 $1,767 3.39%
5 Year 34 $970,000 $28,529 $0 4.09%
30+ year 2 $1,160,000 $580,000 $0 2.44%

For the 2021, Indiana Members Credit Union's most frequently cited loan length of loans were 30 Year, with 1,878 originations. The 2nd most popular length of loans were 15 Year, with 437 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,547 $272,055,000 $175,860
$1k-2k 87 $29,445,000 $338,448
$2k-3k 12 $2,270,000 $189,167
$3k-4k 3 $905,000 $301,667
$5k+ 2 $820,000 $410,000

$2,386 of loans were Indiana Members Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,547 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 1,326 $148,060,000 $111,659
2.5-3% 671 $137,695,000 $205,209
3-4% 574 $83,620,000 $145,679
4-5% 115 $10,095,000 $87,783
5-6% 38 $2,110,000 $55,526
6-7% 8 $350,000 $43,750

During 2021, Indiana Members Credit Union's average interest rate of loans were 2.62%, while their most frequently originated rate bucket of loans were <2.5%, with 1,326 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,192 $63,240,000 $53,054 $1,467 2.55%
$100k-200k 949 $133,845,000 $141,038 $2,176 2.77%
$200k-400k 498 $133,720,000 $268,514 $2,423 2.85%
$400k-600k 68 $31,860,000 $468,529 $2,820 2.65%
$600k-1MM 23 $17,245,000 $749,783 $3,432 2.74%
$1MM+ 2 $2,020,000 $1,010,000 $3,227 2.39%

2021 saw Indiana Members Credit Union place emphasis on $100,000 or less loans with 1,192 originations, totaling $63,240,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 620 $93,850,000 $151,371 $2,176 2.67%
$50k-75k 598 $70,330,000 $117,609 $2,139 2.72%
$50k or less 555 $55,225,000 $99,505 $2,024 2.79%
$75k-100k 475 $59,775,000 $125,842 $2,104 2.69%
$150k-250k 382 $72,870,000 $190,759 $2,255 2.53%
$250k+ 97 $28,945,000 $298,402 $2,645 2.60%

Indiana Members Credit Union lent most frequently to those with incomes in the $100k-150k range, with 620 originations. The second most popular income band? $50k-75k, with 598 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
<20% 846 $144,830,000 $171,194 $2,243 2.77%
20-30% 819 $113,585,000 $138,687 $2,116 2.67%
30-36% 381 $50,265,000 $131,929 $2,068 2.74%
49% 68 $5,270,000 $77,500 $1,184 2.47%
41% 61 $7,325,000 $120,082 $2,219 2.58%
36% 57 $5,475,000 $96,053 $1,840 2.70%
40% 57 $5,985,000 $105,000 $1,839 2.69%
39% 56 $6,750,000 $120,536 $2,237 2.39%
38% 54 $6,220,000 $115,185 $1,957 2.52%
44% 52 $5,890,000 $113,269 $1,982 2.45%
42% 44 $4,020,000 $91,364 $1,918 2.47%
43% 43 $5,875,000 $136,628 $2,213 2.80%
37% 42 $4,890,000 $116,429 $1,889 2.57%
47% 39 $3,325,000 $85,256 $1,744 2.61%
45% 33 $2,965,000 $89,848 $2,192 2.68%
48% 31 $3,705,000 $119,516 $1,977 2.41%
46% 25 $2,545,000 $101,800 $1,782 2.48%
50-60% 21 $2,705,000 $128,810 $1,458 2.52%
>60% 3 $305,000 $101,667 $0 1.90%

Indiana Members Credit Union lent most frequently to those with DTI ratios of <20%, with 846 originations. The next most common DTI ratio? 20-30%, with 819 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,144 $295,580,000 $137,864 $2,110 2.68%
Asian 231 $37,235,000 $161,190 $2,186 2.76%
Not provided 171 $27,035,000 $158,099 $2,308 2.67%
Black 166 $18,770,000 $113,072 $2,133 2.71%
Asian Indian 6 $1,390,000 $231,667 $2,609 2.55%
American Indian 8 $940,000 $117,500 $2,308 2.56%
Native Hawaiian 3 $505,000 $168,333 $4,540 2.38%
Other Asian 3 $475,000 $158,333 $2,420 2.79%

Approval Rates

Total approvals of all applications
91.46%

Indiana Members Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
77.57%

Indiana Members Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,732 $381,930,000 $139,799

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,732 $381,930,000 $139,799

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 495 $42,035,000 $84,919 $1,660 2.50%
40-60% 427 $61,695,000 $144,485 $2,060 2.66%
60-80% 770 $157,170,000 $204,117 $2,257 2.86%
80-100% 427 $96,055,000 $224,953 $2,510 2.95%
Under 20% 613 $24,975,000 $40,742 $131 2.44%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Indian River County Habitat for Humanity, Inc. Other type of mortgage Struggling to pay mortgage 1 100.0%