Members 1st Federal Credit Union Mortgage Rates, Fees & Info

Mechanicsburg, PA

LEI: 549300SWKVL60SKWK981

Tax ID: 23-1360906

3.3 stars - out of 5 stars, based on 86 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Members 1st Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Members 1st Federal 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.) They have a low ratio of USDA loans. Their top markets include Harrisburg, York, Lancaster, Lebanon, and Gettysburg among others. Members 1st Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Members 1st Federal Credit Union is typically an average fee lendor.


Originations

7,338

Origination Dollar Volume (All Markets)

$979,550,000
Show all (10) awards

Relative Rate

Members 1st Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.78%.

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

This yields a difference of 0.63%.

Relative Fees

Members 1st Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,513.

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
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 3,011 $406,715,000 $135,076 $2,930 3.67%
YORK-HANOVER, PA (FHA|USDA|VA) 1,626 $189,130,000 $116,316 $2,772 3.92%
LANCASTER, PA (FHA|USDA|VA) 1,257 $159,555,000 $126,933 $2,884 3.74%
LEBANON, PA (FHA|USDA|VA) 463 $80,465,000 $173,790 $4,395 3.63%
GETTYSBURG, PA (FHA|USDA|VA) 322 $44,470,000 $138,106 $3,299 3.83%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 105 $18,685,000 $177,952 $2,995 4.02%
READING, PA (FHA|USDA|VA) 130 $14,490,000 $111,462 $2,594 3.96%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 56 $13,020,000 $232,500 $1,900 3.98%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 101 $11,195,000 $110,842 $2,767 3.96%
Outside of Metro Areas 35 $4,605,000 $131,571 $3,354 3.51%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 35 $4,565,000 $130,429 $1,715 4.30%
Pottsville, PA (FHA|USDA|VA) 34 $3,760,000 $110,588 $3,791 4.01%
Lewistown, PA (FHA|USDA|VA) 13 $2,865,000 $220,385 $2,838 3.61%
SALISBURY, MD-DE (FHA|USDA|VA) 12 $2,700,000 $225,000 $4,090 2.90%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $2,375,000 $791,667 $3,765 3.42%
PITTSBURGH, PA (FHA|USDA|VA) 17 $2,255,000 $132,647 $4,021 3.94%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 16 $2,220,000 $138,750 $1,166 4.13%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 9 $1,535,000 $170,556 $4,345 3.02%
STATE COLLEGE, PA (FHA|USDA|VA) 11 $1,475,000 $134,091 $2,901 4.64%
Sunbury, PA (FHA|USDA|VA) 12 $1,170,000 $97,500 $4,140 3.38%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $895,000 $298,333 $2,927 3.29%
Huntingdon, PA (FHA|USDA|VA) 9 $835,000 $92,778 $1,697 3.86%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $810,000 $405,000 $4,525 3.74%
EAST STROUDSBURG, PA (FHA|USDA|VA) 7 $805,000 $115,000 $3,663 3.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $730,000 $365,000 $5,087 4.00%
WILMINGTON, NC (FHA|USDA|VA) 2 $680,000 $340,000 $2,899 3.06%
ALTOONA, PA (FHA|USDA|VA) 5 $655,000 $131,000 $3,651 4.40%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $625,000 $625,000 $4,311 2.88%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 4 $580,000 $145,000 $3,818 3.47%
Lewisburg, PA (FHA|USDA|VA) 2 $570,000 $285,000 $6,706 4.56%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $440,000 $220,000 $3,844 3.38%
DuBois, PA (FHA|USDA|VA) 1 $435,000 $435,000 $6,834 3.25%
THE VILLAGES, FL (FHA|USDA|VA) 2 $380,000 $190,000 $2,076 2.69%
Lock Haven, PA (FHA|USDA|VA) 4 $370,000 $92,500 $2,945 3.13%
SAVANNAH, GA (FHA|USDA|VA) 1 $315,000 $315,000 $4,611 3.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $315,000 $105,000 $3,255 3.25%
WILLIAMSPORT, PA (FHA|USDA|VA) 3 $315,000 $105,000 $5,015 3.08%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $305,000 $305,000 $2,488 2.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $235,000 $235,000 $2,968 3.00%
OCALA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,633 3.25%
Sayre, PA (FHA|USDA|VA) 1 $235,000 $235,000 $9,076 2.63%
Selinsgrove, PA (FHA|USDA|VA) 3 $225,000 $75,000 $1,767 4.10%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,912 2.75%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,133 3.00%
SPARTANBURG, SC (FHA|USDA|VA) 1 $195,000 $195,000 $6,183 3.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $155,000 $155,000 $2,726 3.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,668 3.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,451 3.38%
Bradford, PA (FHA|USDA|VA) 1 $95,000 $95,000 $2,261 3.25%
Meadville, PA (FHA|USDA|VA) 1 $85,000 $85,000 $3,403 2.75%
LYNCHBURG, VA (FHA|USDA|VA) 1 $75,000 $75,000 $2,590 2.88%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $65,000 $65,000 $3,401 3.38%

Members 1st Federal Credit Union's top markets include Harrisburg, York, Lancaster, Lebanon, and Gettysburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 7,164 $942,800,000 $131,602 $2,774 3.79%
FHA 118 $21,630,000 $183,305 $7,020 2.79%
VA 50 $14,000,000 $280,000 $8,569 2.61%
USDA 6 $1,120,000 $186,667 $5,803 2.99%

For the 2021 period, Members 1st Federal Credit Union's most frequently originated loan type of loans were Conventional, with 7,164 originations. Their 2nd most popular type is FHA, with 118 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 2,286 $173,600,000 $75,941 $813 4.14%
Refi 1,959 $293,695,000 $149,921 $2,639 3.40%
Home Purchase 1,683 $387,265,000 $230,104 $4,733 3.38%
Other 1,189 $82,495,000 $69,382 $8 4.27%
Cash Out Refi 221 $42,495,000 $192,285 $3,704 3.14%

For the 2021, Members 1st Federal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 2,286 originations. The 2nd most popular reason of loans were Refi, with 1,959 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,507 $721,425,000 $131,001 $4,513 3.78%
15 Year 745 $132,035,000 $177,228 $2,427 3.40%
10 Year 588 $76,080,000 $129,388 $389 4.07%
5 Year 172 $7,830,000 $45,523 $0 3.98%
20 Year 155 $30,585,000 $197,323 $3,220 3.05%
Other 148 $11,060,000 $74,730 $562 4.44%
3 Year 22 $520,000 $23,636 $0 3.40%
1 Year 1 $15,000 $15,000 $0 3.24%

For the 2021, Members 1st Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 5,507 originations. The 2nd most popular length of loans were 15 Year, with 745 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,558 $383,700,000 $150,000
$1k-2k 428 $106,720,000 $249,346
$2k-3k 95 $33,405,000 $351,632
$3k-4k 48 $13,740,000 $286,250
$5k+ 17 $6,435,000 $378,529

$4,513 of loans were Members 1st Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,558 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,735 $448,515,000 $163,991
2.5-3% 2,221 $317,165,000 $142,803
4-5% 1,113 $109,795,000 $98,648
5-6% 558 $38,910,000 $69,731
<2.5% 271 $40,215,000 $148,395
6-7% 270 $15,950,000 $59,074
7-8% 141 $7,805,000 $55,355
Over 8% 29 $1,195,000 $41,207

During 2021, Members 1st Federal Credit Union's average interest rate of loans were 3.78%, while their most frequently originated rate bucket of loans were 3-4%, with 2,735 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 3,741 $194,785,000 $52,068 $709 4.14%
$100k-200k 2,156 $306,380,000 $142,106 $3,272 3.45%
$200k-400k 1,196 $317,540,000 $265,502 $4,626 3.22%
$400k-600k 186 $88,090,000 $473,602 $6,573 3.29%
$600k-1MM 42 $31,610,000 $752,619 $9,023 3.53%
$1MM+ 17 $41,145,000 $2,420,294 $13,042 3.82%

2021 saw Members 1st Federal Credit Union place emphasis on $100,000 or less loans with 3,741 originations, totaling $194,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,856 $239,250,000 $128,906 $2,995 3.85%
$50k-75k 1,558 $171,580,000 $110,128 $2,978 3.66%
$75k-100k 1,350 $157,840,000 $116,919 $2,927 3.79%
$150k-250k 1,076 $160,320,000 $148,996 $2,851 3.95%
$50k or less 966 $91,280,000 $94,493 $3,037 3.44%
$250k+ 300 $74,190,000 $247,300 $4,822 3.72%

Members 1st Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,856 originations. The second most popular income band? $50k-75k, with 1,558 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 2,022 $240,190,000 $118,788 $2,825 3.60%
30-36% 1,389 $177,795,000 $128,002 $2,850 3.83%
<20% 899 $104,115,000 $115,812 $2,540 3.37%
37% 246 $30,590,000 $124,350 $2,942 4.00%
36% 236 $28,290,000 $119,873 $3,064 3.91%
40% 233 $30,095,000 $129,163 $2,808 4.06%
42% 230 $31,110,000 $135,261 $3,357 4.09%
43% 227 $32,425,000 $142,841 $3,288 3.95%
39% 224 $29,530,000 $131,830 $2,892 3.99%
41% 219 $29,995,000 $136,963 $3,479 4.07%
38% 219 $28,945,000 $132,169 $3,000 3.88%
44% 189 $29,055,000 $153,730 $3,689 3.72%
49% 152 $21,260,000 $139,868 $4,962 3.87%
45% 137 $17,705,000 $129,234 $3,381 4.04%
47% 132 $16,740,000 $126,818 $3,945 3.82%
48% 130 $15,650,000 $120,385 $3,732 3.99%
46% 129 $17,015,000 $131,899 $4,130 4.02%
50-60% 73 $10,715,000 $146,781 $7,343 3.41%
>60% 18 $2,140,000 $118,889 $1,914 4.46%

Members 1st Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 2,022 originations. The next most common DTI ratio? 30-36%, with 1,389 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 6,472 $820,170,000 $126,726 $3,031 3.74%
Not applicable 211 $79,215,000 $375,427 $0 4.15%
Not provided 360 $41,310,000 $114,750 $2,633 3.79%
Black 181 $20,615,000 $113,895 $3,504 4.01%
Asian 104 $16,300,000 $156,731 $3,655 3.63%
Asian Indian 2 $1,230,000 $615,000 $0 3.75%
American Indian 3 $375,000 $125,000 $2,905 3.54%
Native Hawaiian 5 $335,000 $67,000 $0 4.20%

Approval Rates

Total approvals of all applications
79.37%

Members 1st Federal Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
81.22%

Members 1st Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 7,338 $979,550,000 $133,490

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
7,338 $979,550,000 $133,490

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,878 $159,350,000 $84,851 $866 4.14%
40-60% 857 $130,675,000 $152,480 $2,743 3.39%
60-80% 1,451 $321,595,000 $221,637 $3,667 3.29%
80-100% 1,179 $281,595,000 $238,842 $4,629 3.34%
Over 100% 18 $5,280,000 $293,333 $11,197 2.71%
Under 20% 1,953 $79,525,000 $40,719 $26 4.17%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MEMBERS MORTGAGE COMPANY, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%