Members Heritage Credit Union Mortgage Rates, Fees & Info
Lexington, KYLEI: 549300YSLPB4FWL34Z59
Tax ID: 61-0575996
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Mortgage Data
Review & Overview
Members Heritage Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, Cash Out Refi, and Refi loans. Members Heritage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Lexington, Richmond, Frankfort, Louisville, and Mount Sterling among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Members Heritage Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Members Heritage Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.47% | 11/22/24 |
| 30 Year Conventional Refi | 6.23% | 11/22/24 |
| 30 Year Cash-out Refi | 6.86% | 11/22/24 |
| 15 Year Conventional Purchase | 5.78% | 11/22/24 |
| 15 Year Conventional Refi | 5.55% | 11/22/24 |
| 15 Year Cash-out Refi | 5.55% | 11/22/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Members Heritage Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
318Origination Dollar Volume (All Markets)
$40,070,000Top 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 |
|---|---|---|---|---|---|
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 229 | $28,425,000 | $124,127 | $1,632 | 3.02% |
| Outside of Metro Areas | 23 | $2,675,000 | $116,304 | $1,505 | 3.20% |
| Richmond-Berea, KY (FHA|USDA|VA) | 22 | $2,530,000 | $115,000 | $1,417 | 3.08% |
| Frankfort, KY (FHA|USDA|VA) | 11 | $1,545,000 | $140,455 | $2,114 | 2.95% |
| LOUISVILLE, KY (FHA|USDA|VA) | 6 | $1,270,000 | $211,667 | $2,993 | 2.92% |
| Mount Sterling, KY (FHA|USDA|VA) | 8 | $1,010,000 | $126,250 | $2,120 | 3.08% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $2,031 | 2.70% |
| Danville, KY (FHA|USDA|VA) | 4 | $490,000 | $122,500 | $2,016 | 4.72% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $7,077 | 3.38% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,855 | 3.38% |
| Somerset, KY (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $1,350 | 2.88% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,138 | 2.75% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,223 | 2.75% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,475 | 3.75% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.25% |
| Maysville, KY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,948 | 2.50% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $372 | 2.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against MEMBERS HERITAGE Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 318 | $40,070,000 | $126,006 | $1,701 | 3.05% |
For 2021, Members Heritage Credit Union's most frequently originated type of loan was Conventional, with 318 originations.
Loan Reason
For 2021, Members Heritage Credit Union's most frequently cited loan purpose was Home Improvement, with 122 originations. The 2nd most popular reason was Home Purchase, with 59 originations.
Loan Duration/Length
For 2021, Members Heritage Credit Union's most frequently cited loan duration was 20 Year, with 96 originations. The 2nd most popular length was 30 Year, with 86 originations.
Origination Fees/Closing Costs
Members Heritage Credit Union's average total fees were $3,493, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 105 originations.
Interest Rates
During 2021, Members Heritage Credit Union's average interest rate for loans was 3.21%, while their most frequently originated rate bucket for loans was 2.5-3%, with 175 originations.
Loan Sizing
2021 saw Members Heritage Credit Union place emphasis on $100,000 or less loans with 155 originations, totaling $8,645,000 in origination value.
Applicant Income
Members Heritage Credit Union lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $50k-75k, with 76 originations.
Applicant Debt to Income Ratio
Members Heritage Credit Union lent most frequently to those with DTI ratios of 20-30%, with 102 originations. The next most common DTI ratio? <20%, with 56 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.59%
Members Heritage 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 origination85.85%
Members Heritage Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 318 | $40,070,000 | $126,006 |
LTV Distribution
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% |