Members Advantage Credit Union Mortgage Rates, Fees & Info

Michigan City, IN

LEI: 549300ZVE7XVH8GM5H22

Tax ID: 35-6032041

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Mortgage Data

Review & Overview

Members Advantage Credit Union is a smaller credit union specializing in Other and NA loans. Members Advantage Credit Union has a high proportion of conventional loans. Their top two markets are Michigan City and Chicago .

Members Advantage Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

59

Origination Dollar Volume (All Markets)

$3,055,000

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
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 51 $2,685,000 $52,647 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 8 $370,000 $46,250 $0 0.00%
Members Advantage Credit Union's top markets include Michigan City and Chicago among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 59 $3,055,000 $51,780 $0 0.00%

    For 2023, Members Advantage Credit Union's most frequently originated type of loan was Conventional, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 33 $1,785,000 $54,091 $0 0.00%
    Home Improvement 9 $435,000 $48,333 $0 0.00%
    NA 9 $665,000 $73,889 $0 0.00%
    Refi 8 $170,000 $21,250 $0 0.00%

    For 2023, Members Advantage Credit Union's most frequently cited loan purpose was Other, with 33 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 59 $3,055,000 $51,780 $0 0.00%

    For 2023, Members Advantage Credit Union's most frequently cited loan duration was Other, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 49 $1,715,000 $35,000 $0 0.00%
    $100k-200k 10 $1,340,000 $134,000 $0 0.00%

    2023 saw Members Advantage Credit Union place emphasis on $100,000 or less loans with 49 originations, totaling $1,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 22 $1,140,000 $51,818 $0 0.00%
    $50k or less 19 $595,000 $31,316 $0 0.00%
    $100k-150k 10 $750,000 $75,000 $0 0.00%
    $75k-100k 6 $350,000 $58,333 $0 0.00%
    $150k-250k 2 $220,000 $110,000 $0 0.00%

    Members Advantage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $50k or less, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 59 $3,055,000 $51,780 $0 0.00%

    Members Advantage Credit Union lent most frequently to those with DTI ratios of Exempt%, with 59 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 58 $3,010,000 $51,897 $0 0.00%
    Black 1 $45,000 $45,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    84.21%

    Members Advantage Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.49%

    Members Advantage Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 59 $3,055,000 $51,780

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    59 $3,055,000 $51,780