Members Advantage Credit Union Mortgage Rates, Fees & Info
Michigan City, INLEI: 549300ZVE7XVH8GM5H22
Tax ID: 35-6032041
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Members Advantage Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi 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
47Origination Dollar Volume (All Markets)
$2,025,000Top 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 |
|---|---|---|---|---|---|
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 45 | $1,925,000 | $42,778 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 47 | $2,025,000 | $43,085 | $0 | 0.00% |
For 2018, Members Advantage Credit Union's most frequently originated type of loan was Conventional, with 47 originations.
Loan Reason
For 2018, Members Advantage Credit Union's most frequently cited loan purpose was Home Improvement, with 23 originations. The 2nd most popular reason was Cash Out Refi, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 47 | $2,025,000 | $43,085 | $0 | 0.00% |
For 2018, Members Advantage Credit Union's most frequently cited loan duration was Other, with 47 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 45 | $1,765,000 | $39,222 | $0 | 0.00% |
| $100k-200k | 2 | $260,000 | $130,000 | $0 | 0.00% |
2018 saw Members Advantage Credit Union place emphasis on $100,000 or less loans with 45 originations, totaling $1,765,000 in origination value.
Applicant Income
Members Advantage Credit Union lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 47 | $2,025,000 | $43,085 | $0 | 0.00% |
Members Advantage Credit Union lent most frequently to those with DTI ratios of Exempt%, with 47 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 45 | $1,995,000 | $44,333 | $0 | 0.00% |
| Black | 1 | $25,000 | $25,000 | $0 | 0.00% |
| Not applicable | 1 | $5,000 | $5,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications82.43%
Members Advantage Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination76.60%
Members Advantage Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 47 | $2,025,000 | $43,085 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 47 | $2,025,000 | $43,085 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MEMBER FIRST MORTGAGE, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |