Members Advantage Credit Union Mortgage Rates, Fees & Info

Michigan City, IN

LEI: 549300ZVE7XVH8GM5H22

Tax ID: 35-6032041

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Members Advantage Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Members Advantage Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Michigan City, Chicago, and South Bend among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Advantage 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.

    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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    Originations

    60

    Origination Dollar Volume (All Markets)

    $3,680,000

    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) 46 $2,810,000 $61,087 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 13 $855,000 $65,769 $0 0.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
    Members Advantage Credit Union's top markets include Michigan City, Chicago, and South Bend among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 60 $3,680,000 $61,333 $0 0.00%

    For 2022, Members Advantage Credit Union's most frequently originated type of loan was Conventional, with 60 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 41 $2,455,000 $59,878 $0 0.00%
    Home Improvement 14 $980,000 $70,000 $0 0.00%
    Cash Out Refi 2 $50,000 $25,000 $0 0.00%
    Home Purchase 1 $65,000 $65,000 $0 0.00%
    NA 1 $65,000 $65,000 $0 0.00%
    Refi 1 $65,000 $65,000 $0 0.00%

    For 2022, Members Advantage Credit Union's most frequently cited loan purpose was Other, with 41 originations. The 2nd most popular reason was Home Improvement, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 60 $3,680,000 $61,333 $0 0.00%

    For 2022, Members Advantage Credit Union's most frequently cited loan duration was Other, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 48 $2,020,000 $42,083 $0 0.00%
    $100k-200k 12 $1,660,000 $138,333 $0 0.00%

    2022 saw Members Advantage Credit Union place emphasis on $100,000 or less loans with 48 originations, totaling $2,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 15 $815,000 $54,333 $0 0.00%
    $100k-150k 14 $840,000 $60,000 $0 0.00%
    $50k-75k 12 $540,000 $45,000 $0 0.00%
    $75k-100k 12 $830,000 $69,167 $0 0.00%
    $150k-250k 4 $280,000 $70,000 $0 0.00%
    $250k+ 2 $310,000 $155,000 $0 0.00%

    Members Advantage Credit Union lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 60 $3,680,000 $61,333 $0 0.00%

    Members Advantage Credit Union lent most frequently to those with DTI ratios of Exempt%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 56 $3,430,000 $61,250 $0 0.00%
    Not provided 1 $155,000 $155,000 $0 0.00%
    American Indian 2 $80,000 $40,000 $0 0.00%
    Black 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.22%

    Members Advantage Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.67%

    Members Advantage Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 60 $3,680,000 $61,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    60 $3,680,000 $61,333