Is Members Heritage CU An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Members Heritage CU with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$270)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Members Heritage CU originated 45 mortgages, a national market share of 0.0%. It was most active in KY (0.1% market share), MT (0.0% market share), and UT (0.0% market share).

On average, Members Heritage CU’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for Members Heritage CU’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $2396, which was lower than those of comparable mortgages at $2666, with a difference of -$270. Overall, we estimate that Members Heritage CU tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Members Heritage CU.

Members Heritage CU originated Conforming mortgages for new home purchases. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Members Heritage CU compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan related Closing Cost Difference -$270
Cost Adjusted Rate Difference -0.06%

Based on the table above, Members Heritage CU is cheap for Conforming purchase mortgages.

Other information about Members Heritage CU:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Lexington, KY, 40511
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Footnotes   [ + ]

1. The comparable mortgages control for Members Heritage CU’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.