M1 properties, comprising magnetic moments and radiative capture of thermal neutron observables, are studied in two- and three-nucleon systems. We use meson exchange current derived up to N3LO using heavy baryon chiral perturbation theory à la Weinberg. Calculations have been performed for several qualitatively different realistic nuclear Hamiltonians, which permits us to analyze model dependence of our results. Our results are found to be strongly correlated with the effective range parameters such as binding energies and the scattering lengths. Taking into account such correlations, the results are in good agreement with the experimental data with small model dependence