Members Mortgage Company Rates, Fees & Info

WINCHESTER, MA

LEI: 5493005HTCBH4TWCVM82

Tax ID: 04-3243815

5 stars - out of 5 stars, based on 25 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Members Mortgage Company is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Members Mortgage Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Boston, New Haven, Hartford, Bridgeport, and Providence among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Mortgage Company 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. Members Mortgage Company is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.17% 3/24/23
    30 Year Conventional Refi 6.22% 3/24/23
    30 Year Cash-out Refi 6.30% 3/24/23
    30 Year FHA Purchase 6.93% 3/24/23
    30 Year FHA Refi 6.27% 3/24/23
    15 Year Conventional Purchase 5.57% 3/24/23
    15 Year Conventional Refi 5.51% 3/24/23
    15 Year Cash-out Refi 5.51% 3/24/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    644

    Origination Dollar Volume (All Markets)

    $213,510,000
    Show all (14) awards

    Relative Rate

    Members Mortgage Company's average 30 year fixed mortgage rate was 4.29%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.47%.

    Relative Fees (Closing Costs)

    Members Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $3,343.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 201 $96,855,000 $481,866 $3,584 3.78%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 184 $44,660,000 $242,717 $2,880 3.99%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 147 $34,535,000 $234,932 $2,948 4.24%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 20 $7,640,000 $382,000 $3,029 3.68%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 18 $6,780,000 $376,667 $3,773 4.39%
    WORCESTER, MA-CT (FHA|USDA|VA) 16 $5,650,000 $353,125 $3,131 4.50%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 10 $3,380,000 $338,000 $2,912 3.76%
    Torrington, CT (FHA|USDA|VA) 11 $2,955,000 $268,636 $3,488 4.65%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 9 $2,395,000 $266,111 $2,734 4.13%
    SPRINGFIELD, MA (FHA|USDA|VA) 9 $2,105,000 $233,889 $3,253 4.29%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 6 $2,070,000 $345,000 $4,311 4.31%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $1,970,000 $492,500 $3,181 3.81%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $635,000 $635,000 $7,177 4.38%
    Outside of Metro Areas 2 $610,000 $305,000 $2,853 5.88%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,526 3.25%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $290,000 $145,000 $3,335 3.19%
    Laconia, NH (FHA|USDA|VA) 1 $255,000 $255,000 $2,882 3.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,166 5.63%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $4,041 4.13%
    Members Mortgage Company's top markets include Boston, New Haven, Hartford, Bridgeport, and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MEMBERS MORTGAGE COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    Freedom Credit Union
    Similarity Rank: 228
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    SCIENT Federal Credit Union
    Similarity Rank: 338
    Sanborn Mortgage Corporation
    Similarity Rank: 348
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    Ridgewood Savings Bank
    Similarity Rank: 394
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 641 $212,515,000 $331,537 $3,163 4.01%
    FHA 3 $995,000 $331,667 $9,923 5.67%

    For 2022, Members Mortgage Company's most frequently originated type of loan was Conventional, with 641 originations. Their 2nd most popular type was FHA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 315 $119,825,000 $380,397 $3,544 4.56%
    Cash Out Refi 209 $60,065,000 $287,392 $2,910 3.63%
    Refi 91 $25,965,000 $285,330 $2,711 3.18%
    Other 15 $3,905,000 $260,333 $2,486 3.45%
    Home Improvement 14 $3,750,000 $267,857 $3,490 3.63%

    For 2022, Members Mortgage Company's most frequently cited loan purpose was Home Purchase, with 315 originations. The 2nd most popular reason was Cash Out Refi, with 209 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 487 $176,465,000 $362,351 $3,343 4.29%
    15 Year 100 $24,840,000 $248,400 $2,780 3.09%
    20 Year 40 $9,530,000 $238,250 $2,738 3.59%
    10 Year 16 $2,500,000 $156,250 $2,455 2.58%
    Other 1 $175,000 $175,000 $2,584 3.63%

    For 2022, Members Mortgage Company's most frequently cited loan duration was 30 Year, with 487 originations. The 2nd most popular length was 15 Year, with 100 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 609 $203,435,000 $334,048
    $1k-2k 10 $2,480,000 $248,000
    $3k-4k 8 $2,130,000 $266,250
    $5k+ 8 $3,490,000 $436,250
    $4k-5k 6 $1,520,000 $253,333
    $2k-3k 3 $455,000 $151,667

    Members Mortgage Company's average total fees were $3,343, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 609 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 208 $71,380,000 $343,173
    4-5% 159 $54,835,000 $344,874
    5-6% 102 $34,690,000 $340,098
    2.5-3% 97 $32,195,000 $331,907
    <2.5% 56 $15,280,000 $272,857
    6-7% 22 $5,130,000 $233,182

    During 2022, Members Mortgage Company's average interest rate for loans was 4.29%, while their most frequently originated rate bucket for loans was 3-4%, with 208 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 285 $80,365,000 $281,982 $3,038 4.09%
    $100k-200k 170 $26,550,000 $156,176 $2,674 3.99%
    $400k-600k 113 $54,635,000 $483,496 $3,676 3.92%
    $600k-1MM 47 $34,005,000 $723,511 $4,489 3.88%
    $100,000 or less 17 $1,435,000 $84,412 $2,653 3.84%
    $1MM+ 12 $16,520,000 $1,376,667 $5,474 4.11%

    2022 saw Members Mortgage Company place emphasis on $200k-400k loans with 285 originations, totaling $80,365,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 172 $70,090,000 $407,500 $3,442 4.02%
    $100k-150k 154 $47,290,000 $307,078 $3,155 4.09%
    $75k-100k 130 $30,810,000 $237,000 $2,894 3.98%
    $50k-75k 100 $19,540,000 $195,400 $2,757 3.99%
    $250k+ 66 $42,670,000 $646,515 $4,028 3.94%
    $50k or less 22 $3,110,000 $141,364 $2,806 3.97%

    Members Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 172 originations. The second most popular income band? $100k-150k, with 154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 161 $53,015,000 $329,286 $3,093 4.00%
    30-36% 133 $41,995,000 $315,752 $3,120 3.92%
    <20% 55 $16,615,000 $302,091 $3,001 3.67%
    43% 36 $14,130,000 $392,500 $3,467 4.20%
    44% 31 $11,515,000 $371,452 $3,483 3.85%
    40% 28 $9,450,000 $337,500 $3,270 4.16%
    42% 25 $8,135,000 $325,400 $3,037 4.00%
    36% 23 $7,465,000 $324,565 $3,374 4.33%
    41% 23 $8,285,000 $360,217 $3,255 3.86%
    39% 23 $7,055,000 $306,739 $3,283 4.08%
    49% 22 $7,230,000 $328,636 $3,109 3.82%
    38% 19 $7,765,000 $408,684 $3,700 4.97%
    37% 15 $3,585,000 $239,000 $3,137 4.04%
    46% 13 $4,155,000 $319,615 $2,889 4.18%
    47% 13 $4,775,000 $367,308 $3,747 4.07%
    45% 12 $3,830,000 $319,167 $3,440 4.51%
    48% 9 $3,365,000 $373,889 $3,058 3.93%
    50-60% 3 $1,145,000 $381,667 $3,445 4.04%

    Members Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 161 originations. The next most common DTI ratio? 30-36%, with 133 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 372 $123,010,000 $330,672 $3,140 4.04%
    Not provided 205 $68,955,000 $336,366 $3,109 4.02%
    Black 38 $10,270,000 $270,263 $3,550 3.86%
    Asian 23 $8,765,000 $381,087 $3,699 3.76%
    American Indian 2 $930,000 $465,000 $3,457 3.63%
    Asian Indian 2 $760,000 $380,000 $3,509 3.88%
    Vietnamese 1 $635,000 $635,000 $14,996 4.88%
    Other Pacific Islander 1 $185,000 $185,000 $2,939 4.63%

    Approval Rates

    Total approvals of all applications
    90.94%

    Members Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.96%

    Members Mortgage Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 644 $213,510,000 $331,537

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    644 $213,510,000 $331,537

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $10,745,000 $228,617 $2,649 3.90%
    40-60% 125 $35,575,000 $284,600 $2,838 3.53%
    60-80% 258 $88,180,000 $341,783 $3,241 3.96%
    80-100% 199 $76,665,000 $385,251 $3,523 4.50%
    Under 20% 15 $2,345,000 $156,333 $2,715 2.87%