Members Mortgage Company Rates, Fees & Info

WINCHESTER, MA

LEI: 5493005HTCBH4TWCVM82

Tax ID: 04-3243815

5 stars - Updated: 12/16/24 - out of 5 stars, based on 19 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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 Mortgage Company is a smaller mortgage company specializing in Home Purchase 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 Worcester among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Members Mortgage Company 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. 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 relatively high 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.17% 12/16/24
    30 Year Conventional Refi 6.22% 12/16/24
    30 Year Cash-out Refi 6.30% 12/16/24
    30 Year FHA Purchase 6.93% 12/16/24
    30 Year FHA Refi 6.27% 12/16/24
    15 Year Conventional Purchase 5.57% 12/16/24
    15 Year Conventional Refi 5.51% 12/16/24
    15 Year Cash-out Refi 5.51% 12/16/24
    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.

    Members Mortgage Company Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Members Mortgage Company. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    343

    Origination Dollar Volume (All Markets)

    $130,365,000
    Show all (8) awards

    Relative Rate

    Members Mortgage Company's average 30 year fixed mortgage rate was 6.04%.

    The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

    This yields a difference of -0.44%.

    Relative Fees (Closing Costs)

    Members Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $3,912.

    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 $9,089.

    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) 65 $38,105,000 $586,231 $4,793 5.99%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 101 $30,185,000 $298,861 $3,535 5.95%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 97 $28,625,000 $295,103 $3,373 6.15%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 17 $8,045,000 $473,235 $4,144 5.76%
    WORCESTER, MA-CT (FHA|USDA|VA) 12 $4,470,000 $372,500 $3,535 6.05%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $4,165,000 $833,000 $3,896 6.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 9 $4,015,000 $446,111 $3,727 5.99%
    Torrington, CT (FHA|USDA|VA) 7 $2,815,000 $402,143 $3,982 6.06%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 7 $1,765,000 $252,143 $3,900 5.32%
    SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,715,000 $343,000 $3,305 6.55%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $1,425,000 $475,000 $11,061 6.83%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 4 $1,390,000 $347,500 $3,367 6.50%
    Outside of Metro Areas 2 $990,000 $495,000 $3,479 5.50%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $710,000 $355,000 $3,627 6.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $505,000 $505,000 $5,640 5.88%
    Keene, NH (FHA|USDA|VA) 2 $380,000 $190,000 $4,903 6.88%
    Barre, VT (FHA|USDA|VA) 1 $355,000 $355,000 $3,545 6.13%
    OCALA, FL (FHA|USDA|VA) 1 $315,000 $315,000 $5,517 5.88%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,099 5.88%
    Laconia, NH (FHA|USDA|VA) 1 $185,000 $185,000 $2,616 6.75%
    Members Mortgage Company's top markets include Boston, New Haven, Hartford, Bridgeport, and Worcester among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (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.

    Florence Bank
    Similarity Rank: 22
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    LUSO
    Similarity Rank: 40
    Adams Community Bank
    Similarity Rank: 42
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    Greenfield Savings Bank
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Stafford Savings Bank
    Similarity Rank: 63
    Saco Valley Credit Union
    Similarity Rank: 64
    POLISH NATIONAL
    Similarity Rank: 68

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 340 $129,370,000 $380,500 $3,781 6.03%
    FHA 3 $995,000 $331,667 $13,327 6.08%

    For 2023, Members Mortgage Company's most frequently originated type of loan was Conventional, with 340 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 288 $114,660,000 $398,125 $3,946 6.03%
    Cash Out Refi 40 $12,030,000 $300,750 $3,669 6.00%
    Other 6 $1,560,000 $260,000 $2,827 5.75%
    Home Improvement 5 $955,000 $191,000 $2,916 6.35%
    Refi 4 $1,160,000 $290,000 $2,676 6.03%

    For 2023, Members Mortgage Company's most frequently cited loan purpose was Home Purchase, with 288 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 318 $123,300,000 $387,736 $3,912 6.04%
    15 Year 19 $5,855,000 $308,158 $3,152 5.84%
    20 Year 4 $760,000 $190,000 $3,041 6.06%
    10 Year 1 $105,000 $105,000 $2,425 5.00%
    Other 1 $345,000 $345,000 $7,038 5.88%

    For 2023, Members Mortgage Company's most frequently cited loan duration was 30 Year, with 318 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 291 $111,905,000 $384,553
    $1k-2k 31 $9,315,000 $300,484
    $5k+ 9 $5,365,000 $596,111
    $3k-4k 5 $1,205,000 $241,000
    $4k-5k 4 $1,670,000 $417,500
    $2k-3k 3 $905,000 $301,667

    Members Mortgage Company's average total fees were $3,912, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 291 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 166 $67,230,000 $405,000
    6-7% 118 $39,330,000 $333,305
    7-8% 30 $13,190,000 $439,667
    4-5% 28 $10,350,000 $369,643
    3-4% 1 $265,000 $265,000

    During 2023, Members Mortgage Company's average interest rate for loans was 6.04%, while their most frequently originated rate bucket for loans was 5-6%, with 166 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 176 $50,820,000 $288,750 $3,471 6.08%
    $400k-600k 56 $26,680,000 $476,429 $4,249 5.90%
    $100k-200k 51 $7,855,000 $154,020 $2,945 6.03%
    $600k-1MM 46 $33,200,000 $721,739 $5,665 5.89%
    $100,000 or less 7 $545,000 $77,857 $2,897 6.55%
    $1MM+ 7 $11,265,000 $1,609,286 $6,503 6.14%

    2023 saw Members Mortgage Company place emphasis on $200k-400k loans with 176 originations, totaling $50,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 106 $47,880,000 $451,698 $4,370 5.98%
    $100k-150k 87 $24,925,000 $286,494 $3,447 5.93%
    $250k+ 50 $35,360,000 $707,200 $4,722 6.12%
    $75k-100k 48 $12,400,000 $258,333 $3,390 6.24%
    $50k-75k 45 $8,855,000 $196,778 $3,199 5.99%
    $50k or less 7 $945,000 $135,000 $2,778 6.20%

    Members Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 106 originations. The second most popular income band? $100k-150k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 88 $31,810,000 $361,477 $3,683 6.04%
    30-36% 70 $26,020,000 $371,714 $3,718 6.04%
    <20% 17 $5,505,000 $323,824 $3,967 6.15%
    38% 17 $6,055,000 $356,176 $4,592 5.96%
    37% 16 $5,770,000 $360,625 $3,370 5.94%
    43% 13 $5,335,000 $410,385 $3,689 5.71%
    49% 13 $5,645,000 $434,231 $6,055 6.16%
    44% 12 $5,850,000 $487,500 $3,754 6.14%
    40% 12 $4,190,000 $349,167 $3,566 5.76%
    45% 11 $5,985,000 $544,091 $4,066 6.11%
    39% 11 $5,055,000 $459,545 $3,821 6.22%
    47% 11 $4,015,000 $365,000 $4,403 6.28%
    46% 11 $3,515,000 $319,545 $3,395 6.07%
    42% 10 $3,750,000 $375,000 $3,449 5.84%
    41% 9 $3,975,000 $441,667 $3,786 5.94%
    48% 9 $2,565,000 $285,000 $3,015 6.04%
    36% 9 $3,455,000 $383,889 $3,329 5.68%
    50-60% 3 $1,005,000 $335,000 $5,972 6.79%
    >60% 1 $865,000 $865,000 $10,975 6.25%

    Members Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 162 $63,650,000 $392,901 $3,905 6.04%
    Not provided 129 $49,385,000 $382,829 $3,873 6.11%
    Asian 18 $7,900,000 $438,889 $3,918 5.73%
    Black 30 $7,840,000 $261,333 $3,607 5.86%
    Vietnamese 1 $625,000 $625,000 $4,466 5.63%
    Asian Indian 1 $445,000 $445,000 $3,406 5.75%
    American Indian 1 $295,000 $295,000 $3,238 5.75%
    Other Pacific Islander 1 $225,000 $225,000 $3,254 5.63%

    Approval Rates

    Total approvals of all applications
    86.59%

    Members Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.26%

    Members Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 343 $130,365,000 $380,073

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    343 $130,365,000 $380,073

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $4,395,000 $231,316 $2,888 5.89%
    40-60% 45 $13,865,000 $308,111 $4,043 6.05%
    60-80% 125 $52,515,000 $420,120 $3,835 6.05%
    80-100% 152 $59,100,000 $388,816 $3,956 6.02%
    Over 100% 2 $490,000 $245,000 $3,932 6.19%