Member Advantage Mortgage Rates, Fees & Info

EAST LANSING, MI

LEI: 5493007L3DI2JM8OHN91

Tax ID: 30-0376657

4.6 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Member Advantage Mortgage is a smaller mortgage company specializing in Home Purchase loans. Member Advantage Mortgage 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.) They have a low ratio of USDA loans. Their top markets include Springfield, Richmond, Worcester, Washington, and Shreveport among others. Member Advantage Mortgage has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Member Advantage Mortgage is typically an average fee lendor.


Originations

355

Origination Dollar Volume (All Markets)

$78,955,000

Relative Rate

Member Advantage Mortgage 's average 30 year fixed rate mortgage of loans were 3.18%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.03%.

Relative Fees

Member Advantage Mortgage 's average total fees for a 30 year fixed rate mortgage are $5,024.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SPRINGFIELD, MA (FHA|USDA|VA) 140 $35,640,000 $254,571 $5,181 3.03%
RICHMOND, VA (FHA|USDA|VA) 51 $8,485,000 $166,373 $4,222 3.07%
WORCESTER, MA-CT (FHA|USDA|VA) 27 $7,275,000 $269,444 $4,916 3.09%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 16 $4,900,000 $306,250 $4,326 2.90%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 15 $3,025,000 $201,667 $4,465 2.98%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $2,830,000 $353,750 $4,465 3.11%
HARRISONBURG, VA (FHA|USDA|VA) 9 $1,705,000 $189,444 $4,363 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 11 $1,485,000 $135,000 $4,227 3.32%
Minden, LA (FHA|USDA|VA) 11 $1,375,000 $125,000 $4,593 3.06%
YORK-HANOVER, PA (FHA|USDA|VA) 6 $1,150,000 $191,667 $5,329 3.38%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $1,045,000 $209,000 $3,040 3.43%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,010,000 $252,500 $5,896 3.13%
Marquette, MI (FHA|USDA|VA) 6 $1,000,000 $166,667 $4,028 3.25%
Outside of Metro Areas 6 $1,000,000 $166,667 $3,140 2.92%
PITTSBURGH, PA (FHA|USDA|VA) 8 $960,000 $120,000 $4,097 2.98%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $735,000 $245,000 $4,749 3.29%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $645,000 $215,000 $4,892 3.04%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $420,000 $210,000 $4,660 3.38%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $390,000 $195,000 $3,262 2.88%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $375,000 $375,000 $4,543 3.25%
Ruston, LA (FHA|USDA|VA) 1 $375,000 $375,000 $5,692 2.88%
Magnolia, AR (FHA|USDA|VA) 3 $305,000 $101,667 $4,101 2.96%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,215 2.88%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $285,000 $285,000 $4,497 3.75%
STAUNTON, VA (FHA|USDA|VA) 1 $235,000 $235,000 $2,784 2.88%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $225,000 $225,000 $9,308 3.63%
Ardmore, OK (FHA|USDA|VA) 1 $215,000 $215,000 $5,415 3.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $215,000 $215,000 $3,510 3.25%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $185,000 $185,000 $11,024 3.00%
ALEXANDRIA, LA (FHA|USDA|VA) 1 $175,000 $175,000 $4,324 2.75%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,155 3.38%
COLUMBIA, SC (FHA|USDA|VA) 1 $145,000 $145,000 $6,020 3.50%
WILMINGTON, NC (FHA|USDA|VA) 1 $135,000 $135,000 $6,207 2.75%
OCALA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,874 3.13%
Shelby, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,035 2.63%
BATON ROUGE, LA (FHA|USDA|VA) 1 $105,000 $105,000 $3,750 2.38%
PITTSFIELD, MA (FHA|USDA|VA) 1 $95,000 $95,000 $4,097 3.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $55,000 $55,000 $2,516 2.88%
Natchitoches, LA (FHA|USDA|VA) 1 $35,000 $35,000 $3,361 2.75%

Member Advantage Mortgage 's top markets include Springfield, Richmond, Worcester, Washington, and Shreveport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 323 $73,015,000 $226,053 $4,616 3.05%
FHA 16 $3,000,000 $187,500 $7,019 3.19%
VA 11 $2,185,000 $198,636 $4,508 3.39%
USDA 5 $755,000 $151,000 $5,715 3.28%

For the 2021 period, Member Advantage Mortgage 's most frequently originated loan type of loans were Conventional, with 323 originations. Their 2nd most popular type is FHA, with 16 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 165 $39,365,000 $238,576 $4,976 3.13%
Other 63 $12,165,000 $193,095 $4,620 3.00%
Cash Out Refi 59 $13,285,000 $225,169 $4,821 3.11%
Refi 56 $11,620,000 $207,500 $4,026 2.89%
Home Improvement 12 $2,520,000 $210,000 $4,959 3.20%

For the 2021, Member Advantage Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 165 originations. The 2nd most popular reason of loans were Other, with 63 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 255 $61,205,000 $240,020 $5,024 3.18%
15 Year 68 $11,000,000 $161,765 $3,723 2.66%
20 Year 19 $3,775,000 $198,684 $4,697 3.08%
Other 7 $2,015,000 $287,857 $5,300 3.20%
10 Year 6 $960,000 $160,000 $3,480 2.65%

For the 2021, Member Advantage Mortgage 's most frequently cited loan length of loans were 30 Year, with 255 originations. The 2nd most popular length of loans were 15 Year, with 68 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 175 $34,775,000 $198,714
$2k-3k 100 $23,720,000 $237,200
$3k-4k 56 $13,650,000 $243,750
$5k+ 22 $6,650,000 $302,273
$<1k 2 $160,000 $80,000

$5,024 of loans were Member Advantage Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 175 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 168 $37,390,000 $222,560
2.5-3% 156 $36,360,000 $233,077
<2.5% 30 $5,040,000 $168,000
4-5% 1 $165,000 $165,000

During 2021, Member Advantage Mortgage 's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 168 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 180 $49,700,000 $276,111 $5,250 3.07%
$100k-200k 119 $18,185,000 $152,815 $4,244 3.07%
$100,000 or less 39 $2,875,000 $73,718 $3,449 3.00%
$400k-600k 16 $7,430,000 $464,375 $5,754 3.11%
$600k-1MM 1 $765,000 $765,000 $4,936 3.50%

2021 saw Member Advantage Mortgage place emphasis on $200k-400k loans with 180 originations, totaling $49,700,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 99 $25,805,000 $260,657 $4,829 3.04%
$50k-75k 79 $14,595,000 $184,747 $4,713 3.13%
$75k-100k 69 $15,335,000 $222,246 $4,939 3.06%
$50k or less 54 $7,240,000 $134,074 $4,132 3.08%
$150k-250k 52 $15,080,000 $290,000 $4,933 3.01%
$250k+ 2 $900,000 $450,000 $5,314 3.13%

Member Advantage Mortgage lent most frequently to those with incomes in the $100k-150k range, with 99 originations. The second most popular income band? $50k-75k, with 79 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 93 $21,535,000 $231,559 $4,571 3.05%
30-36% 72 $16,100,000 $223,611 $4,830 3.03%
<20% 35 $7,105,000 $203,000 $4,470 2.96%
42% 16 $3,460,000 $216,250 $4,120 3.02%
36% 15 $2,905,000 $193,667 $4,364 3.04%
37% 14 $3,230,000 $230,714 $5,228 3.17%
40% 12 $2,490,000 $207,500 $4,799 3.04%
44% 12 $3,080,000 $256,667 $5,273 3.02%
39% 12 $2,370,000 $197,500 $5,143 3.10%
45% 12 $2,320,000 $193,333 $4,845 3.27%
41% 11 $1,815,000 $165,000 $4,461 3.11%
38% 9 $2,145,000 $238,333 $4,469 3.15%
43% 9 $2,495,000 $277,222 $5,114 3.28%
49% 9 $2,395,000 $266,111 $5,376 3.07%
47% 7 $1,655,000 $236,429 $5,993 2.96%
48% 5 $1,065,000 $213,000 $3,611 3.08%
50-60% 5 $1,245,000 $249,000 $7,114 3.43%
46% 4 $1,070,000 $267,500 $5,090 3.03%
>60% 3 $475,000 $158,333 $2,422 3.33%

Member Advantage Mortgage lent most frequently to those with DTI ratios of 20-30%, with 93 originations. The next most common DTI ratio? 30-36%, with 72 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 241 $53,885,000 $223,589 $4,726 3.06%
Not provided 46 $11,140,000 $242,174 $4,854 3.12%
Black 50 $9,460,000 $189,200 $4,320 3.06%
Asian 13 $3,455,000 $265,769 $6,323 3.05%
American Indian 5 $1,015,000 $203,000 $4,207 2.98%

Approval Rates

Total approvals of all applications
86.35%

Member Advantage Mortgage has an average approval rate.

Pick Rate

Approvals leading to origination
36.27%

Member Advantage Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 355 $78,955,000 $222,408

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
355 $78,955,000 $222,408

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 18 $2,160,000 $120,000 $3,083 2.71%
40-60% 49 $8,335,000 $170,102 $3,768 2.87%
60-80% 161 $35,805,000 $222,391 $4,821 3.10%
80-100% 125 $31,985,000 $255,880 $5,186 3.16%
Over 100% 1 $365,000 $365,000 $11,721 2.88%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Closing on a mortgage 1 33.3%
MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Incorrect information on your report 1 33.3%
MEMBER FIRST MORTGAGE, LLC Conventional home mortgage Trouble during payment process 1 33.3%