Member Options Mortgage Rates, Fees & Info
CHARLOTTESVILLE, VALEI: 549300DTYWYXW2NOK656
Tax ID: 06-1652426
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Mortgage Data
Review & Overview
Member Options is a smaller mortgage company specializing in Home Purchase loans. Member Options has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Charlottesville, Washington, Staunton, Harrisonburg, and Richmond among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Member Options 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. Member Options is typically an average 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 | 6.55% | 11/17/24 |
| 30 Year Conventional Refi | 6.53% | 11/17/24 |
| 30 Year Cash-out Refi | 6.69% | 11/17/24 |
| 30 Year FHA Purchase | 7.20% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.76% | 11/17/24 |
| 30 Year USDA Purchase | 6.73% | 11/17/24 |
| 15 Year Conventional Purchase | 5.74% | 11/17/24 |
| 15 Year Conventional Refi | 6.32% | 11/17/24 |
| 15 Year Cash-out Refi | 6.32% | 11/17/24 |
| 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. | ||
Member Options Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
223Origination Dollar Volume (All Markets)
$75,695,000Awards
Member Options - 2023
Member Options is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Member Options's average 30 year fixed mortgage rate was
6.32%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.16%.
Relative Fees (Closing Costs)
Member Options's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,253.
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 |
|---|---|---|---|---|---|
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 135 | $48,215,000 | $357,148 | $5,369 | 6.27% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 27 | $8,985,000 | $332,778 | $5,695 | 6.34% |
| Outside of Metro Areas | 21 | $5,905,000 | $281,190 | $5,447 | 6.52% |
| STAUNTON, VA (FHA|USDA|VA) | 16 | $4,970,000 | $310,625 | $6,285 | 6.34% |
| HARRISONBURG, VA (FHA|USDA|VA) | 9 | $3,365,000 | $373,889 | $4,759 | 6.44% |
| RICHMOND, VA (FHA|USDA|VA) | 6 | $1,960,000 | $326,667 | $6,019 | 6.01% |
| LYNCHBURG, VA (FHA|USDA|VA) | 5 | $1,475,000 | $295,000 | $3,878 | 6.23% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $3,825 | 6.15% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,272 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Member Options based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2023, Member Options's most frequently originated type of loan was Conventional, with 206 originations. Their 2nd most popular type was FHA, with 15 originations.
Loan Reason
For 2023, Member Options's most frequently cited loan purpose was Home Purchase, with 194 originations. The 2nd most popular reason was Cash Out Refi, with 18 originations.
Loan Duration/Length
For 2023, Member Options's most frequently cited loan duration was 30 Year, with 206 originations. The 2nd most popular length was 30+ year, with 8 originations.
Origination Fees/Closing Costs
Member Options's average total fees were $5,253, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 160 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 111 | $36,515,000 | $328,964 |
| 5-6% | 60 | $22,930,000 | $382,167 |
| 7-8% | 26 | $6,250,000 | $240,385 |
| 4-5% | 20 | $8,140,000 | $407,000 |
| Over 8% | 6 | $1,860,000 | $310,000 |
During 2023, Member Options's average interest rate for loans was 6.32%, while their most frequently originated rate bucket for loans was 6-7%, with 111 originations.
Loan Sizing
2023 saw Member Options place emphasis on $200k-400k loans with 113 originations, totaling $33,405,000 in origination value.
Applicant Income
Member Options lent most frequently to those with incomes in the $100k-150k range, with 63 originations. The second most popular income band? $150k-250k, with 48 originations.
Applicant Debt to Income Ratio
Member Options lent most frequently to those with DTI ratios of 20-30%, with 45 originations. The next most common DTI ratio? 30-36%, with 43 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.66%
Member Options has an average approval rate.
Pick Rate
Approvals leading to origination64.13%
Member Options 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 | 223 | $75,695,000 | $339,439 |