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. Their top (well, only) market is Charlottesville.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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.55% | 12/16/24 |
| 30 Year Conventional Refi | 6.53% | 12/16/24 |
| 30 Year Cash-out Refi | 6.69% | 12/16/24 |
| 30 Year FHA Purchase | 7.20% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.76% | 12/16/24 |
| 30 Year USDA Purchase | 6.73% | 12/16/24 |
| 15 Year Conventional Purchase | 5.74% | 12/16/24 |
| 15 Year Conventional Refi | 6.32% | 12/16/24 |
| 15 Year Cash-out Refi | 6.32% | 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. | ||
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
1Origination Dollar Volume (All Markets)
$255,000Top 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) | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
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.
Similarity Rank: 650
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Similarity Rank: 2052
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
For 2020, Member Options's most frequently originated type of loan was Conventional, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
For 2020, Member Options's most frequently cited loan purpose was Home Purchase, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
For 2020, Member Options's most frequently cited loan duration was 30 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $255,000 | $255,000 |
Member Options's average total fees were $3,054, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 1 | $255,000 | $255,000 |
During 2020, Member Options's average interest rate for loans was 2.88%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
2020 saw Member Options place emphasis on $200k-400k loans with 1 originations, totaling $255,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
Member Options lent most frequently to those with incomes in the $50k or less range, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 45% | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
Member Options lent most frequently to those with DTI ratios of 45%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
Approval Rates
Total approvals of all applications71.53%
Member Options has a below average approval rate.
Pick Rate
Approvals leading to origination-21,200.00%
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 | 1 | $255,000 | $255,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1 | $255,000 | $255,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 1 | $255,000 | $255,000 | $3,054 | 2.88% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MEMBER MORTGAGE SERVICES | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |