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, Cash Out Refi, and Refi loans. Member Options 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 by origination volume include: Charlottesville, Washington, Staunton, Richmond, and Harrisonburg 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 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
235Origination Dollar Volume (All Markets)
$56,255,000Awards
Member Options - 2021
Member Options is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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) | 172 | $42,060,000 | $244,535 | $3,283 | 2.79% |
| Outside of Metro Areas | 32 | $7,400,000 | $231,250 | $3,735 | 2.88% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 14 | $2,840,000 | $202,857 | $3,307 | 3.08% |
| STAUNTON, VA (FHA|USDA|VA) | 6 | $1,550,000 | $258,333 | $3,746 | 2.98% |
| RICHMOND, VA (FHA|USDA|VA) | 6 | $1,280,000 | $213,333 | $3,675 | 2.71% |
| HARRISONBURG, VA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,957 | 3.31% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,742 | 2.75% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,166 | 3.37% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,339 | 2.87% |
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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 229 | $54,995,000 | $240,153 | $3,304 | 2.83% |
| FHA | 5 | $1,035,000 | $207,000 | $6,711 | 2.90% |
| USDA | 1 | $225,000 | $225,000 | $5,428 | 2.63% |
For 2021, Member Options's most frequently originated type of loan was Conventional, with 229 originations. Their 2nd most popular type was FHA, with 5 originations.
Loan Reason
For 2021, Member Options's most frequently cited loan purpose was Home Purchase, with 91 originations. The 2nd most popular reason was Cash Out Refi, with 79 originations.
Loan Duration/Length
For 2021, Member Options's most frequently cited loan duration was 30 Year, with 147 originations. The 2nd most popular length was 15 Year, with 61 originations.
Origination Fees/Closing Costs
Member Options's average total fees were $3,497, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 207 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 135 | $32,595,000 | $241,444 |
| 3-4% | 52 | $12,660,000 | $243,462 |
| <2.5% | 47 | $10,845,000 | $230,745 |
| 4-5% | 1 | $155,000 | $155,000 |
During 2021, Member Options's average interest rate for loans was 3.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 135 originations.
Loan Sizing
2021 saw Member Options place emphasis on $200k-400k loans with 124 originations, totaling $34,630,000 in origination value.
Applicant Income
Member Options lent most frequently to those with incomes in the $50k-75k range, with 67 originations. The second most popular income band? $100k-150k, with 46 originations.
Applicant Debt to Income Ratio
Member Options lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 45 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.68%
Member Options has an average approval rate.
Pick Rate
Approvals leading to origination25.96%
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 | 235 | $56,255,000 | $239,383 |
LTV Distribution
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% |