Members Choice Mortgage Rates, Fees & Info
ASHLAND, KYLEI: 549300VI8UYZW0WTE611
Tax ID: 61-6029190
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Mortgage Data
Review & Overview
Members Choice is a smaller mortgage company specializing in Home Improvement, Home Purchase, and Refi loans. Members Choice has a high proportion of conventional loans. Their top two markets are Huntington and Portsmouth .Members Choice has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 4/18/24 |
| 30 Year Conventional Refi | 6.27% | 4/18/24 |
| 30 Year Cash-out Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 5.68% | 4/18/24 |
| 15 Year Conventional Refi | 5.68% | 4/18/24 |
| 15 Year Cash-out Refi | 5.68% | 4/18/24 |
| 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 Choice Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
181Origination Dollar Volume (All Markets)
$18,805,000Relative Rate
Members Choice's average 30 year fixed mortgage rate was
6.15%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.33%.
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 |
|---|---|---|---|---|---|
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 169 | $17,625,000 | $104,290 | $0 | 6.43% |
| Outside of Metro Areas | 8 | $650,000 | $81,250 | $0 | 6.78% |
| Portsmouth, OH (FHA|USDA|VA) | 4 | $530,000 | $132,500 | $0 | 5.94% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 124 | $15,810,000 | $127,500 | $0 | 6.41% |
| HELOC | 57 | $2,995,000 | $52,544 | n/a | 6.49% |
For 2023, Members Choice's most frequently originated type of loan was Conventional, with 124 originations. Their 2nd most popular type was HELOC, with 57 originations.
Loan Reason
For 2023, Members Choice's most frequently cited loan purpose was Home Improvement, with 68 originations. The 2nd most popular reason was Home Purchase, with 51 originations.
Loan Duration/Length
For 2023, Members Choice's most frequently cited loan duration was 20 Year, with 76 originations. The 2nd most popular length was 30 Year, with 57 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 74 | $8,750,000 | $118,243 |
| 5-6% | 48 | $5,490,000 | $114,375 |
| 7-8% | 29 | $2,695,000 | $92,931 |
| 4-5% | 20 | $1,090,000 | $54,500 |
| Over 8% | 10 | $780,000 | $78,000 |
During 2023, Members Choice's average interest rate for loans was 6.15%, while their most frequently originated rate bucket for loans was 6-7%, with 74 originations.
Loan Sizing
2023 saw Members Choice place emphasis on $100,000 or less loans with 105 originations, totaling $5,495,000 in origination value.
Applicant Income
Members Choice lent most frequently to those with incomes in the $50k or less range, with 47 originations. The second most popular income band? $50k-75k, with 42 originations.
Applicant Debt to Income Ratio
Members Choice lent most frequently to those with DTI ratios of 20-30%, with 67 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 179 | $18,365,000 | $102,598 | $0 | 6.44% |
| Asian | 1 | $325,000 | $325,000 | $0 | 6.00% |
| Black | 1 | $115,000 | $115,000 | $0 | 6.25% |
Approval Rates
Total approvals of all applications86.05%
Members Choice has an average approval rate.
Pick Rate
Approvals leading to origination92.27%
Members Choice has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 181 | $18,805,000 | $103,895 |