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 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 above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 4/28/24 |
| 30 Year Conventional Refi | 6.27% | 4/28/24 |
| 30 Year Cash-out Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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
271Origination Dollar Volume (All Markets)
$29,925,000Top 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 |
|---|---|---|---|---|---|
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 252 | $27,800,000 | $110,317 | $0 | 4.09% |
| Outside of Metro Areas | 12 | $1,250,000 | $104,167 | $0 | 4.06% |
| Portsmouth, OH (FHA|USDA|VA) | 7 | $875,000 | $125,000 | $0 | 3.93% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 261 | $29,415,000 | $112,701 | $0 | 4.10% |
| HELOC | 10 | $510,000 | $51,000 | n/a | 3.75% |
For 2021, Members Choice's most frequently originated type of loan was Conventional, with 261 originations. Their 2nd most popular type was HELOC, with 10 originations.
Loan Reason
For 2021, Members Choice's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Refi, with 89 originations.
Loan Duration/Length
For 2021, Members Choice's most frequently cited loan duration was 30 Year, with 111 originations. The 2nd most popular length was 20 Year, with 83 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 179 | $21,615,000 | $120,754 |
| 4-5% | 71 | $7,125,000 | $100,352 |
| 5-6% | 21 | $1,185,000 | $56,429 |
During 2021, Members Choice's average interest rate for loans was 3.75%, while their most frequently originated rate bucket for loans was 3-4%, with 179 originations.
Loan Sizing
2021 saw Members Choice place emphasis on $100,000 or less loans with 136 originations, totaling $8,840,000 in origination value.
Applicant Income
Members Choice lent most frequently to those with incomes in the $50k or less range, with 94 originations. The second most popular income band? $50k-75k, with 69 originations.
Applicant Debt to Income Ratio
Members Choice lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 60 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 268 | $29,680,000 | $110,746 | $0 | 4.09% |
| Black | 3 | $245,000 | $81,667 | $0 | 4.25% |
Approval Rates
Total approvals of all applications100.00%
Members Choice has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.68%
Members Choice has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 271 | $29,925,000 | $110,424 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MEMBERS MORTGAGE COMPANY, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |