Is Member Advantage Mortgage An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Member Advantage Mortgage with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: higher than average (+$347)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Member Advantage Mortgage originated 297 mortgages, a national market share of 0.0%. It was most active in MA (0.1% market share), VA (0.0% market share), and LA (0.0% market share).

On average, Member Advantage Mortgage’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for Member Advantage Mortgage’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4339, which was higher than those of comparable mortgages at $3993, with a difference of +$347. Overall, we estimate that Member Advantage Mortgage tends to be an average cost lender, with a cost-adjusted-rate difference of -0.00% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Member Advantage Mortgage.

Member Advantage Mortgage originated Conforming and FHA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Member Advantage Mortgage compared to other lenders

Conforming FHA
Interest Rate Difference -0.06% -0.06%
Loan related Closing Cost Difference +$701 -$1361
Cost Adjusted Rate Difference +0.01% -0.24%

Based on the table above, Member Advantage Mortgage is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Member Advantage Mortgage compared to other lenders

Conforming
Interest Rate Difference +0.04%
Loan Related Closing Cost Difference +$600
Cost Adjusted Rate Difference +0.11%

Based on the table above, Member Advantage Mortgage is more expensive than other lenders for Conforming mortgage refinance.

Other information about Member Advantage Mortgage:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: GRAND RAPIDS, MI, 49512
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Footnotes   [ + ]

1. The comparable mortgages control for Member Advantage Mortgage’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.