Member First Mortgage
Member First Mortgage is a Credit Union Service Organization (CUSO) wholly owned by 11 Credit Unions, providing mortgage origination, refinancing, and loan servicing to 200+ Credit Union partners and individual homebuyers across more than 43 U.S. states.
- Company typePrivate
- Founded2001
- HeadquartersGrand Rapids, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Member First Mortgage does
Member First Mortgage, LLC (MFM) is a privately held, Credit Union Service Organization (CUSO) founded on September 11, 2001 in Grand Rapids, Michigan by four Credit Unions seeking to provide mortgage services to their members. The company is wholly owned by 11 Credit Unions and operates as a CUSO, partnering with 200+ Credit Unions nationwide to deliver a full-service mortgage platform covering purchase, refinance, and construction-to-permanent loans across products including fixed-rate, ARM, FHA, VA, USDA, Jumbo, HomeReady, Home Possible, and super conforming programs. MFM can lend in 43+ states and maintains offices in Grand Rapids MI, Atlanta GA, Plano TX, Toms River NJ, Fountain Hills AZ, and St. Louis MO, employing more than 200 staff.
MFM's core technology stack consists of an advanced Loan Origination System deployed in 2020 to streamline processing, complemented by a Servicing Digital borrower portal (launched May 2022) for account management and the MyInsuranceInfo.com platform (partnered with Allied Solutions) for homeowners insurance verification and escrow workflows. The Servicing Digital portal is built on Black Knight LoanSphere via BKI Connect.
The business model combines two revenue streams: (1) mortgage origination, generating transaction fees via gain-on-sale and origination fees on funded loans, and (2) loan servicing, producing recurring fee income and escrow interest on the retained servicing portfolio. MFM originated over $1.75B in 2020 alone, surpassed $2B in servicing balances by 2015, and has closed 25,000+ loans since inception with a 96% reported borrower satisfaction rate. Go-to-market operates through (a) a wholesale channel delivering credit-union-branded mortgage origination and servicing to partner Credit Union members, and (b) a direct-to-consumer retail channel (originally via the 2018 Platinum Financial Funding acquisition) serving homebuyers in TN, GA, and MI. Jerry Reed has led the company as CEO since 2014.
Member First Mortgage firmographics
Firmographics- Name
- Member First Mortgage
- Legal name
- Member First Mortgage, LLC
- Website
- https://memberfirstmortgage.com
- Company type
- Private
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Member First Mortgage is a Credit Union Service Organization (CUSO) wholly owned by 11 Credit Unions, providing mortgage origination, refinancing, and loan servicing to 200+ Credit Union partners and individual homebuyers across more than 43 U.S. states.
- Ownership category
- akta.pro rank
Member First Mortgage industry classification
Industry- Product category
- Residential Mortgage Lending
- NAICS
- Credit Intermediation and Related Activities (522), Mortgage and Nonmortgage Loan Brokers (522310)
- SIC
- Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)
- akta.pro secondary industries
- First-Time Homebuyer (FTHB) Mortgage Origination (FSALAAAG), Cash-Out Refinance Origination (FSALAAAF)
Keywords
Where Member First Mortgage is headquartered
LocationHeadquarters
- HQ city
- Grand Rapids
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Member First Mortgage business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Mortgage Origination: MFM originates mortgage loans for home purchases, refinances, and construction. Revenue is generated through origination fees charged at closing and interest rate spreads on held loans.
- Loan Servicing: MFM services mortgage loans including collecting payments, managing escrow accounts, and handling escrow for taxes and insurance. Revenue includes servicing fees and interest income.
- Construction-to-Permanent Loans: One-time close construction-to-permanent loan program with streamlined process, one approval, one closing and one set of closing costs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Adjustable Rate Mortgage (ARM) |
| Other | Monthly | Fixed Rate Mortgages |
| Other | Monthly | FHA Loans |
| Other | Monthly | VA Loans |
| Other | Monthly | USDA/RD Loans |
| Other | Monthly | Jumbo Loans |
| Other | Monthly | Construction Loans |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Member First Mortgage product offering
Product offeringCore offering
Member First Mortgage originates and services residential mortgage loans — including purchase, refinance, and construction-to-permanent financing — through Credit Union partnerships and a direct retail lending division. The company funds Conventional, FHA, VA, USDA, Jumbo, ARM, and other government-backed loans for individual homebuyers and homeowners, and provides ongoing loan servicing including payment collection, escrow management, and borrower account support.
Differentiator
Problem solved
Functional benefit
Products and services
- Fixed Rate Mortgages Conventional fixed-rate mortgage offering consistent monthly payments for the life of the loan, available in terms from 10 to 30 years, for homebuyers and homeowners refinancing.
- Adjustable Rate Mortgage (ARM) Adjustable-rate mortgage with a lower initial payment whose rate adjusts after the initial lock period ends; targeted at borrowers not planning to stay long-term in one place.
- FHA Loans FHA-insured mortgage offering low down payment (less than 5%) and flexible qualifying standards, suitable for first-time homebuyers and borrowers with limited down payment funds.
- VA Loans VA-backed mortgage for veterans offering low to no down payment, no primary mortgage insurance, and flexible credit/qualification requirements.
- USDA/RD Loans USDA Rural Development mortgage requiring no down payment for properties in eligible rural areas, designed for low-to-moderate income borrowers.
- Jumbo Loans Jumbo mortgage for luxury homes and investment properties whose loan amounts exceed conventional conforming financing limits.
- Construction-to-Permanent Loans One-time close construction-to-permanent financing that combines interim construction financing and the permanent mortgage into a single approval, single closing, and single set of closing costs for home builders.
- Fannie Mae HomeReady® Fannie Mae HomeReady mortgage program for low- to moderate-income borrowers purchasing a home, listed as a purchase solution on the Member First Mortgage website.
- Freddie Mac Home Possible® Freddie Mac Home Possible mortgage program for low- to moderate-income borrowers purchasing a home, listed as a purchase solution on the Member First Mortgage website.
- Super Conforming Loans Super conforming mortgage product available for both purchase and refinance, for loan amounts above standard conforming limits in high-cost areas.
- Mortgage Loan Servicing Ongoing servicing of originated mortgage loans, including collecting monthly payments, managing escrow accounts for taxes and insurance, providing hardship and disaster-relief assistance, and supporting borrower account inquiries.
- Retail Mortgage Lending (Platinum Financial Funding Division) Direct-to-consumer retail mortgage lending operated through the Platinum Financial Funding division acquired in 2018, serving individual homebuyers in Tennessee, Georgia, and Michigan with locations throughout Tennessee and Grand Rapids, MI.
Quantifiable outcome
- 96% Borrower Satisfaction
- +3 more outcomes
Companies that use Member First Mortgage
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles3 records
Member First Mortgage technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Member First Mortgage partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Platinum Financial FundingcoreIn 2018, MFM purchased Platinum Financial Funding, a retail mortgage team located in Chattanooga, TN. This expanded MFM's retail division to serve home financing needs of individual homebuyers in TN, GA, and MI.
Scale indicators8 records
Recent moves9 records
Expansion highlights5 records
Member First Mortgage competitors and assessment
Company assessmentDirect peers
- United Wholesale Mortgage (UWM): Largest U.S. wholesale mortgage lender operating through a partner/broker channel that overlaps MFM's Credit Union distribution model. Both compete to be the preferred partner of credit unions and similar institutions, though UWM is significantly larger and broker-focused.
- TruStage (CUNA Mutual Group): CUNA Mutual Group / TruStage is the dominant CUSO-style services provider for the credit union industry, offering insurance, investment, and financial services through a Credit Union-owned structure similar to MFM. Closest comparable in CUSO model and credit union distribution.
Broad incumbents
- Rocket Mortgage: Largest U.S. retail and direct-to-consumer mortgage lender. Competes with MFM in purchase and refinance mortgage origination across the country, with much larger brand recognition, marketing budget, and technology stack.
- loanDepot: National retail and wholesale mortgage lender with both direct-to-consumer and partner channels. Comparable to MFM's retail and Credit Union-sourced origination, though at significantly larger scale.
- PennyMac Financial Services: Large national mortgage lender with retail, wholesale, and servicing operations. Comparable to MFM in offering a multi-channel origination and servicing platform, though PennyMac is publicly traded and operates at substantially greater scale.
- Caliber Home Loans: National mortgage originator and servicer with retail, wholesale, and correspondent channels. Comparable multi-channel mortgage business model to MFM, with a similarly broad product offering including government-insured loans.
- NewRez (formerly New Penn Financial): National mortgage lender with retail, wholesale, and servicing operations, owned by Shellpoint Partners. Comparable to MFM as a multi-channel mortgage banker offering government and conventional loan products with servicing capability.
Others
- PSCU (now Velera): Credit Union Service Organization providing payment processing, digital, and technology services to credit unions. Operates in the same Credit Union partner ecosystem as MFM and could be considered a complementary CUSO peer.
- LendingTree: Online loan marketplace that connects consumers with multiple mortgage lenders. While not a direct competitor in origination, LendingTree serves as a related channel where MFM-type lenders compete for consumer leads.
Emerging players
- Better.com: Digital-first mortgage lender competing on streamlined online application and reduced friction. Represents the emerging fintech model that is pressuring traditional lenders like MFM in both retail and partner channels.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Member First Mortgage social profiles
Digital presenceMember First Mortgage financial estimates
Financial estimateRevenue estimate
Valuation estimate
Member First Mortgage leadership team
Management profileNumber of profiles
Profiles1 record
Member First Mortgage subsidiaries and ownership
Company hierarchySubsidiaries1 record
Member First Mortgage funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Member First Mortgage M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Member First Mortgage
What does Member First Mortgage do?
Member First Mortgage originates and services residential mortgage loans — including purchase, refinance, and construction-to-permanent financing — through Credit Union partnerships and a direct retail lending division. The company funds Conventional, FHA, VA, USDA, Jumbo, ARM, and other government-backed loans for individual homebuyers and homeowners, and provides ongoing loan servicing including payment collection, escrow management, and borrower account support.
Is Member First Mortgage a public or private company?
Member First Mortgage is a private company. It is classified as corporate owned and is currently operating.
When was Member First Mortgage founded?
Member First Mortgage was founded in 2001. It employs 101 to 250 people.
Where is Member First Mortgage based?
Member First Mortgage is headquartered in Grand Rapids, United States, in the North America region.
How does Member First Mortgage make money?
Three revenue lines are on record. Mortgage Origination is the primary driver. The others are loan Servicing and construction-to-Permanent Loans.
Who are Member First Mortgage's main competitors?
Direct peers on record are United Wholesale Mortgage (UWM) and TruStage (CUNA Mutual Group). Broad incumbents are Rocket Mortgage, loanDepot, PennyMac Financial Services, Caliber Home Loans and NewRez (formerly New Penn Financial). Others are PSCU (now Velera) and LendingTree. Better.com is listed as an emerging player.
Does Member First Mortgage have an API?
No public API is recorded for Member First Mortgage.
What industry is Member First Mortgage in?
Member First Mortgage's product category is Residential Mortgage Lending. Its primary akta.pro industry code is FSALAAAI, Government-Insured Mortgage Origination (FHA/VA/USDA), with a secondary code of FSALAAAG, First-Time Homebuyer (FTHB) Mortgage Origination. Its NAICS code is 522 and its SIC code is 6162.