I am looking for a ladies jacket(M) that is waterproof on exterior,with hood and removable lining, plus hit over the hips(not short to the waist).

this jacket has the snap in liner, It will hit at the hips. see how the bottom of the jacket hits a little above where the arms fall. Hyvent is basically another breathable waterproof membrane just like gore-tex. So you will get the waterproofing that you need. This jacket will be killer awesome for you! If you are right on the cusp of wear small sometimes and medium sometimes, then go with a small, unless you need the length in the sleeves. North face tends to run a tad larger...inbetween sizing go down.
View Details: The North Face Boundary Triclimate Jacket - Women's >