Union Bank Mortgage Rates, Fees & Info

LAKE ODESSA, MI

LEI: 2549003KE4TBG4N5AY60

Tax ID: 38-1117940

5 stars - Updated: 3/28/24 - out of 5 stars, based on 6 reviews

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Mortgage Data

Review & Overview

Union Bank is a smaller bank specializing in Home Purchase loans. Union Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Monroe, Lansing, Ann Arbor, and Punta Gorda among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Union Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Union Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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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Originations

41

Origination Dollar Volume (All Markets)

$10,715,000

Awards

Union Bank 30 Year Conventional Loans silver Union Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Union Bank's average 30 year fixed mortgage rate was 5.86%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.62%.

Relative Fees (Closing Costs)

Union Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,776.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 19 $5,775,000 $303,947 $2,055 5.89%
MONROE, MI (FHA|USDA|VA) 1 $1,645,000 $1,645,000 $0 6.99%
Outside of Metro Areas 7 $965,000 $137,857 $2,064 5.55%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 9 $945,000 $105,000 $2,101 6.25%
ANN ARBOR, MI (FHA|USDA|VA) 2 $630,000 $315,000 $3,174 5.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $345,000 $345,000 $0 7.00%
Big Rapids, MI (FHA|USDA|VA) 1 $335,000 $335,000 $3,223 5.25%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,492 6.75%
Union Bank's top markets include Grand Rapids, Monroe, Lansing, Ann Arbor, and Punta Gorda among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $10,715,000 $261,341 $2,182 5.94%

    For 2023, Union Bank's most frequently originated type of loan was Conventional, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $6,565,000 $345,526 $2,928 5.88%
    Other 14 $1,480,000 $105,714 $1,573 5.94%
    Refi 3 $405,000 $135,000 $1,892 6.04%
    Cash Out Refi 3 $1,895,000 $631,667 $1,791 5.58%
    Home Improvement 2 $370,000 $185,000 $866 7.00%

    For 2023, Union Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Other, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 22 $6,440,000 $292,727 $2,776 5.86%
    15 Year 7 $565,000 $80,714 $1,151 5.71%
    Other 6 $580,000 $96,667 $1,305 5.50%
    30+ year 2 $520,000 $260,000 $0 5.75%
    5 Year 2 $1,990,000 $995,000 $0 7.00%
    10 Year 1 $315,000 $315,000 $0 8.50%
    3 Year 1 $305,000 $305,000 $0 7.61%

    For 2023, Union Bank's most frequently cited loan duration was 30 Year, with 22 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 21 $6,465,000 $307,857
    $<1k 16 $1,640,000 $102,500

    Union Bank's average total fees were $2,776, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 21 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 22 $5,290,000 $240,455
    6-7% 9 $3,065,000 $340,556
    7-8% 4 $750,000 $187,500
    4-5% 3 $875,000 $291,667
    Over 8% 2 $570,000 $285,000
    3-4% 1 $165,000 $165,000

    During 2023, Union Bank's average interest rate for loans was 5.86%, while their most frequently originated rate bucket for loans was 5-6%, with 22 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 15 $835,000 $55,667 $1,418 5.60%
    $200k-400k 13 $3,595,000 $276,538 $2,703 6.59%
    $100k-200k 8 $1,160,000 $145,000 $2,664 5.80%
    $1MM+ 2 $3,520,000 $1,760,000 $0 6.12%
    $400k-600k 2 $850,000 $425,000 $3,689 5.25%
    $600k-1MM 1 $755,000 $755,000 $3,541 4.88%

    2023 saw Union Bank place emphasis on $100,000 or less loans with 15 originations, totaling $835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 10 $1,530,000 $153,000 $2,383 6.18%
    $150k-250k 7 $1,865,000 $266,429 $2,494 5.71%
    $75k-100k 6 $610,000 $101,667 $1,765 5.77%
    $100k-150k 5 $805,000 $161,000 $1,980 6.20%
    $250k+ 5 $3,295,000 $659,000 $2,701 5.83%
    $50k or less 4 $280,000 $70,000 $1,910 4.88%

    Union Bank lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $150k-250k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 10 $1,640,000 $164,000 $2,244 5.71%
    20-30% 8 $1,280,000 $160,000 $2,322 6.00%
    30-36% 5 $645,000 $129,000 $2,068 5.35%
    >60% 2 $370,000 $185,000 $1,872 4.38%
    38% 2 $470,000 $235,000 $923 4.88%
    41% 2 $2,130,000 $1,065,000 $3,430 6.69%
    42% 2 $120,000 $60,000 $847 6.25%
    40% 1 $305,000 $305,000 $2,847 5.88%
    50-60% 1 $445,000 $445,000 $3,689 5.25%
    36% 1 $115,000 $115,000 $2,891 7.88%
    37% 1 $325,000 $325,000 $1,553 6.00%
    43% 1 $185,000 $185,000 $1,880 5.50%
    39% 1 $75,000 $75,000 $2,492 6.75%

    Union Bank lent most frequently to those with DTI ratios of <20%, with 10 originations. The next most common DTI ratio? 20-30%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 35 $6,505,000 $185,857 $2,249 5.84%
    Not applicable 3 $2,265,000 $755,000 $0 7.70%
    Not provided 1 $1,875,000 $1,875,000 $0 5.25%
    American Indian 2 $70,000 $35,000 $1,112 5.50%

    Approval Rates

    Total approvals of all applications
    74.24%

    Union Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.93%

    Union Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 41 $10,715,000 $261,341

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    41 $10,715,000 $261,341

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,575,000 $121,154 $1,516 6.22%
    40-60% 6 $2,660,000 $443,333 $2,509 5.71%
    60-80% 10 $4,580,000 $458,000 $3,119 5.53%
    80-100% 5 $1,025,000 $205,000 $2,901 6.75%
    Over 100% 1 $345,000 $345,000 $0 7.00%
    Under 20% 6 $530,000 $88,333 $1,169 5.42%