Union Bank Mortgage Rates, Fees & Info
LAKE ODESSA, MILEI: 2549003KE4TBG4N5AY60
Tax ID: 38-1117940
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Mortgage Data
Review & Overview
Union Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Union Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Detroit, Lansing, Kalamazoo, and Kalispell among others. We have data for 10 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 about average 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.30% | 4/5/25 |
| 30 Year Conventional Refi | 6.96% | 4/5/25 |
| 30 Year Cash-out Refi | 6.90% | 4/5/25 |
| 15 Year Conventional Refi | 7.24% | 4/5/25 |
| 15 Year Cash-out Refi | 7.24% | 4/5/25 |
| 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. | ||
Union Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
42Origination Dollar Volume (All Markets)
$11,850,000Awards
Union Bank - 2024
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For 2024, less than of lenders were eligible for this award.
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Relative Rate
Union Bank's average 30 year fixed mortgage rate was
6.98%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.43%.
Relative Fees (Closing Costs)
Union Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,997.
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 $8,356.
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) | 16 | $2,880,000 | $180,000 | $2,227 | 7.03% |
| Outside of Metro Areas | 11 | $2,875,000 | $261,364 | $1,833 | 6.84% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $1,805,000 | $1,805,000 | $0 | 7.07% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 7 | $1,625,000 | $232,143 | $2,792 | 7.55% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $4,446 | 6.00% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $4,726 | 7.75% |
| Cadillac, MI (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $2,727 | 7.56% |
| Holland, MI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,532 | 7.50% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,789 | 7.50% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $744 | 8.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 42 | $11,850,000 | $282,143 | $2,399 | 7.14% |
For 2024, Union Bank's most frequently originated type of loan was Conventional, with 42 originations.
Loan Reason
For 2024, Union Bank's most frequently cited loan purpose was Home Purchase, with 23 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.
Loan Duration/Length
For 2024, Union Bank's most frequently cited loan duration was 30 Year, with 23 originations. The 2nd most popular length was 15 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 19 | $5,555,000 | $292,368 |
| $<1k | 14 | $1,600,000 | $114,286 |
| $2k-3k | 3 | $1,395,000 | $465,000 |
Union Bank's average total fees were $2,997, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 20 | $6,320,000 | $316,000 |
| 6-7% | 13 | $2,085,000 | $160,385 |
| 5-6% | 6 | $3,180,000 | $530,000 |
| Over 8% | 3 | $265,000 | $88,333 |
During 2024, Union Bank's average interest rate for loans was 6.98%, while their most frequently originated rate bucket for loans was 7-8%, with 20 originations.
Loan Sizing
2024 saw Union Bank place emphasis on $200k-400k loans with 13 originations, totaling $3,925,000 in origination value.
Applicant Income
Union Bank lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $250k+, with 7 originations.
Applicant Debt to Income Ratio
Union Bank lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.29%
Union Bank has a below average approval rate.
Pick Rate
Approvals leading to origination69.05%
Union Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 42 | $11,850,000 | $282,143 |