First Independence Bank Mortgage Rates, Fees & Info

Detroit, MI

LEI: 2549004O2ZT0HSAP5S70

Tax ID: 38-1910391

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Mortgage Data

Review & Overview

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

First Independence Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

93

Origination Dollar Volume (All Markets)

$32,705,000

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 81 $28,885,000 $356,605 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 2 $1,230,000 $615,000 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $1,080,000 $270,000 $0 0.00%
MIDLAND, MI (FHA|USDA|VA) 2 $660,000 $330,000 $0 0.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
BAY CITY, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Adrian, MI (FHA|USDA|VA) 1 $15,000 $15,000 $0 0.00%
First Independence Bank's top markets include Detroit, Ann Arbor, Minneapolis, Midland, and Lansing among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 92 $32,280,000 $350,870 $0 0.00%
    VA 1 $425,000 $425,000 $0 0.00%

    For 2023, First Independence Bank's most frequently originated type of loan was Conventional, with 92 originations. Their 2nd most popular type was VA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 75 $29,345,000 $391,267 $0 0.00%
    Cash Out Refi 7 $1,745,000 $249,286 $0 0.00%
    Home Improvement 6 $1,400,000 $233,333 $0 0.00%
    Refi 4 $140,000 $35,000 $0 0.00%
    Other 1 $75,000 $75,000 $0 0.00%

    For 2023, First Independence Bank's most frequently cited loan purpose was Home Purchase, with 75 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 93 $32,705,000 $351,667 $0 0.00%

    For 2023, First Independence Bank's most frequently cited loan duration was Other, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 32 $15,230,000 $475,938 $0 0.00%
    $200k-400k 31 $9,415,000 $303,710 $0 0.00%
    $100,000 or less 16 $920,000 $57,500 $0 0.00%
    $600k-1MM 7 $5,065,000 $723,571 $0 0.00%
    $100k-200k 6 $870,000 $145,000 $0 0.00%
    $1MM+ 1 $1,205,000 $1,205,000 $0 0.00%

    2023 saw First Independence Bank place emphasis on $400k-600k loans with 32 originations, totaling $15,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $8,890,000 $317,500 $0 0.00%
    $150k-250k 26 $10,810,000 $415,769 $0 0.00%
    $250k+ 15 $8,405,000 $560,333 $0 0.00%
    $75k-100k 12 $2,780,000 $231,667 $0 0.00%
    $50k-75k 9 $1,545,000 $171,667 $0 0.00%
    $50k or less 3 $275,000 $91,667 $0 0.00%

    First Independence Bank lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $150k-250k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 93 $32,705,000 $351,667 $0 0.00%

    First Independence Bank lent most frequently to those with DTI ratios of Exempt%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 36 $14,510,000 $403,056 $0 0.00%
    White 35 $10,365,000 $296,143 $0 0.00%
    Not provided 8 $2,980,000 $372,500 $0 0.00%
    Black 10 $2,930,000 $293,000 $0 0.00%
    Asian Indian 4 $1,920,000 $480,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.27%

    First Independence Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    37.63%

    First Independence 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
    Exempt 93 $32,705,000 $351,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    93 $32,705,000 $351,667