First Independence Bank Mortgage Rates, Fees & Info
Detroit, MILEI: 2549004O2ZT0HSAP5S70
Tax ID: 38-1910391
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
93Origination Dollar Volume (All Markets)
$32,705,000Top 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% |
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
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
2023 saw First Independence Bank place emphasis on $400k-600k loans with 32 originations, totaling $15,230,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications93.27%
First Independence Bank has an average approval rate.
Pick Rate
Approvals leading to origination37.63%
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 |