First Independence Bank Mortgage Rates, Fees & Info
Detroit, MILEI: 2549004O2ZT0HSAP5S70
Tax ID: 38-1910391
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Mortgage Data
Bank Data
Review & Overview
First Independence Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. First Independence Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Ann Arbor, Chicago, Toledo, and Lansing among others. We have data for 11 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
136Origination Dollar Volume (All Markets)
$30,170,000Employee count
80Top 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) | 120 | $26,240,000 | $218,667 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $1,280,000 | $320,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $0 | 0.00% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $75,000 | $75,000 | $0 | 0.00% |
| Alpena, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
For 2020, First Independence Bank's most frequently originated type of loan was Conventional, with 117 originations. Their 2nd most popular type was FHA, with 17 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 66 | $12,320,000 | $186,667 | $0 | 0.00% |
| Refi | 49 | $11,325,000 | $231,122 | $0 | 0.00% |
| Cash Out Refi | 21 | $6,525,000 | $310,714 | $0 | 0.00% |
For 2020, First Independence Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 49 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 136 | $30,170,000 | $221,838 | $0 | 0.00% |
For 2020, First Independence Bank's most frequently cited loan duration was Other, with 136 originations.
Loan Sizing
2020 saw First Independence Bank place emphasis on $200k-400k loans with 50 originations, totaling $13,710,000 in origination value.
Applicant Income
First Independence Bank lent most frequently to those with incomes in the $50k-75k range, with 36 originations. The second most popular income band? $100k-150k, with 29 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 136 | $30,170,000 | $221,838 | $0 | 0.00% |
First Independence Bank lent most frequently to those with DTI ratios of Exempt%, with 136 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.70%
First Independence Bank has an average approval rate.
Pick Rate
Approvals leading to origination45.59%
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 | 136 | $30,170,000 | $221,838 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $185,000 | $185,000 |
| Single Family (1-4 Units):Site-Built | 135 | $29,985,000 | $222,111 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 3 | 20.0% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 6.7% |
| FIRST HORIZON BANK | Other type of mortgage | Closing on a mortgage | 2 | 13.3% |
| FIRST HORIZON BANK | Other type of mortgage | Struggling to pay mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 2 | 13.3% |
| FIRST HORIZON BANK | Conventional home mortgage | Closing on a mortgage | 1 | 6.7% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| First Independence Bank | 38880 Garfield Rd Clinton Township, MI 48038 | Full Service B&M | $5,785 |
| First Independence Bank | 7020 West Seven Mile Road Detroit, MI 48221 | Full Service B&M | $24,725 |
| First Independence Bank | 7310 Woodward Ave. Suite 101 Detroit, MI 48202 | Full Service B&M | $161,978 |
For 2020, First Independence Bank had 3 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $10,835 |
| Net interest income | $8,609 |
| Total noninterest income | $25,667 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $366 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $25,301 |
| Pre-tax net operating income | $2,857 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $2,507 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,507 |
| Minority interest net income | $1,196 |
| Net income | $1,311 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,507 |
First Independence Bank's gross interest income from loans was $10,835,000.
First Independence Bank's net interest income from loans was $8,609,000.
First Independence Bank's fee based income from loans was $366,000.
First Independence Bank's net income from loans was $1,311,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,226 |
| Provision for credit losses | $1,000 |
| Total noninterest expense | $30,419 |
| Salaries and employee benefits | $8,587 |
| Premises and equipment expense | $1,366 |
| Additional noninterest expense | $20,466 |
| Applicable income taxes | $350 |
| Net charge-offs | $1,990 |
| Cash dividends | $550 |
First Independence Bank's interest expense for loans was $2,226,000.
First Independence Bank's payroll and benefits expense were $8,587,000.
First Independence Bank's property, plant and equipment expenses $1,366,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 1.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 5.0% |
| Credit card loans | 0.0% |
| Other individual loans | 5.0% |
| Auto loans | 0.0% |
| Other consumer loans | 16.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $196,481 |
| Deposits held in domestic offices | $196,481 |
| Deposits by Individuals, partnerships, and corporations | $113,099 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $81,568 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1,813 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $122,930 |
| Demand deposits | $96,136 |
| Nontransaction accounts | $73,550 |
| Money market deposit accounts (MMDAs) | $2,378 |
| Other savings deposits (excluding MMDAs) | $32,744 |
| Total time deposits | $38,427 |
| Total time and savings deposits | $100,344 |
| Noninterest-bearing deposits | $76,510 |
| Interest-bearing deposits | $119,971 |
| Retail deposits | $194,307 |
| IRAs and Keogh plan accounts | $784 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $287,416 |
| Cash & Balances due from depository institutions | $20,381 |
| Interest-bearing balances | $17,806 |
| Total securities | $6,535 |
| Federal funds sold & reverse repurchase | $25,314 |
| Net loans and leases | $161,064 |
| Loan and leases loss allowance | $1,966 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $2,609 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $0 |
| All other assets | $71,513 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $287,416 |
| Total Liabilities | $253,885 |
| Total deposits | $196,481 |
| Interest-bearing deposits | $119,971 |
| Deposits held in domestic offices | $196,481 |
| % insured (estimated) | $57 |
| Federal funds purchased and repurchase agreements | $5,000 |
| Trading liabilities | $0 |
| Other borrowed funds | $48,026 |
| Subordinated debt | $0 |
| All other liabilities | $4,378 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $161,064 |
| Loan and leases loss allowance | $1,966 |
| Total loans and leases (domestic) | $163,030 |
| All real estate loans | $102,936 |
| Real estate loans in domestic offices | $102,936 |
| Construction and development loans | $1,061 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $1,061 |
| Loans secured by nonfarm nonresidential properties | $44,599 |
| Nonfarm nonresidential secured by owner-occupied properties | $23,811 |
| Commercial real estate & other non-farm, non-residential | $20,788 |
| Multifamily residential real estate | $9,586 |
| 1-4 family residential loans | $47,690 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $34,058 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $135 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $87 |
| Other loans to individuals | $48 |
| All other loans & leases | $26,064 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $18,228 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $61 |
| Non 1-4 family restructured loans & leases | $61 |
| Total loans and leases (foreign) | $0 |
First Independence Bank had $161,064,000 of loans outstanding in 2020. $102,936,000 of loans were in real estate loans. $1,061,000 of loans were in development loans. $9,586,000 of loans were in multifamily mortgage loans. $47,690,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $87,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 56 | $18,014 | $321,679 |
| Nonfarm, nonresidential loans - <$100k | 3 | $2 | $667 |
| Nonfarm, nonresidential loans - $100-250k | 14 | $1,812 | $129,429 |
| Nonfarm, nonresidential loans - $250k-1MM | 39 | $16,200 | $415,385 |
| Commercial & Industrial, US addressed loans - <$1MM | 231 | $30,863 | $133,606 |
| Commercial & Industrial, US addressed loans - <$100k | 85 | $2,397 | $28,200 |
| Commercial & Industrial, US addressed loans - $100-250k | 73 | $7,050 | $96,575 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 73 | $21,416 | $293,370 |