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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Detroit, Ann Arbor, Minneapolis, and Flint among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First Independence 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.
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Originations
105Origination Dollar Volume (All Markets)
$29,475,000Top 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) | 97 | $26,275,000 | $270,876 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $1,710,000 | $427,500 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $1,210,000 | $605,000 | $0 | 0.00% |
| FLINT, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $125,000 | $125,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 102 | $28,910,000 | $283,431 | $0 | 0.00% |
| FHA | 3 | $565,000 | $188,333 | $0 | 0.00% |
For 2022, First Independence Bank's most frequently originated type of loan was Conventional, with 102 originations. Their 2nd most popular type was FHA, with 3 originations.
Loan Reason
For 2022, First Independence Bank's most frequently cited loan purpose was Home Purchase, with 79 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 105 | $29,475,000 | $280,714 | $0 | 0.00% |
For 2022, First Independence Bank's most frequently cited loan duration was Other, with 105 originations.
Loan Sizing
2022 saw First Independence Bank place emphasis on $200k-400k loans with 37 originations, totaling $9,995,000 in origination value.
Applicant Income
First Independence Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 25 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 105 | $29,475,000 | $280,714 | $0 | 0.00% |
First Independence Bank lent most frequently to those with DTI ratios of Exempt%, with 105 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.80%
First Independence Bank has an average approval rate.
Pick Rate
Approvals leading to origination68.57%
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 | 105 | $29,475,000 | $280,714 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |