Southern Michigan Bank & Trust Mortgage Rates, Fees & Info
Coldwater, MILEI: 2549006ONI6N95VKB649
Tax ID: 38-1053740
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Mortgage Data
Review & Overview
Southern Michigan Bank & Trust is a smaller bank specializing in Home Purchase loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Coldwater, Hillsdale, Battle Creek, and Jackson among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Southern Michigan Bank & Trust 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.
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 | 7.47% | 11/17/24 |
| 30 Year Conventional Refi | 7.16% | 11/17/24 |
| 30 Year Cash-out Refi | 7.15% | 11/17/24 |
| 15 Year Conventional Purchase | 6.58% | 11/17/24 |
| 15 Year Conventional Refi | 7.50% | 11/17/24 |
| 15 Year Cash-out Refi | 7.50% | 11/17/24 |
| 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. | ||
Southern Michigan Bank & Trust Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
203Origination Dollar Volume (All Markets)
$50,575,000Top 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) | 2 | $15,260,000 | $7,630,000 | $0 | 0.00% |
| Coldwater, MI (FHA|USDA|VA) | 61 | $9,985,000 | $163,689 | $0 | 0.00% |
| Hillsdale, MI (FHA|USDA|VA) | 59 | $7,715,000 | $130,763 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 22 | $3,260,000 | $148,182 | $0 | 0.00% |
| JACKSON, MI (FHA|USDA|VA) | 12 | $3,080,000 | $256,667 | $0 | 0.00% |
| Adrian, MI (FHA|USDA|VA) | 3 | $2,065,000 | $688,333 | $0 | 0.00% |
| Sturgis, MI (FHA|USDA|VA) | 18 | $1,730,000 | $96,111 | $0 | 0.00% |
| Angola, IN (FHA|USDA|VA) | 4 | $1,150,000 | $287,500 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $0 | 0.00% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $875,000 | $875,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $515,000 | $171,667 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 4 | $400,000 | $100,000 | $0 | 0.00% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Southern Michigan Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 203 | $50,575,000 | $249,138 | $0 | 0.00% |
For 2023, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 203 originations.
Loan Reason
For 2023, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 121 originations. The 2nd most popular reason was Refi, with 36 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 203 | $50,575,000 | $249,138 | $0 | 0.00% |
For 2023, Southern Michigan Bank & Trust's most frequently cited loan duration was Other, with 203 originations.
Loan Sizing
2023 saw Southern Michigan Bank & Trust place emphasis on $100,000 or less loans with 79 originations, totaling $4,135,000 in origination value.
Applicant Income
Southern Michigan Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 44 originations. The second most popular income band? $50k or less, with 35 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 203 | $50,575,000 | $249,138 | $0 | 0.00% |
Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 203 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.71%
Southern Michigan Bank & Trust has a below average approval rate.
Pick Rate
Approvals leading to origination69.95%
Southern Michigan Bank & Trust 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 | 203 | $50,575,000 | $249,138 |