Southern Michigan Bank & Trust Mortgage Rates, Fees & Info
Coldwater, MILEI: 2549006ONI6N95VKB649
Tax ID: 38-1053740
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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: Coldwater, Hillsdale, Jackson, Detroit, and Battle Creek among others. We have data for 18 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.
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Originations
249Origination Dollar Volume (All Markets)
$52,395,000Top 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 |
|---|---|---|---|---|---|
| Coldwater, MI (FHA|USDA|VA) | 73 | $10,405,000 | $142,534 | $0 | 0.00% |
| Hillsdale, MI (FHA|USDA|VA) | 56 | $8,980,000 | $160,357 | $0 | 0.00% |
| JACKSON, MI (FHA|USDA|VA) | 26 | $7,840,000 | $301,538 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $4,820,000 | $2,410,000 | $0 | 0.00% |
| Outside of Metro Areas | 13 | $4,555,000 | $350,385 | $0 | 0.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 24 | $3,710,000 | $154,583 | $0 | 0.00% |
| Sturgis, MI (FHA|USDA|VA) | 28 | $3,660,000 | $130,714 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 10 | $2,360,000 | $236,000 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $1,980,000 | $990,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,785,000 | $1,785,000 | $0 | 0.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $0 | 0.00% |
| Adrian, MI (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $0 | 0.00% |
| MONROE, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| Kendallville, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $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 | 249 | $52,395,000 | $210,422 | $0 | 0.00% |
For 2024, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 249 originations.
Loan Reason
For 2024, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Home Improvement, with 29 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 249 | $52,395,000 | $210,422 | $0 | 0.00% |
For 2024, Southern Michigan Bank & Trust's most frequently cited loan duration was Other, with 249 originations.
Loan Sizing
2024 saw Southern Michigan Bank & Trust place emphasis on $100k-200k loans with 88 originations, totaling $12,530,000 in origination value.
Applicant Income
Southern Michigan Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 48 originations. The second most popular income band? $50k or less, with 48 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 249 | $52,395,000 | $210,422 | $0 | 0.00% |
Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 249 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.37%
Southern Michigan Bank & Trust has an average approval rate.
Pick Rate
Approvals leading to origination81.93%
Southern Michigan Bank & Trust has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 249 | $52,395,000 | $210,422 |