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 and Refi loans. Southern Michigan Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Kalamazoo, Jackson, Coldwater, Battle Creek, and Hillsdale 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. Southern Michigan Bank & Trust is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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% | 12/16/24 |
| 30 Year Conventional Refi | 7.16% | 12/16/24 |
| 30 Year Cash-out Refi | 7.15% | 12/16/24 |
| 15 Year Conventional Purchase | 6.58% | 12/16/24 |
| 15 Year Conventional Refi | 7.50% | 12/16/24 |
| 15 Year Cash-out Refi | 7.50% | 12/16/24 |
| 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
235Origination Dollar Volume (All Markets)
$106,115,000Awards
Southern Michigan Bank & Trust - 2022
Southern Michigan Bank & Trust is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Top 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 |
|---|---|---|---|---|---|
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 26 | $48,310,000 | $1,858,077 | $2,660 | 5.30% |
| JACKSON, MI (FHA|USDA|VA) | 11 | $15,625,000 | $1,420,455 | $2,436 | 5.67% |
| Coldwater, MI (FHA|USDA|VA) | 67 | $10,715,000 | $159,925 | $2,654 | 5.23% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 36 | $7,020,000 | $195,000 | $2,750 | 5.32% |
| Hillsdale, MI (FHA|USDA|VA) | 38 | $6,030,000 | $158,684 | $2,694 | 5.22% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $5,705,000 | $5,705,000 | $0 | 6.85% |
| Outside of Metro Areas | 10 | $3,750,000 | $375,000 | $3,328 | 4.83% |
| Sturgis, MI (FHA|USDA|VA) | 20 | $2,550,000 | $127,500 | $2,824 | 5.24% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 5 | $1,775,000 | $355,000 | $2,883 | 4.83% |
| Angola, IN (FHA|USDA|VA) | 9 | $1,635,000 | $181,667 | $1,961 | 5.46% |
| NILES, MI (FHA|USDA|VA) | 4 | $1,380,000 | $345,000 | $0 | 4.66% |
| Adrian, MI (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $3,413 | 4.44% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 4.75% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,944 | 3.38% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.10% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,934 | 6.63% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $963 | 6.75% |
| Holland, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $399 | 6.88% |
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 | 234 | $106,040,000 | $453,162 | $2,668 | 5.25% |
| VA | 1 | $75,000 | $75,000 | $0 | 4.50% |
For 2022, Southern Michigan Bank & Trust's most frequently originated type of loan was Conventional, with 234 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
For 2022, Southern Michigan Bank & Trust's most frequently cited loan purpose was Home Purchase, with 111 originations. The 2nd most popular reason was Refi, with 59 originations.
Loan Duration/Length
For 2022, Southern Michigan Bank & Trust's most frequently cited loan duration was 30 Year, with 69 originations. The 2nd most popular length was 15 Year, with 63 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 124 | $20,790,000 | $167,661 |
| $1k-2k | 24 | $4,700,000 | $195,833 |
| $2k-3k | 9 | $2,385,000 | $265,000 |
| $3k-4k | 8 | $1,090,000 | $136,250 |
Southern Michigan Bank & Trust's average total fees were $2,929, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 124 originations.
Interest Rates
During 2022, Southern Michigan Bank & Trust's average interest rate for loans was 5.36%, while their most frequently originated rate bucket for loans was 5-6%, with 60 originations.
Loan Sizing
2022 saw Southern Michigan Bank & Trust place emphasis on $100,000 or less loans with 80 originations, totaling $4,810,000 in origination value.
Applicant Income
Southern Michigan Bank & Trust lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $50k or less, with 46 originations.
Applicant Debt to Income Ratio
Southern Michigan Bank & Trust lent most frequently to those with DTI ratios of 30-36%, with 47 originations. The next most common DTI ratio? 20-30%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.13%
Southern Michigan Bank & Trust has an average approval rate.
Pick Rate
Approvals leading to origination77.87%
Southern Michigan Bank & Trust has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 235 | $106,115,000 | $451,553 |