First National Bank Of Michigan Mortgage Rates, Fees & Info

Kalamazoo, MI

LEI: 254900E8AB6YT3KRD187

Tax ID: 20-4318476

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First National Bank Of Michigan is a smaller bank specializing in Home Purchase and Refi loans. First National Bank Of Michigan has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Kalamazoo, Lansing, South Bend, and Holland among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First National Bank Of Michigan 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

Origination Dollar Volume (All Markets)

$50,040,000

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
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	7	$25,075,000	$3,582,143	$0	0.00%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	14	$14,420,000	$1,030,000	$0	0.00%
Outside of Metro Areas	9	$4,935,000	$548,333	$0	0.00%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	3	$4,855,000	$1,618,333	$0	0.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA\|USDA\|VA)	1	$475,000	$475,000	$0	0.00%
Holland, MI (FHA\|USDA\|VA)	2	$280,000	$140,000	$0	0.00%

First National Bank Of Michigan's top markets include Grand Rapids, Kalamazoo, Lansing, South Bend, and Holland among others.

Their top states include:

Michigan (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	36	$50,040,000	$1,390,000	$0	0.00%

For 2019, First National Bank Of Michigan's most frequently originated type of loan was Conventional, with 36 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	16	$34,490,000	$2,155,625	$0	0.00%
Refi	12	$11,170,000	$930,833	$0	0.00%
Home Improvement	4	$3,790,000	$947,500	$0	0.00%
Other	2	$270,000	$135,000	$0	0.00%
Cash Out Refi	2	$320,000	$160,000	$0	0.00%

For 2019, First National Bank Of Michigan's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Refi, with 12 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	36	$50,040,000	$1,390,000	$0	0.00%

For 2019, First National Bank Of Michigan's most frequently cited loan duration was Other, with 36 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	10	$2,730,000	$273,000	$0	0.00%
$100k-200k	9	$1,285,000	$142,778	$0	0.00%
$100,000 or less	6	$370,000	$61,667	$0	0.00%
$1MM+	6	$42,780,000	$7,130,000	$0	0.00%
$400k-600k	3	$1,435,000	$478,333	$0	0.00%
$600k-1MM	2	$1,440,000	$720,000	$0	0.00%

2019 saw First National Bank Of Michigan place emphasis on $200k-400k loans with 10 originations, totaling $2,730,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	8	$1,980,000	$247,500	$0	0.00%
$250k+	5	$1,085,000	$217,000	$0	0.00%
$100k-150k	3	$555,000	$185,000	$0	0.00%
$50k or less	3	$145,000	$48,333	$0	0.00%
$75k-100k	2	$210,000	$105,000	$0	0.00%

First National Bank Of Michigan lent most frequently to those with incomes in the $150k-250k range, with 8 originations. The second most popular income band? $250k+, with 5 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	36	$50,040,000	$1,390,000	$0	0.00%

First National Bank Of Michigan lent most frequently to those with DTI ratios of Exempt%, with 36 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	14	$45,930,000	$3,280,714	$0	0.00%
White	21	$3,915,000	$186,429	$0	0.00%
Asian	1	$195,000	$195,000	$0	0.00%

Approval Rates

Total approvals of all applications
95.45%

First National Bank Of Michigan has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
86.11%

First National Bank Of Michigan has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	36	$50,040,000	$1,390,000

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	9	$44,675,000	$4,963,889
Single Family (1-4 Units):Site-Built	27	$5,365,000	$198,704

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Trouble during payment process	3	50.0%
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Struggling to pay mortgage	1	16.7%
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Closing on a mortgage	2	33.3%