The Shelby State Bank Mortgage Rates, Fees & Info
Shelby, MILEI: 254900LUVSH5K254AU10
Tax ID: 38-1066460
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
The Shelby State Bank is a smaller bank specializing in Home Purchase and Refi loans. The Shelby State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Muskegon, Ludington, Traverse City, and Grand Rapids among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)The Shelby State 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
130Origination Dollar Volume (All Markets)
$20,600,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 77 | $12,025,000 | $156,169 | $0 | 0.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 36 | $5,460,000 | $151,667 | $0 | 0.00% |
| Ludington, MI (FHA|USDA|VA) | 14 | $2,490,000 | $177,857 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 130 | $20,600,000 | $158,462 | $0 | 0.00% |
For 2022, The Shelby State Bank's most frequently originated type of loan was Conventional, with 130 originations.
Loan Reason
For 2022, The Shelby State Bank's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 130 | $20,600,000 | $158,462 | $0 | 0.00% |
For 2022, The Shelby State Bank's most frequently cited loan duration was Other, with 130 originations.
Loan Sizing
2022 saw The Shelby State Bank place emphasis on $100,000 or less loans with 56 originations, totaling $3,230,000 in origination value.
Applicant Income
The Shelby State Bank lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $50k-75k, with 27 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 130 | $20,600,000 | $158,462 | $0 | 0.00% |
The Shelby State Bank lent most frequently to those with DTI ratios of Exempt%, with 130 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.44%
The Shelby State Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.62%
The Shelby State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 130 | $20,600,000 | $158,462 |