Sturgis Bank & Trust Company Mortgage Rates, Fees & Info

Sturgis, MI

LEI: 5493001ZYMBN3CK8LJ82

Tax ID: 38-1080012

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

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Mortgage Data

Review & Overview

Sturgis Bank & Trust Company is a smaller bank specializing in Other and Home Purchase loans. Sturgis Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Sturgis, Niles, Kalamazoo, Coldwater, 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.)

Sturgis Bank & Trust Company 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

392

Origination Dollar Volume (All Markets)

$43,540,000

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
Sturgis, MI (FHA|USDA|VA) 173 $12,745,000 $73,671 $0 0.00%
NILES, MI (FHA|USDA|VA) 54 $10,870,000 $201,296 $0 0.00%
Outside of Metro Areas 47 $5,665,000 $120,532 $0 0.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 23 $3,715,000 $161,522 $0 0.00%
Coldwater, MI (FHA|USDA|VA) 36 $3,000,000 $83,333 $0 0.00%
BATTLE CREEK, MI (FHA|USDA|VA) 24 $1,900,000 $79,167 $0 0.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 15 $1,735,000 $115,667 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 2 $1,310,000 $655,000 $0 0.00%
Holland, MI (FHA|USDA|VA) 7 $785,000 $112,143 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $405,000 $135,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
Marquette, MI (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Angola, IN (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Hillsdale, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Kendallville, IN (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Sturgis Bank & Trust Company's top markets include Sturgis, Niles, Kalamazoo, Coldwater, and Battle Creek among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 392 $43,540,000 $111,071 $0 0.00%

    For 2023, Sturgis Bank & Trust Company's most frequently originated type of loan was Conventional, with 392 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 158 $14,820,000 $93,797 $0 0.00%
    Home Improvement 83 $5,475,000 $65,964 $0 0.00%
    Cash Out Refi 67 $6,415,000 $95,746 $0 0.00%
    Home Purchase 60 $15,260,000 $254,333 $0 0.00%
    Refi 24 $1,570,000 $65,417 $0 0.00%

    For 2023, Sturgis Bank & Trust Company's most frequently cited loan purpose was Other, with 158 originations. The 2nd most popular reason was Home Improvement, with 83 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 392 $43,540,000 $111,071 $0 0.00%

    For 2023, Sturgis Bank & Trust Company's most frequently cited loan duration was Other, with 392 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 257 $11,825,000 $46,012 $0 0.00%
    $100k-200k 80 $10,630,000 $132,875 $0 0.00%
    $200k-400k 37 $9,915,000 $267,973 $0 0.00%
    $400k-600k 10 $4,710,000 $471,000 $0 0.00%
    $600k-1MM 6 $4,450,000 $741,667 $0 0.00%
    $1MM+ 2 $2,010,000 $1,005,000 $0 0.00%

    2023 saw Sturgis Bank & Trust Company place emphasis on $100,000 or less loans with 257 originations, totaling $11,825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 79 $4,045,000 $51,203 $0 0.00%
    $50k-75k 75 $5,455,000 $72,733 $0 0.00%
    $100k-150k 71 $6,455,000 $90,915 $0 0.00%
    $75k-100k 57 $3,875,000 $67,982 $0 0.00%
    $150k-250k 45 $7,185,000 $159,667 $0 0.00%
    $250k+ 30 $7,740,000 $258,000 $0 0.00%

    Sturgis Bank & Trust Company lent most frequently to those with incomes in the $50k or less range, with 79 originations. The second most popular income band? $50k-75k, with 75 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 392 $43,540,000 $111,071 $0 0.00%

    Sturgis Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 392 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 362 $34,180,000 $94,420 $0 0.00%
    Not applicable 22 $8,040,000 $365,455 $0 0.00%
    Black 3 $1,045,000 $348,333 $0 0.00%
    Asian 2 $110,000 $55,000 $0 0.00%
    Other Asian 1 $85,000 $85,000 $0 0.00%
    Not provided 2 $80,000 $40,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.91%

    Sturgis Bank & Trust Company 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
    86.48%

    Sturgis Bank & Trust Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 392 $43,540,000 $111,071

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    392 $43,540,000 $111,071