Main Street Bank Mortgage Rates, Fees & Info
Bingham Farms, MILEI: 5493002H4C2PXJ5ZNP48
Tax ID: 20-2917881
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Mortgage Data
Bank Data
Review & Overview
Main Street Bank is a smaller bank specializing in Refi and Home Purchase loans. Main Street Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Houghton, Ann Arbor, Flint, and Traverse City among others. We have data for 75 markets. (Some data included below & more in-depth data is available with an active subscription.)Main Street Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Main Street Bank 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 about average 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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Originations
2,329Origination Dollar Volume (All Markets)
$560,065,000Employee count
97Awards
Main Street Bank - 2020
Main Street Bank is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1,902 | $477,900,000 | $251,262 | $3,916 | 3.23% |
| Houghton, MI (FHA|USDA|VA) | 133 | $17,585,000 | $132,218 | $2,554 | 3.02% |
| Outside of Metro Areas | 101 | $16,475,000 | $163,119 | $2,579 | 3.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 18 | $4,960,000 | $275,556 | $2,381 | 3.42% |
| FLINT, MI (FHA|USDA|VA) | 21 | $3,315,000 | $157,857 | $3,054 | 3.10% |
| Traverse City, MI (FHA|USDA|VA) | 12 | $2,950,000 | $245,833 | $3,005 | 3.25% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 10 | $2,250,000 | $225,000 | $3,815 | 3.50% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 8 | $1,960,000 | $245,000 | $2,419 | 3.31% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 7 | $1,825,000 | $260,714 | $3,630 | 3.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $1,750,000 | $437,500 | $2,336 | 3.16% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 3 | $1,395,000 | $465,000 | $9,359 | 4.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $5,662 | 3.22% |
| Holland, MI (FHA|USDA|VA) | 4 | $1,140,000 | $285,000 | $2,140 | 3.22% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,080,000 | $270,000 | $3,879 | 2.69% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $3,022 | 3.29% |
| SAGINAW, MI (FHA|USDA|VA) | 6 | $990,000 | $165,000 | $2,131 | 3.44% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $3,966 | 3.25% |
| MIDLAND, MI (FHA|USDA|VA) | 6 | $890,000 | $148,333 | $4,138 | 3.54% |
| TOLEDO, OH (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $2,842 | 3.33% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $4,608 | 3.31% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $3,903 | 3.00% |
| Durango, CO (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $4,550 | 4.75% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $3,974 | 3.06% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,034 | 2.94% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $2,361 | 3.13% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $3,171 | 3.25% |
| NILES, MI (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $2,833 | 3.17% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $3,232 | 2.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $2,913 | 2.81% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $3,439 | 3.50% |
| Marquette, MI (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $2,501 | 3.29% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $4,469 | 2.69% |
| MISSOULA, MT (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $2,593 | 3.25% |
| JACKSON, MI (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $3,301 | 2.67% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $6,573 | 3.13% |
| Alice, TX (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,103 | 2.88% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $2,436 | 2.88% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,242 | 3.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,871 | 3.25% |
| Ludington, MI (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $2,642 | 3.19% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,117 | 2.63% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $1,895 | 2.75% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,874 | 3.50% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,345 | 2.75% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,124 | 3.25% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,390 | 3.63% |
| MONROE, MI (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,389 | 3.63% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,690 | 3.25% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $3,269 | 3.25% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,299 | 2.75% |
| New Castle, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $9,585 | 2.75% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,538 | 4.38% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $1,936 | 2.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,406 | 3.75% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,673 | 3.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,503 | 3.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,962 | 3.88% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,684 | 3.38% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,179 | 2.50% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,837 | 3.13% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,281 | 3.00% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,684 | 3.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,108 | 3.13% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,520 | 3.88% |
| Adrian, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,910 | 2.63% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,593 | 2.75% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,264 | 2.75% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,861 | 2.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,222 | 4.13% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,264 | 3.13% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,183 | 3.63% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,422 | 3.00% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,142 | 3.38% |
| Defiance, OH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,488 | 2.75% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,237 | 2.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Main Street Bank 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
For 2020, Main Street Bank's most frequently originated type of loan was Conventional, with 2,133 originations. Their 2nd most popular type was FHA, with 152 originations.
Loan Reason
For 2020, Main Street Bank's most frequently cited loan purpose was Refi, with 1,072 originations. The 2nd most popular reason was Home Purchase, with 953 originations.
Loan Duration/Length
For 2020, Main Street Bank's most frequently cited loan duration was 30 Year, with 1,906 originations. The 2nd most popular length was 15 Year, with 313 originations.
Origination Fees/Closing Costs
Main Street Bank's average total fees were $4,001, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,046 originations.
Interest Rates
During 2020, Main Street Bank's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 1,088 originations.
Loan Sizing
2020 saw Main Street Bank place emphasis on $200k-400k loans with 1,017 originations, totaling $282,975,000 in origination value.
Applicant Income
Main Street Bank lent most frequently to those with incomes in the $50k-75k range, with 543 originations. The second most popular income band? $100k-150k, with 504 originations.
Applicant Debt to Income Ratio
Main Street Bank lent most frequently to those with DTI ratios of 20-30%, with 643 originations. The next most common DTI ratio? 30-36%, with 463 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.20%
Main Street Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.20%
Main Street Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,329 | $560,065,000 | $240,474 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Main Street Bank | 31780 Telegraph Road Bingham Farms, MI 48025 | Full Service B&M | $188,678 |
| Main Street Bank | 363 West Big Beaver Road Suite 150 Troy, MI 48084 | Full Service B&M | $73,514 |
For 2020, Main Street Bank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $15,041 |
| Net interest income | $12,528 |
| Total noninterest income | $19,941 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $435 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $19,506 |
| Pre-tax net operating income | $7,670 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $5,979 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,979 |
| Minority interest net income | $0 |
| Net income | $5,979 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,979 |
Main Street Bank's gross interest income from loans was $15,041,000.
Main Street Bank's net interest income from loans was $12,528,000.
Main Street Bank's fee based income from loans was $435,000.
Main Street Bank's net income from loans was $5,979,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,513 |
| Provision for credit losses | $3,341 |
| Total noninterest expense | $21,458 |
| Salaries and employee benefits | $16,250 |
| Premises and equipment expense | $1,533 |
| Additional noninterest expense | $3,675 |
| Applicable income taxes | $1,691 |
| Net charge-offs | $20 |
| Cash dividends | $0 |
Main Street Bank's interest expense for loans was $2,513,000.
Main Street Bank's payroll and benefits expense were $16,250,000.
Main Street Bank's property, plant and equipment expenses $1,533,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 0.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 0.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $257,963 |
| Deposits held in domestic offices | $257,963 |
| Deposits by Individuals, partnerships, and corporations | $220,660 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $37,303 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $67,782 |
| Demand deposits | $67,756 |
| Nontransaction accounts | $190,181 |
| Money market deposit accounts (MMDAs) | $25,349 |
| Other savings deposits (excluding MMDAs) | $65,463 |
| Total time deposits | $99,370 |
| Total time and savings deposits | $190,207 |
| Noninterest-bearing deposits | $55,179 |
| Interest-bearing deposits | $202,784 |
| Retail deposits | $190,277 |
| IRAs and Keogh plan accounts | $3,352 |
| Brokered deposits | $9,653 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $322,996 |
| Cash & Balances due from depository institutions | $6,793 |
| Interest-bearing balances | $4,878 |
| Total securities | $1,724 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $283,301 |
| Loan and leases loss allowance | $3,322 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $482 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $20,397 |
| All other assets | $10,299 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $322,996 |
| Total Liabilities | $273,649 |
| Total deposits | $257,963 |
| Interest-bearing deposits | $202,784 |
| Deposits held in domestic offices | $257,963 |
| % insured (estimated) | $57 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $11,300 |
| Subordinated debt | $0 |
| All other liabilities | $4,386 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $283,301 |
| Loan and leases loss allowance | $3,322 |
| Total loans and leases (domestic) | $286,623 |
| All real estate loans | $226,929 |
| Real estate loans in domestic offices | $226,929 |
| Construction and development loans | $11,749 |
| Residential 1-4 family construction | $7,315 |
| Other construction, all land development and other land | $4,434 |
| Loans secured by nonfarm nonresidential properties | $102,307 |
| Nonfarm nonresidential secured by owner-occupied properties | $49,382 |
| Commercial real estate & other non-farm, non-residential | $52,925 |
| Multifamily residential real estate | $13,139 |
| 1-4 family residential loans | $99,734 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $59,607 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $1,078 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $714 |
| Other loans to individuals | $364 |
| All other loans & leases | $0 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $219 |
| Non 1-4 family restructured loans & leases | $219 |
| Total loans and leases (foreign) | $0 |
Main Street Bank had $283,301,000 of loans outstanding in 2020. $226,929,000 of loans were in real estate loans. $11,749,000 of loans were in development loans. $13,139,000 of loans were in multifamily mortgage loans. $99,734,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $714,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 267 | $69,714 | $261,101 |
| Nonfarm, nonresidential loans - <$100k | 37 | $1,929 | $52,135 |
| Nonfarm, nonresidential loans - $100-250k | 85 | $12,092 | $142,259 |
| Nonfarm, nonresidential loans - $250k-1MM | 145 | $55,693 | $384,090 |
| Commercial & Industrial, US addressed loans - <$1MM | 193 | $22,008 | $114,031 |
| Commercial & Industrial, US addressed loans - <$100k | 131 | $4,558 | $34,794 |
| Commercial & Industrial, US addressed loans - $100-250k | 40 | $6,444 | $161,100 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 22 | $11,006 | $500,273 |