Homestead Savings Bank Mortgage Rates, Fees & Info

Albion, MI

LEI: 5493002MNKV62JMMPU16

Tax ID: 38-0660120

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Homestead Savings Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Homestead Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Battle Creek, Jackson, Lansing, Hillsdale, and Coldwater among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Homestead Savings 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.

    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

    93

    Origination Dollar Volume (All Markets)

    $10,115,000

    Employee count

    27

    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
    BATTLE CREEK, MI (FHA|USDA|VA) 47 $5,115,000 $108,830 $0 0.00%
    JACKSON, MI (FHA|USDA|VA) 17 $1,655,000 $97,353 $0 0.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 14 $1,440,000 $102,857 $0 0.00%
    Hillsdale, MI (FHA|USDA|VA) 8 $1,080,000 $135,000 $0 0.00%
    Coldwater, MI (FHA|USDA|VA) 3 $275,000 $91,667 $0 0.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
    Outside of Metro Areas 2 $170,000 $85,000 $0 0.00%
    MUSKEGON, MI (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
    Homestead Savings Bank's top markets include Battle Creek, Jackson, Lansing, Hillsdale, and Coldwater among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 93 $10,115,000 $108,763 $0 0.00%

    For 2019, Homestead Savings Bank's most frequently originated type of loan was Conventional, with 93 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 50 $5,590,000 $111,800 $0 0.00%
    Cash Out Refi 26 $2,940,000 $113,077 $0 0.00%
    Refi 7 $1,075,000 $153,571 $0 0.00%
    Home Improvement 5 $305,000 $61,000 $0 0.00%
    Other 5 $205,000 $41,000 $0 0.00%

    For 2019, Homestead Savings Bank's most frequently cited loan purpose was Home Purchase, with 50 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 93 $10,115,000 $108,763 $0 0.00%

    For 2019, Homestead Savings Bank's most frequently cited loan duration was Other, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 46 $2,400,000 $52,174 $0 0.00%
    $100k-200k 37 $5,035,000 $136,081 $0 0.00%
    $200k-400k 9 $2,275,000 $252,778 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2019 saw Homestead Savings Bank place emphasis on $100,000 or less loans with 46 originations, totaling $2,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 24 $2,580,000 $107,500 $0 0.00%
    $50k or less 19 $1,205,000 $63,421 $0 0.00%
    $100k-150k 15 $2,455,000 $163,667 $0 0.00%
    $75k-100k 13 $1,345,000 $103,462 $0 0.00%
    $150k-250k 8 $1,000,000 $125,000 $0 0.00%
    $250k+ 4 $720,000 $180,000 $0 0.00%

    Homestead Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 24 originations. The second most popular income band? $50k or less, with 19 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 93 $10,115,000 $108,763 $0 0.00%

    Homestead Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 85 $9,275,000 $109,118 $0 0.00%
    Black 2 $320,000 $160,000 $0 0.00%
    Not applicable 2 $200,000 $100,000 $0 0.00%
    American Indian 2 $180,000 $90,000 $0 0.00%
    Asian 1 $115,000 $115,000 $0 0.00%
    Not provided 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.02%

    Homestead Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.42%

    Homestead Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 93 $10,115,000 $108,763

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $240,000 $60,000
    Single Family (1-4 Units):Site-Built 89 $9,875,000 $110,955

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    HOMESTEAD FUNDING CORPORATION Reverse mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Homestead Savings Bank 157 Main Street Springport, MI 49284 Full Service B&M $8,514
    Homestead Savings Bank 415 S. Superior St Albion, MI 49224 Limited, Mobile/Seasonal Office $0
    Homestead Savings Bank 415 South Superior Street Albion, MI 49224 Full Service B&M $45,564
    Homestead Savings Bank 4625 Hull Road Leslie, MI 49251 Full Service B&M $6,556

    For 2019, Homestead Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,723
    Net interest income $2,429
    Total noninterest income $641
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $155
    Trading account gains and fees $0
    Additional Noninterest Income $486
    Pre-tax net operating income $217
    Securities gains (or losses, -) $1
    Income before extraordinary items $441
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $441
    Minority interest net income $0
    Net income $441
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $440

    Homestead Savings Bank's gross interest income from loans was $2,723,000.
    Homestead Savings Bank's net interest income from loans was $2,429,000.
    Homestead Savings Bank's fee based income from loans was $155,000.
    Homestead Savings Bank's net income from loans was $441,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $294
    Provision for credit losses $-54
    Total noninterest expense $2,907
    Salaries and employee benefits $1,518
    Premises and equipment expense $368
    Additional noninterest expense $1,021
    Applicable income taxes $-223
    Net charge-offs $8
    Cash dividends $0

    Homestead Savings Bank's interest expense for loans was $294,000.
    Homestead Savings Bank's payroll and benefits expense were $1,518,000.
    Homestead Savings Bank's property, plant and equipment expenses $368,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    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 $58,864
    Deposits held in domestic offices $58,864
    Deposits by Individuals, partnerships, and corporations $48,334
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $10,530
    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 $27,788
    Demand deposits $23,647
    Nontransaction accounts $31,076
    Money market deposit accounts (MMDAs) $6,426
    Other savings deposits (excluding MMDAs) $16,597
    Total time deposits $8,052
    Total time and savings deposits $35,217
    Noninterest-bearing deposits $23,647
    Interest-bearing deposits $35,216
    Retail deposits $58,577
    IRAs and Keogh plan accounts $0
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $65,786
    Cash & Balances due from depository institutions $9,136
    Interest-bearing balances $7,618
    Total securities $3,667
    Federal funds sold & reverse repurchase $0
    Net loans and leases $48,017
    Loan and leases loss allowance $346
    Trading account assets $0
    Bank premises and fixed assets $1,969
    Other real estate owned $176
    Goodwill and other intangibles $400
    All other assets $2,421

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $65,786
    Total Liabilities $60,971
    Total deposits $58,864
    Interest-bearing deposits $35,216
    Deposits held in domestic offices $58,864
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,650
    Subordinated debt $0
    All other liabilities $457

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $48,017
    Loan and leases loss allowance $346
    Total loans and leases (domestic) $48,363
    All real estate loans $45,652
    Real estate loans in domestic offices $45,652
    Construction and development loans $866
    Residential 1-4 family construction $147
    Other construction, all land development and other land $719
    Loans secured by nonfarm nonresidential properties $8,792
    Nonfarm nonresidential secured by owner-occupied properties $7,707
    Commercial real estate & other non-farm, non-residential $1,085
    Multifamily residential real estate $977
    1-4 family residential loans $34,540
    Farmland loans $477
    Loans held in foreign offices $0
    Farm loans $3
    Commercial and industrial loans $1,606
    To non-U.S. addressees $0
    Loans to individuals $1,033
    Credit card loans $0
    Related Plans $6
    Consumer Auto Loans $676
    Other loans to individuals $351
    All other loans & leases $70
    Loans to foreign governments and official institutions $0
    Other loans $7
    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 $904
    Non 1-4 family restructured loans & leases $74
    Total loans and leases (foreign) $0

    Homestead Savings Bank had $48,017,000 of loans outstanding in 2019. $45,652,000 of loans were in real estate loans. $866,000 of loans were in development loans. $977,000 of loans were in multifamily mortgage loans. $34,540,000 of loans were in 1-4 family mortgage loans. $3,000 of loans were in farm loans. $0 of loans were in credit card loans. $676,000 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 30 $5,768 $192,267
    Nonfarm, nonresidential loans - <$100k 10 $461 $46,100
    Nonfarm, nonresidential loans - $100-250k 9 $1,433 $159,222
    Nonfarm, nonresidential loans - $250k-1MM 11 $3,874 $352,182
    Commercial & Industrial, US addressed loans - <$1MM 29 $1,165 $40,172
    Commercial & Industrial, US addressed loans - <$100k 24 $635 $26,458
    Commercial & Industrial, US addressed loans - $100-250k 5 $530 $106,000
    Farmland loans - <$1MM 3 $477 $159,000
    Farmland loans - <$100k 1 $22 $22,000
    Farmland loans - $250k-1MM 2 $455 $227,500
    Agriculture operations loans - <$1MM 2 $3 $1,500
    Agriculture operations loans - <$100k 2 $3 $1,500