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 Refi, Cash Out Refi, and Home Purchase loans. Homestead Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Battle Creek, Jackson, Lansing, Hillsdale, and Ann Arbor among others. We have data for 10 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

    184

    Origination Dollar Volume (All Markets)

    $26,380,000

    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) 80 $10,570,000 $132,125 $0 0.00%
    JACKSON, MI (FHA|USDA|VA) 40 $6,220,000 $155,500 $0 0.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 34 $4,970,000 $146,176 $0 0.00%
    Hillsdale, MI (FHA|USDA|VA) 15 $1,915,000 $127,667 $0 0.00%
    Outside of Metro Areas 4 $810,000 $202,500 $0 0.00%
    ANN ARBOR, MI (FHA|USDA|VA) 3 $725,000 $241,667 $0 0.00%
    Coldwater, MI (FHA|USDA|VA) 3 $505,000 $168,333 $0 0.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $475,000 $158,333 $0 0.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
    Adrian, MI (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    Homestead Savings Bank's top markets include Battle Creek, Jackson, Lansing, Hillsdale, and Ann Arbor among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 184 $26,380,000 $143,370 $0 0.00%

    For 2020, Homestead Savings Bank's most frequently originated type of loan was Conventional, with 184 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 73 $10,025,000 $137,329 $0 0.00%
    Cash Out Refi 63 $9,665,000 $153,413 $0 0.00%
    Home Purchase 44 $6,330,000 $143,864 $0 0.00%
    Other 3 $325,000 $108,333 $0 0.00%
    Home Improvement 1 $35,000 $35,000 $0 0.00%

    For 2020, Homestead Savings Bank's most frequently cited loan purpose was Refi, with 73 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 184 $26,380,000 $143,370 $0 0.00%

    For 2020, Homestead Savings Bank's most frequently cited loan duration was Other, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 78 $10,990,000 $140,897 $0 0.00%
    $100,000 or less 67 $4,505,000 $67,239 $0 0.00%
    $200k-400k 36 $9,480,000 $263,333 $0 0.00%
    $400k-600k 3 $1,405,000 $468,333 $0 0.00%

    2020 saw Homestead Savings Bank place emphasis on $100k-200k loans with 78 originations, totaling $10,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 45 $5,645,000 $125,444 $0 0.00%
    $100k-150k 39 $5,745,000 $147,308 $0 0.00%
    $75k-100k 32 $5,620,000 $175,625 $0 0.00%
    $50k or less 27 $2,315,000 $85,741 $0 0.00%
    $150k-250k 21 $4,605,000 $219,286 $0 0.00%
    $250k+ 4 $1,150,000 $287,500 $0 0.00%

    Homestead Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 45 originations. The second most popular income band? $100k-150k, with 39 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 184 $26,380,000 $143,370 $0 0.00%

    Homestead Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 184 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 162 $24,140,000 $149,012 $0 0.00%
    Not applicable 12 $910,000 $75,833 $0 0.00%
    Not provided 3 $585,000 $195,000 $0 0.00%
    Black 5 $465,000 $93,000 $0 0.00%
    Asian 1 $175,000 $175,000 $0 0.00%
    American Indian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.35%

    Homestead Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.83%

    Homestead Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 184 $26,380,000 $143,370

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $475,000 $95,000
    Single Family (1-4 Units):Site-Built 179 $25,905,000 $144,721

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    HOMESTEAD FUNDING CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    HOMESTEAD FUNDING CORPORATION Conventional home mortgage Closing on a mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Homestead Savings Bank 157 Main Street Springport, MI 49284 Full Service B&M $8,695
    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 $51,899
    Homestead Savings Bank 4625 Hull Road Leslie, MI 49251 Full Service B&M $7,203

    For 2020, Homestead Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,611
    Net interest income $2,398
    Total noninterest income $946
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $110
    Trading account gains and fees $0
    Additional Noninterest Income $836
    Pre-tax net operating income $389
    Securities gains (or losses, -) $7
    Income before extraordinary items $361
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $361
    Minority interest net income $0
    Net income $361
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $354

    Homestead Savings Bank's gross interest income from loans was $2,611,000.
    Homestead Savings Bank's net interest income from loans was $2,398,000.
    Homestead Savings Bank's fee based income from loans was $110,000.
    Homestead Savings Bank's net income from loans was $361,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $213
    Provision for credit losses $0
    Total noninterest expense $2,955
    Salaries and employee benefits $1,492
    Premises and equipment expense $425
    Additional noninterest expense $1,038
    Applicable income taxes $35
    Net charge-offs $-19
    Cash dividends $0

    Homestead Savings Bank's interest expense for loans was $213,000.
    Homestead Savings Bank's payroll and benefits expense were $1,492,000.
    Homestead Savings Bank's property, plant and equipment expenses $425,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    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 $72,219
    Deposits held in domestic offices $72,219
    Deposits by Individuals, partnerships, and corporations $57,293
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,926
    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 $37,550
    Demand deposits $31,979
    Nontransaction accounts $34,669
    Money market deposit accounts (MMDAs) $3,873
    Other savings deposits (excluding MMDAs) $24,722
    Total time deposits $6,074
    Total time and savings deposits $40,240
    Noninterest-bearing deposits $31,979
    Interest-bearing deposits $40,240
    Retail deposits $72,219
    IRAs and Keogh plan accounts $0
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $77,986
    Cash & Balances due from depository institutions $21,922
    Interest-bearing balances $18,819
    Total securities $6,446
    Federal funds sold & reverse repurchase $0
    Net loans and leases $44,743
    Loan and leases loss allowance $365
    Trading account assets $0
    Bank premises and fixed assets $1,970
    Other real estate owned $52
    Goodwill and other intangibles $413
    All other assets $2,440

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $77,985
    Total Liabilities $72,792
    Total deposits $72,219
    Interest-bearing deposits $40,240
    Deposits held in domestic offices $72,219
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $573

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $44,743
    Loan and leases loss allowance $365
    Total loans and leases (domestic) $45,108
    All real estate loans $40,556
    Real estate loans in domestic offices $40,556
    Construction and development loans $482
    Residential 1-4 family construction $134
    Other construction, all land development and other land $348
    Loans secured by nonfarm nonresidential properties $6,492
    Nonfarm nonresidential secured by owner-occupied properties $5,938
    Commercial real estate & other non-farm, non-residential $554
    Multifamily residential real estate $999
    1-4 family residential loans $32,165
    Farmland loans $418
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $3,354
    To non-U.S. addressees $0
    Loans to individuals $1,125
    Credit card loans $0
    Related Plans $2
    Consumer Auto Loans $782
    Other loans to individuals $341
    All other loans & leases $73
    Loans to foreign governments and official institutions $0
    Other loans $22
    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 $780
    Non 1-4 family restructured loans & leases $51
    Total loans and leases (foreign) $0

    Homestead Savings Bank had $44,743,000 of loans outstanding in 2020. $40,556,000 of loans were in real estate loans. $482,000 of loans were in development loans. $999,000 of loans were in multifamily mortgage loans. $32,165,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $782,000 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 24 $4,138 $172,417
    Nonfarm, nonresidential loans - <$100k 7 $403 $57,571
    Nonfarm, nonresidential loans - $100-250k 8 $1,162 $145,250
    Nonfarm, nonresidential loans - $250k-1MM 9 $2,573 $285,889
    Commercial & Industrial, US addressed loans - <$1MM 70 $2,928 $41,829
    Commercial & Industrial, US addressed loans - <$100k 53 $1,111 $20,962
    Commercial & Industrial, US addressed loans - $100-250k 13 $1,249 $96,077
    Commercial & Industrial, US addressed loans - $250k-1MM 4 $568 $142,000
    Farmland loans - <$1MM 2 $418 $209,000
    Farmland loans - $250k-1MM 2 $418 $209,000