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, Cash Out Refi, and 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 Detroit among others. We have data for 9 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

    141

    Origination Dollar Volume (All Markets)

    $18,685,000

    Employee count

    26

    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) 59 $7,645,000 $129,576 $0 0.00%
    JACKSON, MI (FHA|USDA|VA) 40 $5,000,000 $125,000 $0 0.00%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 23 $2,845,000 $123,696 $0 0.00%
    Hillsdale, MI (FHA|USDA|VA) 10 $1,600,000 $160,000 $0 0.00%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $720,000 $360,000 $0 0.00%
    Coldwater, MI (FHA|USDA|VA) 3 $355,000 $118,333 $0 0.00%
    Outside of Metro Areas 2 $280,000 $140,000 $0 0.00%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    Sturgis, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    Homestead Savings Bank's top markets include Battle Creek, Jackson, Lansing, Hillsdale, and Detroit among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $18,685,000 $132,518 $0 0.00%

    For 2021, Homestead Savings Bank's most frequently originated type of loan was Conventional, with 141 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 46 $6,920,000 $150,435 $0 0.00%
    Cash Out Refi 43 $5,935,000 $138,023 $0 0.00%
    Refi 37 $4,355,000 $117,703 $0 0.00%
    Home Improvement 9 $685,000 $76,111 $0 0.00%
    Other 6 $790,000 $131,667 $0 0.00%

    For 2021, Homestead Savings Bank's most frequently cited loan purpose was Home Purchase, with 46 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 141 $18,685,000 $132,518 $0 0.00%

    For 2021, Homestead Savings Bank's most frequently cited loan duration was Other, with 141 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 66 $9,370,000 $141,970 $0 0.00%
    $100,000 or less 55 $3,735,000 $67,909 $0 0.00%
    $200k-400k 18 $4,570,000 $253,889 $0 0.00%
    $400k-600k 2 $1,010,000 $505,000 $0 0.00%

    2021 saw Homestead Savings Bank place emphasis on $100k-200k loans with 66 originations, totaling $9,370,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 36 $3,000,000 $83,333 $0 0.00%
    $50k-75k 34 $4,440,000 $130,588 $0 0.00%
    $100k-150k 26 $3,600,000 $138,462 $0 0.00%
    $75k-100k 21 $2,615,000 $124,524 $0 0.00%
    $150k-250k 18 $3,370,000 $187,222 $0 0.00%
    $250k+ 3 $1,145,000 $381,667 $0 0.00%

    Homestead Savings Bank lent most frequently to those with incomes in the $50k or less range, with 36 originations. The second most popular income band? $50k-75k, with 34 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 141 $18,685,000 $132,518 $0 0.00%

    Homestead Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 141 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 119 $15,815,000 $132,899 $0 0.00%
    Not provided 13 $1,555,000 $119,615 $0 0.00%
    Black 6 $920,000 $153,333 $0 0.00%
    Asian 1 $225,000 $225,000 $0 0.00%
    American Indian 2 $170,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.23%

    Homestead Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.01%

    Homestead Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 141 $18,685,000 $132,518

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    141 $18,685,000 $132,518

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    HOMESTEAD FUNDING CORPORATION Conventional home mortgage Struggling to pay mortgage 1 33.3%
    HOMESTEAD FUNDING CORPORATION Conventional home mortgage Trouble during payment process 1 33.3%
    HOMESTEAD FUNDING CORPORATION FHA mortgage Closing on a mortgage 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Homestead Savings Bank 157 Main Street Springport, MI 49284 Full Service B&M $11,463
    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 $54,553
    Homestead Savings Bank 4625 Hull Road Leslie, MI 49251 Full Service B&M $7,359

    For 2021, Homestead Savings Bank had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $2,327
    Net interest income $2,255
    Total noninterest income $878
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $104
    Trading account gains and fees $0
    Additional Noninterest Income $774
    Pre-tax net operating income $207
    Securities gains (or losses, -) $4
    Income before extraordinary items $162
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $162
    Minority interest net income $0
    Net income $162
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $158

    Homestead Savings Bank's gross interest income from loans was $2,327,000.
    Homestead Savings Bank's net interest income from loans was $2,255,000.
    Homestead Savings Bank's fee based income from loans was $104,000.
    Homestead Savings Bank's net income from loans was $162,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $72
    Provision for credit losses $-32
    Total noninterest expense $2,958
    Salaries and employee benefits $1,514
    Premises and equipment expense $375
    Additional noninterest expense $1,069
    Applicable income taxes $49
    Net charge-offs $23
    Cash dividends $0

    Homestead Savings Bank's interest expense for loans was $72,000.
    Homestead Savings Bank's payroll and benefits expense were $1,514,000.
    Homestead Savings Bank's property, plant and equipment expenses $375,000.

    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 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 $78,195
    Deposits held in domestic offices $78,195
    Deposits by Individuals, partnerships, and corporations $63,403
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,792
    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 $42,542
    Demand deposits $36,631
    Nontransaction accounts $35,653
    Money market deposit accounts (MMDAs) $3,349
    Other savings deposits (excluding MMDAs) $26,547
    Total time deposits $5,756
    Total time and savings deposits $41,564
    Noninterest-bearing deposits $36,630
    Interest-bearing deposits $41,565
    Retail deposits $78,195
    IRAs and Keogh plan accounts $561
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $83,746
    Cash & Balances due from depository institutions $20,803
    Interest-bearing balances $17,882
    Total securities $9,581
    Federal funds sold & reverse repurchase $0
    Net loans and leases $48,482
    Loan and leases loss allowance $310
    Trading account assets $0
    Bank premises and fixed assets $1,866
    Other real estate owned $0
    Goodwill and other intangibles $506
    All other assets $2,508

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $83,746
    Total Liabilities $78,527
    Total deposits $78,195
    Interest-bearing deposits $41,565
    Deposits held in domestic offices $78,195
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $332

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $48,482
    Loan and leases loss allowance $310
    Total loans and leases (domestic) $48,792
    All real estate loans $45,314
    Real estate loans in domestic offices $45,314
    Construction and development loans $433
    Residential 1-4 family construction $141
    Other construction, all land development and other land $292
    Loans secured by nonfarm nonresidential properties $14,762
    Nonfarm nonresidential secured by owner-occupied properties $5,554
    Commercial real estate & other non-farm, non-residential $9,208
    Multifamily residential real estate $963
    1-4 family residential loans $28,781
    Farmland loans $375
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $2,437
    To non-U.S. addressees $0
    Loans to individuals $985
    Credit card loans $0
    Related Plans $4
    Consumer Auto Loans $711
    Other loans to individuals $270
    All other loans & leases $56
    Loans to foreign governments and official institutions $0
    Other loans $17
    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 $642
    Non 1-4 family restructured loans & leases $49
    Total loans and leases (foreign) $0

    Homestead Savings Bank had $48,482,000 of loans outstanding in 2021. $45,314,000 of loans were in real estate loans. $433,000 of loans were in development loans. $963,000 of loans were in multifamily mortgage loans. $28,781,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $711,000 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 25 $3,931 $157,240
    Nonfarm, nonresidential loans - <$100k 7 $304 $43,429
    Nonfarm, nonresidential loans - $100-250k 9 $1,165 $129,444
    Nonfarm, nonresidential loans - $250k-1MM 9 $2,462 $273,556
    Commercial & Industrial, US addressed loans - <$1MM 35 $2,020 $57,714
    Commercial & Industrial, US addressed loans - <$100k 24 $588 $24,500
    Commercial & Industrial, US addressed loans - $100-250k 8 $770 $96,250
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $662 $220,667
    Farmland loans - <$1MM 2 $375 $187,500
    Farmland loans - $250k-1MM 2 $375 $187,500