The Dart Bank Mortgage Rates, Fees & Info

Mason, MI

LEI: 5493008P6YO2KM3EO556

Tax ID: 38-0464116

5 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Dart Bank is a smaller bank specializing in Home Purchase and Refi loans. The Dart 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 include Lansing, Detroit, Jackson, Ann Arbor, and Grand Rapids among others. The Dart Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Dart Bank is typically a low fee lendor.


Originations

2,695

Origination Dollar Volume (All Markets)

$642,585,000

Employee count

182 Show all (5) awards

Relative Rate

The Dart Bank's average 30 year fixed rate mortgage of loans were 3.29%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.14%.

Relative Fees

The Dart Bank's average total fees for a 30 year fixed rate mortgage are $3,128.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1,576 $355,860,000 $225,799 $3,022 3.21%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 287 $90,315,000 $314,686 $3,666 3.40%
JACKSON, MI (FHA|USDA|VA) 246 $47,330,000 $192,398 $2,998 3.25%
ANN ARBOR, MI (FHA|USDA|VA) 100 $28,440,000 $284,400 $3,141 3.22%
Outside of Metro Areas 133 $28,385,000 $213,421 $3,671 3.36%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 106 $25,750,000 $242,925 $2,643 3.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $5,845,000 $1,169,000 $9,032 3.87%
FLINT, MI (FHA|USDA|VA) 23 $5,365,000 $233,261 $3,402 3.29%
Adrian, MI (FHA|USDA|VA) 24 $4,940,000 $205,833 $3,032 3.38%
Traverse City, MI (FHA|USDA|VA) 13 $3,845,000 $295,769 $3,701 3.61%
Alma, MI (FHA|USDA|VA) 19 $3,585,000 $188,684 $3,661 3.14%
BATTLE CREEK, MI (FHA|USDA|VA) 13 $3,255,000 $250,385 $3,277 3.17%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 11 $3,225,000 $293,182 $2,772 3.05%
Hillsdale, MI (FHA|USDA|VA) 13 $3,125,000 $240,385 $2,931 3.38%
MIDLAND, MI (FHA|USDA|VA) 16 $2,810,000 $175,625 $3,539 3.71%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $2,655,000 $531,000 $5,736 3.25%
MUSKEGON, MI (FHA|USDA|VA) 10 $1,930,000 $193,000 $3,559 3.04%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,805,000 $361,000 $3,767 3.05%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,690,000 $422,500 $3,189 3.41%
Mount Pleasant, MI (FHA|USDA|VA) 6 $1,380,000 $230,000 $2,980 3.27%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $4,826 3.38%
Cadillac, MI (FHA|USDA|VA) 6 $1,120,000 $186,667 $3,719 3.46%
BAY CITY, MI (FHA|USDA|VA) 6 $1,040,000 $173,333 $3,568 3.54%
Key West, FL (FHA|USDA|VA) 1 $945,000 $945,000 $7,994 3.99%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $930,000 $232,500 $4,144 3.19%
Holland, MI (FHA|USDA|VA) 4 $890,000 $222,500 $3,562 3.56%
MONROE, MI (FHA|USDA|VA) 4 $880,000 $220,000 $3,306 3.44%
NILES, MI (FHA|USDA|VA) 3 $875,000 $291,667 $3,419 3.00%
Big Rapids, MI (FHA|USDA|VA) 5 $855,000 $171,000 $3,160 3.27%
Alpena, MI (FHA|USDA|VA) 2 $810,000 $405,000 $4,256 3.75%
BEND, OR (FHA|USDA|VA) 1 $755,000 $755,000 $6,412 3.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $740,000 $370,000 $4,286 3.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $675,000 $225,000 $4,167 3.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $665,000 $221,667 $3,585 3.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $580,000 $290,000 $3,402 3.81%
SAGINAW, MI (FHA|USDA|VA) 4 $580,000 $145,000 $3,493 3.66%
Payson, AZ (FHA|USDA|VA) 1 $545,000 $545,000 $4,709 2.38%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $545,000 $545,000 $6,540 3.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $530,000 $265,000 $3,431 2.88%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $505,000 $505,000 $3,513 2.38%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $445,000 $445,000 $3,504 2.88%
Ludington, MI (FHA|USDA|VA) 2 $420,000 $210,000 $3,914 3.81%
Oak Harbor, WA (FHA|USDA|VA) 1 $415,000 $415,000 $3,087 3.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $375,000 $375,000 $2,326 3.38%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $325,000 $325,000 $4,000 3.25%
GREELEY, CO (FHA|USDA|VA) 1 $315,000 $315,000 $3,546 3.00%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $285,000 $285,000 $3,116 2.88%
ASHEVILLE, NC (FHA|USDA|VA) 1 $275,000 $275,000 $2,831 3.38%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $275,000 $275,000 $3,633 3.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $235,000 $235,000 $1,831 3.13%
Albertville, AL (FHA|USDA|VA) 1 $225,000 $225,000 $2,660 4.88%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $215,000 $215,000 $6,120 2.88%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $185,000 $185,000 $3,879 2.88%
FORT WAYNE, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,561 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,314 2.38%
Sturgis, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,479 2.88%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $155,000 $155,000 $3,426 3.38%
SUMTER, SC (FHA|USDA|VA) 1 $145,000 $145,000 $2,925 3.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $145,000 $145,000 $3,439 2.50%
OCALA, FL (FHA|USDA|VA) 1 $95,000 $95,000 $3,248 3.38%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $95,000 $95,000 $3,126 2.88%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,566 2.75%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $55,000 $55,000 $2,531 3.38%

The Dart Bank's top markets include Lansing, Detroit, Jackson, Ann Arbor, and Grand Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,592 $622,850,000 $240,297 $3,062 3.26%
FHA 66 $11,500,000 $174,242 $5,993 3.21%
VA 26 $6,430,000 $247,308 $5,506 3.00%
USDA 11 $1,805,000 $164,091 $4,306 3.13%

For the 2021 period, The Dart Bank's most frequently originated loan type of loans were Conventional, with 2,592 originations. Their 2nd most popular type is FHA, with 66 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,572 $405,130,000 $257,716 $3,595 3.35%
Refi 714 $151,420,000 $212,073 $2,471 3.00%
Cash Out Refi 405 $81,565,000 $201,395 $2,720 3.31%
Home Improvement 4 $4,470,000 $1,117,500 $0 4.50%

For the 2021, The Dart Bank's most frequently cited loan purpose of loans were Home Purchase, with 1,572 originations. The 2nd most popular reason of loans were Refi, with 714 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,801 $407,615,000 $226,327 $3,128 3.29%
15 Year 401 $81,985,000 $204,451 $2,483 2.68%
30+ year 309 $109,815,000 $355,388 $4,649 3.68%
20 Year 85 $17,115,000 $201,353 $2,356 3.41%
Other 66 $19,140,000 $290,000 $2,695 3.20%
10 Year 25 $5,015,000 $200,600 $2,061 3.62%
5 Year 8 $1,900,000 $237,500 $0 4.53%

For the 2021, The Dart Bank's most frequently cited loan length of loans were 30 Year, with 1,801 originations. The 2nd most popular length of loans were 15 Year, with 401 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,434 $339,350,000 $236,646
$<1k 1,090 $258,150,000 $236,835
$2k-3k 90 $18,700,000 $207,778
$3k-4k 43 $11,345,000 $263,837
$5k+ 9 $2,765,000 $307,222

$3,128 of loans were The Dart Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,434 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,561 $395,025,000 $253,059
2.5-3% 795 $176,385,000 $221,868
<2.5% 181 $37,785,000 $208,757
4-5% 141 $32,075,000 $227,482
6-7% 9 $405,000 $45,000
5-6% 8 $910,000 $113,750

During 2021, The Dart Bank's average interest rate of loans were 3.29%, while their most frequently originated rate bucket of loans were 3-4%, with 1,561 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,119 $310,035,000 $277,064 $3,336 3.23%
$100k-200k 997 $148,995,000 $149,443 $2,867 3.21%
$100,000 or less 282 $20,920,000 $74,184 $2,442 3.41%
$400k-600k 252 $119,360,000 $473,651 $4,030 3.28%
$600k-1MM 35 $26,585,000 $759,571 $4,983 3.70%
$1MM+ 10 $16,690,000 $1,669,000 $7,309 3.83%

2021 saw The Dart Bank place emphasis on $200k-400k loans with 1,119 originations, totaling $310,035,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 655 $172,895,000 $263,962 $3,244 3.23%
$50k-75k 580 $97,890,000 $168,776 $3,095 3.27%
$75k-100k 509 $109,385,000 $214,902 $3,023 3.22%
$150k-250k 385 $126,895,000 $329,597 $3,305 3.22%
$50k or less 359 $44,205,000 $123,134 $2,905 3.28%
$250k+ 173 $75,045,000 $433,786 $3,686 3.25%

The Dart Bank lent most frequently to those with incomes in the $100k-150k range, with 655 originations. The second most popular income band? $50k-75k, with 580 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 644 $145,840,000 $226,460 $2,961 3.20%
30-36% 515 $119,295,000 $231,641 $3,054 3.25%
<20% 234 $51,420,000 $219,744 $2,829 3.05%
42% 144 $34,660,000 $240,694 $3,432 3.29%
41% 131 $30,855,000 $235,534 $3,318 3.38%
40% 116 $28,160,000 $242,759 $3,326 3.32%
43% 104 $29,570,000 $284,327 $3,488 3.42%
39% 102 $24,090,000 $236,176 $3,258 3.22%
37% 101 $24,945,000 $246,980 $3,201 3.33%
38% 90 $20,300,000 $225,556 $3,146 3.30%
36% 89 $19,995,000 $224,663 $3,251 3.23%
44% 85 $20,775,000 $244,412 $3,237 3.31%
45% 79 $21,045,000 $266,392 $3,409 3.38%
49% 64 $16,530,000 $258,281 $3,426 3.23%
47% 55 $13,895,000 $252,636 $3,688 3.24%
46% 51 $12,585,000 $246,765 $3,246 3.35%
48% 40 $9,390,000 $234,750 $3,615 3.17%
50-60% 23 $6,065,000 $263,696 $4,899 3.16%

The Dart Bank lent most frequently to those with DTI ratios of 20-30%, with 644 originations. The next most common DTI ratio? 30-36%, with 515 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,320 $540,470,000 $232,961 $3,133 3.25%
Not provided 169 $40,495,000 $239,615 $3,265 3.29%
Asian 99 $29,485,000 $297,828 $3,191 3.12%
Black 67 $18,175,000 $271,269 $3,964 3.37%
Not applicable 23 $10,445,000 $454,130 $0 4.16%
American Indian 16 $3,050,000 $190,625 $3,057 3.33%
Native Hawaiian 1 $465,000 $465,000 $3,360 3.13%

Approval Rates

Total approvals of all applications
96.01%

The Dart 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 origination
79.23%

The Dart Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,695 $642,585,000 $238,436

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,695 $642,585,000 $238,436

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 81 $10,365,000 $127,963 $2,523 3.17%
40-60% 336 $60,030,000 $178,661 $2,646 3.00%
60-80% 1,126 $270,450,000 $240,187 $2,933 3.23%
80-100% 1,131 $299,145,000 $264,496 $3,590 3.33%
Over 100% 3 $905,000 $301,667 $14,026 2.96%
Under 20% 18 $1,690,000 $93,889 $1,168 5.06%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Dart Bank 500 N Homer Street Lansing, MI 48912 Full Service B&M $34,721
The Dart Bank 1020 Charlevoix Drive Grand Ledge, MI 48837 Full Service B&M $84,356
The Dart Bank 2469 Cedar Street Delhi Township, MI 48842 Full Service B&M $129,021
The Dart Bank 368 South Park Street Mason, MI 48854 Full Service B&M $305,492

For 2021, The Dart Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $29,264
Net interest income $27,792
Total noninterest income $24,387
Gross Fiduciary activities income $0
Service charges on deposit accounts $4,946
Trading account gains and fees $-90
Additional Noninterest Income $19,531
Pre-tax net operating income $15,828
Securities gains (or losses, -) $0
Income before extraordinary items $12,497
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $12,497
Minority interest net income $0
Net income $12,497
Sale, conversion, retirement of capital stock, net $-43
Net operating income $12,497

The Dart Bank's gross interest income from loans was $29,264,000.
The Dart Bank's net interest income from loans was $27,792,000.
The Dart Bank's fee based income from loans was $4,946,000.
The Dart Bank's net income from loans was $12,497,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,472
Provision for credit losses $1,035
Total noninterest expense $35,316
Salaries and employee benefits $22,993
Premises and equipment expense $2,352
Additional noninterest expense $9,971
Applicable income taxes $3,331
Net charge-offs $194
Cash dividends $3,717

The Dart Bank's interest expense for loans was $1,472,000.
The Dart Bank's payroll and benefits expense were $22,993,000.
The Dart Bank's property, plant and equipment expenses $2,352,000.

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 $564,231
Deposits held in domestic offices $564,231
Deposits by Individuals, partnerships, and corporations $520,131
Deposits by U.S. Government $11,110
Deposits by States and political subdivisions in the U.S. $24,885
Deposits by Commercial banks and other depository institutions in U.S. $8,104
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $331,514
Demand deposits $295,525
Nontransaction accounts $232,716
Money market deposit accounts (MMDAs) $139,877
Other savings deposits (excluding MMDAs) $49,661
Total time deposits $43,179
Total time and savings deposits $268,705
Noninterest-bearing deposits $295,525
Interest-bearing deposits $268,706
Retail deposits $554,641
IRAs and Keogh plan accounts $7,706
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $698,469
Cash & Balances due from depository institutions $60,697
Interest-bearing balances $45,126
Total securities $44,808
Federal funds sold & reverse repurchase $0
Net loans and leases $539,871
Loan and leases loss allowance $7,234
Trading account assets $374
Bank premises and fixed assets $12,007
Other real estate owned $208
Goodwill and other intangibles $11,332
All other assets $29,172

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $698,469
Total Liabilities $623,124
Total deposits $564,231
Interest-bearing deposits $268,706
Deposits held in domestic offices $564,231
% insured (estimated) $53
Federal funds purchased and repurchase agreements $0
Trading liabilities $277
Other borrowed funds $48,900
Subordinated debt $0
All other liabilities $9,716

Issued Loan Types

Type Value (in 000's)
Net loans and leases $539,871
Loan and leases loss allowance $7,234
Total loans and leases (domestic) $547,105
All real estate loans $460,468
Real estate loans in domestic offices $460,468
Construction and development loans $65,471
Residential 1-4 family construction $51,178
Other construction, all land development and other land $14,293
Loans secured by nonfarm nonresidential properties $149,192
Nonfarm nonresidential secured by owner-occupied properties $130,062
Commercial real estate & other non-farm, non-residential $19,130
Multifamily residential real estate $17,519
1-4 family residential loans $216,546
Farmland loans $11,740
Loans held in foreign offices $0
Farm loans $7,283
Commercial and industrial loans $76,331
To non-U.S. addressees $0
Loans to individuals $4,242
Credit card loans $185
Related Plans $22
Consumer Auto Loans $1,674
Other loans to individuals $2,361
All other loans & leases $29
Loans to foreign governments and official institutions $0
Other loans $29
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 $2,558
Non 1-4 family restructured loans & leases $1,861
Total loans and leases (foreign) $0

The Dart Bank had $539,871,000 of loans outstanding in 2021. $460,468,000 of loans were in real estate loans. $65,471,000 of loans were in development loans. $17,519,000 of loans were in multifamily mortgage loans. $216,546,000 of loans were in 1-4 family mortgage loans. $7,283,000 of loans were in farm loans. $185,000 of loans were in credit card loans. $1,674,000 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 209 $46,807 $223,957
Nonfarm, nonresidential loans - <$100k 32 $1,299 $40,594
Nonfarm, nonresidential loans - $100-250k 70 $7,036 $100,514
Nonfarm, nonresidential loans - $250k-1MM 107 $38,472 $359,551
Commercial & Industrial, US addressed loans - <$1MM 427 $29,359 $68,756
Commercial & Industrial, US addressed loans - <$100k 292 $6,238 $21,363
Commercial & Industrial, US addressed loans - $100-250k 75 $6,683 $89,107
Commercial & Industrial, US addressed loans - $250k-1MM 60 $16,438 $273,967
Farmland loans - <$1MM 41 $6,032 $147,122
Farmland loans - <$100k 15 $686 $45,733
Farmland loans - $100-250k 15 $2,077 $138,467
Farmland loans - $250k-1MM 11 $3,269 $297,182
Agriculture operations loans - <$1MM 38 $2,729 $71,816
Agriculture operations loans - <$100k 24 $513 $21,375
Agriculture operations loans - $100-250k 7 $912 $130,286
Agriculture operations loans - $250k-1MM 7 $1,304 $186,286