Level One Bank Mortgage Rates, Fees & Info

Farmington Hills, MI

LEI: 549300B3O78O3WRVJJ49

Tax ID: 32-0256611

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Mortgage Data

Bank Data

Review & Overview

Level One Bank is a smaller bank specializing in Home Purchase loans. Level One 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.) Their top markets by origination volume include: Detroit, Ann Arbor, Grand Rapids, Cadillac, and Holland among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

Level One Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Level One 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

614

Origination Dollar Volume (All Markets)

$165,710,000

Employee count

268

Awards

Level One Bank FHA Loans silver
Show all (1) awards

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) 403 $114,535,000 $284,206 $3,036 4.70%
ANN ARBOR, MI (FHA|USDA|VA) 96 $24,190,000 $251,979 $3,278 4.74%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 33 $8,275,000 $250,758 $3,209 4.77%
Outside of Metro Areas 12 $2,040,000 $170,000 $2,772 4.77%
Cadillac, MI (FHA|USDA|VA) 2 $1,370,000 $685,000 $0 5.35%
Holland, MI (FHA|USDA|VA) 7 $1,295,000 $185,000 $3,195 4.51%
MONROE, MI (FHA|USDA|VA) 7 $1,255,000 $179,286 $2,519 4.94%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 4 $1,170,000 $292,500 $2,868 4.70%
Adrian, MI (FHA|USDA|VA) 5 $1,065,000 $213,000 $2,794 4.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $1,065,000 $355,000 $5,841 4.67%
JACKSON, MI (FHA|USDA|VA) 5 $995,000 $199,000 $3,077 4.75%
FLINT, MI (FHA|USDA|VA) 6 $890,000 $148,333 $2,806 5.07%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $785,000 $112,143 $2,633 4.59%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $765,000 $765,000 $3,642 4.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $620,000 $310,000 $3,299 4.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $605,000 $605,000 $6,568 4.63%
Traverse City, MI (FHA|USDA|VA) 2 $600,000 $300,000 $2,765 4.81%
BOULDER, CO (FHA|USDA|VA) 1 $505,000 $505,000 $4,510 4.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,082 4.13%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $445,000 $445,000 $5,894 4.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,594 5.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $315,000 $315,000 $3,267 4.00%
Mount Pleasant, MI (FHA|USDA|VA) 1 $265,000 $265,000 $1,713 4.63%
Sandusky, OH (FHA|USDA|VA) 1 $255,000 $255,000 $2,246 4.63%
TOLEDO, OH (FHA|USDA|VA) 2 $240,000 $120,000 $2,912 5.19%
OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,076 5.38%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $195,000 $195,000 $3,065 4.13%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $185,000 $185,000 $3,292 5.50%
BEND, OR (FHA|USDA|VA) 1 $165,000 $165,000 $3,680 4.75%
Norwalk, OH (FHA|USDA|VA) 1 $165,000 $165,000 $2,988 4.70%
NILES, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,648 4.75%
Urbana, OH (FHA|USDA|VA) 1 $125,000 $125,000 $2,975 4.63%
Steamboat Springs, CO (FHA|USDA|VA) 1 $105,000 $105,000 $2,826 4.80%
Level One Bank's top markets include Detroit, Ann Arbor, Grand Rapids, Cadillac, and Holland among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Similar Lenders

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    CASE
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 599 $163,365,000 $272,730 $3,044 4.71%
    FHA 15 $2,345,000 $156,333 $4,984 4.78%

    For 2018, Level One Bank's most frequently originated type of loan was Conventional, with 599 originations. Their 2nd most popular type was FHA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 465 $124,035,000 $266,742 $3,246 4.69%
    Cash Out Refi 77 $21,725,000 $282,143 $2,696 4.97%
    Refi 56 $18,390,000 $328,393 $2,618 4.49%
    Other 15 $1,495,000 $99,667 $2,087 5.08%
    Home Improvement 1 $65,000 $65,000 $1,877 5.50%

    For 2018, Level One Bank's most frequently cited loan purpose was Home Purchase, with 465 originations. The 2nd most popular reason was Cash Out Refi, with 77 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 548 $142,750,000 $260,493 $3,150 4.74%
    15 Year 38 $6,590,000 $173,421 $2,608 4.34%
    20 Year 15 $2,845,000 $189,667 $2,444 4.62%
    5 Year 7 $8,245,000 $1,177,857 $0 5.48%
    10 Year 3 $395,000 $131,667 $2,165 4.17%
    Other 3 $4,885,000 $1,628,333 $1,960 5.12%

    For 2018, Level One Bank's most frequently cited loan duration was 30 Year, with 548 originations. The 2nd most popular length was 15 Year, with 38 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 432 $97,780,000 $226,343
    $1k-2k 115 $21,495,000 $186,913
    $2k-3k 46 $24,660,000 $536,087
    $3k-4k 4 $1,130,000 $282,500
    $4k-5k 4 $1,550,000 $387,500
    $5k+ 4 $6,250,000 $1,562,500

    Level One Bank's average total fees were $3,150, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 432 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 410 $107,920,000 $263,220
    5-6% 133 $32,325,000 $243,045
    3-4% 69 $25,115,000 $363,986
    6-7% 2 $350,000 $175,000

    During 2018, Level One Bank's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 410 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 210 $57,710,000 $274,810 $3,189 4.72%
    $100k-200k 202 $29,940,000 $148,218 $2,657 4.76%
    $100,000 or less 116 $8,660,000 $74,655 $2,439 4.86%
    $400k-600k 46 $21,730,000 $472,391 $4,180 4.37%
    $600k-1MM 25 $17,325,000 $693,000 $4,265 4.42%
    $1MM+ 15 $30,345,000 $2,023,000 $9,121 4.58%

    2018 saw Level One Bank place emphasis on $200k-400k loans with 210 originations, totaling $57,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 130 $31,400,000 $241,538 $3,021 4.80%
    $50k-75k 121 $20,255,000 $167,397 $2,738 4.79%
    $50k or less 112 $12,590,000 $112,411 $2,537 4.59%
    $150k-250k 105 $34,605,000 $329,571 $3,361 4.63%
    $75k-100k 86 $17,390,000 $202,209 $3,134 4.80%
    $250k+ 51 $36,625,000 $718,137 $4,705 4.52%

    Level One Bank lent most frequently to those with incomes in the $100k-150k range, with 130 originations. The second most popular income band? $50k-75k, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 123 $33,185,000 $269,797 $3,142 4.68%
    20-30% 118 $24,010,000 $203,475 $2,870 4.65%
    42% 51 $15,005,000 $294,216 $2,939 4.68%
    <20% 38 $10,520,000 $276,842 $2,948 4.53%
    41% 37 $9,355,000 $252,838 $3,414 4.74%
    40% 32 $10,670,000 $333,438 $3,553 4.61%
    39% 28 $8,660,000 $309,286 $3,246 4.67%
    37% 26 $6,600,000 $253,846 $2,760 4.70%
    38% 21 $7,105,000 $338,333 $3,666 4.85%
    45% 19 $5,145,000 $270,789 $3,449 5.06%
    36% 19 $3,965,000 $208,684 $2,989 4.78%
    44% 18 $4,370,000 $242,778 $3,205 4.85%
    43% 18 $3,560,000 $197,778 $3,447 4.93%
    46% 17 $3,205,000 $188,529 $2,844 4.70%
    47% 16 $2,470,000 $154,375 $2,520 5.02%
    49% 13 $2,855,000 $219,615 $3,006 4.62%
    48% 10 $1,920,000 $192,000 $2,734 4.55%
    50-60% 1 $265,000 $265,000 $6,816 4.63%

    Level One Bank lent most frequently to those with DTI ratios of 30-36%, with 123 originations. The next most common DTI ratio? 20-30%, with 118 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 497 $124,435,000 $250,372 $3,129 4.74%
    Asian 60 $19,610,000 $326,833 $3,283 4.71%
    Not applicable 9 $12,845,000 $1,427,222 $0 5.46%
    Black 34 $4,610,000 $135,588 $2,303 4.23%
    Not provided 14 $4,210,000 $300,714 $2,883 4.68%

    Approval Rates

    Total approvals of all applications
    95.50%

    Level One 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
    79.64%

    Level One Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 614 $165,710,000 $269,886

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,205,000 $1,205,000
    Multifamily:Site-Built 5 $10,935,000 $2,187,000
    Single Family (1-4 Units):Site-Built 608 $153,570,000 $252,582

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 24 $5,260,000 $219,167 $2,460 4.46%
    40-60% 42 $8,880,000 $211,429 $2,763 4.58%
    60-80% 232 $66,600,000 $287,069 $3,114 4.74%
    80-100% 313 $77,765,000 $248,450 $3,167 4.72%
    Over 100% 3 $7,205,000 $2,401,667 $0 5.78%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Level One Bank 1420 Washington Blvd Detroit, MI 48226 Full Service B&M $20,508
    Level One Bank 1732 West Maple Road Birmingham, MI 48009 Full Service B&M $40,019
    Level One Bank 20550 Haggerty Road Northville, MI 48167 Full Service B&M $39,688
    Level One Bank 22635 Woodward Ave. Ferndale, MI 48220 Full Service B&M $23,111
    Level One Bank 2355 Burton Street Se Grand Rapids, MI 49506 Full Service B&M $13,155
    Level One Bank 30095 Northwestern Highway Farmington Hills, MI 48334 Full Service B&M $84,890
    Level One Bank 30201 Orchard Lake Road Farmington Hills, MI 48334 Full Service B&M $63,554
    Level One Bank 32991 Hamilton Court Farmington Hills, MI 48334 Full Service B&M $639,043
    Level One Bank 37100 Woodward Avenue Bloomfield Township, MI 48304 Full Service B&M $62,044
    Level One Bank 43683 Schoenherr Road Sterling Heights, MI 48313 Full Service B&M $37,763
    Level One Bank 44350 West 12 Mile Road Novi, MI 48377 Full Service B&M $43,243
    Level One Bank 6450 Telegraph Road Bloomfield Hills, MI 48301 Full Service Retail $16,140

    For 2018, Level One Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $63,798
    Net interest income $51,413
    Total noninterest income $7,125
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,969
    Trading account gains and fees $0
    Additional Noninterest Income $4,156
    Pre-tax net operating income $18,226
    Securities gains (or losses, -) $-71
    Income before extraordinary items $14,732
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,732
    Minority interest net income $0
    Net income $14,732
    Sale, conversion, retirement of capital stock, net $488
    Net operating income $14,789

    Level One Bank's gross interest income from loans was $63,798,000.
    Level One Bank's net interest income from loans was $51,413,000.
    Level One Bank's fee based income from loans was $2,969,000.
    Level One Bank's net income from loans was $14,732,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $12,385
    Provision for credit losses $412
    Total noninterest expense $39,900
    Salaries and employee benefits $25,655
    Premises and equipment expense $3,702
    Additional noninterest expense $10,543
    Applicable income taxes $3,423
    Net charge-offs $559
    Cash dividends $0

    Level One Bank's interest expense for loans was $12,385,000.
    Level One Bank's payroll and benefits expense were $25,655,000.
    Level One Bank's property, plant and equipment expenses $3,702,000.

    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 1.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 2.0%
    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 $1,149,776
    Deposits held in domestic offices $1,149,776
    Deposits by Individuals, partnerships, and corporations $974,762
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $172,077
    Deposits by Commercial banks and other depository institutions in U.S. $2,937
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $377,330
    Demand deposits $325,296
    Nontransaction accounts $772,446
    Money market deposit accounts (MMDAs) $254,686
    Other savings deposits (excluding MMDAs) $32,888
    Total time deposits $484,871
    Total time and savings deposits $824,480
    Noninterest-bearing deposits $324,525
    Interest-bearing deposits $825,251
    Retail deposits $827,786
    IRAs and Keogh plan accounts $11,835
    Brokered deposits $110,259
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,413,654
    Cash & Balances due from depository institutions $30,896
    Interest-bearing balances $5,204
    Total securities $204,258
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,120,594
    Loan and leases loss allowance $11,566
    Trading account assets $0
    Bank premises and fixed assets $13,136
    Other real estate owned $0
    Goodwill and other intangibles $9,905
    All other assets $34,865

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,413,654
    Total Liabilities $1,258,406
    Total deposits $1,149,776
    Interest-bearing deposits $825,251
    Deposits held in domestic offices $1,149,776
    % insured (estimated) $55
    Federal funds purchased and repurchase agreements $5,609
    Trading liabilities $0
    Other borrowed funds $93,965
    Subordinated debt $0
    All other liabilities $9,056

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,120,594
    Loan and leases loss allowance $11,566
    Total loans and leases (domestic) $1,132,160
    All real estate loans $801,140
    Real estate loans in domestic offices $801,140
    Construction and development loans $49,607
    Residential 1-4 family construction $9,765
    Other construction, all land development and other land $39,842
    Loans secured by nonfarm nonresidential properties $499,484
    Nonfarm nonresidential secured by owner-occupied properties $217,340
    Commercial real estate & other non-farm, non-residential $282,144
    Multifamily residential real estate $62,152
    1-4 family residential loans $189,897
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $330,021
    To non-U.S. addressees $0
    Loans to individuals $989
    Credit card loans $0
    Related Plans $26
    Consumer Auto Loans $506
    Other loans to individuals $457
    All other loans & leases $10
    Loans to foreign governments and official institutions $0
    Other loans $10
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $9,639
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $931
    Non 1-4 family restructured loans & leases $568
    Total loans and leases (foreign) $0

    Level One Bank had $1,120,594,000 of loans outstanding in 2018. $801,140,000 of loans were in real estate loans. $49,607,000 of loans were in development loans. $62,152,000 of loans were in multifamily mortgage loans. $189,897,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $506,000 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 390 $120,613 $309,264
    Nonfarm, nonresidential loans - <$100k 15 $743 $49,533
    Nonfarm, nonresidential loans - $100-250k 84 $10,559 $125,702
    Nonfarm, nonresidential loans - $250k-1MM 291 $109,311 $375,639
    Commercial & Industrial, US addressed loans - <$1MM 667 $49,492 $74,201
    Commercial & Industrial, US addressed loans - <$100k 359 $3,746 $10,435
    Commercial & Industrial, US addressed loans - $100-250k 88 $5,797 $65,875
    Commercial & Industrial, US addressed loans - $250k-1MM 220 $39,949 $181,586