Level One Bank Mortgage Rates, Fees & Info

Farmington Hills, MI

LEI: 549300B3O78O3WRVJJ49

Tax ID: 32-0256611

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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

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

We use machine learning to identify the top lenders compared against Level One Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Polish-American Federal Credit Union
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MONROE COUNTY COMMUNITY CREDIT UNION
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First Federal Bank of the Midwest
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FINANCIAL PLUS CREDIT UNION
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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