Dow Chemical Employees' Mortgage Rates, Fees & Info

Midland, MI

LEI: 549300EWYXV06QXJH078

Tax ID: 38-0495567

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Dow Chemical Employees' is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Dow Chemical Employees' has a high proportion of conventional loans. Their top markets include Midland, Saginaw, Bay City, Detroit, and Grand Rapids among others. Dow Chemical Employees' 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. Dow Chemical Employees' is typically a low fee lendor.


Originations

1,170

Origination Dollar Volume (All Markets)

$186,020,000

Awards

DOW CHEMICAL EMPLOYEES' 30 Year Conventional Loans bronze DOW CHEMICAL EMPLOYEES' 30 Year Conventional Loans silver DOW CHEMICAL EMPLOYEES' 30 Year Conventional Loans bronze DOW CHEMICAL EMPLOYEES' 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Dow Chemical Employees''s average 30 year fixed rate mortgage of loans were 3.44%.

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

This yields a difference of 0.29%.

Relative Fees

Dow Chemical Employees''s average total fees for a 30 year fixed rate mortgage are $2,732.

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
MIDLAND, MI (FHA|USDA|VA) 575 $89,725,000 $156,043 $2,166 3.28%
Outside of Metro Areas 144 $22,970,000 $159,514 $2,398 3.34%
SAGINAW, MI (FHA|USDA|VA) 135 $21,915,000 $162,333 $2,187 3.33%
BAY CITY, MI (FHA|USDA|VA) 160 $21,420,000 $133,875 $2,128 3.27%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 38 $7,930,000 $208,684 $2,163 3.39%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 20 $4,150,000 $207,500 $2,000 3.36%
Mount Pleasant, MI (FHA|USDA|VA) 23 $3,555,000 $154,565 $2,260 3.32%
Traverse City, MI (FHA|USDA|VA) 17 $3,365,000 $197,941 $2,584 3.32%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 13 $2,365,000 $181,923 $3,100 3.32%
ANN ARBOR, MI (FHA|USDA|VA) 4 $1,740,000 $435,000 $2,516 3.19%
Alma, MI (FHA|USDA|VA) 10 $1,400,000 $140,000 $2,969 3.36%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $1,245,000 $415,000 $5,553 3.33%
FLINT, MI (FHA|USDA|VA) 6 $1,070,000 $178,333 $1,891 3.29%
Cadillac, MI (FHA|USDA|VA) 5 $605,000 $121,000 $1,582 3.43%
Holland, MI (FHA|USDA|VA) 3 $535,000 $178,333 $3,733 3.33%
Marquette, MI (FHA|USDA|VA) 2 $390,000 $195,000 $2,957 3.00%
JACKSON, MI (FHA|USDA|VA) 2 $340,000 $170,000 $2,030 3.56%
NILES, MI (FHA|USDA|VA) 2 $300,000 $150,000 $2,365 3.06%
MONROE, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,095 2.88%
Alpena, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,859 3.00%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $165,000 $165,000 $2,278 3.13%
Sturgis, MI (FHA|USDA|VA) 1 $135,000 $135,000 $1,861 3.13%
Big Rapids, MI (FHA|USDA|VA) 1 $105,000 $105,000 $1,685 3.75%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $95,000 $95,000 $1,901 3.13%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $85,000 $85,000 $1,731 2.88%
Houghton, MI (FHA|USDA|VA) 1 $45,000 $45,000 $1,384 3.75%

Dow Chemical Employees''s top markets include Midland, Saginaw, Bay City, Detroit, and Grand Rapids among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,170 $186,020,000 $158,991 $2,224 3.30%

For the 2021 period, Dow Chemical Employees''s most frequently originated loan type of loans were Conventional, with 1,170 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 407 $59,255,000 $145,590 $1,808 3.43%
Home Purchase 381 $72,625,000 $190,617 $3,127 3.29%
Refi 341 $50,545,000 $148,226 $1,825 3.10%
Home Improvement 40 $3,490,000 $87,250 $1,276 3.69%
Other 1 $105,000 $105,000 $1,681 3.75%

For the 2021, Dow Chemical Employees''s most frequently cited loan purpose of loans were Cash Out Refi, with 407 originations. The 2nd most popular reason of loans were Home Purchase, with 381 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 568 $101,380,000 $178,486 $2,732 3.44%
15 Year 294 $40,770,000 $138,673 $1,669 3.17%
20 Year 182 $30,250,000 $166,209 $1,996 3.16%
10 Year 94 $9,280,000 $98,723 $1,524 3.00%
Other 26 $4,100,000 $157,692 $1,917 3.59%
5 Year 6 $240,000 $40,000 $580 4.23%

For the 2021, Dow Chemical Employees''s most frequently cited loan length of loans were 30 Year, with 568 originations. The 2nd most popular length of loans were 15 Year, with 294 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,170 $186,020,000 $158,991

$2,732 of loans were Dow Chemical Employees''s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,170 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 725 $127,615,000 $176,021
2.5-3% 318 $46,500,000 $146,226
<2.5% 65 $9,265,000 $142,538
4-5% 62 $2,640,000 $42,581

During 2021, Dow Chemical Employees''s average interest rate of loans were 3.44%, while their most frequently originated rate bucket of loans were 3-4%, with 725 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 550 $79,420,000 $144,400 $2,171 3.27%
$100,000 or less 323 $21,745,000 $67,322 $1,539 3.34%
$200k-400k 270 $70,420,000 $260,815 $3,054 3.30%
$400k-600k 23 $11,205,000 $487,174 $3,191 3.36%
$600k-1MM 4 $3,230,000 $807,500 $3,217 3.75%

2021 saw Dow Chemical Employees' place emphasis on $100k-200k loans with 550 originations, totaling $79,420,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 308 $38,500,000 $125,000 $2,181 3.31%
$100k-150k 286 $54,250,000 $189,685 $2,482 3.31%
$75k-100k 217 $31,125,000 $143,433 $2,201 3.35%
$50k or less 170 $14,770,000 $86,882 $1,880 3.24%
$150k-250k 161 $37,935,000 $235,621 $2,264 3.22%
$250k+ 28 $9,440,000 $337,143 $2,108 3.52%

Dow Chemical Employees' lent most frequently to those with incomes in the $50k-75k range, with 308 originations. The second most popular income band? $100k-150k, with 286 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 370 $58,960,000 $159,351 $2,129 3.27%
30-36% 233 $37,315,000 $160,150 $2,382 3.31%
<20% 189 $28,705,000 $151,878 $1,993 3.17%
44% 49 $7,475,000 $152,551 $2,704 3.30%
36% 39 $5,555,000 $142,436 $2,372 3.41%
38% 38 $5,920,000 $155,789 $2,416 3.29%
37% 34 $5,920,000 $174,118 $2,591 3.33%
41% 33 $6,135,000 $185,909 $2,171 3.49%
40% 31 $4,805,000 $155,000 $2,605 3.35%
39% 28 $4,200,000 $150,000 $2,489 3.40%
43% 28 $5,890,000 $210,357 $2,617 3.26%
42% 27 $4,225,000 $156,481 $1,832 3.52%
45% 22 $3,490,000 $158,636 $2,167 3.40%
46% 18 $3,140,000 $174,444 $1,798 3.49%
47% 15 $2,445,000 $163,000 $1,890 3.55%
48% 7 $745,000 $106,429 $1,371 3.86%
49% 7 $945,000 $135,000 $1,761 3.36%
50-60% 2 $150,000 $75,000 $1,561 3.44%

Dow Chemical Employees' lent most frequently to those with DTI ratios of 20-30%, with 370 originations. The next most common DTI ratio? 30-36%, with 233 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 783 $121,055,000 $154,604 $2,133 3.29%
Not provided 364 $61,250,000 $168,269 $2,446 3.32%
Asian 8 $1,800,000 $225,000 $1,975 3.09%
American Indian 7 $725,000 $103,571 $1,961 3.20%
Black 6 $630,000 $105,000 $1,302 3.69%
Chinese 1 $305,000 $305,000 $2,122 2.63%
Other Asian 1 $255,000 $255,000 $2,248 3.13%

Approval Rates

Total approvals of all applications
98.84%

Dow Chemical Employees' 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
62.70%

Dow Chemical Employees' has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 1,170 $186,020,000 $158,991

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,170 $186,020,000 $158,991

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 90 $7,760,000 $86,222 $1,488 3.22%
40-60% 226 $31,010,000 $137,212 $1,744 3.11%
60-80% 461 $82,115,000 $178,124 $1,910 3.28%
80-100% 344 $63,670,000 $185,087 $3,400 3.34%
Under 20% 49 $1,465,000 $29,898 $497 4.21%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Diaz Anselmo Lindberg, P.A. Other type of mortgage Struggling to pay mortgage 1 100.0%