West Michigan Community Bank Mortgage Rates, Fees & Info
Hudsonville, MILEI: 549300FN26DK7DGUPD51
Tax ID: 38-2113597
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
West Michigan Community Bank is a smaller bank specializing in Home Purchase and Refi loans. West Michigan Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Muskegon, Big Rapids, and Niles among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)West Michigan Community 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.
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Originations
124Origination Dollar Volume (All Markets)
$88,820,000Top 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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 87 | $74,725,000 | $858,908 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 23 | $8,125,000 | $353,261 | $0 | 0.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 2 | $2,320,000 | $1,160,000 | $0 | 0.00% |
| Outside of Metro Areas | 6 | $1,940,000 | $323,333 | $0 | 0.00% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 0.00% |
| NILES, MI (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| Traverse City, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 0.00% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against West Michigan Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 130
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Similarity Rank: 552
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 124 | $88,820,000 | $716,290 | $0 | 0.00% |
For 2023, West Michigan Community Bank's most frequently originated type of loan was Conventional, with 124 originations.
Loan Reason
For 2023, West Michigan Community Bank's most frequently cited loan purpose was Home Purchase, with 89 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 124 | $88,820,000 | $716,290 | $0 | 0.00% |
For 2023, West Michigan Community Bank's most frequently cited loan duration was Other, with 124 originations.
Loan Sizing
2023 saw West Michigan Community Bank place emphasis on $200k-400k loans with 57 originations, totaling $15,525,000 in origination value.
Applicant Income
West Michigan Community Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $50k-75k, with 22 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 124 | $88,820,000 | $716,290 | $0 | 0.00% |
West Michigan Community Bank lent most frequently to those with DTI ratios of Exempt%, with 124 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.03%
West Michigan Community 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 origination85.48%
West Michigan Community Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 124 | $88,820,000 | $716,290 |