West Michigan Community Bank Mortgage Rates, Fees & Info

Hudsonville, MI

LEI: 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.

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

124

Origination Dollar Volume (All Markets)

$88,820,000

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
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%
West Michigan Community Bank's top markets include Grand Rapids, Holland, Muskegon, Big Rapids, and Niles among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • 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.

    Adventure Credit Union
    Similarity Rank: 130
    United Bank of Michigan
    Similarity Rank: 154
    Macatawa Bank
    Similarity Rank: 210
    MICHIGAN SCHOOLS AND GOVERNMENT
    Similarity Rank: 253
    PFCU
    Similarity Rank: 400
    Isabella Bank
    Similarity Rank: 400
    ARBOR FINANCIAL CREDIT UNION
    Similarity Rank: 462
    AAC Credit Union
    Similarity Rank: 488
    Community West Credit Union
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 89 $33,435,000 $375,674 $0 0.00%
    Refi 13 $49,115,000 $3,778,077 $0 0.00%
    Other 9 $1,555,000 $172,778 $0 0.00%
    Cash Out Refi 9 $2,735,000 $303,889 $0 0.00%
    Home Improvement 4 $1,980,000 $495,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 57 $15,525,000 $272,368 $0 0.00%
    $100k-200k 31 $4,935,000 $159,194 $0 0.00%
    $400k-600k 14 $6,770,000 $483,571 $0 0.00%
    $1MM+ 10 $56,040,000 $5,604,000 $0 0.00%
    $600k-1MM 7 $5,195,000 $742,143 $0 0.00%
    $100,000 or less 5 $355,000 $71,000 $0 0.00%

    2023 saw West Michigan Community Bank place emphasis on $200k-400k loans with 57 originations, totaling $15,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 26 $7,580,000 $291,538 $0 0.00%
    $50k-75k 22 $4,180,000 $190,000 $0 0.00%
    $250k+ 19 $12,745,000 $670,789 $0 0.00%
    $75k-100k 18 $4,180,000 $232,222 $0 0.00%
    $150k-250k 15 $5,225,000 $348,333 $0 0.00%
    $50k or less 7 $855,000 $122,143 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 16 $53,640,000 $3,352,500 $0 0.00%
    White 101 $32,665,000 $323,416 $0 0.00%
    Black 3 $1,575,000 $525,000 $0 0.00%
    Not provided 3 $675,000 $225,000 $0 0.00%
    Native Hawaiian or Islander 1 $265,000 $265,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.03%

    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 origination
    85.48%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    124 $88,820,000 $716,290