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

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    West Michigan Community Bank is a smaller bank specializing in Home Purchase loans. West Michigan Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Lansing, Traverse City, and Muskegon among others. We have data for 8 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 an above average pick rate when compared to similar lenders. West Michigan Community 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    210

    Origination Dollar Volume (All Markets)

    $47,990,000

    Employee count

    94

    Awards

    West Michigan Community Bank 30 Year Conventional Loans bronze West Michigan Community Bank 30 Year Conventional Loans bronze West Michigan Community Bank 30 Year Conventional Loans gold
    Show all (3) 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
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 171 $39,155,000 $228,977 $2,597 4.69%
    Holland, MI (FHA|USDA|VA) 24 $5,140,000 $214,167 $2,821 4.74%
    Outside of Metro Areas 7 $2,035,000 $290,714 $2,485 4.38%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 3 $755,000 $251,667 $5,013 5.67%
    Traverse City, MI (FHA|USDA|VA) 1 $455,000 $455,000 $2,989 4.88%
    MUSKEGON, MI (FHA|USDA|VA) 2 $240,000 $120,000 $2,848 5.50%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 6.50%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,274 5.00%
    West Michigan Community Bank's top markets include Grand Rapids, Holland, Lansing, Traverse City, and Muskegon 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.

    Isabella Bank
    Similarity Rank: 209
    Macatawa Bank
    Similarity Rank: 273
    Community West Credit Union
    Similarity Rank: 276
    COMMUNITY FIRST
    Similarity Rank: 350
    PREFERRED CREDIT UNION
    Similarity Rank: 375
    West Michigan Community Bank
    Similarity Rank: 472
    PFCU
    Similarity Rank: 520
    AAC Credit Union
    Similarity Rank: 736
    Adventure Credit Union
    Similarity Rank: 752
    MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 210 $47,990,000 $228,524 $2,632 4.72%

    For 2018, West Michigan Community Bank's most frequently originated type of loan was Conventional, with 210 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 142 $32,640,000 $229,859 $2,893 4.67%
    Refi 36 $7,800,000 $216,667 $2,007 4.62%
    Cash Out Refi 32 $7,550,000 $235,938 $2,218 5.03%

    For 2018, West Michigan Community Bank's most frequently cited loan purpose was Home Purchase, with 142 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 161 $36,275,000 $225,311 $2,686 4.63%
    5 Year 18 $5,100,000 $283,333 $0 5.81%
    15 Year 16 $3,420,000 $213,750 $2,362 4.09%
    20 Year 9 $1,685,000 $187,222 $2,145 4.58%
    Other 3 $525,000 $175,000 $0 5.75%
    1 Year 2 $720,000 $360,000 $0 5.25%
    3 Year 1 $265,000 $265,000 $0 5.75%

    For 2018, West Michigan Community Bank's most frequently cited loan duration was 30 Year, with 161 originations. The 2nd most popular length was 5 Year, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 133 $25,895,000 $194,699
    $1k-2k 40 $10,440,000 $261,000
    $2k-3k 12 $4,840,000 $403,333
    $4k-5k 1 $205,000 $205,000

    West Michigan Community Bank's average total fees were $2,686, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 133 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 147 $34,395,000 $233,980
    5-6% 31 $5,885,000 $189,839
    3-4% 23 $5,965,000 $259,348
    6-7% 9 $1,745,000 $193,889

    During 2018, West Michigan Community Bank's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 147 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 96 $14,520,000 $151,250 $2,246 4.74%
    $200k-400k 69 $19,035,000 $275,870 $2,982 4.58%
    $100,000 or less 23 $1,615,000 $70,217 $2,081 5.10%
    $400k-600k 13 $6,075,000 $467,308 $3,785 4.40%
    $600k-1MM 8 $5,640,000 $705,000 $3,899 4.97%
    $1MM+ 1 $1,105,000 $1,105,000 $0 4.65%

    2018 saw West Michigan Community Bank place emphasis on $100k-200k loans with 96 originations, totaling $14,520,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 51 $9,145,000 $179,314 $2,591 4.64%
    $75k-100k 38 $8,030,000 $211,316 $2,605 4.66%
    $50k or less 35 $4,215,000 $120,429 $2,107 4.79%
    $100k-150k 30 $7,320,000 $244,000 $2,719 4.60%
    $150k-250k 20 $7,070,000 $353,500 $3,277 4.47%
    $250k+ 12 $5,080,000 $423,333 $3,403 4.58%

    West Michigan Community Bank lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $75k-100k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 40 $8,070,000 $201,750 $2,481 4.70%
    30-36% 34 $6,510,000 $191,471 $2,486 4.74%
    <20% 24 $5,420,000 $225,833 $2,399 4.56%
    37% 11 $3,295,000 $299,545 $2,913 4.47%
    36% 9 $1,915,000 $212,778 $2,318 4.42%
    43% 9 $1,535,000 $170,556 $2,799 4.60%
    40% 9 $1,975,000 $219,444 $2,472 4.33%
    44% 8 $1,410,000 $176,250 $2,666 4.88%
    45% 7 $1,995,000 $285,000 $3,264 4.63%
    42% 6 $2,100,000 $350,000 $3,031 4.35%
    39% 6 $1,300,000 $216,667 $2,897 4.42%
    46% 6 $1,480,000 $246,667 $2,922 4.58%
    38% 5 $1,015,000 $203,000 $3,506 4.45%
    50-60% 5 $1,355,000 $271,000 $3,219 5.43%
    49% 5 $1,355,000 $271,000 $2,840 5.00%
    48% 4 $780,000 $195,000 $2,776 4.81%
    47% 3 $495,000 $165,000 $2,115 4.42%
    41% 3 $635,000 $211,667 $2,660 4.38%

    West Michigan Community Bank lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 187 $41,375,000 $221,257 $2,627 4.64%
    Not applicable 14 $5,230,000 $373,571 $0 5.62%
    Asian 4 $720,000 $180,000 $2,636 4.41%
    Not provided 4 $510,000 $127,500 $3,753 5.31%
    American Indian 1 $155,000 $155,000 $2,248 4.13%

    Approval Rates

    Total approvals of all applications
    93.57%

    West Michigan Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.00%

    West Michigan Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 210 $47,990,000 $228,524

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $3,935,000 $562,143
    Single Family (1-4 Units):Site-Built 203 $44,055,000 $217,020

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,445,000 $111,154 $2,097 4.87%
    40-60% 27 $4,865,000 $180,185 $2,163 4.56%
    60-80% 94 $21,800,000 $231,915 $2,543 4.73%
    80-100% 75 $18,975,000 $253,000 $3,004 4.72%
    Under 20% 1 $905,000 $905,000 $0 5.86%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    West Michigan Community Bank 107 North State Street Zeeland, MI 49464 Full Service B&M $39,680
    West Michigan Community Bank 177 Ottawa Avenue Nw Grand Rapids, MI 49503 Full Service Retail $35,364
    West Michigan Community Bank 437 Baldwin Street Jenison, MI 49428 Full Service B&M $37,210
    West Michigan Community Bank 5367 School Avenue Hudsonville, MI 49426 Limited, Administrative $0
    West Michigan Community Bank 5367 School Avenue Hudsonville, MI 49426 Full Service B&M $160,682
    West Michigan Community Bank 725 Baldwin St Jenison, MI 49428 Full Service Retail $1,871
    West Michigan Community Bank 82 Douglas Avenue Holland, MI 49424 Full Service B&M $15,732
    West Michigan Community Bank 99 East 8th Street Holland, MI 49423 Full Service B&M $112,460

    For 2018, West Michigan Community Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $21,350
    Net interest income $18,275
    Total noninterest income $2,971
    Gross Fiduciary activities income $675
    Service charges on deposit accounts $385
    Trading account gains and fees $0
    Additional Noninterest Income $1,911
    Pre-tax net operating income $4,505
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,567
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,567
    Minority interest net income $0
    Net income $3,567
    Sale, conversion, retirement of capital stock, net $8,001
    Net operating income $3,567

    West Michigan Community Bank's gross interest income from loans was $21,350,000.
    West Michigan Community Bank's net interest income from loans was $18,275,000.
    West Michigan Community Bank's fee based income from loans was $385,000.
    West Michigan Community Bank's net income from loans was $3,567,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,075
    Provision for credit losses $1,150
    Total noninterest expense $15,591
    Salaries and employee benefits $8,177
    Premises and equipment expense $1,293
    Additional noninterest expense $6,121
    Applicable income taxes $938
    Net charge-offs $-24
    Cash dividends $0

    West Michigan Community Bank's interest expense for loans was $3,075,000.
    West Michigan Community Bank's payroll and benefits expense were $8,177,000.
    West Michigan Community Bank's property, plant and equipment expenses $1,293,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $439,561
    Deposits held in domestic offices $439,561
    Deposits by Individuals, partnerships, and corporations $396,332
    Deposits by U.S. Government $4,734
    Deposits by States and political subdivisions in the U.S. $28,233
    Deposits by Commercial banks and other depository institutions in U.S. $10,262
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $33,343
    Demand deposits $22,065
    Nontransaction accounts $406,218
    Money market deposit accounts (MMDAs) $171,022
    Other savings deposits (excluding MMDAs) $155,118
    Total time deposits $80,080
    Total time and savings deposits $417,496
    Noninterest-bearing deposits $90,051
    Interest-bearing deposits $349,510
    Retail deposits $390,302
    IRAs and Keogh plan accounts $4,216
    Brokered deposits $24,846
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $518,084
    Cash & Balances due from depository institutions $15,848
    Interest-bearing balances $3,101
    Total securities $39,357
    Federal funds sold & reverse repurchase $0
    Net loans and leases $440,501
    Loan and leases loss allowance $6,234
    Trading account assets $58
    Bank premises and fixed assets $7,456
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $14,864

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $518,084
    Total Liabilities $465,395
    Total deposits $439,561
    Interest-bearing deposits $349,510
    Deposits held in domestic offices $439,561
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $6,000
    Trading liabilities $58
    Other borrowed funds $17,000
    Subordinated debt $0
    All other liabilities $2,776

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $440,501
    Loan and leases loss allowance $6,234
    Total loans and leases (domestic) $446,735
    All real estate loans $299,159
    Real estate loans in domestic offices $299,159
    Construction and development loans $55,369
    Residential 1-4 family construction $19,923
    Other construction, all land development and other land $35,446
    Loans secured by nonfarm nonresidential properties $155,553
    Nonfarm nonresidential secured by owner-occupied properties $80,435
    Commercial real estate & other non-farm, non-residential $75,118
    Multifamily residential real estate $7,564
    1-4 family residential loans $72,477
    Farmland loans $8,196
    Loans held in foreign offices $0
    Farm loans $12,668
    Commercial and industrial loans $130,657
    To non-U.S. addressees $0
    Loans to individuals $4,194
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $862
    Other loans to individuals $3,332
    All other loans & leases $56
    Loans to foreign governments and official institutions $0
    Other loans $56
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,866
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,584
    Non 1-4 family restructured loans & leases $1,432
    Total loans and leases (foreign) $0

    West Michigan Community Bank had $440,501,000 of loans outstanding in 2018. $299,159,000 of loans were in real estate loans. $55,369,000 of loans were in development loans. $7,564,000 of loans were in multifamily mortgage loans. $72,477,000 of loans were in 1-4 family mortgage loans. $12,668,000 of loans were in farm loans. $0 of loans were in credit card loans. $862,000 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 246 $70,448 $286,374
    Nonfarm, nonresidential loans - <$100k 24 $1,266 $52,750
    Nonfarm, nonresidential loans - $100-250k 83 $11,368 $136,964
    Nonfarm, nonresidential loans - $250k-1MM 139 $57,814 $415,928
    Commercial & Industrial, US addressed loans - <$1MM 338 $41,299 $122,186
    Commercial & Industrial, US addressed loans - <$100k 129 $2,753 $21,341
    Commercial & Industrial, US addressed loans - $100-250k 92 $8,049 $87,489
    Commercial & Industrial, US addressed loans - $250k-1MM 117 $30,497 $260,658
    Farmland loans - <$1MM 9 $1,246 $138,444
    Farmland loans - <$100k 1 $10 $10,000
    Farmland loans - $100-250k 3 $286 $95,333
    Farmland loans - $250k-1MM 5 $950 $190,000
    Agriculture operations loans - <$1MM 1 $0 $0
    Agriculture operations loans - <$100k 1 $0 $0