Commercial Bank Mortgage Rates, Fees & Info

Alma, MI

LEI: 549300FTVK4FVXS1IW37

Tax ID: 38-1688835

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Mortgage Data

Bank Data

Review & Overview

Commercial Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Commercial Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Lansing, Alma, Grand Rapids, Mount Pleasant, and Midland among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Commercial Bank has an 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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.62% 11/21/24
30 Year Conventional Refi 6.85% 11/21/24
30 Year Cash-out Refi 6.42% 11/21/24
30 Year USDA Purchase 7.74% 11/21/24
15 Year Conventional Purchase 6.13% 11/21/24
15 Year Conventional Refi 6.25% 11/21/24
15 Year Cash-out Refi 6.25% 11/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Commercial Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Commercial Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

199

Origination Dollar Volume (All Markets)

$31,815,000

Employee count

105

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
LANSING-EAST LANSING, MI (FHA|USDA|VA) 50 $9,160,000 $183,200 $0 0.00%
Alma, MI (FHA|USDA|VA) 66 $7,770,000 $117,727 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 23 $4,445,000 $193,261 $0 0.00%
Outside of Metro Areas 31 $4,355,000 $140,484 $0 0.00%
Mount Pleasant, MI (FHA|USDA|VA) 15 $2,645,000 $176,333 $0 0.00%
MIDLAND, MI (FHA|USDA|VA) 2 $800,000 $400,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $715,000 $238,333 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
SAGINAW, MI (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
Big Rapids, MI (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
Traverse City, MI (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
BATTLE CREEK, MI (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
FLINT, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Commercial Bank's top markets include Lansing, Alma, Grand Rapids, Mount Pleasant, and Midland among others.

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

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

    Isabella Bank
    Similarity Rank: 54
    Mercantile Bank of Michigan
    Similarity Rank: 105
    ACADEMY MORTGAGE CORPORATION
    Similarity Rank: 5005
    QUICKEN LOANS, LLC
    Similarity Rank: 8352

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 192 $31,230,000 $162,656 $0 0.00%
    USDA 7 $585,000 $83,571 $0 0.00%

    For 2019, Commercial Bank's most frequently originated type of loan was Conventional, with 192 originations. Their 2nd most popular type was USDA, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 99 $15,385,000 $155,404 $0 0.00%
    Cash Out Refi 49 $7,065,000 $144,184 $0 0.00%
    Refi 47 $8,855,000 $188,404 $0 0.00%
    Home Improvement 2 $310,000 $155,000 $0 0.00%
    Other 2 $200,000 $100,000 $0 0.00%

    For 2019, Commercial Bank's most frequently cited loan purpose was Home Purchase, with 99 originations. The 2nd most popular reason was Cash Out Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 199 $31,815,000 $159,874 $0 0.00%

    For 2019, Commercial Bank's most frequently cited loan duration was Other, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 90 $12,680,000 $140,889 $0 0.00%
    $100,000 or less 59 $3,925,000 $66,525 $0 0.00%
    $200k-400k 42 $11,250,000 $267,857 $0 0.00%
    $400k-600k 7 $3,265,000 $466,429 $0 0.00%
    $600k-1MM 1 $695,000 $695,000 $0 0.00%

    2019 saw Commercial Bank place emphasis on $100k-200k loans with 90 originations, totaling $12,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 47 $5,495,000 $116,915 $0 0.00%
    $100k-150k 46 $8,640,000 $187,826 $0 0.00%
    $75k-100k 39 $5,715,000 $146,538 $0 0.00%
    $50k or less 36 $3,030,000 $84,167 $0 0.00%
    $150k-250k 17 $4,155,000 $244,412 $0 0.00%
    $250k+ 9 $3,455,000 $383,889 $0 0.00%

    Commercial Bank lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $100k-150k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 199 $31,815,000 $159,874 $0 0.00%

    Commercial Bank lent most frequently to those with DTI ratios of Exempt%, with 199 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 186 $29,300,000 $157,527 $0 0.00%
    Not applicable 5 $1,325,000 $265,000 $0 0.00%
    Not provided 4 $580,000 $145,000 $0 0.00%
    Asian 2 $370,000 $185,000 $0 0.00%
    Black 2 $240,000 $120,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.33%

    Commercial Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.89%

    Commercial Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 199 $31,815,000 $159,874

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,490,000 $372,500
    Single Family (1-4 Units):Manufactured 7 $715,000 $102,143
    Single Family (1-4 Units):Site-Built 188 $29,610,000 $157,500

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    COMMERCE BANK Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    COMMERCE BANK Other type of mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Commercial Bank 104 N Mill St Saint Louis, MI 48880 Full Service B&M $9,565
    Commercial Bank 101 North Newton Street Middleton, MI 48856 Full Service B&M $24,778
    Commercial Bank 101 North Pine River Ithaca, MI 48847 Full Service B&M $185,062
    Commercial Bank 10530 W Carson City Rd Greenville, MI 48838 Full Service B&M $23,449
    Commercial Bank 1690 Wright Ave Alma, MI 48801 Full Service B&M $9,499
    Commercial Bank 2112 Jolly Road Okemos, MI 48864 Full Service B&M $6,661
    Commercial Bank 301 North State Street Alma, MI 48801 Full Service B&M $52,458
    Commercial Bank 322 South Jefferson Street Mason, MI 48854 Full Service B&M $59,763
    Commercial Bank 629 West State Street Hastings, MI 49058 Full Service B&M $35,381
    Commercial Bank 661 North Cedar Street Mason, MI 48854 Full Service B&M $4,536

    For 2019, Commercial Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,060
    Net interest income $15,259
    Total noninterest income $2,490
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $284
    Trading account gains and fees $0
    Additional Noninterest Income $2,206
    Pre-tax net operating income $6,795
    Securities gains (or losses, -) $1
    Income before extraordinary items $5,576
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,576
    Minority interest net income $0
    Net income $5,576
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,575

    Commercial Bank's gross interest income from loans was $20,060,000.
    Commercial Bank's net interest income from loans was $15,259,000.
    Commercial Bank's fee based income from loans was $284,000.
    Commercial Bank's net income from loans was $5,576,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,801
    Provision for credit losses $0
    Total noninterest expense $10,954
    Salaries and employee benefits $6,525
    Premises and equipment expense $1,359
    Additional noninterest expense $3,070
    Applicable income taxes $1,220
    Net charge-offs $-79
    Cash dividends $2,825

    Commercial Bank's interest expense for loans was $4,801,000.
    Commercial Bank's payroll and benefits expense were $6,525,000.
    Commercial Bank's property, plant and equipment expenses $1,359,000.

    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 2.0%
    Personal loans 21.0%
    Credit card loans 0.0%
    Other individual loans 21.0%
    Auto loans 0.0%
    Other consumer loans 29.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $391,542
    Deposits held in domestic offices $391,542
    Deposits by Individuals, partnerships, and corporations $359,854
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $30,841
    Deposits by Commercial banks and other depository institutions in U.S. $847
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $34,298
    Demand deposits $28,960
    Nontransaction accounts $357,244
    Money market deposit accounts (MMDAs) $169,814
    Other savings deposits (excluding MMDAs) $69,676
    Total time deposits $117,754
    Total time and savings deposits $362,582
    Noninterest-bearing deposits $87,134
    Interest-bearing deposits $304,408
    Retail deposits $310,557
    IRAs and Keogh plan accounts $5,773
    Brokered deposits $70,451
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $504,360
    Cash & Balances due from depository institutions $56,183
    Interest-bearing balances $50,120
    Total securities $31,493
    Federal funds sold & reverse repurchase $116
    Net loans and leases $382,940
    Loan and leases loss allowance $2,752
    Trading account assets $0
    Bank premises and fixed assets $8,607
    Other real estate owned $107
    Goodwill and other intangibles $3,861
    All other assets $21,053

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $504,360
    Total Liabilities $453,511
    Total deposits $391,542
    Interest-bearing deposits $304,408
    Deposits held in domestic offices $391,542
    % insured (estimated) $83
    Federal funds purchased and repurchase agreements $7,397
    Trading liabilities $0
    Other borrowed funds $52,389
    Subordinated debt $0
    All other liabilities $2,183

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $382,940
    Loan and leases loss allowance $2,752
    Total loans and leases (domestic) $385,692
    All real estate loans $344,627
    Real estate loans in domestic offices $344,627
    Construction and development loans $11,524
    Residential 1-4 family construction $1,344
    Other construction, all land development and other land $10,180
    Loans secured by nonfarm nonresidential properties $123,098
    Nonfarm nonresidential secured by owner-occupied properties $59,491
    Commercial real estate & other non-farm, non-residential $63,607
    Multifamily residential real estate $17,736
    1-4 family residential loans $172,829
    Farmland loans $19,440
    Loans held in foreign offices $0
    Farm loans $3,941
    Commercial and industrial loans $26,684
    To non-U.S. addressees $0
    Loans to individuals $8,766
    Credit card loans $0
    Related Plans $4,698
    Consumer Auto Loans $2,219
    Other loans to individuals $1,849
    All other loans & leases $1,674
    Loans to foreign governments and official institutions $0
    Other loans $30
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $8,610
    Non 1-4 family restructured loans & leases $5,274
    Total loans and leases (foreign) $0

    Commercial Bank had $382,940,000 of loans outstanding in 2019. $344,627,000 of loans were in real estate loans. $11,524,000 of loans were in development loans. $17,736,000 of loans were in multifamily mortgage loans. $172,829,000 of loans were in 1-4 family mortgage loans. $3,941,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,219,000 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 274 $59,296 $216,409
    Nonfarm, nonresidential loans - <$100k 65 $3,114 $47,908
    Nonfarm, nonresidential loans - $100-250k 77 $10,588 $137,506
    Nonfarm, nonresidential loans - $250k-1MM 132 $45,594 $345,409
    Commercial & Industrial, US addressed loans - <$1MM 297 $21,154 $71,226
    Commercial & Industrial, US addressed loans - <$100k 178 $4,234 $23,787
    Commercial & Industrial, US addressed loans - $100-250k 76 $5,843 $76,882
    Commercial & Industrial, US addressed loans - $250k-1MM 43 $11,077 $257,605
    Farmland loans - <$1MM 86 $10,397 $120,895
    Farmland loans - <$100k 21 $1,101 $52,429
    Farmland loans - $100-250k 41 $4,425 $107,927
    Farmland loans - $250k-1MM 24 $4,871 $202,958
    Agriculture operations loans - <$1MM 53 $3,941 $74,358
    Agriculture operations loans - <$100k 34 $1,024 $30,118
    Agriculture operations loans - $100-250k 14 $1,456 $104,000
    Agriculture operations loans - $250k-1MM 5 $1,461 $292,200