Consumers Mortgage Rates, Fees & Info
Kalamazoo, MILEI: 549300GSYIBSO9N4PB10
Tax ID: 38-1438667
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Mortgage Data
Review & Overview
Consumers is a smaller mortgage company specializing in Home Purchase and Refi loans. Consumers has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Kalamazoo, Grand Rapids, Holland, Coldwater, and Battle Creek among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)Consumers 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. Consumers 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.44% | 4/21/24 |
| 30 Year Conventional Purchase | 6.80% | 4/21/24 |
| 30 Year Conventional Refi | 6.67% | 4/21/24 |
| 30 Year Cash-out Refi | 6.87% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.12% | 4/21/24 |
| 15 Year Conventional Refi | 6.43% | 4/21/24 |
| 15 Year Cash-out Refi | 6.43% | 4/21/24 |
| 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. | ||
Consumers Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,928Origination Dollar Volume (All Markets)
$220,740,000Awards
CONSUMERS - 2018
CONSUMERS is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 854 | $96,110,000 | $112,541 | $2,309 | 5.22% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 430 | $53,180,000 | $123,674 | $2,264 | 5.34% |
| Outside of Metro Areas | 291 | $32,185,000 | $110,601 | $2,274 | 5.18% |
| Holland, MI (FHA|USDA|VA) | 141 | $15,865,000 | $112,518 | $2,349 | 5.22% |
| Coldwater, MI (FHA|USDA|VA) | 66 | $6,580,000 | $99,697 | $2,245 | 5.21% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 52 | $6,480,000 | $124,615 | $2,174 | 5.15% |
| Sturgis, MI (FHA|USDA|VA) | 20 | $1,860,000 | $93,000 | $2,625 | 5.12% |
| NILES, MI (FHA|USDA|VA) | 12 | $1,550,000 | $129,167 | $2,534 | 4.92% |
| MUSKEGON, MI (FHA|USDA|VA) | 12 | $1,310,000 | $109,167 | $2,223 | 5.07% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 7 | $1,115,000 | $159,286 | $2,502 | 4.79% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 7 | $1,075,000 | $153,571 | $2,431 | 5.10% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $3,023 | 4.90% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 9 | $625,000 | $69,444 | $2,527 | 5.46% |
| Hillsdale, MI (FHA|USDA|VA) | 9 | $575,000 | $63,889 | $2,341 | 5.21% |
| Angola, IN (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $1,917 | 5.29% |
| FLINT, MI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,512 | 4.69% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,806 | 4.88% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,254 | 5.25% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.50% |
| Ludington, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $0 | 4.38% |
| JACKSON, MI (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $2,249 | 5.10% |
| Marquette, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,120 | 5.38% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $1,896 | 4.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against CONSUMERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 12
Similarity Rank: 32
Similarity Rank: 95
Similarity Rank: 96
Similarity Rank: 105
Similarity Rank: 120
Similarity Rank: 192
Similarity Rank: 209
Similarity Rank: 216
Similarity Rank: 256
Product Mix
For 2018, Consumers's most frequently originated type of loan was Conventional, with 1,430 originations. Their 2nd most popular type was HELOC, with 466 originations.
Loan Reason
For 2018, Consumers's most frequently cited loan purpose was Home Purchase, with 879 originations. The 2nd most popular reason was Refi, with 629 originations.
Loan Duration/Length
For 2018, Consumers's most frequently cited loan duration was 30 Year, with 1,035 originations. The 2nd most popular length was Other, with 406 originations.
Origination Fees/Closing Costs
Consumers's average total fees were $2,481, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,061 originations.
Interest Rates
During 2018, Consumers's average interest rate for loans was 5.11%, while their most frequently originated rate bucket for loans was 4-5%, with 933 originations.
Loan Sizing
2018 saw Consumers place emphasis on $100,000 or less loans with 963 originations, totaling $45,005,000 in origination value.
Applicant Income
Consumers lent most frequently to those with incomes in the $50k-75k range, with 536 originations. The second most popular income band? $50k or less, with 474 originations.
Applicant Debt to Income Ratio
Consumers lent most frequently to those with DTI ratios of <20%, with 785 originations. The next most common DTI ratio? 20-30%, with 700 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.37%
Consumers has an average approval rate.
Pick Rate
Approvals leading to origination73.34%
Consumers has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1000.43 | 1 | $115,000 | $115,000 |
| 1009.93 | 1 | $155,000 | $155,000 |
| 1051.41 | 1 | $105,000 | $105,000 |
| 1069.0 | 1 | $285,000 | $285,000 |
| 1152.93 | 1 | $65,000 | $65,000 |
| 1211.49 | 1 | $65,000 | $65,000 |
| 1488.36 | 1 | $145,000 | $145,000 |
| 1720.4 | 1 | $155,000 | $155,000 |
| 1891.11 | 1 | $85,000 | $85,000 |
| 825.0 | 5 | $895,000 | $179,000 |
| 992.25 | 1 | $45,000 | $45,000 |
| NA | 1,913 | $218,625,000 | $114,284 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 48 | $3,750,000 | $78,125 |
| Single Family (1-4 Units):Site-Built | 1,880 | $216,990,000 | $115,420 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Consumer Real Estate Finance Co. | FHA mortgage | Closing on a mortgage | 2 | 66.7% |
| Consumer Real Estate Finance Co. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |