Consumers Mortgage Rates, Fees & Info

Kalamazoo, MI

LEI: 549300GSYIBSO9N4PB10

Tax ID: 38-1438667

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Review & Overview

    Consumers is a smaller mortgage company specializing in Home Purchase and Refi loans. Consumers has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Kalamazoo, Holland, Battle Creek, and Coldwater among others. We have data for 28 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.44% 11/21/24
    30 Year Conventional Purchase 6.80% 11/21/24
    30 Year Conventional Refi 6.67% 11/21/24
    30 Year Cash-out Refi 6.87% 11/21/24
    30 Year FHA Purchase 6.27% 11/21/24
    30 Year VA Purchase 6.27% 11/21/24
    15 Year Conventional Purchase 6.12% 11/21/24
    15 Year Conventional Refi 6.43% 11/21/24
    15 Year Cash-out Refi 6.43% 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.

    Consumers Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Consumers. 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

    4,360

    Origination Dollar Volume (All Markets)

    $709,160,000
    Show all (10) 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) 1,445 $263,365,000 $182,260 $2,445 3.36%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1,550 $236,410,000 $152,523 $2,391 3.25%
    Outside of Metro Areas 580 $89,920,000 $155,034 $2,481 3.24%
    Holland, MI (FHA|USDA|VA) 299 $44,345,000 $148,311 $2,428 3.37%
    BATTLE CREEK, MI (FHA|USDA|VA) 103 $14,285,000 $138,689 $2,304 3.25%
    Coldwater, MI (FHA|USDA|VA) 76 $9,010,000 $118,553 $2,267 3.24%
    MUSKEGON, MI (FHA|USDA|VA) 60 $8,120,000 $135,333 $2,333 3.43%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 35 $7,535,000 $215,286 $3,009 3.43%
    Sturgis, MI (FHA|USDA|VA) 42 $6,260,000 $149,048 $2,671 3.26%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 39 $5,855,000 $150,128 $2,650 3.44%
    NILES, MI (FHA|USDA|VA) 30 $5,800,000 $193,333 $2,658 3.17%
    Traverse City, MI (FHA|USDA|VA) 12 $3,670,000 $305,833 $3,576 3.34%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 22 $3,100,000 $140,909 $2,468 3.14%
    Big Rapids, MI (FHA|USDA|VA) 12 $2,400,000 $200,000 $2,617 3.46%
    JACKSON, MI (FHA|USDA|VA) 13 $1,965,000 $151,154 $2,629 3.37%
    Hillsdale, MI (FHA|USDA|VA) 15 $1,645,000 $109,667 $2,427 3.06%
    ANN ARBOR, MI (FHA|USDA|VA) 5 $1,205,000 $241,000 $2,579 3.23%
    Ludington, MI (FHA|USDA|VA) 5 $1,145,000 $229,000 $2,665 2.90%
    FLINT, MI (FHA|USDA|VA) 4 $610,000 $152,500 $2,966 3.09%
    Adrian, MI (FHA|USDA|VA) 2 $560,000 $280,000 $2,621 3.43%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $545,000 $545,000 $3,018 3.00%
    Jasper, IN (FHA|USDA|VA) 1 $365,000 $365,000 $2,451 3.38%
    Alpena, MI (FHA|USDA|VA) 2 $230,000 $115,000 $1,668 3.50%
    Cadillac, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,895 3.00%
    Mount Pleasant, MI (FHA|USDA|VA) 2 $180,000 $90,000 $2,182 3.25%
    MIDLAND, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,327 4.06%
    SAGINAW, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,442 3.99%
    Marquette, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,173 5.00%
    Consumers's top markets include Grand Rapids, Kalamazoo, Holland, Battle Creek, and Coldwater among others.

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

    • 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.

    Edgewater Bank
    Similarity Rank: 44
    Polish-American Federal Credit Union
    Similarity Rank: 212
    Farmers State Bank
    Similarity Rank: 240
    St James Mortgage Corporation
    Similarity Rank: 304
    Community West Credit Union
    Similarity Rank: 306
    KENT COUNTY CREDIT UNION
    Similarity Rank: 316
    BlueOx Credit Union
    Similarity Rank: 406
    KALSEE CREDIT UNION
    Similarity Rank: 430
    PREFERRED CREDIT UNION
    Similarity Rank: 532
    MEMBERS FIRST Credit Union
    Similarity Rank: 561

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,224 $623,510,000 $193,396 $2,438 3.14%
    HELOC 1,136 $85,650,000 $75,396 n/a 3.73%

    For 2021, Consumers's most frequently originated type of loan was Conventional, with 3,224 originations. Their 2nd most popular type was HELOC, with 1,136 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,418 $320,420,000 $225,966 $2,680 3.35%
    Refi 1,217 $198,735,000 $163,299 $2,247 2.97%
    Cash Out Refi 940 $136,770,000 $145,500 $2,371 3.23%
    Home Improvement 783 $53,055,000 $67,759 $262 3.78%
    Other 2 $180,000 $90,000 $1,262 3.27%

    For 2021, Consumers's most frequently cited loan purpose was Home Purchase, with 1,418 originations. The 2nd most popular reason was Refi, with 1,217 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,130 $506,810,000 $161,920 $2,580 3.50%
    15 Year 744 $121,740,000 $163,629 $2,218 2.51%
    10 Year 183 $20,995,000 $114,727 $1,727 2.91%
    20 Year 172 $29,510,000 $171,570 $2,317 3.00%
    30+ year 60 $23,550,000 $392,500 $5,094 3.49%
    Other 41 $5,755,000 $140,366 $1,618 3.85%
    5 Year 30 $800,000 $26,667 $263 5.03%

    For 2021, Consumers's most frequently cited loan duration was 30 Year, with 3,130 originations. The 2nd most popular length was 15 Year, with 744 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 2,484 $477,230,000 $192,122
    $1k-2k 577 $121,615,000 $210,771
    $2k-3k 47 $11,275,000 $239,894
    $3k-4k 13 $2,975,000 $228,846
    $5k+ 10 $3,640,000 $364,000
    $4k-5k 4 $840,000 $210,000

    Consumers's average total fees were $2,580, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2,484 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 2,218 $359,130,000 $161,916
    2.5-3% 927 $191,755,000 $206,855
    <2.5% 713 $113,625,000 $159,362
    4-5% 337 $36,575,000 $108,531
    5-6% 119 $5,885,000 $49,454
    6-7% 35 $1,625,000 $46,429
    7-8% 9 $525,000 $58,333
    Over 8% 2 $40,000 $20,000

    During 2021, Consumers's average interest rate for loans was 3.50%, while their most frequently originated rate bucket for loans was 3-4%, with 2,218 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,673 $244,155,000 $145,938 $2,325 3.12%
    $100,000 or less 1,368 $73,330,000 $53,604 $1,749 3.63%
    $200k-400k 1,147 $304,035,000 $265,070 $2,749 3.18%
    $400k-600k 156 $74,310,000 $476,346 $3,485 3.07%
    $600k-1MM 14 $10,180,000 $727,143 $4,443 3.58%
    $1MM+ 2 $3,150,000 $1,575,000 $5,544 3.75%

    2021 saw Consumers place emphasis on $100k-200k loans with 1,673 originations, totaling $244,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,125 $154,265,000 $137,124 $2,289 3.30%
    $75k-100k 904 $146,810,000 $162,400 $2,464 3.27%
    $100k-150k 896 $167,350,000 $186,775 $2,572 3.29%
    $50k or less 751 $82,865,000 $110,340 $2,221 3.28%
    $150k-250k 474 $101,740,000 $214,641 $2,809 3.35%
    $250k+ 133 $42,755,000 $321,466 $3,071 3.42%

    Consumers lent most frequently to those with incomes in the $50k-75k range, with 1,125 originations. The second most popular income band? $75k-100k, with 904 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 2,036 $336,460,000 $165,255 $2,431 3.15%
    20-30% 1,475 $252,215,000 $170,993 $2,452 3.35%
    30-36% 432 $67,470,000 $156,181 $2,490 3.48%
    36% 60 $10,200,000 $170,000 $2,510 3.45%
    38% 49 $6,485,000 $132,347 $2,340 3.79%
    37% 46 $7,580,000 $164,783 $2,606 3.49%
    39% 36 $4,020,000 $111,667 $2,299 3.63%
    40% 33 $5,055,000 $153,182 $2,118 3.63%
    41% 32 $4,490,000 $140,313 $2,088 3.83%
    43% 27 $2,295,000 $85,000 $2,331 3.58%
    >60% 24 $1,870,000 $77,917 $135 3.93%
    42% 23 $3,265,000 $141,957 $2,647 3.76%
    44% 19 $1,555,000 $81,842 $2,391 3.34%
    50-60% 19 $1,445,000 $76,053 $0 3.82%
    45% 15 $1,935,000 $129,000 $2,783 3.20%
    47% 13 $1,335,000 $102,692 $1,934 3.28%
    46% 11 $775,000 $70,455 $969 4.03%
    48% 4 $370,000 $92,500 $1,729 3.76%
    49% 4 $220,000 $55,000 $2,539 4.44%

    Consumers lent most frequently to those with DTI ratios of <20%, with 2,036 originations. The next most common DTI ratio? 20-30%, with 1,475 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,623 $594,425,000 $164,070 $2,443 3.30%
    Not provided 557 $85,295,000 $153,133 $2,403 3.28%
    Asian 73 $14,355,000 $196,644 $2,443 3.10%
    Black 92 $13,310,000 $144,674 $2,436 3.53%
    American Indian 8 $990,000 $123,750 $2,167 2.97%
    Native Hawaiian or Islander 3 $615,000 $205,000 $2,541 4.25%
    Samoan 1 $65,000 $65,000 $0 5.25%
    Vietnamese 1 $35,000 $35,000 $0 3.25%
    Japanese 1 $35,000 $35,000 $0 3.25%
    Asian Indian 1 $35,000 $35,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    93.81%

    Consumers has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.17%

    Consumers has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,360 $709,160,000 $162,651

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,360 $709,160,000 $162,651

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 583 $49,635,000 $85,137 $1,804 3.37%
    40-60% 652 $94,640,000 $145,153 $2,168 2.85%
    60-80% 1,221 $239,585,000 $196,220 $2,510 3.05%
    80-100% 1,328 $303,730,000 $228,712 $2,675 3.38%
    Under 20% 576 $21,570,000 $37,448 $581 4.08%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Consumer Credit Services, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%