University Bank Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300IFOE4SCP384147

Tax ID: 38-0875820

1 stars - Updated: 9/25/23 - out of 5 stars, based on 21 reviews

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

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Mortgage Data

Review & Overview

University Bank is a smaller bank specializing in Home Purchase loans. University Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Tallahassee, Pensacola, Ann Arbor, Chicago, and Crestview among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)

University 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. University Bank is typically an average 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 relatively high 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
30 Year Conventional Purchase 6.44% 9/25/23
30 Year Conventional Refi 6.67% 9/25/23
30 Year Cash-out Refi 6.16% 9/25/23
30 Year FHA Purchase 6.99% 9/25/23
30 Year FHA Refi 6.27% 9/25/23
30 Year VA Purchase 5.85% 9/25/23
30 Year USDA Purchase 6.35% 9/25/23
15 Year Conventional Purchase 5.93% 9/25/23
15 Year VA Purchase 6.08% 9/25/23
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.

University Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from University 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

456

Origination Dollar Volume (All Markets)

$116,060,000

Relative Rate

University Bank's average 30 year fixed mortgage rate was 6.14%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 1.38%.

Relative Fees (Closing Costs)

University Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,743.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
TALLAHASSEE, FL (FHA|USDA|VA) 93 $23,705,000 $254,892 $7,699 6.24%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 60 $19,290,000 $321,500 $8,586 6.30%
ANN ARBOR, MI (FHA|USDA|VA) 64 $18,400,000 $287,500 $4,481 5.73%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 60 $13,450,000 $224,167 $5,599 6.10%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 28 $10,430,000 $372,500 $8,192 6.12%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 60 $9,850,000 $164,167 $3,895 6.08%
Crawfordsville, IN (FHA|USDA|VA) 20 $3,360,000 $168,000 $5,259 6.15%
JACKSON, MI (FHA|USDA|VA) 14 $2,190,000 $156,429 $5,110 5.83%
SAN ANGELO, TX (FHA|USDA|VA) 8 $1,970,000 $246,250 $8,301 6.03%
Outside of Metro Areas 7 $1,715,000 $245,000 $11,396 6.29%
Adrian, MI (FHA|USDA|VA) 9 $1,375,000 $152,778 $8,662 5.93%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $1,150,000 $575,000 $7,683 5.94%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $900,000 $450,000 $12,011 4.75%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $880,000 $440,000 $4,110 3.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $615,000 $615,000 $10,632 5.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $585,000 $585,000 $2,480 6.13%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $535,000 $535,000 $11,148 6.13%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $465,000 $155,000 $3,949 6.17%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $435,000 $435,000 $7,172 6.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $335,000 $335,000 $19,797 5.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $335,000 $335,000 $9,002 6.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $325,000 $325,000 $4,793 6.25%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $305,000 $305,000 $7,825 5.88%
Bainbridge, GA (FHA|USDA|VA) 1 $305,000 $305,000 $10,436 6.13%
PANAMA CITY, FL (FHA|USDA|VA) 1 $295,000 $295,000 $7,187 6.13%
Mount Pleasant, MI (FHA|USDA|VA) 1 $275,000 $275,000 $0 5.75%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $275,000 $275,000 $4,098 5.50%
Atmore, AL (FHA|USDA|VA) 1 $265,000 $265,000 $10,502 6.25%
MONROE, MI (FHA|USDA|VA) 1 $265,000 $265,000 $6,657 6.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $225,000 $225,000 $7,703 6.63%
FLINT, MI (FHA|USDA|VA) 1 $215,000 $215,000 $7,810 6.75%
VALDOSTA, GA (FHA|USDA|VA) 1 $215,000 $215,000 $8,123 6.13%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,480 5.13%
Greensburg, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,662 5.63%
NILES, MI (FHA|USDA|VA) 1 $185,000 $185,000 $2,951 5.25%
Marquette, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,838 6.13%
Okeechobee, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,047 6.88%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $115,000 $115,000 $3,468 6.50%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $4,867 6.63%
University Bank's top markets include Tallahassee, Pensacola, Ann Arbor, Chicago, and Crestview among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 292 $70,000,000 $239,726 $5,029 6.08%
    FHA 81 $18,315,000 $226,111 $9,789 6.19%
    VA 69 $25,185,000 $365,000 $8,185 5.95%
    USDA 12 $2,250,000 $187,500 $6,449 5.86%
    FHA 2 $310,000 $155,000 $0 6.95%

    For 2022, University Bank's most frequently originated type of loan was Conventional, with 292 originations. Their 2nd most popular type was FHA, with 81 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 412 $109,280,000 $265,243 $6,846 6.08%
    Cash Out Refi 14 $2,530,000 $180,714 $4,913 5.83%
    Home Improvement 12 $970,000 $80,833 $1,301 5.82%
    Refi 10 $2,250,000 $225,000 $4,193 6.43%
    Other 8 $1,030,000 $128,750 $2,291 6.49%

    For 2022, University Bank's most frequently cited loan purpose was Home Purchase, with 412 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 387 $104,475,000 $269,961 $6,743 6.14%
    5 Year 27 $3,835,000 $142,037 $677 5.44%
    15 Year 24 $2,830,000 $117,917 $2,050 5.74%
    Other 7 $1,265,000 $180,714 $2,626 6.48%
    30+ year 7 $3,265,000 $466,429 $14,158 6.03%
    20 Year 2 $170,000 $85,000 $3,444 5.69%
    10 Year 1 $45,000 $45,000 $1,551 6.49%
    1 Year 1 $175,000 $175,000 $0 4.75%

    For 2022, University Bank's most frequently cited loan duration was 30 Year, with 387 originations. The 2nd most popular length was 5 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 131 $34,185,000 $260,954
    $<1k 98 $25,000,000 $255,102
    $2k-3k 58 $13,350,000 $230,172
    $5k+ 54 $18,300,000 $338,889
    $3k-4k 53 $13,005,000 $245,377
    $4k-5k 24 $6,430,000 $267,917

    University Bank's average total fees were $6,743, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 131 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 237 $61,085,000 $257,743
    5-6% 156 $41,370,000 $265,192
    4-5% 31 $6,975,000 $225,000
    7-8% 27 $4,975,000 $184,259
    3-4% 5 $1,655,000 $331,000

    During 2022, University Bank's average interest rate for loans was 6.14%, while their most frequently originated rate bucket for loans was 6-7%, with 237 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 216 $61,160,000 $283,148 $7,498 6.12%
    $100k-200k 145 $22,365,000 $154,241 $4,811 6.07%
    $100,000 or less 43 $2,655,000 $61,744 $2,500 6.04%
    $400k-600k 39 $18,325,000 $469,872 $9,722 6.02%
    $600k-1MM 11 $8,595,000 $781,364 $7,916 5.85%
    $1MM+ 2 $2,960,000 $1,480,000 $5,301 5.19%

    2022 saw University Bank place emphasis on $200k-400k loans with 216 originations, totaling $61,160,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 115 $24,055,000 $209,174 $6,555 6.17%
    $100k-150k 96 $28,330,000 $295,104 $7,192 6.09%
    $75k-100k 94 $22,540,000 $239,787 $6,929 6.23%
    $150k-250k 58 $21,770,000 $375,345 $6,062 6.05%
    $50k or less 53 $7,205,000 $135,943 $5,176 6.00%
    $250k+ 15 $8,505,000 $567,000 $5,253 5.92%

    University Bank lent most frequently to those with incomes in the $50k-75k range, with 115 originations. The second most popular income band? $100k-150k, with 96 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 75 $17,795,000 $237,267 $5,602 6.11%
    20-30% 51 $10,815,000 $212,059 $4,318 6.01%
    50-60% 44 $12,340,000 $280,455 $9,252 6.04%
    44% 30 $6,870,000 $229,000 $6,240 6.29%
    41% 24 $6,610,000 $275,417 $5,903 6.26%
    36% 23 $7,795,000 $338,913 $6,934 5.90%
    43% 22 $6,880,000 $312,727 $6,106 6.15%
    39% 22 $5,250,000 $238,636 $5,240 6.11%
    38% 15 $4,205,000 $280,333 $8,312 5.91%
    48% 15 $4,635,000 $309,000 $7,552 6.24%
    46% 14 $3,290,000 $235,000 $6,300 6.17%
    37% 14 $4,810,000 $343,571 $5,508 6.02%
    <20% 13 $2,835,000 $218,077 $5,758 5.81%
    40% 13 $3,385,000 $260,385 $6,821 6.14%
    42% 13 $2,575,000 $198,077 $4,809 6.37%
    49% 13 $3,635,000 $279,615 $10,517 6.17%
    45% 12 $4,000,000 $333,333 $8,305 6.34%
    47% 11 $2,845,000 $258,636 $7,728 6.28%
    >60% 4 $1,480,000 $370,000 $11,003 6.37%

    University Bank lent most frequently to those with DTI ratios of 30-36%, with 75 originations. The next most common DTI ratio? 20-30%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 332 $85,600,000 $257,831 $6,328 6.16%
    Black 47 $10,685,000 $227,340 $6,328 6.03%
    Not provided 27 $8,495,000 $314,630 $6,916 6.21%
    Asian 20 $6,180,000 $309,000 $8,531 5.55%
    Not applicable 26 $3,700,000 $142,308 $0 5.40%
    American Indian 4 $1,400,000 $350,000 $10,543 6.06%

    Approval Rates

    Total approvals of all applications
    98.97%

    University 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
    73.46%

    University Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 456 $116,060,000 $254,518

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    456 $116,060,000 $254,518

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 26 $3,690,000 $141,923 $3,796 6.16%
    40-60% 31 $7,225,000 $233,065 $4,688 6.03%
    60-80% 99 $24,365,000 $246,111 $5,859 5.79%
    80-100% 258 $71,600,000 $277,519 $6,988 6.22%
    Over 100% 24 $8,060,000 $335,833 $11,766 5.91%
    Under 20% 17 $945,000 $55,588 $1,136 5.85%