Bank Of Ann Arbor Mortgage Rates, Fees & Info

Ann Arbor, MI

LEI: 549300PI8J8CV6B53I58

Tax ID: 38-3252110

2.2 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Of Ann Arbor is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Bank Of Ann Arbor 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 include Detroit, Ann Arbor, Flint, Traverse City, and Monroe among others. Bank Of Ann Arbor has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bank Of Ann Arbor is typically a high fee lendor.


Originations

836

Origination Dollar Volume (All Markets)

$264,200,000

Employee count

296 Show all (5) awards

Relative Rate

Bank Of Ann Arbor's average 30 year fixed rate mortgage of loans were 3%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.15%.

Relative Fees

Bank Of Ann Arbor's average total fees for a 30 year fixed rate mortgage are $7,993.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 392 $131,350,000 $335,077 $10,274 2.94%
ANN ARBOR, MI (FHA|USDA|VA) 301 $95,015,000 $315,664 $2,944 2.77%
FLINT, MI (FHA|USDA|VA) 30 $6,060,000 $202,000 $3,312 3.03%
Outside of Metro Areas 33 $5,825,000 $176,515 $3,148 3.56%
Traverse City, MI (FHA|USDA|VA) 8 $3,180,000 $397,500 $3,107 2.95%
MONROE, MI (FHA|USDA|VA) 10 $2,930,000 $293,000 $3,230 3.19%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 12 $2,860,000 $238,333 $3,184 2.97%
TUCSON, AZ (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $13,745 2.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,600,000 $400,000 $3,008 2.78%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,560,000 $780,000 $5,532 2.75%
JACKSON, MI (FHA|USDA|VA) 6 $1,090,000 $181,667 $2,522 2.81%
Kalispell, MT (FHA|USDA|VA) 1 $965,000 $965,000 $7,532 3.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $790,000 $395,000 $3,616 2.81%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $750,000 $375,000 $4,261 2.88%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $740,000 $370,000 $2,909 2.81%
Adrian, MI (FHA|USDA|VA) 5 $665,000 $133,000 $2,375 3.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $600,000 $300,000 $3,111 2.81%
Kendallville, IN (FHA|USDA|VA) 2 $570,000 $285,000 $10,383 2.88%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $545,000 $545,000 $3,037 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $510,000 $255,000 $2,741 3.00%
Edwards, CO (FHA|USDA|VA) 1 $425,000 $425,000 $2,805 2.50%
FORT WAYNE, IN (FHA|USDA|VA) 1 $395,000 $395,000 $3,243 2.50%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $355,000 $355,000 $3,779 2.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $345,000 $345,000 $3,376 2.88%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $305,000 $305,000 $2,591 3.38%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $295,000 $295,000 $2,427 2.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $285,000 $285,000 $2,624 2.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $285,000 $285,000 $2,922 3.13%
SAGINAW, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,897 3.25%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,408 3.00%
BAY CITY, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,879 2.75%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,678 2.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,804 3.25%
ROCHESTER, NY (FHA|USDA|VA) 1 $195,000 $195,000 $3,485 3.00%
Wapakoneta, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,685 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,351 2.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,185 2.75%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $85,000 $85,000 $2,015 3.88%

Bank Of Ann Arbor's top markets include Detroit, Ann Arbor, Flint, Traverse City, and Monroe among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 819 $260,245,000 $317,759 $6,420 2.91%
FHA 7 $1,385,000 $197,857 $6,165 3.05%
VA 6 $1,820,000 $303,333 $7,407 2.60%
USDA 4 $750,000 $187,500 $4,728 2.94%

For the 2021 period, Bank Of Ann Arbor's most frequently originated loan type of loans were Conventional, with 819 originations. Their 2nd most popular type is FHA, with 7 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 290 $87,310,000 $301,069 $12,395 2.72%
Home Purchase 287 $103,605,000 $360,993 $3,345 3.07%
Cash Out Refi 247 $71,075,000 $287,753 $2,880 2.94%
Other 9 $2,025,000 $225,000 $2,546 2.99%
Home Improvement 3 $185,000 $61,667 $0 3.67%

For the 2021, Bank Of Ann Arbor's most frequently cited loan purpose of loans were Refi, with 290 originations. The 2nd most popular reason of loans were Home Purchase, with 287 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 577 $168,725,000 $292,418 $7,993 3.00%
15 Year 166 $43,730,000 $263,434 $2,628 2.43%
20 Year 30 $6,880,000 $229,333 $2,585 2.76%
10 Year 26 $3,200,000 $123,077 $1,926 2.73%
Other 25 $23,965,000 $958,600 $1,823 3.96%
5 Year 11 $17,275,000 $1,570,455 $381 3.85%
30+ year 1 $425,000 $425,000 $8,436 3.38%

For the 2021, Bank Of Ann Arbor's most frequently cited loan length of loans were 30 Year, with 577 originations. The 2nd most popular length of loans were 15 Year, with 166 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 491 $146,635,000 $298,646
$1k-2k 210 $46,510,000 $221,476
$2k-3k 50 $15,830,000 $316,600
$3k-4k 18 $8,090,000 $449,444
$5k+ 9 $2,535,000 $281,667

$7,993 of loans were Bank Of Ann Arbor's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 491 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 422 $124,560,000 $295,166
3-4% 194 $83,170,000 $428,711
<2.5% 183 $51,105,000 $279,262
4-5% 36 $5,110,000 $141,944
5-6% 1 $255,000 $255,000

During 2021, Bank Of Ann Arbor's average interest rate of loans were 3.00%, while their most frequently originated rate bucket of loans were 2.5-3%, with 422 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 370 $104,390,000 $282,135 $10,645 2.88%
$100k-200k 263 $40,255,000 $153,061 $2,483 2.85%
$400k-600k 100 $47,930,000 $479,300 $3,709 2.85%
$100,000 or less 64 $4,780,000 $74,688 $1,860 3.40%
$600k-1MM 23 $17,405,000 $756,739 $3,665 2.90%
$1MM+ 16 $49,440,000 $3,090,000 $5,289 3.04%

2021 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 370 originations, totaling $104,390,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 209 $55,205,000 $264,139 $2,915 2.81%
$50k-75k 149 $26,165,000 $175,604 $2,523 2.93%
$150k-250k 142 $47,350,000 $333,451 $3,143 2.84%
$75k-100k 123 $27,035,000 $219,797 $2,935 2.87%
$250k+ 103 $54,375,000 $527,913 $31,184 2.83%
$50k or less 53 $7,165,000 $135,189 $2,722 3.05%

Bank Of Ann Arbor lent most frequently to those with incomes in the $100k-150k range, with 209 originations. The second most popular income band? $50k-75k, with 149 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 245 $66,075,000 $269,694 $2,910 2.83%
30-36% 149 $43,425,000 $291,443 $3,045 2.91%
<20% 129 $33,105,000 $256,628 $23,825 2.74%
40% 36 $9,180,000 $255,000 $2,858 3.01%
36% 31 $9,425,000 $304,032 $3,181 2.90%
37% 27 $9,655,000 $357,593 $3,315 2.79%
42% 25 $8,035,000 $321,400 $2,704 2.81%
38% 25 $6,895,000 $275,800 $3,004 2.89%
44% 23 $6,365,000 $276,739 $2,912 2.85%
39% 23 $7,015,000 $305,000 $3,090 3.08%
43% 18 $4,050,000 $225,000 $2,755 3.01%
45% 18 $4,480,000 $248,889 $3,042 2.94%
48% 16 $5,040,000 $315,000 $3,368 3.00%
41% 13 $3,965,000 $305,000 $3,115 3.03%
47% 11 $3,535,000 $321,364 $2,894 3.02%
46% 10 $2,320,000 $232,000 $2,802 2.78%
49% 6 $1,490,000 $248,333 $2,968 2.92%
50-60% 1 $305,000 $305,000 $8,493 3.13%
>60% 1 $245,000 $245,000 $2,024 2.75%

Bank Of Ann Arbor lent most frequently to those with DTI ratios of 20-30%, with 245 originations. The next most common DTI ratio? 30-36%, with 149 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 667 $177,255,000 $265,750 $7,161 2.87%
Not provided 122 $39,560,000 $324,262 $3,069 2.88%
Not applicable 24 $38,780,000 $1,615,833 $0 4.27%
Asian 13 $3,875,000 $298,077 $3,257 2.61%
Black 6 $2,610,000 $435,000 $3,089 2.83%
Asian Indian 2 $1,710,000 $855,000 $3,696 2.81%
American Indian 2 $410,000 $205,000 $2,146 2.63%

Approval Rates

Total approvals of all applications
95.73%

Bank Of Ann Arbor 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
89.31%

Bank Of Ann Arbor has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 836 $264,200,000 $316,029

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
836 $264,200,000 $316,029

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 81 $15,235,000 $188,086 $2,359 2.67%
40-60% 193 $49,985,000 $258,990 $17,722 2.74%
60-80% 373 $128,405,000 $344,249 $2,965 2.98%
80-100% 180 $69,160,000 $384,222 $3,411 3.04%
Over 100% 2 $690,000 $345,000 $9,321 2.75%
Under 20% 7 $725,000 $103,571 $1,204 3.20%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank of Ann Arbor 2204 West Stadium Boulevard Ann Arbor, MI 48103 Full Service B&M $157,909
Bank of Ann Arbor 179 East Michigan Avenue Saline, MI 48176 Full Service B&M $55,740
Bank of Ann Arbor 125 South Fifth Avenue Ann Arbor, MI 48107 Full Service B&M $1,128,876
Bank of Ann Arbor 1333 West Ann Arbor Road Plymouth, MI 48170 Full Service B&M $189,802
Bank of Ann Arbor 2601 Plymouth Road Ann Arbor, MI 48105 Full Service B&M $65,444
Bank of Ann Arbor 33583 Woodward Avenue Birmingham, MI 48009 Full Service B&M $255,490
Bank of Ann Arbor 7 West Michigan Avenue Ypsilanti, MI 48197 Full Service B&M $68,136
Bank of Ann Arbor 801 West Ellsworth Road Ann Arbor, MI 48108 Full Service B&M $255,002

For 2021, Bank Of Ann Arbor had 8 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $81,278
Net interest income $77,533
Total noninterest income $17,179
Gross Fiduciary activities income $8,904
Service charges on deposit accounts $855
Trading account gains and fees $0
Additional Noninterest Income $7,420
Pre-tax net operating income $50,868
Securities gains (or losses, -) $0
Income before extraordinary items $40,351
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $40,351
Minority interest net income $0
Net income $40,351
Sale, conversion, retirement of capital stock, net $872
Net operating income $40,351

Bank Of Ann Arbor's gross interest income from loans was $81,278,000.
Bank Of Ann Arbor's net interest income from loans was $77,533,000.
Bank Of Ann Arbor's fee based income from loans was $855,000.
Bank Of Ann Arbor's net income from loans was $40,351,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,745
Provision for credit losses $-3,684
Total noninterest expense $47,528
Salaries and employee benefits $29,956
Premises and equipment expense $4,975
Additional noninterest expense $12,597
Applicable income taxes $10,517
Net charge-offs $-4
Cash dividends $34,000

Bank Of Ann Arbor's interest expense for loans was $3,745,000.
Bank Of Ann Arbor's payroll and benefits expense were $29,956,000.
Bank Of Ann Arbor's property, plant and equipment expenses $4,975,000.

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 $2,881,072
Deposits held in domestic offices $2,881,072
Deposits by Individuals, partnerships, and corporations $2,704,498
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $176,205
Deposits by Commercial banks and other depository institutions in U.S. $369
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $365,685
Demand deposits $256,351
Nontransaction accounts $2,515,387
Money market deposit accounts (MMDAs) $686,914
Other savings deposits (excluding MMDAs) $1,659,483
Total time deposits $168,990
Total time and savings deposits $2,624,721
Noninterest-bearing deposits $256,351
Interest-bearing deposits $2,624,721
Retail deposits $2,821,968
IRAs and Keogh plan accounts $16,549
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $3,348,573
Cash & Balances due from depository institutions $1,043,246
Interest-bearing balances $995,115
Total securities $271,054
Federal funds sold & reverse repurchase $10,265
Net loans and leases $1,856,947
Loan and leases loss allowance $33,289
Trading account assets $0
Bank premises and fixed assets $25,937
Other real estate owned $457
Goodwill and other intangibles $64,397
All other assets $76,270

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $3,348,573
Total Liabilities $3,016,744
Total deposits $2,881,072
Interest-bearing deposits $2,624,721
Deposits held in domestic offices $2,881,072
% insured (estimated) $52
Federal funds purchased and repurchase agreements $31,217
Trading liabilities $0
Other borrowed funds $90,000
Subordinated debt $0
All other liabilities $14,455

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,856,947
Loan and leases loss allowance $33,289
Total loans and leases (domestic) $1,890,236
All real estate loans $1,247,761
Real estate loans in domestic offices $1,247,761
Construction and development loans $96,553
Residential 1-4 family construction $68,185
Other construction, all land development and other land $28,368
Loans secured by nonfarm nonresidential properties $778,130
Nonfarm nonresidential secured by owner-occupied properties $310,190
Commercial real estate & other non-farm, non-residential $467,940
Multifamily residential real estate $102,683
1-4 family residential loans $268,030
Farmland loans $2,365
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $372,978
To non-U.S. addressees $0
Loans to individuals $36,805
Credit card loans $0
Related Plans $3,583
Consumer Auto Loans $15,904
Other loans to individuals $17,318
All other loans & leases $232,692
Loans to foreign governments and official institutions $0
Other loans $6,473
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $9,111
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Bank of Ann Arbor had $1,856,947,000 of loans outstanding in 2021. $1,247,761,000 of loans were in real estate loans. $96,553,000 of loans were in development loans. $102,683,000 of loans were in multifamily mortgage loans. $268,030,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $15,904,000 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 588 $207,100 $352,211
Nonfarm, nonresidential loans - <$100k 33 $3,324 $100,727
Nonfarm, nonresidential loans - $100-250k 154 $22,486 $146,013
Nonfarm, nonresidential loans - $250k-1MM 401 $181,290 $452,095
Commercial & Industrial, US addressed loans - <$1MM 688 $110,867 $161,144
Commercial & Industrial, US addressed loans - <$100k 238 $5,846 $24,563
Commercial & Industrial, US addressed loans - $100-250k 211 $23,183 $109,872
Commercial & Industrial, US addressed loans - $250k-1MM 239 $81,838 $342,418
Farmland loans - <$1MM 1 $39 $39,000
Farmland loans - $250k-1MM 1 $39 $39,000