Bank Of Ann Arbor Mortgage Rates, Fees & Info
Ann Arbor, MILEI: 549300PI8J8CV6B53I58
Tax ID: 38-3252110
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Bank Data
Review & Overview
Bank Of Ann Arbor is a smaller bank specializing in Home Purchase 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.) Their top markets by origination volume include: Ann Arbor, Detroit, Flint, Traverse City, and Hillsdale among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Of Ann Arbor 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. Bank Of Ann Arbor 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.35% | 4/21/24 |
| 30 Year Conventional Refi | 6.56% | 4/21/24 |
| 30 Year Cash-out Refi | 6.39% | 4/21/24 |
| 30 Year FHA Purchase | 7.42% | 4/21/24 |
| 30 Year VA Purchase | 6.60% | 4/21/24 |
| 15 Year Conventional Purchase | 5.95% | 4/21/24 |
| 15 Year Conventional Refi | 6.19% | 4/21/24 |
| 15 Year Cash-out Refi | 6.19% | 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. | ||
Bank Of Ann Arbor Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
287Origination Dollar Volume (All Markets)
$80,595,000Employee count
216Awards
Bank of Ann Arbor - 2018
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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 |
|---|---|---|---|---|---|
| ANN ARBOR, MI (FHA|USDA|VA) | 174 | $45,220,000 | $259,885 | $2,908 | 4.54% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 69 | $21,015,000 | $304,565 | $3,436 | 4.61% |
| FLINT, MI (FHA|USDA|VA) | 5 | $4,425,000 | $885,000 | $4,454 | 4.78% |
| Traverse City, MI (FHA|USDA|VA) | 7 | $2,835,000 | $405,000 | $2,667 | 4.38% |
| Outside of Metro Areas | 7 | $1,695,000 | $242,143 | $3,919 | 4.43% |
| Hillsdale, MI (FHA|USDA|VA) | 5 | $1,375,000 | $275,000 | $2,070 | 5.18% |
| Adrian, MI (FHA|USDA|VA) | 5 | $645,000 | $129,000 | $4,386 | 5.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $3,906 | 4.38% |
| MONROE, MI (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $2,606 | 4.63% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,226 | 4.38% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,877 | 5.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,162 | 5.18% |
| JACKSON, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $2,359 | 4.19% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,296 | 4.50% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,931 | 4.63% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,839 | 4.38% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,287 | 4.63% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,406 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank of Ann Arbor based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 278 | $78,950,000 | $283,993 | $3,010 | 4.58% |
| FHA | 9 | $1,645,000 | $182,778 | $5,874 | 4.44% |
For 2018, Bank Of Ann Arbor's most frequently originated type of loan was Conventional, with 278 originations. Their 2nd most popular type was FHA, with 9 originations.
Loan Reason
For 2018, Bank Of Ann Arbor's most frequently cited loan purpose was Home Purchase, with 204 originations. The 2nd most popular reason was Cash Out Refi, with 47 originations.
Loan Duration/Length
For 2018, Bank Of Ann Arbor's most frequently cited loan duration was 30 Year, with 238 originations. The 2nd most popular length was 15 Year, with 27 originations.
Origination Fees/Closing Costs
Bank Of Ann Arbor's average total fees were $3,233, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 220 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 233 | $63,615,000 | $273,026 |
| 5-6% | 29 | $11,115,000 | $383,276 |
| 3-4% | 25 | $5,865,000 | $234,600 |
During 2018, Bank Of Ann Arbor's average interest rate for loans was 4.60%, while their most frequently originated rate bucket for loans was 4-5%, with 233 originations.
Loan Sizing
2018 saw Bank Of Ann Arbor place emphasis on $200k-400k loans with 132 originations, totaling $37,420,000 in origination value.
Applicant Income
Bank Of Ann Arbor lent most frequently to those with incomes in the $150k-250k range, with 63 originations. The second most popular income band? $50k-75k, with 52 originations.
Applicant Debt to Income Ratio
Bank Of Ann Arbor lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 50 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.26%
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 origination84.32%
Bank Of Ann Arbor has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 287 | $80,595,000 | $280,819 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 5 | $5,545,000 | $1,109,000 |
| Single Family (1-4 Units):Site-Built | 282 | $75,050,000 | $266,135 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF THE WEST | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 14.8% |
| BANK OF THE WEST | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.7% |
| BANK OF THE WEST | Other type of mortgage | Trouble during payment process | 3 | 11.1% |
| BANK OF THE WEST | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Trouble during payment process | 5 | 18.5% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 2 | 7.4% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 3.7% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 4 | 14.8% |
| BANK OF THE WEST | FHA mortgage | Closing on a mortgage | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Trouble during payment process | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Struggling to pay mortgage | 1 | 3.7% |
| BANK OF THE WEST | Conventional home mortgage | Closing on a mortgage | 2 | 7.4% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Bank of Ann Arbor | 125 South Fifth Avenue Ann Arbor, MI 48107 | Full Service B&M | $623,971 |
| Bank of Ann Arbor | 1333 West Ann Arbor Road Plymouth, MI 48170 | Full Service B&M | $105,395 |
| Bank of Ann Arbor | 179 East Michigan Avenue Saline, MI 48176 | Full Service B&M | $25,064 |
| Bank of Ann Arbor | 2204 West Stadium Boulevard Ann Arbor, MI 48103 | Full Service B&M | $122,533 |
| Bank of Ann Arbor | 2601 Plymouth Road Ann Arbor, MI 48105 | Full Service B&M | $64,467 |
| Bank of Ann Arbor | 33583 Woodward Avenue Birmingham, MI 48009 | Full Service B&M | $205,626 |
| Bank of Ann Arbor | 7 West Michigan Avenue Ypsilanti, MI 48197 | Full Service B&M | $50,201 |
| Bank of Ann Arbor | 801 West Ellsworth Road Ann Arbor, MI 48108 | Full Service B&M | $117,564 |
For 2018, Bank Of Ann Arbor had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $74,490 |
| Net interest income | $68,411 |
| Total noninterest income | $14,083 |
| Gross Fiduciary activities income | $7,061 |
| Service charges on deposit accounts | $751 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,271 |
| Pre-tax net operating income | $37,940 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $30,711 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $30,711 |
| Minority interest net income | $0 |
| Net income | $30,711 |
| Sale, conversion, retirement of capital stock, net | $656 |
| Net operating income | $30,711 |
Bank Of Ann Arbor's gross interest income from loans was $74,490,000.
Bank Of Ann Arbor's net interest income from loans was $68,411,000.
Bank Of Ann Arbor's fee based income from loans was $751,000.
Bank Of Ann Arbor's net income from loans was $30,711,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $6,079 |
| Provision for credit losses | $2,814 |
| Total noninterest expense | $41,740 |
| Salaries and employee benefits | $26,791 |
| Premises and equipment expense | $3,931 |
| Additional noninterest expense | $11,018 |
| Applicable income taxes | $7,229 |
| Net charge-offs | $2,102 |
| Cash dividends | $6,600 |
Bank Of Ann Arbor's interest expense for loans was $6,079,000.
Bank Of Ann Arbor's payroll and benefits expense were $26,791,000.
Bank Of Ann Arbor's property, plant and equipment expenses $3,931,000.
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 | $1,381,854 |
| Deposits held in domestic offices | $1,381,854 |
| Deposits by Individuals, partnerships, and corporations | $1,257,004 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $123,883 |
| Deposits by Commercial banks and other depository institutions in U.S. | $967 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $155,480 |
| Demand deposits | $111,431 |
| Nontransaction accounts | $1,226,374 |
| Money market deposit accounts (MMDAs) | $252,506 |
| Other savings deposits (excluding MMDAs) | $855,214 |
| Total time deposits | $118,654 |
| Total time and savings deposits | $1,270,423 |
| Noninterest-bearing deposits | $155,480 |
| Interest-bearing deposits | $1,226,374 |
| Retail deposits | $1,262,316 |
| IRAs and Keogh plan accounts | $7,738 |
| Brokered deposits | $80,270 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,686,849 |
| Cash & Balances due from depository institutions | $213,973 |
| Interest-bearing balances | $179,470 |
| Total securities | $104,076 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,290,217 |
| Loan and leases loss allowance | $18,480 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $19,610 |
| Other real estate owned | $553 |
| Goodwill and other intangibles | $16,018 |
| All other assets | $42,402 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,686,849 |
| Total Liabilities | $1,506,207 |
| Total deposits | $1,381,854 |
| Interest-bearing deposits | $1,226,374 |
| Deposits held in domestic offices | $1,381,854 |
| % insured (estimated) | $52 |
| Federal funds purchased and repurchase agreements | $21,990 |
| Trading liabilities | $0 |
| Other borrowed funds | $90,000 |
| Subordinated debt | $0 |
| All other liabilities | $12,363 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,290,217 |
| Loan and leases loss allowance | $18,480 |
| Total loans and leases (domestic) | $1,308,697 |
| All real estate loans | $886,510 |
| Real estate loans in domestic offices | $886,510 |
| Construction and development loans | $66,938 |
| Residential 1-4 family construction | $64,897 |
| Other construction, all land development and other land | $2,041 |
| Loans secured by nonfarm nonresidential properties | $622,002 |
| Nonfarm nonresidential secured by owner-occupied properties | $264,599 |
| Commercial real estate & other non-farm, non-residential | $357,403 |
| Multifamily residential real estate | $50,061 |
| 1-4 family residential loans | $146,970 |
| Farmland loans | $539 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $219,077 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $15,974 |
| Credit card loans | $1,461 |
| Related Plans | $2,734 |
| Consumer Auto Loans | $458 |
| Other loans to individuals | $11,321 |
| All other loans & leases | $187,136 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $5,343 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $12,964 |
| 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 $1,290,217,000 of loans outstanding in 2018. $886,510,000 of loans were in real estate loans. $66,938,000 of loans were in development loans. $50,061,000 of loans were in multifamily mortgage loans. $146,970,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $1,461,000 of loans were in credit card loans. $458,000 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 | 509 | $152,265 | $299,145 |
| Nonfarm, nonresidential loans - <$100k | 29 | $1,571 | $54,172 |
| Nonfarm, nonresidential loans - $100-250k | 134 | $12,837 | $95,799 |
| Nonfarm, nonresidential loans - $250k-1MM | 346 | $137,857 | $398,431 |
| Commercial & Industrial, US addressed loans - <$1MM | 518 | $97,094 | $187,440 |
| Commercial & Industrial, US addressed loans - <$100k | 188 | $10,755 | $57,207 |
| Commercial & Industrial, US addressed loans - $100-250k | 147 | $18,918 | $128,694 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 183 | $67,421 | $368,421 |