First General Mortgage Rates, Fees & Info
Norton Shores, MILEI: 549300RDD5A10N9UOD34
Tax ID: 38-1545237
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Mortgage Data
Review & Overview
First General is a smaller mortgage company specializing in Home Purchase loans. First General has a high proportion of conventional loans. Their top markets by origination volume include: Muskegon, Grand Rapids, Ludington, and Coldwater among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)First General 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. First General 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.
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Originations
28Origination Dollar Volume (All Markets)
$2,580,000Top 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 |
|---|---|---|---|---|---|
| MUSKEGON, MI (FHA|USDA|VA) | 19 | $1,805,000 | $95,000 | $1,524 | 5.41% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 5 | $495,000 | $99,000 | $1,325 | 5.15% |
| Ludington, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,350 | 4.63% |
| Outside of Metro Areas | 2 | $100,000 | $50,000 | $1,612 | 6.45% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $952 | 5.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against FIRST GENERAL 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 | 27 | $2,415,000 | $89,444 | $1,560 | 5.44% |
| USDA | 1 | $165,000 | $165,000 | $0 | 4.25% |
For 2018, First General's most frequently originated type of loan was Conventional, with 27 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2018, First General's most frequently cited loan purpose was Home Purchase, with 13 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.
Loan Duration/Length
For 2018, First General's most frequently cited loan duration was 30 Year, with 12 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 15 | $1,645,000 | $109,667 |
| $<1k | 13 | $935,000 | $71,923 |
First General's average total fees were $1,095, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 18 | $1,830,000 | $101,667 |
| 5-6% | 4 | $360,000 | $90,000 |
| 7-8% | 3 | $75,000 | $25,000 |
| 6-7% | 2 | $260,000 | $130,000 |
| Over 8% | 1 | $55,000 | $55,000 |
During 2018, First General's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.
Loan Sizing
2018 saw First General place emphasis on $100,000 or less loans with 17 originations, totaling $905,000 in origination value.
Applicant Income
First General lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
First General lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.14%
First General has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.14%
First General has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 28 | $2,580,000 | $92,143 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $105,000 | $105,000 |
| Single Family (1-4 Units):Site-Built | 27 | $2,475,000 | $91,667 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRSTBANK | Conventional home mortgage | Closing on a mortgage | 1 | 33.3% |
| FIRSTBANK | Other type of mortgage | Trouble during payment process | 1 | 33.3% |
| FIRSTBANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |