Monroe Bank And Trust Mortgage Rates, Fees & Info

Monroe, MI

LEI: 549300SQ5O8V8IIQOP16

Tax ID: 38-0847680

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

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Mortgage Data

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

    Monroe Bank And Trust is a smaller bank specializing in Refi and Home Purchase loans. Monroe Bank And Trust has a high proportion of conventional loans. Their top markets by origination volume include: Monroe, Detroit, Toledo, Ann Arbor, and Salt Lake City among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Monroe Bank And Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Monroe Bank And Trust 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.

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    Originations

    773

    Origination Dollar Volume (All Markets)

    $95,275,000

    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
    MONROE, MI (FHA|USDA|VA) 462 $53,890,000 $116,645 $2,492 5.28%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 227 $30,245,000 $133,238 $3,627 5.59%
    TOLEDO, OH (FHA|USDA|VA) 44 $4,340,000 $98,636 $1,618 5.73%
    ANN ARBOR, MI (FHA|USDA|VA) 15 $2,305,000 $153,667 $2,319 5.71%
    SALT LAKE CITY, UT (FHA|USDA|VA) 2 $1,600,000 $800,000 $0 4.58%
    Adrian, MI (FHA|USDA|VA) 10 $1,260,000 $126,000 $2,266 5.34%
    Outside of Metro Areas 8 $750,000 $93,750 $2,391 5.35%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $435,000 $435,000 $8,461 5.50%
    MADISON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $4,535 4.38%
    Cadillac, MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 5.24%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $45,000 $45,000 $2,976 5.50%
    Monroe Bank And Trust's top markets include Monroe, Detroit, Toledo, Ann Arbor, and Salt Lake City among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Monroe Bank and Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Polish-American Federal Credit Union
    Similarity Rank: 32
    Dort Financial Credit Union
    Similarity Rank: 95
    St James Mortgage Corporation
    Similarity Rank: 120
    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 170
    FreeStar Financial Credit Union
    Similarity Rank: 345
    Extra
    Similarity Rank: 436
    Vibe Credit Union
    Similarity Rank: 448
    Northstar Bank
    Similarity Rank: 582
    COMMUNITY FINANCIAL CREDIT UNION
    Similarity Rank: 700
    ALLIANCE CATHOLIC CREDIT UNION
    Similarity Rank: 735

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 393 $66,655,000 $169,606 $2,771 5.53%
    HELOC 380 $28,620,000 $75,316 n/a 5.20%

    For 2018, Monroe Bank And Trust's most frequently originated type of loan was Conventional, with 393 originations. Their 2nd most popular type was HELOC, with 380 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 272 $33,960,000 $124,853 $1,253 5.46%
    Home Purchase 239 $42,585,000 $178,180 $4,080 5.45%
    Home Improvement 127 $8,115,000 $63,898 $302 5.31%
    Other 114 $8,270,000 $72,544 $920 5.25%
    Cash Out Refi 20 $2,310,000 $115,500 $1,502 5.04%
    NA 1 $35,000 $35,000 $245 5.75%

    For 2018, Monroe Bank And Trust's most frequently cited loan purpose was Refi, with 272 originations. The 2nd most popular reason was Home Purchase, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 397 $48,975,000 $123,363 $4,095 5.12%
    5 Year 140 $25,530,000 $182,357 $0 6.02%
    Other 114 $7,930,000 $69,561 $258 5.20%
    1 Year 57 $7,345,000 $128,860 $0 5.86%
    20 Year 32 $2,430,000 $75,938 $788 5.13%
    15 Year 14 $2,130,000 $152,143 $2,971 4.52%
    10 Year 12 $700,000 $58,333 $862 5.33%
    3 Year 7 $235,000 $33,571 $0 6.50%

    For 2018, Monroe Bank And Trust's most frequently cited loan duration was 30 Year, with 397 originations. The 2nd most popular length was 5 Year, with 140 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 99 $7,485,000 $75,606
    $2k-3k 57 $13,375,000 $234,649
    $1k-2k 35 $6,055,000 $173,000
    $3k-4k 14 $4,120,000 $294,286
    $4k-5k 10 $3,570,000 $357,000
    $5k+ 2 $1,190,000 $595,000

    Monroe Bank And Trust's average total fees were $4,095, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 99 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 289 $38,885,000 $134,550
    4-5% 228 $37,710,000 $165,395
    6-7% 105 $7,575,000 $72,143
    3-4% 7 $1,475,000 $210,714
    Over 8% 2 $250,000 $125,000
    7-8% 1 $55,000 $55,000

    During 2018, Monroe Bank And Trust's average interest rate for loans was 5.12%, while their most frequently originated rate bucket for loans was 5-6%, with 289 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 460 $21,450,000 $46,630 $884 5.50%
    $100k-200k 192 $25,490,000 $132,760 $3,021 5.34%
    $200k-400k 93 $25,535,000 $274,570 $4,363 5.24%
    $400k-600k 18 $8,270,000 $459,444 $6,170 5.16%
    $600k-1MM 7 $5,325,000 $760,714 $9,191 5.11%
    $1MM+ 3 $9,205,000 $3,068,333 $0 5.14%

    2018 saw Monroe Bank And Trust place emphasis on $100,000 or less loans with 460 originations, totaling $21,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 129 $16,505,000 $127,946 $3,132 5.16%
    $50k-75k 127 $10,305,000 $81,142 $2,077 5.24%
    $75k-100k 119 $10,645,000 $89,454 $2,323 5.16%
    $150k-250k 94 $15,260,000 $162,340 $3,794 5.27%
    $50k or less 89 $5,935,000 $66,685 $1,991 5.38%
    $250k+ 18 $3,480,000 $193,333 $3,037 5.12%

    Monroe Bank And Trust lent most frequently to those with incomes in the $100k-150k range, with 129 originations. The second most popular income band? $50k-75k, with 127 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 181 $17,535,000 $96,878 $2,589 5.11%
    <20% 100 $9,580,000 $95,800 $2,500 4.95%
    30-36% 78 $8,920,000 $114,359 $2,566 5.22%
    42% 23 $3,035,000 $131,957 $4,810 5.18%
    41% 23 $3,075,000 $133,696 $3,387 5.14%
    36% 18 $1,110,000 $61,667 $2,147 5.04%
    38% 18 $2,220,000 $123,333 $5,246 4.95%
    39% 17 $1,945,000 $114,412 $3,470 5.16%
    43% 14 $1,200,000 $85,714 $2,022 5.19%
    37% 12 $1,940,000 $161,667 $4,507 5.25%
    46% 10 $1,260,000 $126,000 $2,255 5.01%
    40% 10 $1,170,000 $117,000 $3,208 4.71%
    50-60% 9 $985,000 $109,444 $1,827 5.03%
    44% 8 $1,800,000 $225,000 $2,850 4.91%
    49% 5 $485,000 $97,000 $2,164 4.78%
    45% 5 $835,000 $167,000 $3,512 5.28%
    >60% 4 $570,000 $142,500 $245 4.87%
    48% 3 $355,000 $118,333 $2,317 5.17%
    47% 3 $135,000 $45,000 $0 4.99%

    Monroe Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 181 originations. The next most common DTI ratio? <20%, with 100 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 617 $64,515,000 $104,562 $2,760 5.27%
    Not applicable 134 $28,270,000 $210,970 $0 5.87%
    Not provided 7 $1,125,000 $160,714 $4,264 5.71%
    American Indian 2 $590,000 $295,000 $7,195 6.81%
    Asian 7 $565,000 $80,714 $295 5.76%
    Black 4 $140,000 $35,000 $245 5.45%
    Other Pacific Islander 1 $55,000 $55,000 $0 0.00%
    Native Hawaiian or Islander 1 $15,000 $15,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    86.95%

    Monroe Bank And Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.05%

    Monroe Bank And Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 773 $95,275,000 $123,254

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 21 $8,885,000 $423,095
    Single Family (1-4 Units):Manufactured 5 $395,000 $79,000
    Single Family (1-4 Units):Site-Built 747 $85,995,000 $115,120

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 186 $12,510,000 $67,258 $1,045 5.39%
    40-60% 109 $15,735,000 $144,358 $3,061 5.38%
    60-80% 153 $27,135,000 $177,353 $3,772 5.47%
    80-100% 100 $19,450,000 $194,500 $4,019 5.32%
    Over 100% 38 $13,790,000 $362,895 $0 5.79%
    Under 20% 187 $6,655,000 $35,588 $277 5.33%