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: Detroit, Monroe, Toledo, Jackson, and Ann Arbor among others. We have data for 9 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 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.

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    Originations

    305

    Origination Dollar Volume (All Markets)

    $31,265,000

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 99 $14,745,000 $148,939 $3,472 5.62%
    MONROE, MI (FHA|USDA|VA) 169 $12,345,000 $73,047 $827 5.59%
    TOLEDO, OH (FHA|USDA|VA) 21 $1,475,000 $70,238 $0 5.93%
    JACKSON, MI (FHA|USDA|VA) 2 $940,000 $470,000 $2,748 4.88%
    Outside of Metro Areas 4 $730,000 $182,500 $0 5.37%
    ANN ARBOR, MI (FHA|USDA|VA) 7 $605,000 $86,429 $295 5.76%
    Hillsdale, MI (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.04%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.50%
    Adrian, MI (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.50%
    Monroe Bank And Trust's top markets include Detroit, Monroe, Toledo, Jackson, and Ann Arbor among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (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.

    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    TLC COMMUNITY Credit Union
    Similarity Rank: 196
    Dort Financial Credit Union
    Similarity Rank: 222
    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 238
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    The State Bank and Trust Company
    Similarity Rank: 402
    NEW ENGLAND FEDERAL CREDIT UNION
    Similarity Rank: 448
    Extra
    Similarity Rank: 572
    FreeStar Financial Credit Union
    Similarity Rank: 612

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 161 $13,905,000 $86,366 n/a 5.63%
    Conventional 144 $17,360,000 $120,556 $1,580 5.60%

    For 2019, Monroe Bank And Trust's most frequently originated type of loan was HELOC, with 161 originations. Their 2nd most popular type was Conventional, with 144 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 93 $8,955,000 $96,290 $837 5.65%
    Home Improvement 81 $4,805,000 $59,321 $310 5.62%
    Home Purchase 70 $11,450,000 $163,571 $3,839 5.71%
    Other 44 $4,630,000 $105,227 $640 5.45%
    Cash Out Refi 17 $1,425,000 $83,824 $412 5.47%

    For 2019, Monroe Bank And Trust's most frequently cited loan purpose was Refi, with 93 originations. The 2nd most popular reason was Home Improvement, with 81 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 150 $15,130,000 $100,867 $4,623 5.50%
    5 Year 75 $9,375,000 $125,000 $0 5.70%
    Other 27 $2,535,000 $93,889 $521 5.82%
    1 Year 26 $2,670,000 $102,692 $0 5.96%
    20 Year 15 $895,000 $59,667 $360 5.33%
    10 Year 6 $330,000 $55,000 $470 6.00%
    3 Year 3 $115,000 $38,333 $0 5.90%
    15 Year 3 $215,000 $71,667 $295 5.08%

    For 2019, Monroe Bank And Trust's most frequently cited loan duration was 30 Year, with 150 originations. The 2nd most popular length was 5 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 36 $2,650,000 $73,611
    $2k-3k 8 $2,400,000 $300,000
    $1k-2k 5 $1,175,000 $235,000
    $5k+ 1 $805,000 $805,000

    Monroe Bank And Trust's average total fees were $4,623, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 36 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 223 $22,465,000 $100,740
    6-7% 54 $3,420,000 $63,333
    4-5% 24 $4,050,000 $168,750
    Over 8% 2 $50,000 $25,000
    3-4% 1 $1,025,000 $1,025,000
    7-8% 1 $255,000 $255,000

    During 2019, Monroe Bank And Trust's average interest rate for loans was 5.50%, while their most frequently originated rate bucket for loans was 5-6%, with 223 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 200 $9,210,000 $46,050 $423 5.68%
    $100k-200k 73 $9,145,000 $125,274 $1,564 5.54%
    $200k-400k 25 $6,925,000 $277,000 $3,954 5.54%
    $600k-1MM 5 $3,825,000 $765,000 $6,848 5.14%
    $1MM+ 2 $2,160,000 $1,080,000 $0 4.25%

    2019 saw Monroe Bank And Trust place emphasis on $100,000 or less loans with 200 originations, totaling $9,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 50 $5,410,000 $108,200 $2,226 5.45%
    $50k or less 49 $2,175,000 $44,388 $358 5.73%
    $50k-75k 42 $2,960,000 $70,476 $1,598 5.69%
    $150k-250k 34 $3,770,000 $110,882 $2,046 5.54%
    $75k-100k 33 $2,675,000 $81,061 $425 5.51%
    $250k+ 8 $3,410,000 $426,250 $7,863 5.06%

    Monroe Bank And Trust lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $50k or less, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 59 $4,755,000 $80,593 $1,378 5.60%
    30-36% 39 $4,625,000 $118,590 $2,283 5.40%
    <20% 30 $3,050,000 $101,667 $1,201 5.44%
    42% 14 $700,000 $50,000 $295 5.52%
    37% 8 $630,000 $78,750 $1,629 5.48%
    40% 7 $445,000 $63,571 $295 5.54%
    41% 7 $1,115,000 $159,286 $2,557 5.41%
    36% 6 $500,000 $83,333 $387 5.29%
    38% 5 $565,000 $113,000 $2,605 6.00%
    39% 4 $450,000 $112,500 $4,335 5.47%
    45% 3 $235,000 $78,333 $295 5.42%
    46% 3 $345,000 $115,000 $670 5.58%
    47% 2 $240,000 $120,000 $645 5.88%
    43% 1 $35,000 $35,000 $295 5.75%
    50-60% 1 $205,000 $205,000 $0 5.50%

    Monroe Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 59 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 217 $20,205,000 $93,111 $1,580 5.58%
    Not applicable 69 $9,655,000 $139,928 $0 5.71%
    Not provided 15 $1,185,000 $79,000 $0 5.79%
    Black 4 $220,000 $55,000 $0 5.55%

    Approval Rates

    Total approvals of all applications
    82.57%

    Monroe Bank And Trust has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.52%

    Monroe Bank And Trust has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 305 $31,265,000 $102,508

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $3,225,000 $358,333
    Single Family (1-4 Units):Manufactured 5 $165,000 $33,000
    Single Family (1-4 Units):Site-Built 291 $27,875,000 $95,790

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 101 $7,525,000 $74,505 $420 5.61%
    40-60% 45 $4,935,000 $109,667 $558 5.55%
    60-80% 50 $8,330,000 $166,600 $4,418 5.60%
    80-100% 26 $3,960,000 $152,308 $3,999 5.72%
    Over 100% 16 $3,990,000 $249,375 $0 5.86%
    Under 20% 66 $2,150,000 $32,576 $299 5.59%