Michigan Mutual, Inc. Dba Mimutual Mortgage

PORT HURON, MI 48060

LEI: 549300TK6RZQSFXZHV09

Tax ID: 38-3092473

2019 Data | 2018 Data


Overview

Michigan Mutual, Inc. Dba Mimutual Mortgage is a small mortgage company specializing in Home Purchase and Refi loans. Michigan Mutual, Inc. Dba Mimutual Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Warren, Los Angeles, Anaheim, Riverside, and Phoenix among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Michigan Mutual, Inc. Dba Mimutual Mortgage is typically a normal fee medium-low fee lendor.


Originations

7,267

Origination Dollar Volume (All Markets)

$1,988,505,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,625 $1,369,325,000 $296,070
FHA 1,962 $432,680,000 $220,530
VA 514 $159,280,000 $309,883
USDA 166 $27,220,000 $163,976

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 4,101 $958,825,000 $233,803
Refi 1,964 $673,260,000 $342,800
Cash Out Refi 1,202 $356,420,000 $296,522

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
WARREN-TROY-FARMINGTON HILLS, MI 1,163 $235,685,000 $202,653
LOS ANGELES-LONG BEACH-GLENDALE, CA 445 $196,345,000 $441,225
ANAHEIM-SANTA ANA-IRVINE, CA 334 $160,770,000 $481,347
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 410 $133,260,000 $325,024
PHOENIX-MESA-CHANDLER, AZ 411 $86,845,000 $211,302
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 185 $83,225,000 $449,865
TAMPA-ST. PETERSBURG-CLEARWATER, FL 333 $78,025,000 $234,309
Outside of Metro Areas 439 $77,435,000 $176,390
SACRAMENTO-ROSEVILLE-FOLSOM, CA 165 $57,455,000 $348,212
OAKLAND-BERKELEY-LIVERMORE, CA 119 $53,955,000 $453,403
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 92 $46,880,000 $509,565
BAKERSFIELD, CA 183 $41,415,000 $226,311
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 212 $41,120,000 $193,962
LAS VEGAS-HENDERSON-PARADISE, NV 135 $36,355,000 $269,296
DENVER-AURORA-LAKEWOOD, CO 104 $34,970,000 $336,250
DETROIT-DEARBORN-LIVONIA, MI 187 $34,405,000 $183,984
FORT WORTH-ARLINGTON-GRAPEVINE, TX 116 $28,730,000 $247,672
OXNARD-THOUSAND OAKS-VENTURA, CA 60 $25,420,000 $423,667
CHICAGO-NAPERVILLE-EVANSTON, IL 98 $24,640,000 $251,429
NEW BRUNSWICK-LAKEWOOD, NJ 57 $19,255,000 $337,807
NEWARK, NJ-PA 56 $18,710,000 $334,107
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 51 $18,695,000 $366,569
DALLAS-PLANO-IRVING, TX 72 $18,570,000 $257,917
GRAND RAPIDS-KENTWOOD, MI 103 $16,885,000 $163,932
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 47 $15,345,000 $326,489
ANN ARBOR, MI 61 $15,015,000 $246,148
ORLANDO-KISSIMMEE-SANFORD, FL 61 $14,985,000 $245,656
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 24 $14,270,000 $594,583
SANTA CRUZ-WATSONVILLE, CA 24 $13,570,000 $565,417
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 64 $12,750,000 $199,219
SEATTLE-BELLEVUE-KENT, WA 28 $12,460,000 $445,000
BALTIMORE-COLUMBIA-TOWSON, MD 45 $12,425,000 $276,111
NORTH PORT-SARASOTA-BRADENTON, FL 39 $10,625,000 $272,436
STOCKTON, CA 31 $9,395,000 $303,065
COLORADO SPRINGS, CO 31 $8,835,000 $285,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 27 $8,175,000 $302,778
FLINT, MI 54 $8,050,000 $149,074
ST. LOUIS, MO-IL 30 $7,700,000 $256,667
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 27 $7,445,000 $275,741
INDIANAPOLIS-CARMEL-ANDERSON, IN 40 $7,010,000 $175,250
CHARLOTTE-CONCORD-GASTONIA, NC-SC 33 $6,845,000 $207,424
MIAMI-MIAMI BEACH-KENDALL, FL 25 $6,845,000 $273,800
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 20 $6,260,000 $313,000
STATE COLLEGE, PA 23 $6,125,000 $266,304
CORPUS CHRISTI, TX 26 $6,030,000 $231,923
LANSING-EAST LANSING, MI 32 $5,510,000 $172,188
HAGERSTOWN-MARTINSBURG, MD-WV 28 $5,490,000 $196,071
VALLEJO, CA 13 $5,395,000 $415,000
GARY, IN 26 $5,000,000 $192,308
JACKSONVILLE, FL 21 $4,905,000 $233,571
LAKELAND-WINTER HAVEN, FL 25 $4,905,000 $196,200
PHILADELPHIA, PA 24 $4,900,000 $204,167
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 19 $4,815,000 $253,421
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 23 $4,615,000 $200,652
AUSTIN-ROUND ROCK-GEORGETOWN, TX 16 $4,480,000 $280,000
SALINAS, CA 10 $4,340,000 $434,000
SAN ANTONIO-NEW BRAUNFELS, TX 21 $4,305,000 $205,000
MEMPHIS, TN-MS-AR 24 $4,030,000 $167,917
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 26 $3,960,000 $152,308
SAN RAFAEL, CA 7 $3,955,000 $565,000
SANTA ROSA-PETALUMA, CA 8 $3,890,000 $486,250
FRESNO, CA 17 $3,845,000 $226,176
GREEN BAY, WI 20 $3,820,000 $191,000
MONTGOMERY, AL 22 $3,670,000 $166,818
TULSA, OK 27 $3,595,000 $133,148
SAN LUIS OBISPO-PASO ROBLES, CA 7 $3,475,000 $496,429
CAPE CORAL-FORT MYERS, FL 12 $3,210,000 $267,500
COLUMBUS, OH 14 $2,850,000 $203,571
TACOMA-LAKEWOOD, WA 6 $2,770,000 $461,667
FORT WAYNE, IN 20 $2,740,000 $137,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 8 $2,700,000 $337,500
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 8 $2,580,000 $322,500
LAKE COUNTY-KENOSHA COUNTY, IL-WI 12 $2,580,000 $215,000
PENSACOLA-FERRY PASS-BRENT, FL 12 $2,570,000 $214,167
LAKE HAVASU CITY-KINGMAN, AZ 14 $2,440,000 $174,286
LOUISVILLE/JEFFERSON COUNTY, KY-IN 13 $2,435,000 $187,308
ELGIN, IL 10 $2,390,000 $239,000
PORT ST. LUCIE, FL 10 $2,380,000 $238,000
TUCSON, AZ 7 $2,295,000 $327,857
JACKSON, MI 10 $2,250,000 $225,000
PITTSBURGH, PA 13 $2,165,000 $166,538
READING, PA 13 $2,055,000 $158,077
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 10 $1,850,000 $185,000
KALAMAZOO-PORTAGE, MI 12 $1,830,000 $152,500
SEBASTIAN-VERO BEACH, FL 8 $1,790,000 $223,750
SANTA MARIA-SANTA BARBARA, CA 4 $1,760,000 $440,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 9 $1,635,000 $181,667
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 14 $1,630,000 $116,429
TRENTON-PRINCETON, NJ 4 $1,620,000 $405,000
MERCED, CA 6 $1,560,000 $260,000
CHICO, CA 6 $1,530,000 $255,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 5 $1,475,000 $295,000
PRESCOTT VALLEY-PRESCOTT, AZ 4 $1,470,000 $367,500
FARMINGTON, NM 8 $1,240,000 $155,000
PUNTA GORDA, FL 8 $1,230,000 $153,750
MONROE, MI 7 $1,175,000 $167,857
FLAGSTAFF, AZ 4 $1,150,000 $287,500
VISALIA, CA 6 $1,100,000 $183,333
GAINESVILLE, FL 5 $1,085,000 $217,000
PROVO-OREM, UT 4 $1,050,000 $262,500
PALM BAY-MELBOURNE-TITUSVILLE, FL 5 $1,045,000 $209,000
MADERA, CA 4 $1,040,000 $260,000
MOUNT VERNON-ANACORTES, WA 3 $1,015,000 $338,333
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 6 $1,010,000 $168,333
SHREVEPORT-BOSSIER CITY, LA 5 $955,000 $191,000
KENNEWICK-RICHLAND, WA 4 $940,000 $235,000
MILWAUKEE-WAUKESHA, WI 4 $940,000 $235,000
HOMOSASSA SPRINGS, FL 7 $935,000 $133,571
KILLEEN-TEMPLE, TX 4 $910,000 $227,500
SHERMAN-DENISON, TX 3 $905,000 $301,667
LUBBOCK, TX 8 $870,000 $108,750
ATHENS-CLARKE COUNTY, GA 3 $865,000 $288,333
OGDEN-CLEARFIELD, UT 2 $860,000 $430,000
OSHKOSH-NEENAH, WI 6 $810,000 $135,000
MODESTO, CA 3 $785,000 $261,667
HANFORD-CORCORAN, CA 3 $735,000 $245,000
CHARLOTTESVILLE, VA 3 $735,000 $245,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 2 $730,000 $365,000
BLOOMSBURG-BERWICK, PA 6 $710,000 $118,333
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $710,000 $355,000
REDDING, CA 2 $700,000 $350,000
YORK-HANOVER, PA 4 $690,000 $172,500
CAMDEN, NJ 3 $675,000 $225,000
MADISON, WI 2 $670,000 $335,000
GRAND JUNCTION, CO 3 $655,000 $218,333
TYLER, TX 4 $650,000 $162,500
OCALA, FL 4 $640,000 $160,000
AKRON, OH 3 $635,000 $211,667
RICHMOND, VA 4 $620,000 $155,000
BATTLE CREEK, MI 5 $595,000 $119,000
BOULDER, CO 1 $575,000 $575,000
GAINESVILLE, GA 2 $570,000 $285,000
NILES, MI 2 $570,000 $285,000
SALT LAKE CITY, UT 2 $540,000 $270,000
ODESSA, TX 2 $540,000 $270,000
TALLAHASSEE, FL 3 $525,000 $175,000
MIDLAND, TX 2 $520,000 $260,000
CLEVELAND-ELYRIA, OH 4 $510,000 $127,500
BAY CITY, MI 4 $510,000 $127,500
MICHIGAN CITY-LA PORTE, IN 3 $505,000 $168,333
NAPA, CA 1 $505,000 $505,000
TOLEDO, OH 3 $465,000 $155,000
THE VILLAGES, FL 2 $460,000 $230,000
DURHAM-CHAPEL HILL, NC 2 $460,000 $230,000
LONGVIEW, TX 3 $435,000 $145,000
NAPLES-MARCO ISLAND, FL 1 $435,000 $435,000
MUSKEGON, MI 6 $430,000 $71,667
RENO, NV 1 $415,000 $415,000
CHATTANOOGA, TN-GA 1 $405,000 $405,000
BLOOMINGTON, IN 1 $405,000 $405,000
HARRISBURG-CARLISLE, PA 3 $405,000 $135,000
AMARILLO, TX 2 $400,000 $200,000
MIDLAND, MI 2 $390,000 $195,000
MCALLEN-EDINBURG-MISSION, TX 2 $390,000 $195,000
KOKOMO, IN 2 $360,000 $180,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 2 $360,000 $180,000
ALTOONA, PA 2 $360,000 $180,000
EL PASO, TX 2 $360,000 $180,000
SAGINAW, MI 2 $350,000 $175,000
FORT COLLINS, CO 1 $345,000 $345,000
GREENSBORO-HIGH POINT, NC 1 $305,000 $305,000
WILMINGTON, DE-MD-NJ 1 $305,000 $305,000
WENATCHEE, WA 1 $295,000 $295,000
NEW ORLEANS-METAIRIE, LA 2 $290,000 $145,000
LEXINGTON-FAYETTE, KY 2 $290,000 $145,000
CHARLESTON-NORTH CHARLESTON, SC 1 $285,000 $285,000
HUNTINGTON-ASHLAND, WV-KY-OH 1 $285,000 $285,000
APPLETON, WI 2 $280,000 $140,000
BEND, OR 1 $275,000 $275,000
SALEM, OR 1 $275,000 $275,000
TERRE HAUTE, IN 3 $275,000 $91,667
ASHEVILLE, NC 2 $270,000 $135,000
BROWNSVILLE-HARLINGEN, TX 2 $270,000 $135,000
MANSFIELD, OH 1 $265,000 $265,000
GOLDSBORO, NC 2 $260,000 $130,000
YUBA CITY, CA 1 $255,000 $255,000
DAYTON-KETTERING, OH 1 $255,000 $255,000
CALIFORNIA-LEXINGTON PARK, MD 1 $255,000 $255,000
GREELEY, CO 1 $255,000 $255,000
LOGAN, UT-ID 1 $255,000 $255,000
BEAUMONT-PORT ARTHUR, TX 2 $250,000 $125,000
KANSAS CITY, MO-KS 2 $250,000 $125,000
MOBILE, AL 1 $245,000 $245,000
BELLINGHAM, WA 1 $245,000 $245,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $245,000 $245,000
EAU CLAIRE, WI 1 $245,000 $245,000
CINCINNATI, OH-KY-IN 2 $240,000 $120,000
ROCHESTER, MN 1 $235,000 $235,000
FAYETTEVILLE, NC 1 $235,000 $235,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $235,000 $235,000
WICHITA FALLS, TX 1 $235,000 $235,000
OKLAHOMA CITY, OK 2 $230,000 $115,000
ELKHART-GOSHEN, IN 1 $225,000 $225,000
STAUNTON, VA 1 $225,000 $225,000
ABILENE, TX 2 $220,000 $110,000
ROCKFORD, IL 1 $195,000 $195,000
ALBANY-LEBANON, OR 1 $195,000 $195,000
LAREDO, TX 1 $195,000 $195,000
LYNCHBURG, VA 2 $190,000 $95,000
MUNCIE, IN 2 $190,000 $95,000
FARGO, ND-MN 1 $185,000 $185,000
EL CENTRO, CA 1 $175,000 $175,000
OLYMPIA-LACEY-TUMWATER, WA 1 $175,000 $175,000
CHAMBERSBURG-WAYNESBORO, PA 1 $155,000 $155,000
ROCKY MOUNT, NC 1 $155,000 $155,000
SEBRING-AVON PARK, FL 1 $155,000 $155,000
WINCHESTER, VA-WV 1 $145,000 $145,000
ALBUQUERQUE, NM 1 $135,000 $135,000
LEBANON, PA 1 $135,000 $135,000
SAVANNAH, GA 1 $135,000 $135,000
KNOXVILLE, TN 1 $135,000 $135,000
CUMBERLAND, MD-WV 1 $125,000 $125,000
CHAMPAIGN-URBANA, IL 1 $115,000 $115,000
BURLINGTON, NC 1 $85,000 $85,000
COLUMBUS, IN 1 $85,000 $85,000
PINE BLUFF, AR 1 $75,000 $75,000
DANVILLE, IL 1 $75,000 $75,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 63 $415,000 $6,587
2.5-3% 48 $16,600,000 $345,833
3-4% 3,091 $996,135,000 $322,269
4-5% 3,033 $762,245,000 $251,317
5-6% 877 $183,505,000 $209,242
6-7% 136 $25,940,000 $190,735
7-8% 8 $2,000,000 $250,000
Over 8% 6 $1,610,000 $268,333

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 540 $36,560,000 $67,704
$100k-200k 2,232 $345,690,000 $154,879
$200k-400k 3,080 $866,320,000 $281,273
$400k-600k 1,110 $528,220,000 $475,874
$600k-1000k 299 $204,845,000 $685,100
$Over $1MM 6 $6,870,000 $1,145,000

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 219 $64,815,000 $295,959
40-60% 679 $226,635,000 $333,778
60-80% 2,120 $672,230,000 $317,090
80-100% 3,920 $959,600,000 $244,796
Over 100% 199 $51,235,000 $257,462
Under 20% 102 $6,240,000 $61,176

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,485 $508,705,000 $342,562
$150k-250k 953 $404,095,000 $424,024
$50k-75k 1,737 $353,595,000 $203,566
$50k-or less 1,483 $242,485,000 $163,510
$75k-100k 1,333 $354,905,000 $266,245
$Over $250k 275 $124,485,000 $452,673

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 5,146 $1,375,120,000 $267,221
Not provided 1,268 $351,410,000 $277,137
Asian 380 $144,070,000 $379,132
Black 436 $107,300,000 $246,101
Native Hawaiian 17 $5,985,000 $352,059
American Indian 19 $4,405,000 $231,842
Chinese 1 $215,000 $215,000

Approval Rates

Total approvals of all applications
92.86%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
58.27%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 7,267 $1,988,505,000 $273,635

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,895 $434,595,000 $229,338
$1k-2k 2,183 $607,895,000 $278,468
$2k-3k 970 $222,390,000 $229,268
$3k-4k 1,217 $314,405,000 $258,344
$5k+ 1,001 $409,215,000 $408,806

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 68 $9,610,000 $141,324
Single Family (1-4 Units):Site-Built 7,199 $1,978,895,000 $274,885