Mbank Mortgage Rates, Fees & InfoManistique, MI
Tax ID: 38-0787825
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewMbank is a smaller bank specializing in Home Purchase and Refi loans. Mbank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Marquette, Traverse City, Alpena, Wausau, and Detroit among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)
Mbank 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. Mbank 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||7.00%||3/19/23|
|30 Year Conventional Refi||6.86%||3/19/23|
|30 Year Cash-out Refi||6.59%||3/19/23|
|30 Year USDA Purchase||6.83%||3/19/23|
|30 Year USDA Refi||6.51%||3/19/23|
|15 Year Conventional Purchase||6.52%||3/19/23|
|15 Year Conventional Refi||6.25%||3/19/23|
|15 Year Cash-out Refi||6.25%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$128,635,000
Mbank's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of 0.22%.
Relative Fees (Closing Costs)
Mbank's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,355.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|Outside of Metro Areas||283||$40,285,000||$142,350||$2,193||3.28%|
|Marquette, MI (FHA|USDA|VA)||209||$32,425,000||$155,144||$2,290||3.22%|
|Traverse City, MI (FHA|USDA|VA)||58||$15,590,000||$268,793||$2,465||3.24%|
|Alpena, MI (FHA|USDA|VA)||62||$7,800,000||$125,806||$1,927||2.92%|
|WAUSAU-WESTON, WI (FHA|USDA|VA)||45||$5,535,000||$123,000||$2,019||3.30%|
|Detroit-Warren-Dearborn, MI (FHA|USDA|VA)||15||$5,315,000||$354,333||$2,578||2.91%|
|Escanaba, MI (FHA|USDA|VA)||28||$3,980,000||$142,143||$2,048||3.20%|
|Iron Mountain, MI-WI (FHA|USDA|VA)||30||$2,850,000||$95,000||$1,986||3.55%|
|Houghton, MI (FHA|USDA|VA)||4||$2,500,000||$625,000||$2,665||3.16%|
|Sault Ste. Marie, MI (FHA|USDA|VA)||18||$2,210,000||$122,778||$2,176||3.48%|
|Marinette, WI-MI (FHA|USDA|VA)||14||$1,850,000||$132,143||$1,899||3.23%|
|Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)||2||$790,000||$395,000||$3,740||3.18%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||1||$755,000||$755,000||$6,768||2.88%|
|LANSING-EAST LANSING, MI (FHA|USDA|VA)||3||$705,000||$235,000||$2,162||2.83%|
|ANN ARBOR, MI (FHA|USDA|VA)||3||$655,000||$218,333||$2,120||2.75%|
|GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA)||3||$605,000||$201,667||$2,468||3.67%|
|North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)||1||$595,000||$595,000||$8,666||2.95%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||2||$500,000||$250,000||$3,739||2.88%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||2||$500,000||$250,000||$4,463||2.38%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||1||$445,000||$445,000||$6,168||2.88%|
|GREEN BAY, WI (FHA|USDA|VA)||2||$430,000||$215,000||$1,664||2.88%|
|Cadillac, MI (FHA|USDA|VA)||4||$410,000||$102,500||$2,284||5.00%|
|Key West, FL (FHA|USDA|VA)||1||$405,000||$405,000||$3,497||3.13%|
|ST. LOUIS, MO-IL (FHA|USDA|VA)||1||$285,000||$285,000||$1,648||2.75%|
|JANESVILLE-BELOIT, WI (FHA|USDA|VA)||1||$275,000||$275,000||$2,322||3.00%|
|FLINT, MI (FHA|USDA|VA)||1||$195,000||$195,000||$2,708||3.00%|
|MIDLAND, MI (FHA|USDA|VA)||1||$175,000||$175,000||$2,684||3.50%|
|TUCSON, AZ (FHA|USDA|VA)||1||$175,000||$175,000||$1,566||3.13%|
|Shawano, WI (FHA|USDA|VA)||1||$135,000||$135,000||$1,798||2.63%|
|Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA)||1||$135,000||$135,000||$1,896||2.75%|
|NILES, MI (FHA|USDA|VA)||1||$125,000||$125,000||$1,870||2.88%|
We use machine learning to identify the top lenders compared against mBank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 45
Similarity Rank: 66
Similarity Rank: 88
Similarity Rank: 96
Similarity Rank: 195
Similarity Rank: 212
Similarity Rank: 225
Similarity Rank: 256
Similarity Rank: 304
Similarity Rank: 420
|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Mbank's most frequently originated type of loan was Conventional, with 770 originations. Their 2nd most popular type was USDA, with 28 originations.
For 2021, Mbank's most frequently cited loan purpose was Home Purchase, with 348 originations. The 2nd most popular reason was Refi, with 279 originations.
For 2021, Mbank's most frequently cited loan duration was 30 Year, with 486 originations. The 2nd most popular length was 15 Year, with 195 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Mbank's average total fees were $2,355, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 668 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Mbank's average interest rate for loans was 3.37%, while their most frequently originated rate bucket for loans was 2.5-3%, with 292 originations.
2021 saw Mbank place emphasis on $100k-200k loans with 339 originations, totaling $48,405,000 in origination value.
Mbank lent most frequently to those with incomes in the $50k-75k range, with 203 originations. The second most popular income band? $50k or less, with 177 originations.
Applicant Debt to Income Ratio
Mbank lent most frequently to those with DTI ratios of 20-30%, with 217 originations. The next most common DTI ratio? 30-36%, with 154 originations.
Approval RatesTotal approvals of all applications
Mbank has an average approval rate.
Pick RateApprovals leading to origination
Mbank has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Branch||Branch Type||Deposits (000's)|
|Mbank||468 Ripley Boulevard Alpena, MI 49707||Full Service B&M||$117,119|
|Mbank||100 South Main Street Ishpeming, MI 49849||Full Service B&M||$64,339|
|Mbank||100 South Second Avenue Alpena, MI 49707||Full Service B&M||$80,722|
|Mbank||101 South Main Cheboygan, MI 49721||Full Service B&M||$28,407|
|Mbank||130 S Cedar St Manistique, MI 49854||Full Service B&M||$0|
|Mbank||130 S Cedar St Manistique, MI 49854||Full Service B&M||$187,299|
|Mbank||138 Ridge Street Sault Ste. Marie, MI 49783||Full Service B&M||$30,717|
|Mbank||440 U.S. 41 East Negaunee, MI 49866||Full Service B&M||$3,618|
|Mbank||1400 East Main Street Merrill, WI 54452||Full Service B&M||$58,958|
|Mbank||14429 Wuoksi Avenue Kaleva, MI 49645||Full Service B&M||$21,647|
|Mbank||175 S. Mcclellan Street Marquette, MI 49855||Full Service B&M||$17,797|
|Mbank||1811 Superior St Three Lakes, WI 54562||Full Service B&M||$28,342|
|Mbank||1955 South Otsego Avenue Gaylord, MI 49735||Full Service B&M||$99,879|
|Mbank||2224 North Lincoln Road Escanaba, MI 49829||Full Service B&M||$29,074|
|Mbank||240 Highway 70 East St. Germain, WI 54558||Full Service B&M||$28,683|
|Mbank||260 East Brown Street, Suite 300 Birmingham, MI 48009||Full Service B&M||$58,252|
|Mbank||2885 S. County Road 489 Lewiston, MI 49756||Full Service B&M||$33,794|
|Mbank||308 N Morenci Street Mio, MI 48647||Full Service B&M||$12,570|
|Mbank||309 Cass Street Traverse City, MI 49684||Full Service B&M||$4,028|
|Mbank||3530 North Country Drive Traverse City, MI 49684||Full Service B&M||$44,543|
|Mbank||400 East Wall Street Eagle River, WI 54521||Full Service B&M||$68,343|
|Mbank||414 Newberry Avenue Newberry, MI 49868||Full Service B&M||$71,099|
|Mbank||6230 River Street Alanson, MI 49706||Full Service B&M||$17,074|
|Mbank||735 E. Lakeshore Drive Manistique, MI 49854||Full Service Retail||$1|
|Mbank||845 Central Avenue Florence, WI 54121||Full Service B&M||$13,478|
|Mbank||857 West Washington Street Marquette, MI 49855||Full Service B&M||$91,027|
|Mbank||900 Roosevelt Road Niagara, WI 54151||Full Service B&M||$24,607|
|Mbank||Daisy Street And U. S. 41 Ishpeming Township, MI 49849||Full Service B&M||$21,752|
|Mbank||S 216 Menominee St Stephenson, MI 49887||Full Service B&M||$33,006|
|Mbank||W563 County Road N Niagara, WI 54151||Full Service B&M||$22,765|
For 2021, Mbank had 30 branches.