Mbank Mortgage Rates, Fees & Info

Manistique, MI

LEI: 549300X3PFQJ32XJSB27

Tax ID: 38-0787825

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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mbank is a smaller bank specializing in Home Purchase and Refi loans. Mbank has a high proportion of conventional loans. Their top markets by origination volume include: Marquette, Traverse City, Sault Ste. Marie, Escanaba, and Iron Mountain among others. We have data for 26 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    679

    Origination Dollar Volume (All Markets)

    $86,995,000

    Employee count

    288 Show all (9) awards

    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
    Outside of Metro Areas 251 $30,975,000 $123,406 $2,036 5.24%
    Marquette, MI (FHA|USDA|VA) 193 $21,995,000 $113,964 $1,935 5.58%
    Traverse City, MI (FHA|USDA|VA) 53 $10,175,000 $191,981 $2,061 5.84%
    Sault Ste. Marie, MI (FHA|USDA|VA) 27 $4,375,000 $162,037 $2,144 5.89%
    Escanaba, MI (FHA|USDA|VA) 34 $3,570,000 $105,000 $1,924 5.13%
    Iron Mountain, MI-WI (FHA|USDA|VA) 28 $3,370,000 $120,357 $2,071 5.84%
    Alpena, MI (FHA|USDA|VA) 32 $3,180,000 $99,375 $1,900 4.83%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 9 $2,555,000 $283,889 $2,817 5.71%
    Marinette, WI-MI (FHA|USDA|VA) 20 $1,390,000 $69,500 $1,650 5.85%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $8,377 4.75%
    Cadillac, MI (FHA|USDA|VA) 10 $920,000 $92,000 $2,291 5.44%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $475,000 $475,000 $7,157 6.59%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 3 $335,000 $111,667 $1,507 5.38%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 3 $325,000 $108,333 $1,830 5.00%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $305,000 $305,000 $2,710 4.50%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $3,431 4.88%
    Houghton, MI (FHA|USDA|VA) 2 $260,000 $130,000 $1,927 4.75%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $255,000 $255,000 $6,085 4.38%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,389 5.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,368 3.88%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $200,000 $100,000 $2,127 4.56%
    Alma, MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,666 7.21%
    Manitowoc, WI (FHA|USDA|VA) 1 $135,000 $135,000 $2,251 6.44%
    Fernley, NV (FHA|USDA|VA) 1 $95,000 $95,000 $2,604 5.25%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $75,000 $75,000 $2,222 4.75%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $75,000 $75,000 $2,043 4.88%
    Mbank's top markets include Marquette, Traverse City, Sault Ste. Marie, Escanaba, and Iron Mountain among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    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.

    Prevail Bank
    Similarity Rank: 27
    Polish-American Federal Credit Union
    Similarity Rank: 32
    CAPITAL Credit Union
    Similarity Rank: 64
    Cloverbelt Credit Union
    Similarity Rank: 85
    FOX COMMUNITIES
    Similarity Rank: 92
    Dort Financial Credit Union
    Similarity Rank: 95
    AbbyBank
    Similarity Rank: 110
    St James Mortgage Corporation
    Similarity Rank: 120
    Honor Credit Union
    Similarity Rank: 280
    Peoples State Bank
    Similarity Rank: 306

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 632 $82,460,000 $130,475 $1,988 5.46%
    USDA 47 $4,535,000 $96,489 $2,636 5.01%

    For 2018, Mbank's most frequently originated type of loan was Conventional, with 632 originations. Their 2nd most popular type was USDA, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 422 $50,250,000 $119,076 $2,115 5.38%
    Refi 164 $25,230,000 $153,841 $1,898 5.79%
    Cash Out Refi 77 $10,515,000 $136,558 $1,949 4.96%
    Other 10 $720,000 $72,000 $1,776 5.59%
    Home Improvement 6 $280,000 $46,667 $1,528 5.19%

    For 2018, Mbank's most frequently cited loan purpose was Home Purchase, with 422 originations. The 2nd most popular reason was Refi, with 164 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 468 $64,510,000 $137,842 $2,101 5.41%
    15 Year 128 $12,320,000 $96,250 $1,909 5.34%
    20 Year 36 $4,400,000 $122,222 $1,940 4.95%
    Other 22 $1,240,000 $56,364 $1,805 6.53%
    10 Year 16 $930,000 $58,125 $1,752 5.99%
    5 Year 7 $3,385,000 $483,571 $1,277 6.03%
    3 Year 2 $210,000 $105,000 $0 5.63%

    For 2018, Mbank's most frequently cited loan duration was 30 Year, with 468 originations. The 2nd most popular length was 15 Year, with 128 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 565 $64,535,000 $114,221
    $1k-2k 68 $11,160,000 $164,118
    $2k-3k 7 $2,365,000 $337,857
    $3k-4k 1 $1,085,000 $1,085,000
    $4k-5k 1 $255,000 $255,000

    Mbank's average total fees were $2,101, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 565 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 358 $52,230,000 $145,894
    5-6% 140 $17,950,000 $128,214
    6-7% 55 $4,455,000 $81,000
    Over 8% 55 $2,655,000 $48,273
    3-4% 36 $5,500,000 $152,778
    7-8% 33 $1,975,000 $59,848

    During 2018, Mbank's average interest rate for loans was 5.41%, while their most frequently originated rate bucket for loans was 4-5%, with 358 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 335 $19,215,000 $57,358 $1,776 5.93%
    $100k-200k 243 $33,835,000 $139,239 $2,143 4.96%
    $200k-400k 83 $21,125,000 $254,518 $2,508 4.92%
    $400k-600k 12 $5,360,000 $446,667 $3,458 4.85%
    $1MM+ 4 $6,080,000 $1,520,000 $4,390 4.37%
    $600k-1MM 2 $1,380,000 $690,000 $2,505 5.30%

    2018 saw Mbank place emphasis on $100,000 or less loans with 335 originations, totaling $19,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 223 $16,905,000 $75,807 $1,950 5.57%
    $50k-75k 166 $17,470,000 $105,241 $1,987 5.52%
    $100k-150k 100 $15,150,000 $151,500 $2,052 5.35%
    $75k-100k 95 $13,045,000 $137,316 $2,061 5.11%
    $150k-250k 55 $9,795,000 $178,091 $2,263 5.43%
    $250k+ 34 $11,200,000 $329,412 $2,366 5.10%

    Mbank lent most frequently to those with incomes in the $50k or less range, with 223 originations. The second most popular income band? $50k-75k, with 166 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 158 $18,220,000 $115,316 $2,011 5.36%
    30-36% 133 $15,485,000 $116,429 $2,059 5.33%
    <20% 72 $8,080,000 $112,222 $1,860 5.00%
    36% 35 $3,615,000 $103,286 $2,034 5.84%
    37% 32 $4,850,000 $151,563 $2,039 5.61%
    41% 31 $5,325,000 $171,774 $2,190 5.48%
    50-60% 26 $4,770,000 $183,462 $1,991 6.24%
    38% 25 $2,835,000 $113,400 $1,972 5.88%
    44% 24 $3,460,000 $144,167 $2,174 5.24%
    39% 22 $2,490,000 $113,182 $1,986 5.62%
    42% 19 $2,775,000 $146,053 $2,094 5.75%
    40% 18 $1,780,000 $98,889 $2,288 5.23%
    43% 14 $1,620,000 $115,714 $2,307 4.94%
    45% 13 $1,865,000 $143,462 $1,946 5.05%
    46% 13 $1,155,000 $88,846 $1,742 5.52%
    >60% 12 $1,580,000 $131,667 $2,272 6.40%
    47% 11 $1,695,000 $154,091 $2,211 4.84%
    48% 7 $965,000 $137,857 $1,993 5.34%
    49% 4 $460,000 $115,000 $1,969 6.22%

    Mbank lent most frequently to those with DTI ratios of 20-30%, with 158 originations. The next most common DTI ratio? 30-36%, with 133 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 643 $79,525,000 $123,678 $2,027 5.43%
    Not applicable 6 $3,430,000 $571,667 $0 5.88%
    Not provided 10 $1,210,000 $121,000 $2,061 4.78%
    American Indian 15 $1,165,000 $77,667 $1,981 5.55%
    Asian 2 $1,130,000 $565,000 $5,060 5.85%
    Black 2 $510,000 $255,000 $2,192 4.38%
    Native Hawaiian or Islander 1 $25,000 $25,000 $1,561 6.74%

    Approval Rates

    Total approvals of all applications
    84.84%

    Mbank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.93%

    Mbank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    744.98 1 $235,000 $235,000
    NA 678 $86,760,000 $127,965

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $2,095,000 $2,095,000
    Single Family (1-4 Units):Manufactured 62 $3,940,000 $63,548
    Single Family (1-4 Units):Site-Built 616 $80,960,000 $131,429

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $2,785,000 $75,270 $1,737 5.37%
    40-60% 72 $13,240,000 $183,889 $1,984 5.22%
    60-80% 279 $37,845,000 $135,645 $2,049 5.42%
    80-100% 266 $32,350,000 $121,617 $2,180 5.35%
    Over 100% 1 $55,000 $55,000 $0 5.24%
    Under 20% 23 $615,000 $26,739 $683 7.17%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    mBank 100 South Main Street Ishpeming, MI 49849 Full Service B&M $56,117
    mBank 100 South Second Avenue Alpena, MI 49707 Full Service B&M $83,012
    mBank 101 South Main Cheboygan, MI 49721 Full Service B&M $19,153
    mBank 130 South Cedar Street Manistique, MI 49854 Full Service B&M $0
    mBank 130 South Cedar Street Manistique, MI 49854 Full Service B&M $202,686
    mBank 138 Ridge Street Sault Ste. Marie, MI 49783 Full Service B&M $22,658
    mBank 14429 Wuoksi Avenue Kaleva, MI 49645 Full Service B&M $16,873
    mBank 175 S. Mcclellan Street Marquette, MI 49855 Full Service B&M $15,623
    mBank 1811 Superior St Three Lakes, WI 54562 Full Service B&M $18,681
    mBank 1955 South Otsego Avenue Gaylord, MI 49735 Full Service B&M $54,379
    mBank 2224 North Lincoln Road Escanaba, MI 49829 Full Service B&M $18,559
    mBank 240 Highway 70 East St. Germain, WI 54558 Full Service B&M $18,228
    mBank 260 East Brown Street, Suite 300 Birmingham, MI 48009 Full Service B&M $47,940
    mBank 2885 S. County Road 489 Lewiston, MI 49756 Full Service B&M $28,293
    mBank 308 N Morenci Street Mio, MI 48647 Full Service B&M $11,175
    mBank 309 Cass Street Traverse City, MI 49684 Full Service B&M $3,059
    mBank 3530 North Country Drive Traverse City, MI 49684 Full Service B&M $40,441
    mBank 400 East Wall Street Eagle River, WI 54521 Full Service B&M $60,513
    mBank 414 Newberry Avenue Newberry, MI 49868 Full Service B&M $38,126
    mBank 440 U.S. 41 East Negaunee, MI 49866 Full Service B&M $4,407
    mBank 468 Ripley Boulevard Alpena, MI 49707 Full Service B&M $85,929
    mBank 6230 River Street Alanson, MI 49706 Full Service B&M $14,633
    mBank 735 E. Lakeshore Drive Manistique, MI 49854 Full Service Retail $324
    mBank 845 Central Avenue Florence, WI 54121 Full Service B&M $10,713
    mBank 857 West Washington Street Marquette, MI 49855 Full Service B&M $65,491
    mBank 900 Roosevelt Road Niagara, WI 54151 Full Service B&M $23,126
    mBank 900 U.S. 41 West Ishpeming, MI 49849 Full Service B&M $2,310
    mBank Daisy Street And U. S. 41 Ishpeming Township, MI 49849 Full Service B&M $14,743
    mBank S 216 Menominee St Stephenson, MI 49887 Full Service B&M $35,617
    mBank W563 County Road N Niagara, WI 54151 Full Service B&M $17,354

    For 2018, Mbank had 30 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $55,377
    Net interest income $47,458
    Total noninterest income $4,355
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,422
    Trading account gains and fees $0
    Additional Noninterest Income $2,933
    Pre-tax net operating income $13,145
    Securities gains (or losses, -) $0
    Income before extraordinary items $9,042
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $9,042
    Minority interest net income $0
    Net income $9,042
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $9,042

    Mbank's gross interest income from loans was $55,377,000.
    Mbank's net interest income from loans was $47,458,000.
    Mbank's fee based income from loans was $1,422,000.
    Mbank's net income from loans was $9,042,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,919
    Provision for credit losses $500
    Total noninterest expense $38,168
    Salaries and employee benefits $19,164
    Premises and equipment expense $6,006
    Additional noninterest expense $12,998
    Applicable income taxes $4,103
    Net charge-offs $396
    Cash dividends $2,000

    Mbank's interest expense for loans was $7,919,000.
    Mbank's payroll and benefits expense were $19,164,000.
    Mbank's property, plant and equipment expenses $6,006,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.4%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,100,403
    Deposits held in domestic offices $1,100,403
    Deposits by Individuals, partnerships, and corporations $984,279
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $116,124
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $458,725
    Demand deposits $358,765
    Nontransaction accounts $641,678
    Money market deposit accounts (MMDAs) $154,577
    Other savings deposits (excluding MMDAs) $111,585
    Total time deposits $375,516
    Total time and savings deposits $741,638
    Noninterest-bearing deposits $243,875
    Interest-bearing deposits $856,528
    Retail deposits $950,197
    IRAs and Keogh plan accounts $32,681
    Brokered deposits $136,760
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,314,951
    Cash & Balances due from depository institutions $77,461
    Interest-bearing balances $43,022
    Total securities $116,748
    Federal funds sold & reverse repurchase $6
    Net loans and leases $1,033,722
    Loan and leases loss allowance $5,142
    Trading account assets $0
    Bank premises and fixed assets $22,463
    Other real estate owned $3,119
    Goodwill and other intangibles $28,968
    All other assets $32,464

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,314,951
    Total Liabilities $1,168,474
    Total deposits $1,100,403
    Interest-bearing deposits $856,528
    Deposits held in domestic offices $1,100,403
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $2,905
    Trading liabilities $0
    Other borrowed funds $57,055
    Subordinated debt $0
    All other liabilities $8,111

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,033,722
    Loan and leases loss allowance $5,142
    Total loans and leases (domestic) $1,038,864
    All real estate loans $827,433
    Real estate loans in domestic offices $827,433
    Construction and development loans $44,318
    Residential 1-4 family construction $14,553
    Other construction, all land development and other land $29,765
    Loans secured by nonfarm nonresidential properties $480,936
    Nonfarm nonresidential secured by owner-occupied properties $210,381
    Commercial real estate & other non-farm, non-residential $270,555
    Multifamily residential real estate $11,097
    1-4 family residential loans $286,908
    Farmland loans $4,174
    Loans held in foreign offices $0
    Farm loans $1,032
    Commercial and industrial loans $188,359
    To non-U.S. addressees $0
    Loans to individuals $20,371
    Credit card loans $1,220
    Related Plans $1,152
    Consumer Auto Loans $6,504
    Other loans to individuals $11,495
    All other loans & leases $1,669
    Loans to foreign governments and official institutions $0
    Other loans $202
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $945
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $4,836
    Non 1-4 family restructured loans & leases $3,998
    Total loans and leases (foreign) $0

    mBank had $1,033,722,000 of loans outstanding in 2018. $827,433,000 of loans were in real estate loans. $44,318,000 of loans were in development loans. $11,097,000 of loans were in multifamily mortgage loans. $286,908,000 of loans were in 1-4 family mortgage loans. $1,032,000 of loans were in farm loans. $1,220,000 of loans were in credit card loans. $6,504,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 923 $195,837 $212,174
    Nonfarm, nonresidential loans - <$100k 281 $13,619 $48,466
    Nonfarm, nonresidential loans - $100-250k 276 $36,471 $132,141
    Nonfarm, nonresidential loans - $250k-1MM 366 $145,747 $398,216
    Commercial & Industrial, US addressed loans - <$1MM 756 $96,899 $128,173
    Commercial & Industrial, US addressed loans - <$100k 444 $17,951 $40,430
    Commercial & Industrial, US addressed loans - $100-250k 157 $22,289 $141,968
    Commercial & Industrial, US addressed loans - $250k-1MM 155 $56,659 $365,542
    Farmland loans - <$1MM 26 $4,174 $160,538
    Farmland loans - <$100k 10 $325 $32,500
    Farmland loans - $100-250k 4 $408 $102,000
    Farmland loans - $250k-1MM 12 $3,441 $286,750
    Agriculture operations loans - <$1MM 9 $1,032 $114,667
    Agriculture operations loans - <$100k 6 $232 $38,667
    Agriculture operations loans - $100-250k 1 $180 $180,000
    Agriculture operations loans - $250k-1MM 2 $620 $310,000