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, Alpena, Escanaba, and Detroit among others. We have data for 30 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.

    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

    903

    Origination Dollar Volume (All Markets)

    $125,835,000

    Employee count

    304 Show all (11) 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 320 $40,400,000 $126,250 $2,028 4.61%
    Marquette, MI (FHA|USDA|VA) 244 $35,330,000 $144,795 $2,130 4.73%
    Traverse City, MI (FHA|USDA|VA) 71 $13,945,000 $196,408 $2,202 4.73%
    Alpena, MI (FHA|USDA|VA) 54 $7,600,000 $140,741 $2,031 4.23%
    Escanaba, MI (FHA|USDA|VA) 46 $6,990,000 $151,957 $2,130 4.30%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 19 $4,375,000 $230,263 $1,942 5.04%
    Sault Ste. Marie, MI (FHA|USDA|VA) 35 $3,485,000 $99,571 $2,252 5.60%
    Marinette, WI-MI (FHA|USDA|VA) 26 $2,620,000 $100,769 $1,782 4.79%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 23 $2,345,000 $101,957 $1,955 5.27%
    Iron Mountain, MI-WI (FHA|USDA|VA) 27 $1,675,000 $62,037 $1,918 5.15%
    Houghton, MI (FHA|USDA|VA) 9 $1,075,000 $119,444 $2,145 5.07%
    GREEN BAY, WI (FHA|USDA|VA) 1 $1,065,000 $1,065,000 $0 4.88%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $700,000 $350,000 $2,386 4.25%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $485,000 $485,000 $2,498 5.38%
    Cadillac, MI (FHA|USDA|VA) 7 $485,000 $69,286 $2,109 6.64%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $455,000 $455,000 $4,074 3.88%
    MADISON, WI (FHA|USDA|VA) 2 $330,000 $165,000 $1,757 4.56%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $330,000 $165,000 $1,827 3.44%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $310,000 $155,000 $2,370 5.44%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $285,000 $285,000 $2,649 4.38%
    SAGINAW, MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,295 4.38%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $235,000 $235,000 $1,890 4.13%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,135 4.75%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,253 4.13%
    Stevens Point, WI (FHA|USDA|VA) 1 $145,000 $145,000 $2,131 4.25%
    Mount Pleasant, MI (FHA|USDA|VA) 1 $135,000 $135,000 $1,720 3.63%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $115,000 $115,000 $2,927 4.50%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $1,849 3.75%
    Big Rapids, MI (FHA|USDA|VA) 1 $95,000 $95,000 $1,795 4.75%
    Coldwater, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,255 5.84%
    Mbank's top markets include Marquette, Traverse City, Alpena, Escanaba, and Detroit among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Missouri (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: 48
    FOX COMMUNITIES
    Similarity Rank: 54
    CAPITAL Credit Union
    Similarity Rank: 64
    Honor Credit Union
    Similarity Rank: 156
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Dort Financial Credit Union
    Similarity Rank: 222
    Peoples State Bank
    Similarity Rank: 253
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    University of Wisconsin Credit Union
    Similarity Rank: 432

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 836 $119,320,000 $142,727 $2,021 4.74%
    USDA 67 $6,515,000 $97,239 $2,712 4.36%

    For 2019, Mbank's most frequently originated type of loan was Conventional, with 836 originations. Their 2nd most popular type was USDA, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 486 $65,780,000 $135,350 $2,190 4.78%
    Refi 264 $36,020,000 $136,439 $1,925 4.84%
    Cash Out Refi 119 $19,535,000 $164,160 $2,008 3.96%
    Other 20 $2,240,000 $112,000 $1,992 5.00%
    Home Improvement 14 $2,260,000 $161,429 $1,734 6.05%

    For 2019, Mbank's most frequently cited loan purpose was Home Purchase, with 486 originations. The 2nd most popular reason was Refi, with 264 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 547 $83,065,000 $151,856 $2,187 4.59%
    15 Year 189 $21,335,000 $112,884 $1,911 4.53%
    5 Year 81 $9,955,000 $122,901 $945 5.87%
    20 Year 43 $6,505,000 $151,279 $1,956 3.99%
    10 Year 18 $840,000 $46,667 $1,776 5.49%
    Other 17 $3,305,000 $194,412 $1,457 5.58%
    1 Year 5 $565,000 $113,000 $0 5.90%
    3 Year 3 $265,000 $88,333 $447 6.14%

    For 2019, Mbank's most frequently cited loan duration was 30 Year, with 547 originations. The 2nd most popular length was 15 Year, with 189 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 730 $95,170,000 $130,370
    $1k-2k 80 $14,830,000 $185,375
    $2k-3k 6 $1,860,000 $310,000
    $4k-5k 1 $855,000 $855,000

    Mbank's average total fees were $2,187, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 730 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 345 $54,695,000 $158,536
    4-5% 266 $41,370,000 $155,526
    5-6% 162 $17,450,000 $107,716
    7-8% 40 $2,300,000 $57,500
    6-7% 37 $4,415,000 $119,324
    Over 8% 31 $1,955,000 $63,065
    2.5-3% 22 $3,650,000 $165,909

    During 2019, Mbank's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 3-4%, with 345 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 383 $22,495,000 $58,734 $1,848 5.29%
    $100k-200k 363 $52,115,000 $143,567 $2,164 4.34%
    $200k-400k 128 $33,730,000 $263,516 $2,298 4.13%
    $400k-600k 22 $10,140,000 $460,909 $2,711 4.13%
    $1MM+ 5 $5,755,000 $1,151,000 $4,676 5.24%
    $600k-1MM 2 $1,600,000 $800,000 $4,760 4.00%

    2019 saw Mbank place emphasis on $100,000 or less loans with 383 originations, totaling $22,495,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 246 $20,420,000 $83,008 $1,958 4.85%
    $50k-75k 192 $22,960,000 $119,583 $2,141 4.68%
    $75k-100k 136 $18,710,000 $137,574 $2,030 4.54%
    $100k-150k 131 $21,425,000 $163,550 $2,008 4.39%
    $150k-250k 81 $18,045,000 $222,778 $2,205 4.57%
    $250k+ 55 $15,025,000 $273,182 $2,502 4.57%

    Mbank lent most frequently to those with incomes in the $50k or less range, with 246 originations. The second most popular income band? $50k-75k, with 192 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 240 $32,550,000 $135,625 $2,095 4.54%
    30-36% 169 $22,565,000 $133,521 $2,102 4.46%
    <20% 95 $12,825,000 $135,000 $1,928 4.49%
    38% 31 $3,625,000 $116,935 $1,922 4.39%
    39% 31 $4,155,000 $134,032 $2,269 4.86%
    42% 30 $5,020,000 $167,333 $2,127 5.00%
    36% 30 $4,270,000 $142,333 $2,210 4.41%
    40% 28 $4,420,000 $157,857 $2,164 4.34%
    37% 28 $3,510,000 $125,357 $2,028 4.86%
    44% 27 $3,365,000 $124,630 $2,023 5.33%
    41% 25 $2,715,000 $108,600 $1,929 4.95%
    43% 18 $3,010,000 $167,222 $1,910 4.73%
    45% 14 $2,660,000 $190,000 $2,277 4.20%
    46% 13 $1,735,000 $133,462 $1,988 4.64%
    50-60% 11 $1,445,000 $131,364 $2,186 5.63%
    47% 8 $1,320,000 $165,000 $2,177 4.44%
    48% 7 $1,635,000 $233,571 $2,229 5.66%
    49% 6 $1,110,000 $185,000 $2,240 4.34%
    >60% 6 $780,000 $130,000 $2,293 6.82%

    Mbank lent most frequently to those with DTI ratios of 20-30%, with 240 originations. The next most common DTI ratio? 30-36%, with 169 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 826 $111,420,000 $134,891 $2,072 4.67%
    Not applicable 45 $8,305,000 $184,556 $0 5.60%
    Not provided 15 $3,015,000 $201,000 $2,226 4.37%
    Asian 7 $2,125,000 $303,571 $2,176 4.51%
    American Indian 8 $630,000 $78,750 $2,343 5.17%
    Black 1 $235,000 $235,000 $2,325 4.50%
    Filipino 1 $105,000 $105,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    86.12%

    Mbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.31%

    Mbank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 903 $125,835,000 $139,352

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $4,425,000 $491,667
    Single Family (1-4 Units):Manufactured 76 $4,820,000 $63,421
    Single Family (1-4 Units):Site-Built 818 $116,590,000 $142,531

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 63 $6,145,000 $97,540 $1,780 4.74%
    40-60% 105 $13,215,000 $125,857 $1,903 4.73%
    60-80% 378 $57,100,000 $151,058 $2,010 4.62%
    80-100% 341 $48,875,000 $143,328 $2,303 4.71%
    Over 100% 1 $115,000 $115,000 $2,276 7.29%
    Under 20% 15 $385,000 $25,667 $963 6.72%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    mBank 100 South Main Street Ishpeming, MI 49849 Full Service B&M $54,921
    mBank 100 South Second Avenue Alpena, MI 49707 Full Service B&M $89,422
    mBank 101 South Main Cheboygan, MI 49721 Full Service B&M $22,922
    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 $214,860
    mBank 138 Ridge Street Sault Ste. Marie, MI 49783 Full Service B&M $25,148
    mBank 1400 East Main Street Merrill, WI 54452 Full Service B&M $50,112
    mBank 14429 Wuoksi Avenue Kaleva, MI 49645 Full Service B&M $18,343
    mBank 175 S. Mcclellan Street Marquette, MI 49855 Full Service B&M $15,647
    mBank 1811 Superior St Three Lakes, WI 54562 Full Service B&M $20,791
    mBank 1955 South Otsego Avenue Gaylord, MI 49735 Full Service B&M $54,622
    mBank 2224 North Lincoln Road Escanaba, MI 49829 Full Service B&M $17,419
    mBank 240 Highway 70 East St. Germain, WI 54558 Full Service B&M $19,408
    mBank 260 East Brown Street, Suite 300 Birmingham, MI 48009 Full Service B&M $48,027
    mBank 2885 S. County Road 489 Lewiston, MI 49756 Full Service B&M $29,636
    mBank 308 N Morenci Street Mio, MI 48647 Full Service B&M $10,518
    mBank 309 Cass Street Traverse City, MI 49684 Full Service B&M $3,345
    mBank 3530 North Country Drive Traverse City, MI 49684 Full Service B&M $33,770
    mBank 400 East Wall Street Eagle River, WI 54521 Full Service B&M $57,850
    mBank 414 Newberry Avenue Newberry, MI 49868 Full Service B&M $55,653
    mBank 440 U.S. 41 East Negaunee, MI 49866 Full Service B&M $2,491
    mBank 468 Ripley Boulevard Alpena, MI 49707 Full Service B&M $82,655
    mBank 6230 River Street Alanson, MI 49706 Full Service B&M $14,538
    mBank 735 E. Lakeshore Drive Manistique, MI 49854 Full Service Retail $248
    mBank 845 Central Avenue Florence, WI 54121 Full Service B&M $10,007
    mBank 857 West Washington Street Marquette, MI 49855 Full Service B&M $66,404
    mBank 900 Roosevelt Road Niagara, WI 54151 Full Service B&M $23,414
    mBank Daisy Street And U. S. 41 Ishpeming Township, MI 49849 Full Service B&M $18,574
    mBank S 216 Menominee St Stephenson, MI 49887 Full Service B&M $36,004
    mBank W563 County Road N Niagara, WI 54151 Full Service B&M $19,273

    For 2019, Mbank had 30 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $64,384
    Net interest income $53,910
    Total noninterest income $5,854
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,729
    Trading account gains and fees $0
    Additional Noninterest Income $4,125
    Pre-tax net operating income $19,039
    Securities gains (or losses, -) $208
    Income before extraordinary items $15,065
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $15,065
    Minority interest net income $0
    Net income $15,065
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,900

    Mbank's gross interest income from loans was $64,384,000.
    Mbank's net interest income from loans was $53,910,000.
    Mbank's fee based income from loans was $1,729,000.
    Mbank's net income from loans was $15,065,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,474
    Provision for credit losses $385
    Total noninterest expense $40,340
    Salaries and employee benefits $21,572
    Premises and equipment expense $6,857
    Additional noninterest expense $11,911
    Applicable income taxes $4,182
    Net charge-offs $260
    Cash dividends $5,500

    Mbank's interest expense for loans was $10,474,000.
    Mbank's payroll and benefits expense were $21,572,000.
    Mbank's property, plant and equipment expenses $6,857,000.

    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 1.0%
    HELOC loans 1.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    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 $1,076,388
    Deposits held in domestic offices $1,076,388
    Deposits by Individuals, partnerships, and corporations $958,172
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $118,216
    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 $494,593
    Demand deposits $287,856
    Nontransaction accounts $581,795
    Money market deposit accounts (MMDAs) $166,884
    Other savings deposits (excluding MMDAs) $109,726
    Total time deposits $305,185
    Total time and savings deposits $788,532
    Noninterest-bearing deposits $287,856
    Interest-bearing deposits $788,532
    Retail deposits $1,005,513
    IRAs and Keogh plan accounts $33,838
    Brokered deposits $58,622
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,316,588
    Cash & Balances due from depository institutions $59,854
    Interest-bearing balances $34,294
    Total securities $107,972
    Federal funds sold & reverse repurchase $32
    Net loans and leases $1,053,509
    Loan and leases loss allowance $5,267
    Trading account assets $0
    Bank premises and fixed assets $23,395
    Other real estate owned $2,194
    Goodwill and other intangibles $26,166
    All other assets $43,466

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,316,588
    Total Liabilities $1,159,465
    Total deposits $1,076,388
    Interest-bearing deposits $788,532
    Deposits held in domestic offices $1,076,388
    % insured (estimated) $94
    Federal funds purchased and repurchase agreements $6,225
    Trading liabilities $0
    Other borrowed funds $64,148
    Subordinated debt $0
    All other liabilities $12,704

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,053,509
    Loan and leases loss allowance $5,267
    Total loans and leases (domestic) $1,058,776
    All real estate loans $826,515
    Real estate loans in domestic offices $826,515
    Construction and development loans $58,203
    Residential 1-4 family construction $18,096
    Other construction, all land development and other land $40,107
    Loans secured by nonfarm nonresidential properties $495,700
    Nonfarm nonresidential secured by owner-occupied properties $227,229
    Commercial real estate & other non-farm, non-residential $268,471
    Multifamily residential real estate $15,137
    1-4 family residential loans $253,918
    Farmland loans $3,557
    Loans held in foreign offices $0
    Farm loans $832
    Commercial and industrial loans $203,979
    To non-U.S. addressees $0
    Loans to individuals $21,238
    Credit card loans $1,204
    Related Plans $1,222
    Consumer Auto Loans $7,548
    Other loans to individuals $11,264
    All other loans & leases $6,212
    Loans to foreign governments and official institutions $0
    Other loans $91
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $550
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,205
    Non 1-4 family restructured loans & leases $5,651
    Total loans and leases (foreign) $0

    mBank had $1,053,509,000 of loans outstanding in 2019. $826,515,000 of loans were in real estate loans. $58,203,000 of loans were in development loans. $15,137,000 of loans were in multifamily mortgage loans. $253,918,000 of loans were in 1-4 family mortgage loans. $832,000 of loans were in farm loans. $1,204,000 of loans were in credit card loans. $7,548,000 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 799 $176,930 $221,439
    Nonfarm, nonresidential loans - <$100k 198 $9,257 $46,753
    Nonfarm, nonresidential loans - $100-250k 262 $34,018 $129,840
    Nonfarm, nonresidential loans - $250k-1MM 339 $133,655 $394,263
    Commercial & Industrial, US addressed loans - <$1MM 849 $99,050 $116,667
    Commercial & Industrial, US addressed loans - <$100k 470 $15,344 $32,647
    Commercial & Industrial, US addressed loans - $100-250k 198 $24,398 $123,222
    Commercial & Industrial, US addressed loans - $250k-1MM 181 $59,308 $327,669
    Farmland loans - <$1MM 18 $2,536 $140,889
    Farmland loans - <$100k 6 $282 $47,000
    Farmland loans - $100-250k 3 $449 $149,667
    Farmland loans - $250k-1MM 9 $1,805 $200,556
    Agriculture operations loans - <$1MM 7 $347 $49,571
    Agriculture operations loans - <$100k 6 $198 $33,000
    Agriculture operations loans - $100-250k 1 $149 $149,000