Michigan Columbus Mortgage Rates, Fees & Info
Livonia, MILEI: 549300Y4GTNURUFYV328
Tax ID: 38-1363063
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Mortgage Data
Review & Overview
Michigan Columbus is a smaller mortgage company specializing in Home Improvement and Other loans. Michigan Columbus has a high proportion of conventional loans. Their top two markets are Detroit and Jackson .Michigan Columbus has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
27Origination Dollar Volume (All Markets)
$1,515,000Top 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) | 26 | $1,410,000 | $54,231 | $640 | 8.35% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $1,480,000 | $56,923 | $640 | 8.25% |
| HELOC | 1 | $35,000 | $35,000 | n/a | 8.75% |
For 2023, Michigan Columbus's most frequently originated type of loan was Conventional, with 26 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 21 | $1,145,000 | $54,524 | $640 | 8.17% |
| Other | 6 | $370,000 | $61,667 | $0 | 8.63% |
For 2023, Michigan Columbus's most frequently cited loan purpose was Home Improvement, with 21 originations. The 2nd most popular reason was Other, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 22 | $1,290,000 | $58,636 | $0 | 8.52% |
| 10 Year | 3 | $195,000 | $65,000 | $0 | 6.42% |
| 3 Year | 2 | $30,000 | $15,000 | $640 | 8.25% |
For 2023, Michigan Columbus's most frequently cited loan duration was Other, with 22 originations. The 2nd most popular length was 10 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $105,000 | $105,000 |
Michigan Columbus's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 14 | $490,000 | $35,000 |
| 7-8% | 9 | $805,000 | $89,444 |
| 6-7% | 3 | $185,000 | $61,667 |
| 4-5% | 1 | $35,000 | $35,000 |
During 2023, Michigan Columbus's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 14 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 24 | $1,050,000 | $43,750 | $640 | 8.40% |
| $100k-200k | 3 | $465,000 | $155,000 | $0 | 7.25% |
2023 saw Michigan Columbus place emphasis on $100,000 or less loans with 24 originations, totaling $1,050,000 in origination value.
Applicant Income
Michigan Columbus lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $100k-150k, with 6 originations.
Applicant Debt to Income Ratio
Michigan Columbus lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 24 | $1,380,000 | $57,500 | $640 | 8.14% |
| Black | 2 | $80,000 | $40,000 | $0 | 9.63% |
| Not provided | 1 | $55,000 | $55,000 | $0 | 8.75% |
Approval Rates
Total approvals of all applications100.00%
Michigan Columbus has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination62.96%
Michigan Columbus has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $1,515,000 | $56,111 |