Michigan Columbus Mortgage Rates, Fees & Info

Livonia, MI

LEI: 549300Y4GTNURUFYV328

Tax ID: 38-1363063

Latest/2024 | 2023 Data | 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
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Michigan Columbus is a smaller mortgage company specializing in Home Improvement, Other, and NA loans. Michigan Columbus has a high proportion of conventional loans. Their top two markets are Detroit and Traverse City .

    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.

    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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    Originations

    20

    Origination Dollar Volume (All Markets)

    $1,200,000

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 19 $1,135,000 $59,737 $0 6.24%
    Traverse City, MI (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.75%
    Michigan Columbus's top markets include Detroit and Traverse City among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 17 $895,000 $52,647 $0 6.31%
    HELOC 3 $305,000 $101,667 n/a 5.88%

    For 2019, Michigan Columbus's most frequently originated type of loan was Conventional, with 17 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 11 $545,000 $49,545 $0 6.18%
    Other 6 $380,000 $63,333 $0 6.38%
    NA 3 $275,000 $91,667 $0 6.38%

    For 2019, Michigan Columbus's most frequently cited loan purpose was Home Improvement, with 11 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 20 $1,200,000 $60,000 $0 6.26%

    For 2019, Michigan Columbus's most frequently cited loan duration was Other, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 11 $495,000 $45,000
    6-7% 6 $300,000 $50,000
    7-8% 1 $185,000 $185,000

    During 2019, Michigan Columbus's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 17 $695,000 $40,882 $0 6.20%
    $100k-200k 2 $290,000 $145,000 $0 6.75%
    $200k-400k 1 $215,000 $215,000 $0 0.00%

    2019 saw Michigan Columbus place emphasis on $100,000 or less loans with 17 originations, totaling $695,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 7 $295,000 $42,143 $0 6.13%
    $50k-75k 6 $370,000 $61,667 $0 6.33%
    $75k-100k 2 $80,000 $40,000 $0 6.88%
    $100k-150k 1 $55,000 $55,000 $0 7.00%
    $150k-250k 1 $105,000 $105,000 $0 5.75%
    $250k+ 1 $45,000 $45,000 $0 5.75%

    Michigan Columbus lent most frequently to those with incomes in the $50k or less range, with 7 originations. The second most popular income band? $50k-75k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 5 $405,000 $81,000 $0 6.45%
    30-36% 4 $120,000 $30,000 $0 6.08%
    >60% 2 $90,000 $45,000 $0 6.25%
    <20% 2 $90,000 $45,000 $0 6.38%
    44% 1 $25,000 $25,000 $0 7.00%
    20-30% 1 $25,000 $25,000 $0 5.75%
    47% 1 $55,000 $55,000 $0 7.00%

    Michigan Columbus lent most frequently to those with DTI ratios of 50-60%, with 5 originations. The next most common DTI ratio? 30-36%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 8 $530,000 $66,250 $0 6.29%
    White 10 $510,000 $51,000 $0 6.33%
    Not applicable 2 $160,000 $80,000 $0 5.88%

    Approval Rates

    Total approvals of all applications
    94.74%

    Michigan Columbus has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.00%

    Michigan Columbus has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 20 $1,200,000 $60,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 20 $1,200,000 $60,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $280,000 $70,000 $0 6.13%
    60-80% 1 $55,000 $55,000 $0 5.75%
    80-100% 1 $185,000 $185,000 $0 7.75%
    Over 100% 1 $45,000 $45,000 $0 7.00%
    Under 20% 8 $270,000 $33,750 $0 6.25%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Michigan Mutual, Inc. FHA mortgage Trouble during payment process 1 50.0%