Michigan Columbus Mortgage Rates, Fees & Info

Livonia, MI

LEI: 549300Y4GTNURUFYV328

Tax ID: 38-1363063

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
  • 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 Other loans. Michigan Columbus has a high proportion of conventional loans. Their top (well, only) market is Detroit.

    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

    17

    Origination Dollar Volume (All Markets)

    $985,000

    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) 17 $985,000 $57,941 $0 4.83%
    Michigan Columbus's top markets include and Detroit among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 10 $470,000 $47,000 n/a 4.95%
    Conventional 7 $515,000 $73,571 $0 4.63%

    For 2020, Michigan Columbus's most frequently originated type of loan was HELOC, with 10 originations. Their 2nd most popular type was Conventional, with 7 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 16 $800,000 $50,000 $0 4.83%
    Home Improvement 1 $185,000 $185,000 $0 4.75%

    For 2020, Michigan Columbus's most frequently cited loan purpose was Other, with 16 originations. The 2nd most popular reason was Home Improvement, with 1 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 17 $985,000 $57,941 $0 4.83%

    For 2020, Michigan Columbus's most frequently cited loan duration was Other, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 14 $860,000 $61,429
    6-7% 2 $90,000 $45,000

    During 2020, Michigan Columbus's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 14 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 15 $655,000 $43,667 $0 4.82%
    $100k-200k 2 $330,000 $165,000 $0 4.88%

    2020 saw Michigan Columbus place emphasis on $100,000 or less loans with 15 originations, totaling $655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 6 $280,000 $46,667 $0 4.96%
    $75k-100k 4 $120,000 $30,000 $0 4.50%
    $100k-150k 3 $205,000 $68,333 $0 5.17%
    $50k-75k 3 $285,000 $95,000 $0 4.75%
    $150k-250k 1 $95,000 $95,000 $0 4.50%

    Michigan Columbus lent most frequently to those with incomes in the $50k or less range, with 6 originations. The second most popular income band? $75k-100k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 3 $135,000 $45,000 $0 4.67%
    30-36% 2 $60,000 $30,000 $0 4.50%
    49% 2 $130,000 $65,000 $0 5.38%
    <20% 2 $110,000 $55,000 $0 5.50%
    44% 1 $25,000 $25,000 $0 4.50%
    45% 1 $145,000 $145,000 $0 5.00%
    47% 1 $55,000 $55,000 $0 4.50%
    48% 1 $65,000 $65,000 $0 4.75%
    50-60% 1 $35,000 $35,000 $0 4.50%
    38% 1 $185,000 $185,000 $0 4.75%
    39% 1 $25,000 $25,000 $0 4.50%
    43% 1 $15,000 $15,000 $0 4.50%

    Michigan Columbus lent most frequently to those with DTI ratios of 20-30%, with 3 originations. The next most common DTI ratio? 30-36%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 11 $565,000 $51,364 $0 4.59%
    Not provided 5 $385,000 $77,000 $0 5.35%
    Not applicable 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination
    88.24%

    Michigan Columbus has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 17 $985,000 $57,941

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 17 $985,000 $57,941

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $310,000 $51,667 $0 5.20%
    60-80% 2 $330,000 $165,000 $0 4.88%
    Under 20% 9 $345,000 $38,333 $0 4.61%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Michigan Mutual, Inc. FHA mortgage Struggling to pay mortgage 1 100.0%