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 loans. Their top markets by origination volume include: Detroit, Ann Arbor, and Grand Rapids among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Michigan Columbus has an above average approval rate when compared to the average across all lenders.
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Originations
15Origination Dollar Volume (All Markets)
$875,000Top 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) | 12 | $610,000 | $50,833 | $0 | 4.58% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 4.50% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 15 | $875,000 | $58,333 | n/a | 4.58% |
For 2021, Michigan Columbus's most frequently originated type of loan was HELOC, with 15 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 15 | $875,000 | $58,333 | $0 | 4.58% |
For 2021, Michigan Columbus's most frequently cited loan purpose was Home Improvement, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 12 | $580,000 | $48,333 | $0 | 4.60% |
| 10 Year | 3 | $295,000 | $98,333 | $0 | 4.50% |
For 2021, Michigan Columbus's most frequently cited loan duration was Other, with 12 originations. The 2nd most popular length was 10 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 15 | $875,000 | $58,333 |
During 2021, Michigan Columbus's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 15 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 12 | $540,000 | $45,000 | $0 | 4.60% |
| $100k-200k | 3 | $335,000 | $111,667 | $0 | 4.50% |
2021 saw Michigan Columbus place emphasis on $100,000 or less loans with 12 originations, totaling $540,000 in origination value.
Applicant Income
Michigan Columbus lent most frequently to those with incomes in the $50k-75k range, with 5 originations. The second most popular income band? $150k-250k, with 4 originations.
Applicant Debt to Income Ratio
Michigan Columbus lent most frequently to those with DTI ratios of 30-36%, with 4 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $875,000 | $58,333 | $0 | 4.58% |
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 15 | $875,000 | $58,333 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 7 | $555,000 | $79,286 | $0 | 4.57% |
| Under 20% | 8 | $320,000 | $40,000 | $0 | 4.59% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Michigan Mutual, Inc. | Conventional home mortgage | Closing on a mortgage | 3 | 42.9% |
| Michigan Mutual, Inc. | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| Michigan Mutual, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 14.3% |
| Michigan Mutual, Inc. | Other type of mortgage | Closing on a mortgage | 1 | 14.3% |