Michigan Columbus Mortgage Rates, Fees & Info

Livonia, MI

LEI: 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

15

Origination Dollar Volume (All Markets)

$875,000

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) 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%
Michigan Columbus's top markets include Detroit, Ann Arbor, and Grand Rapids among others.

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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 5 $255,000 $51,000 $0 4.50%
    $150k-250k 4 $350,000 $87,500 $0 4.56%
    $50k or less 3 $195,000 $65,000 $0 4.67%
    $75k-100k 2 $50,000 $25,000 $0 4.75%
    $100k-150k 1 $25,000 $25,000 $0 4.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 4 $170,000 $42,500 $0 4.69%
    20-30% 3 $295,000 $98,333 $0 4.50%
    44% 2 $50,000 $25,000 $0 4.63%
    48% 2 $170,000 $85,000 $0 4.50%
    39% 1 $35,000 $35,000 $0 4.75%
    36% 1 $25,000 $25,000 $0 4.50%
    <20% 1 $25,000 $25,000 $0 4.50%
    46% 1 $105,000 $105,000 $0 4.50%

    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 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 15 $875,000 $58,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    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%