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. Michigan Columbus has a low ratio of conventional loans. Their top two markets are Detroit and Ann Arbor .Michigan Columbus has an above average approval rate when compared to the average across all lenders.
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Originations
22Origination Dollar Volume (All Markets)
$1,300,000Top 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) | 18 | $960,000 | $53,333 | $0 | 4.90% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 6.00% |
| Outside of Metro Areas | 2 | $70,000 | $35,000 | $0 | 5.13% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 20 | $1,240,000 | $62,000 | n/a | 5.09% |
| Conventional | 2 | $60,000 | $30,000 | $0 | 4.38% |
For 2022, Michigan Columbus's most frequently originated type of loan was HELOC, with 20 originations. Their 2nd most popular type was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 22 | $1,300,000 | $59,091 | $0 | 5.02% |
For 2022, Michigan Columbus's most frequently cited loan purpose was Home Improvement, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 13 | $785,000 | $60,385 | $0 | 5.42% |
| 10 Year | 8 | $490,000 | $61,250 | $0 | 4.50% |
| 5 Year | 1 | $25,000 | $25,000 | $0 | 4.00% |
For 2022, Michigan Columbus's most frequently cited loan duration was Other, with 13 originations. The 2nd most popular length was 10 Year, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 13 | $845,000 | $65,000 |
| 6-7% | 4 | $240,000 | $60,000 |
| 3-4% | 3 | $105,000 | $35,000 |
| 5-6% | 1 | $55,000 | $55,000 |
| 7-8% | 1 | $55,000 | $55,000 |
During 2022, Michigan Columbus's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 13 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 20 | $860,000 | $43,000 | $0 | 5.06% |
| $200k-400k | 2 | $440,000 | $220,000 | $0 | 4.63% |
2022 saw Michigan Columbus place emphasis on $100,000 or less loans with 20 originations, totaling $860,000 in origination value.
Applicant Income
Michigan Columbus lent most frequently to those with incomes in the $150k-250k range, with 7 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 6 originations. The next most common DTI ratio? 20-30%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 21 | $1,265,000 | $60,238 | $0 | 5.04% |
| Asian | 1 | $35,000 | $35,000 | $0 | 4.75% |
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 22 | $1,300,000 | $59,091 |