Eastern Michigan Bank Mortgage Rates, Fees & Info
Croswell, MILEI: 549300ZATTFRM57YVB31
Tax ID: 38-1066390
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Mortgage Data
Review & Overview
Eastern Michigan Bank is a smaller bank specializing in Home Purchase loans. Eastern Michigan Bank has a high proportion of conventional loans. Their top two markets are Detroit and Ann Arbor .Eastern Michigan Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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Originations
39Origination Dollar Volume (All Markets)
$6,615,000Top 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) | 20 | $4,270,000 | $213,500 | $0 | 0.00% |
| Outside of Metro Areas | 18 | $2,290,000 | $127,222 | $0 | 0.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $6,615,000 | $169,615 | $0 | 0.00% |
For 2023, Eastern Michigan Bank's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
For 2023, Eastern Michigan Bank's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 39 | $6,615,000 | $169,615 | $0 | 0.00% |
For 2023, Eastern Michigan Bank's most frequently cited loan duration was Other, with 39 originations.
Loan Sizing
2023 saw Eastern Michigan Bank place emphasis on $100k-200k loans with 17 originations, totaling $2,765,000 in origination value.
Applicant Income
Eastern Michigan Bank lent most frequently to those with incomes in the $75k-100k range, with 9 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 39 | $6,615,000 | $169,615 | $0 | 0.00% |
Eastern Michigan Bank lent most frequently to those with DTI ratios of Exempt%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.82%
Eastern Michigan Bank has a below average approval rate.
Pick Rate
Approvals leading to origination94.87%
Eastern Michigan Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 39 | $6,615,000 | $169,615 |