Eastern Michigan Bank Mortgage Rates, Fees & Info

Croswell, MI

LEI: 549300ZATTFRM57YVB31

Tax ID: 38-1066390

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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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Eastern Michigan Bank is a smaller bank specializing in Home Purchase and Refi loans. Eastern Michigan Bank has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Sault Ste. Marie, and Flint among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    70

    Origination Dollar Volume (All Markets)

    $14,020,000

    Employee count

    80

    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) 41 $10,375,000 $253,049 $0 0.00%
    Outside of Metro Areas 26 $2,910,000 $111,923 $0 0.00%
    ANN ARBOR, MI (FHA|USDA|VA) 1 $615,000 $615,000 $0 0.00%
    Sault Ste. Marie, MI (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    FLINT, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
    Eastern Michigan Bank's top markets include Detroit, Ann Arbor, Sault Ste. Marie, and Flint among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 70 $14,020,000 $200,286 $0 0.00%

    For 2018, Eastern Michigan Bank's most frequently originated type of loan was Conventional, with 70 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 40 $5,960,000 $149,000 $0 0.00%
    Refi 18 $7,180,000 $398,889 $0 0.00%
    Cash Out Refi 7 $685,000 $97,857 $0 0.00%
    Home Improvement 3 $75,000 $25,000 $0 0.00%
    Other 2 $120,000 $60,000 $0 0.00%

    For 2018, Eastern Michigan Bank's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 70 $14,020,000 $200,286 $0 0.00%

    For 2018, Eastern Michigan Bank's most frequently cited loan duration was Other, with 70 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 32 $1,920,000 $60,000 $0 0.00%
    $100k-200k 23 $3,475,000 $151,087 $0 0.00%
    $200k-400k 12 $3,390,000 $282,500 $0 0.00%
    $1MM+ 1 $4,165,000 $4,165,000 $0 0.00%
    $400k-600k 1 $455,000 $455,000 $0 0.00%
    $600k-1MM 1 $615,000 $615,000 $0 0.00%

    2018 saw Eastern Michigan Bank place emphasis on $100,000 or less loans with 32 originations, totaling $1,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 15 $1,575,000 $105,000 $0 0.00%
    $50k or less 14 $1,050,000 $75,000 $0 0.00%
    $75k-100k 13 $1,675,000 $128,846 $0 0.00%
    $100k-150k 8 $1,430,000 $178,750 $0 0.00%
    $150k-250k 5 $885,000 $177,000 $0 0.00%
    $250k+ 3 $1,155,000 $385,000 $0 0.00%

    Eastern Michigan Bank lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $50k or less, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 70 $14,020,000 $200,286 $0 0.00%

    Eastern Michigan Bank lent most frequently to those with DTI ratios of Exempt%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 57 $7,825,000 $137,281 $0 0.00%
    Not applicable 10 $5,960,000 $596,000 $0 0.00%
    Not provided 3 $235,000 $78,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.10%

    Eastern Michigan Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.29%

    Eastern Michigan Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 70 $14,020,000 $200,286

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $180,000 $90,000
    Single Family (1-4 Units):Site-Built 68 $13,840,000 $203,529

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    EASTERN BANKSHARES INC Conventional home mortgage Trouble during payment process 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Eastern Michigan Bank 2970 Gratiot Boulevard Marysville, MI 48040 Full Service B&M $16,789
    Eastern Michigan Bank 3061 Krafft Road Fort Gratiot, MI 48059 Full Service B&M $21,120
    Eastern Michigan Bank 324 South Elk Street Sandusky, MI 48471 Full Service B&M $33,132
    Eastern Michigan Bank 3636 Main Street Deckerville, MI 48427 Full Service B&M $32,930
    Eastern Michigan Bank 37 N Horward Ave Croswell, MI 48422 Full Service B&M $60,344
    Eastern Michigan Bank 5446 Main Street Lexington, MI 48450 Full Service B&M $40,396
    Eastern Michigan Bank 600 Water Street Port Huron, MI 48060 Full Service B&M $35,294
    Eastern Michigan Bank 65 North Howard Avenue Croswell, MI 48422 Full Service B&M $0
    Eastern Michigan Bank 7004 East Atwater Road Ruth, MI 48470 Full Service B&M $30,238
    Eastern Michigan Bank 7090 Lakeshore Road Lakeport, MI 48059 Full Service B&M $26,696

    For 2018, Eastern Michigan Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,059
    Net interest income $10,581
    Total noninterest income $1,937
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $622
    Trading account gains and fees $0
    Additional Noninterest Income $1,315
    Pre-tax net operating income $4,111
    Securities gains (or losses, -) $-202
    Income before extraordinary items $3,227
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,227
    Minority interest net income $0
    Net income $3,227
    Sale, conversion, retirement of capital stock, net $2
    Net operating income $3,394

    Eastern Michigan Bank's gross interest income from loans was $11,059,000.
    Eastern Michigan Bank's net interest income from loans was $10,581,000.
    Eastern Michigan Bank's fee based income from loans was $622,000.
    Eastern Michigan Bank's net income from loans was $3,227,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $478
    Provision for credit losses $363
    Total noninterest expense $8,044
    Salaries and employee benefits $4,685
    Premises and equipment expense $807
    Additional noninterest expense $2,552
    Applicable income taxes $682
    Net charge-offs $141
    Cash dividends $842

    Eastern Michigan Bank's interest expense for loans was $478,000.
    Eastern Michigan Bank's payroll and benefits expense were $4,685,000.
    Eastern Michigan Bank's property, plant and equipment expenses $807,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $320,095
    Deposits held in domestic offices $320,095
    Deposits by Individuals, partnerships, and corporations $274,651
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $45,019
    Deposits by Commercial banks and other depository institutions in U.S. $425
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $32,921
    Demand deposits $17,873
    Nontransaction accounts $287,174
    Money market deposit accounts (MMDAs) $47,984
    Other savings deposits (excluding MMDAs) $204,721
    Total time deposits $34,469
    Total time and savings deposits $302,222
    Noninterest-bearing deposits $78,732
    Interest-bearing deposits $241,363
    Retail deposits $318,418
    IRAs and Keogh plan accounts $7,873
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $355,048
    Cash & Balances due from depository institutions $51,405
    Interest-bearing balances $43,701
    Total securities $89,065
    Federal funds sold & reverse repurchase $20,448
    Net loans and leases $175,062
    Loan and leases loss allowance $1,552
    Trading account assets $0
    Bank premises and fixed assets $5,306
    Other real estate owned $0
    Goodwill and other intangibles $790
    All other assets $12,972

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $355,048
    Total Liabilities $321,066
    Total deposits $320,095
    Interest-bearing deposits $241,363
    Deposits held in domestic offices $320,095
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $971

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $175,062
    Loan and leases loss allowance $1,552
    Total loans and leases (domestic) $176,614
    All real estate loans $105,861
    Real estate loans in domestic offices $105,861
    Construction and development loans $4,728
    Residential 1-4 family construction $1,247
    Other construction, all land development and other land $3,481
    Loans secured by nonfarm nonresidential properties $25,584
    Nonfarm nonresidential secured by owner-occupied properties $20,313
    Commercial real estate & other non-farm, non-residential $5,271
    Multifamily residential real estate $4,875
    1-4 family residential loans $42,697
    Farmland loans $27,977
    Loans held in foreign offices $0
    Farm loans $19,156
    Commercial and industrial loans $32,247
    To non-U.S. addressees $0
    Loans to individuals $10,426
    Credit card loans $0
    Related Plans $7
    Consumer Auto Loans $5,601
    Other loans to individuals $4,818
    All other loans & leases $8,924
    Loans to foreign governments and official institutions $0
    Other loans $8,464
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $241
    Non 1-4 family restructured loans & leases $241
    Total loans and leases (foreign) $0

    Eastern Michigan Bank had $175,062,000 of loans outstanding in 2018. $105,861,000 of loans were in real estate loans. $4,728,000 of loans were in development loans. $4,875,000 of loans were in multifamily mortgage loans. $42,697,000 of loans were in 1-4 family mortgage loans. $19,156,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,601,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 144 $19,308 $134,083
    Nonfarm, nonresidential loans - <$100k 37 $1,365 $36,892
    Nonfarm, nonresidential loans - $100-250k 61 $6,334 $103,836
    Nonfarm, nonresidential loans - $250k-1MM 46 $11,609 $252,370
    Commercial & Industrial, US addressed loans - <$1MM 259 $22,333 $86,228
    Commercial & Industrial, US addressed loans - <$100k 150 $3,832 $25,547
    Commercial & Industrial, US addressed loans - $100-250k 70 $7,242 $103,457
    Commercial & Industrial, US addressed loans - $250k-1MM 39 $11,259 $288,692
    Farmland loans - <$1MM 99 $12,425 $125,505
    Farmland loans - <$100k 36 $1,636 $45,444
    Farmland loans - $100-250k 40 $4,883 $122,075
    Farmland loans - $250k-1MM 23 $5,906 $256,783
    Agriculture operations loans - <$1MM 153 $12,029 $78,621
    Agriculture operations loans - <$100k 97 $2,951 $30,423
    Agriculture operations loans - $100-250k 35 $3,782 $108,057
    Agriculture operations loans - $250k-1MM 21 $5,296 $252,190