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 Refi and Cash Out Refi loans. Eastern Michigan Bank has a high proportion of conventional loans. Their top two markets are Detroit and Flint .

    Eastern Michigan Bank has an average approval rate when compared to the average across all lenders. They have an above 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.

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    Originations

    219

    Origination Dollar Volume (All Markets)

    $34,825,000

    Employee count

    82

    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) 146 $24,360,000 $166,849 $0 0.00%
    Outside of Metro Areas 70 $7,400,000 $105,714 $0 0.00%
    FLINT, MI (FHA|USDA|VA) 3 $3,065,000 $1,021,667 $0 0.00%
    Eastern Michigan Bank's top markets include Detroit 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 219 $34,825,000 $159,018 $0 0.00%

    For 2020, Eastern Michigan Bank's most frequently originated type of loan was Conventional, with 219 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 110 $19,800,000 $180,000 $0 0.00%
    Cash Out Refi 65 $9,475,000 $145,769 $0 0.00%
    Home Purchase 36 $5,100,000 $141,667 $0 0.00%
    Home Improvement 4 $330,000 $82,500 $0 0.00%
    Other 4 $120,000 $30,000 $0 0.00%

    For 2020, Eastern Michigan Bank's most frequently cited loan purpose was Refi, with 110 originations. The 2nd most popular reason was Cash Out Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 219 $34,825,000 $159,018 $0 0.00%

    For 2020, Eastern Michigan Bank's most frequently cited loan duration was Other, with 219 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 100 $14,230,000 $142,300 $0 0.00%
    $100,000 or less 76 $5,100,000 $67,105 $0 0.00%
    $200k-400k 36 $9,670,000 $268,611 $0 0.00%
    $400k-600k 5 $2,295,000 $459,000 $0 0.00%
    $1MM+ 1 $2,865,000 $2,865,000 $0 0.00%
    $600k-1MM 1 $665,000 $665,000 $0 0.00%

    2020 saw Eastern Michigan Bank place emphasis on $100k-200k loans with 100 originations, totaling $14,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 51 $5,975,000 $117,157 $0 0.00%
    $50k or less 48 $3,810,000 $79,375 $0 0.00%
    $75k-100k 44 $5,900,000 $134,091 $0 0.00%
    $100k-150k 39 $6,905,000 $177,051 $0 0.00%
    $150k-250k 18 $4,660,000 $258,889 $0 0.00%
    $250k+ 11 $3,965,000 $360,455 $0 0.00%

    Eastern Michigan Bank lent most frequently to those with incomes in the $50k-75k range, with 51 originations. The second most popular income band? $50k or less, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 219 $34,825,000 $159,018 $0 0.00%

    Eastern Michigan Bank lent most frequently to those with DTI ratios of Exempt%, with 219 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 207 $30,225,000 $146,014 $0 0.00%
    Not applicable 4 $3,130,000 $782,500 $0 0.00%
    Not provided 6 $1,200,000 $200,000 $0 0.00%
    Black 1 $165,000 $165,000 $0 0.00%
    American Indian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.96%

    Eastern Michigan Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.72%

    Eastern Michigan Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 219 $34,825,000 $159,018

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $2,950,000 $1,475,000
    Multifamily:Site-Built 1 $305,000 $305,000
    Single Family (1-4 Units):Manufactured 7 $455,000 $65,000
    Single Family (1-4 Units):Site-Built 209 $31,115,000 $148,876

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    EASTERN BANKSHARES INC FHA mortgage Struggling to pay mortgage 1 50.0%
    EASTERN BANKSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Eastern Michigan Bank 2970 Gratiot Boulevard Marysville, MI 48040 Full Service B&M $22,199
    Eastern Michigan Bank 3061 Krafft Road Fort Gratiot, MI 48059 Full Service B&M $36,968
    Eastern Michigan Bank 324 South Elk Street Sandusky, MI 48471 Full Service B&M $44,643
    Eastern Michigan Bank 3636 Main Street Deckerville, MI 48427 Full Service B&M $37,961
    Eastern Michigan Bank 37 N Horward Ave Croswell, MI 48422 Full Service B&M $71,117
    Eastern Michigan Bank 5446 Main Street Lexington, MI 48450 Full Service B&M $49,873
    Eastern Michigan Bank 600 Water Street Port Huron, MI 48060 Full Service B&M $64,074
    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 $33,967
    Eastern Michigan Bank 7090 Lakeshore Road Lakeport, MI 48059 Full Service B&M $26,959

    For 2020, Eastern Michigan Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,327
    Net interest income $11,874
    Total noninterest income $2,851
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $438
    Trading account gains and fees $0
    Additional Noninterest Income $2,413
    Pre-tax net operating income $5,365
    Securities gains (or losses, -) $6
    Income before extraordinary items $4,418
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,418
    Minority interest net income $0
    Net income $4,418
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,413

    Eastern Michigan Bank's gross interest income from loans was $12,327,000.
    Eastern Michigan Bank's net interest income from loans was $11,874,000.
    Eastern Michigan Bank's fee based income from loans was $438,000.
    Eastern Michigan Bank's net income from loans was $4,418,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $453
    Provision for credit losses $228
    Total noninterest expense $9,132
    Salaries and employee benefits $5,293
    Premises and equipment expense $932
    Additional noninterest expense $2,907
    Applicable income taxes $953
    Net charge-offs $-33
    Cash dividends $1,300

    Eastern Michigan Bank's interest expense for loans was $453,000.
    Eastern Michigan Bank's payroll and benefits expense were $5,293,000.
    Eastern Michigan Bank's property, plant and equipment expenses $932,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    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 $424,327
    Deposits held in domestic offices $424,327
    Deposits by Individuals, partnerships, and corporations $357,403
    Deposits by U.S. Government $5
    Deposits by States and political subdivisions in the U.S. $66,648
    Deposits by Commercial banks and other depository institutions in U.S. $271
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $45,465
    Demand deposits $25,436
    Nontransaction accounts $378,862
    Money market deposit accounts (MMDAs) $57,848
    Other savings deposits (excluding MMDAs) $290,925
    Total time deposits $30,089
    Total time and savings deposits $398,891
    Noninterest-bearing deposits $122,904
    Interest-bearing deposits $301,423
    Retail deposits $422,138
    IRAs and Keogh plan accounts $7,415
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $467,857
    Cash & Balances due from depository institutions $152,830
    Interest-bearing balances $143,714
    Total securities $72,123
    Federal funds sold & reverse repurchase $386
    Net loans and leases $221,471
    Loan and leases loss allowance $1,835
    Trading account assets $0
    Bank premises and fixed assets $7,114
    Other real estate owned $0
    Goodwill and other intangibles $825
    All other assets $13,108

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $467,857
    Total Liabilities $425,582
    Total deposits $424,327
    Interest-bearing deposits $301,423
    Deposits held in domestic offices $424,327
    % insured (estimated) $73
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,255

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $221,471
    Loan and leases loss allowance $1,835
    Total loans and leases (domestic) $223,306
    All real estate loans $112,399
    Real estate loans in domestic offices $112,399
    Construction and development loans $8,625
    Residential 1-4 family construction $788
    Other construction, all land development and other land $7,837
    Loans secured by nonfarm nonresidential properties $33,749
    Nonfarm nonresidential secured by owner-occupied properties $21,541
    Commercial real estate & other non-farm, non-residential $12,208
    Multifamily residential real estate $8,143
    1-4 family residential loans $33,634
    Farmland loans $28,248
    Loans held in foreign offices $0
    Farm loans $16,882
    Commercial and industrial loans $73,474
    To non-U.S. addressees $0
    Loans to individuals $13,405
    Credit card loans $0
    Related Plans $7
    Consumer Auto Loans $7,973
    Other loans to individuals $5,425
    All other loans & leases $7,146
    Loans to foreign governments and official institutions $0
    Other loans $5,736
    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 $292
    Non 1-4 family restructured loans & leases $292
    Total loans and leases (foreign) $0

    Eastern Michigan Bank had $221,471,000 of loans outstanding in 2020. $112,399,000 of loans were in real estate loans. $8,625,000 of loans were in development loans. $8,143,000 of loans were in multifamily mortgage loans. $33,634,000 of loans were in 1-4 family mortgage loans. $16,882,000 of loans were in farm loans. $0 of loans were in credit card loans. $7,973,000 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 147 $23,982 $163,143
    Nonfarm, nonresidential loans - <$100k 35 $1,575 $45,000
    Nonfarm, nonresidential loans - $100-250k 56 $5,828 $104,071
    Nonfarm, nonresidential loans - $250k-1MM 56 $16,579 $296,054
    Commercial & Industrial, US addressed loans - <$1MM 656 $52,704 $80,341
    Commercial & Industrial, US addressed loans - <$100k 443 $12,299 $27,763
    Commercial & Industrial, US addressed loans - $100-250k 142 $17,710 $124,718
    Commercial & Industrial, US addressed loans - $250k-1MM 71 $22,695 $319,648
    Farmland loans - <$1MM 101 $12,526 $124,020
    Farmland loans - <$100k 31 $1,370 $44,194
    Farmland loans - $100-250k 45 $5,179 $115,089
    Farmland loans - $250k-1MM 25 $5,977 $239,080
    Agriculture operations loans - <$1MM 177 $10,242 $57,864
    Agriculture operations loans - <$100k 122 $3,457 $28,336
    Agriculture operations loans - $100-250k 39 $3,688 $94,564
    Agriculture operations loans - $250k-1MM 16 $3,097 $193,563