Think Mutual Bank Mortgage Rates, Fees & Info

Rochester, MN

LEI: 254900B9B6TYYGLOXT47

Tax ID: 41-0844117

5 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Think Mutual Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Think Mutual Bank has a high proportion of conventional loans. Their top markets include Rochester, Minneapolis, Chicago, Red Wing, and Duluth among others. Think Mutual Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Think Mutual Bank is typically an average fee lendor.


Originations

1,967

Origination Dollar Volume (All Markets)

$450,265,000

Employee count

259

Relative Rate

Think Mutual Bank's average 30 year fixed rate mortgage of loans were 3.15%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0%.

Relative Fees

Think Mutual Bank's average total fees for a 30 year fixed rate mortgage are $4,268.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
ROCHESTER, MN (FHA|USDA|VA) 1,133 $273,965,000 $241,805 $4,086 2.98%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 482 $105,530,000 $218,942 $4,360 3.15%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 52 $9,790,000 $188,269 $3,584 3.05%
Red Wing, MN (FHA|USDA|VA) 54 $8,840,000 $163,704 $3,360 3.07%
Outside of Metro Areas 29 $7,305,000 $251,897 $4,105 3.01%
DULUTH, MN-WI (FHA|USDA|VA) 13 $3,725,000 $286,538 $12,643 2.88%
Winona, MN (FHA|USDA|VA) 13 $3,255,000 $250,385 $3,607 3.12%
Brainerd, MN (FHA|USDA|VA) 13 $3,225,000 $248,077 $4,376 2.83%
KANSAS CITY, MO-KS (FHA|USDA|VA) 21 $3,185,000 $151,667 $3,284 3.28%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 10 $2,660,000 $266,000 $4,030 2.95%
Austin, MN (FHA|USDA|VA) 18 $2,610,000 $145,000 $3,231 3.12%
Faribault-Northfield, MN (FHA|USDA|VA) 6 $1,910,000 $318,333 $7,397 3.06%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 8 $1,790,000 $223,750 $2,757 3.12%
MADISON, WI (FHA|USDA|VA) 6 $1,770,000 $295,000 $3,153 3.17%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $1,580,000 $263,333 $3,815 2.85%
ST. LOUIS, MO-IL (FHA|USDA|VA) 9 $1,425,000 $158,333 $2,676 3.04%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $1,185,000 $237,000 $5,465 3.15%
Owatonna, MN (FHA|USDA|VA) 7 $1,115,000 $159,286 $3,675 2.68%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,045,000 $209,000 $4,745 2.60%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $955,000 $318,333 $5,709 2.50%
Alexandria, MN (FHA|USDA|VA) 4 $940,000 $235,000 $4,647 2.84%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $920,000 $230,000 $7,825 3.19%
ST. CLOUD, MN (FHA|USDA|VA) 4 $760,000 $190,000 $4,405 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $595,000 $595,000 $6,968 3.13%
EAU CLAIRE, WI (FHA|USDA|VA) 4 $590,000 $147,500 $2,812 2.97%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $575,000 $191,667 $6,471 3.04%
THE VILLAGES, FL (FHA|USDA|VA) 3 $545,000 $181,667 $4,269 2.42%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $520,000 $260,000 $5,080 2.94%
GRAND FORKS, ND-MN (FHA|USDA|VA) 2 $490,000 $245,000 $3,043 2.69%
MANKATO, MN (FHA|USDA|VA) 2 $490,000 $245,000 $3,567 2.69%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $465,000 $155,000 $3,329 3.21%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $445,000 $445,000 $3,206 2.38%
SIOUX FALLS, SD (FHA|USDA|VA) 3 $415,000 $138,333 $3,292 3.54%
TUCSON, AZ (FHA|USDA|VA) 3 $415,000 $138,333 $2,758 3.56%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 3 $405,000 $135,000 $3,692 2.88%
WICHITA, KS (FHA|USDA|VA) 1 $385,000 $385,000 $3,589 3.00%
Key West, FL (FHA|USDA|VA) 1 $345,000 $345,000 $3,501 2.88%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $335,000 $335,000 $4,462 3.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $325,000 $108,333 $2,161 3.75%
Hutchinson, MN (FHA|USDA|VA) 2 $310,000 $155,000 $4,090 2.63%
Show Low, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $6,112 3.13%
Spirit Lake, IA (FHA|USDA|VA) 1 $285,000 $285,000 $3,491 2.25%
LAWRENCE, KS (FHA|USDA|VA) 2 $250,000 $125,000 $3,667 2.94%
Brookings, SD (FHA|USDA|VA) 1 $245,000 $245,000 $3,617 2.88%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $245,000 $245,000 $4,855 2.50%
Pierre, SD (FHA|USDA|VA) 1 $175,000 $175,000 $7,075 3.13%
LINCOLN, NE (FHA|USDA|VA) 1 $165,000 $165,000 $4,361 3.13%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,783 3.25%
GAINESVILLE, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,508 2.88%
RACINE, WI (FHA|USDA|VA) 1 $125,000 $125,000 $3,501 2.88%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $125,000 $125,000 $3,774 3.00%
Albert Lea, MN (FHA|USDA|VA) 1 $115,000 $115,000 $2,582 2.25%
JOPLIN, MO (FHA|USDA|VA) 1 $105,000 $105,000 $3,813 2.38%
Beaver Dam, WI (FHA|USDA|VA) 1 $95,000 $95,000 $2,953 2.50%
Ottawa, IL (FHA|USDA|VA) 1 $95,000 $95,000 $2,575 2.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.25%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $95,000 $95,000 $3,063 2.25%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $65,000 $65,000 $513 5.29%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $65,000 $65,000 $2,511 2.25%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $65,000 $65,000 $2,528 2.38%
ROCKFORD, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.25%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.25%
OCALA, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.25%

Think Mutual Bank's top markets include Rochester, Minneapolis, Chicago, Red Wing, and Duluth among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,967 $450,265,000 $228,910 $4,150 3.03%

For the 2021 period, Think Mutual Bank's most frequently originated loan type of loans were Conventional, with 1,967 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 601 $143,695,000 $239,093 $3,990 2.76%
Home Purchase 519 $168,125,000 $323,940 $4,969 2.99%
Cash Out Refi 426 $100,240,000 $235,305 $3,880 2.81%
Home Improvement 420 $37,890,000 $90,214 $2,531 3.68%
Other 1 $315,000 $315,000 $3,463 2.50%

For the 2021, Think Mutual Bank's most frequently cited loan purpose of loans were Refi, with 601 originations. The 2nd most popular reason of loans were Home Purchase, with 519 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,125 $258,415,000 $229,702 $4,268 3.15%
15 Year 477 $115,405,000 $241,939 $3,371 2.52%
20 Year 189 $41,535,000 $219,762 $3,281 3.35%
10 Year 130 $15,950,000 $122,692 $2,172 3.18%
30+ year 20 $15,520,000 $776,000 $40,836 3.23%
5 Year 14 $650,000 $46,429 $226 4.41%
Other 11 $2,715,000 $246,818 $4,765 3.52%
3 Year 1 $75,000 $75,000 $0 3.99%

For the 2021, Think Mutual Bank's most frequently cited loan length of loans were 30 Year, with 1,125 originations. The 2nd most popular length of loans were 15 Year, with 477 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 878 $255,370,000 $290,854
$2k-3k 395 $90,485,000 $229,076
$3k-4k 166 $50,120,000 $301,928
$<1k 163 $16,965,000 $104,080
$5k+ 35 $16,205,000 $463,000

$4,268 of loans were Think Mutual Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 878 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 761 $144,715,000 $190,164
2.5-3% 603 $178,585,000 $296,161
<2.5% 492 $120,630,000 $245,183
4-5% 58 $2,840,000 $48,966
5-6% 53 $3,495,000 $65,943

During 2021, Think Mutual Bank's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 761 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 671 $184,445,000 $274,881 $4,271 2.88%
$100k-200k 563 $83,955,000 $149,121 $3,498 2.89%
$100,000 or less 495 $27,755,000 $56,071 $1,485 3.51%
$400k-600k 141 $66,625,000 $472,518 $5,938 2.85%
$600k-1MM 69 $50,475,000 $731,522 $11,920 2.70%
$1MM+ 28 $37,010,000 $1,321,786 $6,357 2.75%

2021 saw Think Mutual Bank place emphasis on $200k-400k loans with 671 originations, totaling $184,445,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 510 $107,290,000 $210,373 $4,342 3.07%
$150k-250k 416 $95,070,000 $228,534 $4,613 3.09%
$50k-75k 336 $55,360,000 $164,762 $3,508 3.03%
$75k-100k 318 $57,700,000 $181,447 $3,487 3.04%
$250k+ 224 $116,070,000 $518,170 $5,838 2.79%
$50k or less 156 $18,000,000 $115,385 $2,959 3.05%

Think Mutual Bank lent most frequently to those with incomes in the $100k-150k range, with 510 originations. The second most popular income band? $150k-250k, with 416 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 632 $145,060,000 $229,525 $4,191 2.99%
<20% 392 $103,530,000 $264,107 $4,553 2.83%
30-36% 364 $80,090,000 $220,027 $3,943 3.14%
37% 72 $15,500,000 $215,278 $3,615 3.11%
39% 59 $10,035,000 $170,085 $3,857 3.19%
40% 57 $13,815,000 $242,368 $5,519 3.15%
36% 56 $14,620,000 $261,071 $3,904 3.04%
41% 50 $9,170,000 $183,400 $3,537 3.34%
42% 47 $7,705,000 $163,936 $3,520 3.18%
38% 44 $10,890,000 $247,500 $3,880 3.28%
43% 35 $7,315,000 $209,000 $3,836 3.03%
44% 28 $5,470,000 $195,357 $3,695 3.01%
47% 25 $4,725,000 $189,000 $3,660 3.15%
46% 23 $5,875,000 $255,435 $4,242 3.05%
48% 23 $5,245,000 $228,043 $4,137 2.91%
45% 22 $5,430,000 $246,818 $3,603 3.05%
49% 22 $4,370,000 $198,636 $3,401 3.14%
50-60% 7 $505,000 $72,143 $3,958 3.30%
>60% 2 $140,000 $70,000 $0 3.50%

Think Mutual Bank lent most frequently to those with DTI ratios of 20-30%, with 632 originations. The next most common DTI ratio? <20%, with 392 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,626 $366,700,000 $225,523 $4,164 3.01%
Not provided 247 $56,505,000 $228,765 $4,182 3.22%
Asian 53 $19,345,000 $365,000 $3,920 2.86%
Black 24 $4,930,000 $205,417 $4,021 2.99%
American Indian 8 $1,530,000 $191,250 $3,148 2.79%
Not applicable 7 $775,000 $110,714 $0 3.66%
Native Hawaiian 2 $480,000 $240,000 $3,156 2.56%

Approval Rates

Total approvals of all applications
94.58%

Think Mutual Bank has an average approval rate.

Pick Rate

Approvals leading to origination
78.74%

Think Mutual Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,967 $450,265,000 $228,910

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,967 $450,265,000 $228,910

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 222 $24,440,000 $110,090 $3,175 3.10%
40-60% 363 $71,205,000 $196,157 $3,837 2.67%
60-80% 598 $164,300,000 $274,749 $4,440 2.87%
80-100% 449 $173,495,000 $386,403 $5,110 2.99%
Under 20% 335 $16,825,000 $50,224 $550 3.73%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Timios, Inc. Conventional home mortgage Trouble during payment process 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Think Mutual Bank 4638 Maine Avenue Se Rochester, MN 55904 Full Service B&M $112,087
Think Mutual Bank 5200 Members Parkway, Nw Rochester, MN 55901 Full Service B&M $636,247
Think Mutual Bank 5201 Members Pkwy Nw Rochester, MN 55901 Full Service B&M $278,824
Think Mutual Bank 15751 Emperor Ave Apple Valley, MN 55124 Full Service B&M $59,024
Think Mutual Bank 1698 Greenview Drive Sw Rochester, MN 55901 Full Service B&M $231,120
Think Mutual Bank 221 1st Ave Sw Suite 101 Rochester, MN 55902 Full Service B&M $26,213
Think Mutual Bank 253 Penny Lane Ne Rochester, MN 55906 Full Service B&M $255,196
Think Mutual Bank 3655 Hazelton Road Edina, MN 55435 Full Service B&M $137,132
Think Mutual Bank 4245 Johnny Cake Ridge Rd Eagan, MN 55122 Full Service B&M $71,850

For 2021, Think Mutual Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $54,166
Net interest income $50,671
Total noninterest income $25,058
Gross Fiduciary activities income $0
Service charges on deposit accounts $972
Trading account gains and fees $0
Additional Noninterest Income $24,086
Pre-tax net operating income $25,722
Securities gains (or losses, -) $0
Income before extraordinary items $18,983
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $18,983
Minority interest net income $0
Net income $18,983
Sale, conversion, retirement of capital stock, net $0
Net operating income $18,983

Think Mutual Bank's gross interest income from loans was $54,166,000.
Think Mutual Bank's net interest income from loans was $50,671,000.
Think Mutual Bank's fee based income from loans was $972,000.
Think Mutual Bank's net income from loans was $18,983,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,495
Provision for credit losses $-720
Total noninterest expense $50,727
Salaries and employee benefits $29,488
Premises and equipment expense $5,293
Additional noninterest expense $15,946
Applicable income taxes $6,739
Net charge-offs $442
Cash dividends $0

Think Mutual Bank's interest expense for loans was $3,495,000.
Think Mutual Bank's payroll and benefits expense were $29,488,000.
Think Mutual Bank's property, plant and equipment expenses $5,293,000.

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 $1,894,803
Deposits held in domestic offices $1,894,803
Deposits by Individuals, partnerships, and corporations $1,894,803
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $0
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $126,475
Demand deposits $45,766
Nontransaction accounts $1,768,328
Money market deposit accounts (MMDAs) $478,455
Other savings deposits (excluding MMDAs) $1,108,825
Total time deposits $181,047
Total time and savings deposits $1,849,037
Noninterest-bearing deposits $182,853
Interest-bearing deposits $1,711,950
Retail deposits $1,882,173
IRAs and Keogh plan accounts $42,689
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,224,529
Cash & Balances due from depository institutions $216,668
Interest-bearing balances $206,989
Total securities $705,747
Federal funds sold & reverse repurchase $0
Net loans and leases $1,197,550
Loan and leases loss allowance $5,816
Trading account assets $0
Bank premises and fixed assets $36,787
Other real estate owned $0
Goodwill and other intangibles $4,425
All other assets $63,352

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,224,529
Total Liabilities $1,912,419
Total deposits $1,894,803
Interest-bearing deposits $1,711,950
Deposits held in domestic offices $1,894,803
% insured (estimated) $94
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $17,616

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,197,550
Loan and leases loss allowance $5,816
Total loans and leases (domestic) $1,203,366
All real estate loans $1,004,501
Real estate loans in domestic offices $1,004,501
Construction and development loans $11,809
Residential 1-4 family construction $9,737
Other construction, all land development and other land $2,072
Loans secured by nonfarm nonresidential properties $52,089
Nonfarm nonresidential secured by owner-occupied properties $5,795
Commercial real estate & other non-farm, non-residential $46,294
Multifamily residential real estate $12,276
1-4 family residential loans $928,327
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $17,007
To non-U.S. addressees $0
Loans to individuals $181,858
Credit card loans $0
Related Plans $0
Consumer Auto Loans $147,936
Other loans to individuals $33,922
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $23
Non 1-4 family restructured loans & leases $23
Total loans and leases (foreign) $0

Think Mutual Bank had $1,197,550,000 of loans outstanding in 2021. $1,004,501,000 of loans were in real estate loans. $11,809,000 of loans were in development loans. $12,276,000 of loans were in multifamily mortgage loans. $928,327,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $147,936,000 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 42 $14,222 $338,619
Nonfarm, nonresidential loans - <$100k 2 $69 $34,500
Nonfarm, nonresidential loans - $100-250k 8 $855 $106,875
Nonfarm, nonresidential loans - $250k-1MM 32 $13,298 $415,563
Commercial & Industrial, US addressed loans - <$1MM 613 $16,464 $26,858
Commercial & Industrial, US addressed loans - <$100k 549 $5,754 $10,481
Commercial & Industrial, US addressed loans - $100-250k 35 $2,942 $84,057
Commercial & Industrial, US addressed loans - $250k-1MM 29 $7,768 $267,862