Think Mutual Bank Mortgage Rates, Fees & Info
Rochester, MNLEI: 254900B9B6TYYGLOXT47
Tax ID: 41-0844117
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Bank Data
Review & 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 by origination volume include: Rochester, Minneapolis, Chicago, Red Wing, and Duluth among others. We have data for 63 markets. (Some data included below & more in-depth data is available with an active subscription.)Think Mutual Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Think Mutual Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/28/24 |
| 30 Year Conventional Purchase | 6.40% | 4/28/24 |
| 30 Year Conventional Refi | 6.36% | 4/28/24 |
| 30 Year Cash-out Refi | 6.59% | 4/28/24 |
| 15 Year Conventional Purchase | 5.41% | 4/28/24 |
| 15 Year Conventional Refi | 5.79% | 4/28/24 |
| 15 Year Cash-out Refi | 5.79% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Think Mutual Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,967Origination Dollar Volume (All Markets)
$450,265,000Employee count
259Top 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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,646 | $430,240,000 | $261,385 | $4,150 | 2.98% |
| HELOC | 321 | $20,025,000 | $62,383 | n/a | 3.31% |
For 2021, Think Mutual Bank's most frequently originated type of loan was Conventional, with 1,646 originations. Their 2nd most popular type was HELOC, with 321 originations.
Loan Reason
For 2021, Think Mutual Bank's most frequently cited loan purpose was Refi, with 601 originations. The 2nd most popular reason was Home Purchase, with 519 originations.
Loan Duration/Length
For 2021, Think Mutual Bank's most frequently cited loan duration was 30 Year, with 1,125 originations. The 2nd most popular length was 15 Year, with 477 originations.
Origination Fees/Closing Costs
Think Mutual Bank's average total fees were $4,268, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.15%, while their most frequently originated rate bucket for loans was 3-4%, with 761 originations.
Loan Sizing
2021 saw Think Mutual Bank place emphasis on $200k-400k loans with 671 originations, totaling $184,445,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications95.83%
Think Mutual Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination79.82%
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 |
LTV Distribution
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 | 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 |
| 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 |
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 |