Federation Bank Mortgage Rates, Fees & Info

Washington, IA

LEI: 254900FW2KC6CZHVQW30

Tax ID: 42-0500800

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Federation Bank is a smaller bank specializing in Home Purchase and Refi loans. Federation Bank has a high proportion of conventional loans. Their top markets by origination volume include: Iowa City, Cedar Rapids, Fairfield, Oskaloosa, and Fort Madison among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Federation Bank has an average approval rate when compared to the average across all lenders. They have a below 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.72%	4/5/25
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.

Federation Bank Mortgage Calculator

Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Federation Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$5,725,000

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
IOWA CITY, IA (FHA\|USDA\|VA)	20	$3,690,000	$184,500	$0	0.00%
Outside of Metro Areas	11	$1,355,000	$123,182	$0	0.00%
CEDAR RAPIDS, IA (FHA\|USDA\|VA)	1	$325,000	$325,000	$0	0.00%
Fairfield, IA (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	0.00%
Oskaloosa, IA (FHA\|USDA\|VA)	1	$135,000	$135,000	$0	0.00%
Fort Madison-Keokuk, IA-IL-MO (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	0.00%

Federation Bank's top markets include Iowa City, Cedar Rapids, Fairfield, Oskaloosa, and Fort Madison among others.

Their top states include:

Iowa (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	35	$5,725,000	$163,571	$0	0.00%

For 2024, Federation Bank's most frequently originated type of loan was Conventional, with 35 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	18	$3,740,000	$207,778	$0	0.00%
Refi	10	$1,590,000	$159,000	$0	0.00%
Home Improvement	5	$325,000	$65,000	$0	0.00%
Other	2	$70,000	$35,000	$0	0.00%

For 2024, Federation Bank's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Refi, with 10 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	35	$5,725,000	$163,571	$0	0.00%

For 2024, Federation Bank's most frequently cited loan duration was Other, with 35 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	14	$610,000	$43,571	$0	0.00%
$200k-400k	12	$3,830,000	$319,167	$0	0.00%
$100k-200k	9	$1,285,000	$142,778	$0	0.00%

2024 saw Federation Bank place emphasis on $100,000 or less loans with 14 originations, totaling $610,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	9	$1,755,000	$195,000	$0	0.00%
$150k-250k	8	$1,930,000	$241,250	$0	0.00%
$50k-75k	6	$570,000	$95,000	$0	0.00%
$75k-100k	5	$465,000	$93,000	$0	0.00%
$50k or less	4	$200,000	$50,000	$0	0.00%
$250k+	2	$720,000	$360,000	$0	0.00%

Federation Bank lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $150k-250k, with 8 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	35	$5,725,000	$163,571	$0	0.00%

Federation Bank lent most frequently to those with DTI ratios of Exempt%, with 35 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	31	$5,255,000	$169,516	$0	0.00%
Black	1	$195,000	$195,000	$0	0.00%
Not provided	2	$190,000	$95,000	$0	0.00%
Not applicable	1	$85,000	$85,000	$0	0.00%

Approval Rates

Total approvals of all applications
80.36%

Federation Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
71.43%

Federation Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	35	$5,725,000	$163,571

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	35	$5,725,000	$163,571