Federation Bank Mortgage Rates, Fees & Info
Washington, IALEI: 254900FW2KC6CZHVQW30
Tax ID: 42-0500800
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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, Fairfield, Des Moines, and Cedar Rapids among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Federation Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
111Origination Dollar Volume (All Markets)
$8,625,000Top 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) | 63 | $5,395,000 | $85,635 | $0 | 0.00% |
| Outside of Metro Areas | 41 | $2,575,000 | $62,805 | $0 | 0.00% |
| Fairfield, IA (FHA|USDA|VA) | 4 | $300,000 | $75,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 0.00% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 111 | $8,625,000 | $77,703 | $0 | 0.00% |
For 2018, Federation Bank's most frequently originated type of loan was Conventional, with 111 originations.
Loan Reason
For 2018, Federation Bank's most frequently cited loan purpose was Home Purchase, with 59 originations. The 2nd most popular reason was Refi, with 31 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 111 | $8,625,000 | $77,703 | $0 | 0.00% |
For 2018, Federation Bank's most frequently cited loan duration was Other, with 111 originations.
Loan Sizing
2018 saw Federation Bank place emphasis on $100,000 or less loans with 82 originations, totaling $3,540,000 in origination value.
Applicant Income
Federation Bank lent most frequently to those with incomes in the $50k-75k range, with 29 originations. The second most popular income band? $50k or less, with 27 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 111 | $8,625,000 | $77,703 | $0 | 0.00% |
Federation Bank lent most frequently to those with DTI ratios of Exempt%, with 111 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.87%
Federation 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 origination95.50%
Federation 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 | 111 | $8,625,000 | $77,703 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $110,000 | $55,000 |
| Single Family (1-4 Units):Site-Built | 109 | $8,515,000 | $78,119 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Federated Mortgage Corp. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |