Federation Bank Mortgage Rates, Fees & Info

Washington, IA

LEI: 254900FW2KC6CZHVQW30

Tax ID: 42-0500800

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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, and Muscatine among others. We have data for 4 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

43

Origination Dollar Volume (All Markets)

$5,395,000

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) 32 $3,200,000 $100,000 $0 0.00%
Fairfield, IA (FHA|USDA|VA) 5 $1,275,000 $255,000 $0 0.00%
Outside of Metro Areas 5 $825,000 $165,000 $0 0.00%
Muscatine, IA (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Federation Bank's top markets include Iowa City, Fairfield, and Muscatine among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 43 $5,395,000 $125,465 $0 0.00%

    For 2022, Federation Bank's most frequently originated type of loan was Conventional, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $2,505,000 $131,842 $0 0.00%
    Refi 19 $2,505,000 $131,842 $0 0.00%
    Home Improvement 2 $180,000 $90,000 $0 0.00%
    Other 2 $170,000 $85,000 $0 0.00%
    Cash Out Refi 1 $35,000 $35,000 $0 0.00%

    For 2022, Federation Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 43 $5,395,000 $125,465 $0 0.00%

    For 2022, Federation Bank's most frequently cited loan duration was Other, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $1,265,000 $66,579 $0 0.00%
    $100k-200k 19 $2,475,000 $130,263 $0 0.00%
    $200k-400k 4 $980,000 $245,000 $0 0.00%
    $600k-1MM 1 $675,000 $675,000 $0 0.00%

    2022 saw Federation Bank place emphasis on $100,000 or less loans with 19 originations, totaling $1,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 12 $1,280,000 $106,667 $0 0.00%
    $75k-100k 12 $1,390,000 $115,833 $0 0.00%
    $100k-150k 5 $755,000 $151,000 $0 0.00%
    $50k or less 4 $260,000 $65,000 $0 0.00%
    $150k-250k 1 $235,000 $235,000 $0 0.00%
    $250k+ 1 $675,000 $675,000 $0 0.00%

    Federation Bank lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $75k-100k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 43 $5,395,000 $125,465 $0 0.00%

    Federation Bank lent most frequently to those with DTI ratios of Exempt%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $4,530,000 $133,235 $0 0.00%
    Not applicable 6 $640,000 $106,667 $0 0.00%
    American Indian 3 $225,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.16%

    Federation Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.70%

    Federation Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 43 $5,395,000 $125,465

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    43 $5,395,000 $125,465