Neighborhood Loans Mortgage Rates, Fees & Info
Des Plaines, ILLEI: 254900O723MCLR701H50
Tax ID: 20-2408098
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Mortgage Data
Review & Overview
Neighborhood Loans is a smaller mortgage company specializing in Home Purchase loans. Neighborhood Loans has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Rockford, Ottawa, Naples, and Whitewater among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)Neighborhood Loans 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. Neighborhood Loans is typically an average 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.85% | 12/17/24 |
| 30 Year Conventional Refi | 6.79% | 12/17/24 |
| 30 Year Cash-out Refi | 7.03% | 12/17/24 |
| 30 Year FHA Purchase | 7.70% | 12/17/24 |
| 30 Year FHA Refi | 7.28% | 12/17/24 |
| 30 Year VA Purchase | 6.59% | 12/17/24 |
| 30 Year VA Refi | 6.50% | 12/17/24 |
| 30 Year USDA Purchase | 7.03% | 12/17/24 |
| 30 Year USDA Refi | 6.84% | 12/17/24 |
| 15 Year Conventional Purchase | 6.34% | 12/17/24 |
| 15 Year Conventional Refi | 6.26% | 12/17/24 |
| 15 Year Cash-out Refi | 6.26% | 12/17/24 |
| 15 Year FHA Purchase | 7.26% | 12/17/24 |
| 15 Year VA Refi | 5.68% | 12/17/24 |
| 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. | ||
Neighborhood Loans Mortgage Calculator
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This is not an official calculator from Neighborhood Loans. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,614Origination Dollar Volume (All Markets)
$323,630,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1,569 | $315,395,000 | $201,017 | $6,266 | 4.96% |
| ROCKFORD, IL (FHA|USDA|VA) | 9 | $1,295,000 | $143,889 | $4,477 | 5.03% |
| Ottawa, IL (FHA|USDA|VA) | 6 | $1,020,000 | $170,000 | $5,422 | 4.90% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $5,281 | 4.44% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,257 | 4.63% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $8,288 | 5.25% |
| KANKAKEE, IL (FHA|USDA|VA) | 4 | $480,000 | $120,000 | $7,743 | 4.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,125 | 4.69% |
| RACINE, WI (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,741 | 4.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 5.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,500 | 4.88% |
| Outside of Metro Areas | 4 | $290,000 | $72,500 | $3,401 | 4.94% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,153 | 4.50% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,407 | 4.63% |
| PEORIA, IL (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,604 | 4.94% |
| Jacksonville, IL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,893 | 4.63% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,858 | 4.50% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,854 | 4.88% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,635 | 5.00% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,270 | 4.75% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,658 | 5.00% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,052 | 5.13% |
| Freeport, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,436 | 5.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against Neighborhood Loans based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,145 | $224,015,000 | $195,646 | $4,998 | 4.95% |
| FHA | 435 | $89,645,000 | $206,080 | $8,679 | 4.98% |
| VA | 34 | $9,970,000 | $293,235 | $8,512 | 4.77% |
For 2018, Neighborhood Loans's most frequently originated type of loan was Conventional, with 1,145 originations. Their 2nd most popular type was FHA, with 435 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 1,385 | $274,775,000 | $198,394 | $6,635 | 4.96% |
| Refi | 229 | $48,855,000 | $213,341 | $3,864 | 4.92% |
For 2018, Neighborhood Loans's most frequently cited loan purpose was Home Purchase, with 1,385 originations. The 2nd most popular reason was Refi, with 229 originations.
Loan Duration/Length
For 2018, Neighborhood Loans's most frequently cited loan duration was 30 Year, with 1,376 originations. The 2nd most popular length was 5 Year, with 129 originations.
Origination Fees/Closing Costs
Neighborhood Loans's average total fees were $6,388, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,028 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 875 | $205,765,000 | $235,160 |
| 5-6% | 531 | $104,705,000 | $197,185 |
| 3-4% | 40 | $9,650,000 | $241,250 |
| 6-7% | 13 | $2,585,000 | $198,846 |
During 2018, Neighborhood Loans's average interest rate for loans was 4.98%, while their most frequently originated rate bucket for loans was 4-5%, with 875 originations.
Loan Sizing
2018 saw Neighborhood Loans place emphasis on $200k-400k loans with 674 originations, totaling $181,580,000 in origination value.
Applicant Income
Neighborhood Loans lent most frequently to those with incomes in the $50k-75k range, with 515 originations. The second most popular income band? $50k or less, with 399 originations.
Applicant Debt to Income Ratio
Neighborhood Loans lent most frequently to those with DTI ratios of 20-30%, with 204 originations. The next most common DTI ratio? 30-36%, with 200 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.68%
Neighborhood Loans has an average approval rate.
Pick Rate
Approvals leading to origination64.87%
Neighborhood Loans has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,614 | $323,630,000 | $200,514 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,614 | $323,630,000 | $200,514 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Neighborhood Assistance Corporation of America ("NACA") | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 18.2% |
| Neighborhood Assistance Corporation of America ("NACA") | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 9.1% |
| Neighborhood Assistance Corporation of America ("NACA") | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 6 | 54.5% |
| Neighborhood Assistance Corporation of America ("NACA") | Other type of mortgage | Closing on a mortgage | 1 | 9.1% |
| Neighborhood Assistance Corporation of America ("NACA") | Other type of mortgage | Trouble during payment process | 1 | 9.1% |