Neighborhood Loans Mortgage Rates, Fees & Info

Des Plaines, IL

LEI: 254900O723MCLR701H50

Tax ID: 20-2408098

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    1,614

    Origination Dollar Volume (All Markets)

    $323,630,000

    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
    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%
    Neighborhood Loans's top markets include Chicago, Rockford, Ottawa, Naples, and Whitewater among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • California (FHA|USDA|VA)

    • 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.

    HARBORLIGHT
    Similarity Rank: 12
    A. E. A. Federal Credit Union
    Similarity Rank: 30
    Rock Valley Credit Union
    Similarity Rank: 30
    MYPOINT Credit Union
    Similarity Rank: 55
    MAINSTREET FEDERAL CREDIT UNION
    Similarity Rank: 68
    FIRST NORTHERN Credit Union
    Similarity Rank: 72
    Best Financial Credit Union
    Similarity Rank: 96
    KCB Bank
    Similarity Rank: 108
    Citizens Savings and Loan Association, FSB
    Similarity Rank: 146
    Clay County Savings Bank
    Similarity Rank: 148

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,376 $306,000,000 $222,384 $6,388 4.98%
    5 Year 129 $655,000 $5,078 $217 0.00%
    15 Year 47 $8,675,000 $184,574 $3,916 4.26%
    20 Year 31 $6,415,000 $206,935 $3,640 4.87%
    10 Year 28 $1,430,000 $51,071 $3,435 4.27%
    Other 3 $455,000 $151,667 $5,308 4.69%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,028 $230,040,000 $223,774
    $2k-3k 219 $42,385,000 $193,539
    $3k-4k 83 $19,915,000 $239,940
    $<1k 36 $7,590,000 $210,833
    $5k+ 20 $6,130,000 $306,500
    $4k-5k 12 $3,130,000 $260,833

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 674 $181,580,000 $269,407 $6,687 4.88%
    $100k-200k 599 $94,155,000 $157,187 $5,893 5.03%
    $100,000 or less 256 $8,710,000 $34,023 $4,586 5.10%
    $400k-600k 80 $35,880,000 $448,500 $6,520 4.80%
    $600k-1MM 5 $3,305,000 $661,000 $4,139 5.25%

    2018 saw Neighborhood Loans place emphasis on $200k-400k loans with 674 originations, totaling $181,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 515 $90,175,000 $175,097 $6,537 5.02%
    $50k or less 399 $48,665,000 $121,967 $6,049 5.01%
    $75k-100k 300 $67,740,000 $225,800 $6,373 4.93%
    $100k-150k 257 $69,325,000 $269,747 $5,998 4.84%
    $150k-250k 114 $37,510,000 $329,035 $5,703 4.91%
    $250k+ 28 $9,730,000 $347,500 $4,997 4.80%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 204 $40,790,000 $199,951 $5,421 4.92%
    30-36% 200 $40,050,000 $200,250 $5,735 4.88%
    50-60% 165 $34,095,000 $206,636 $8,405 4.86%
    44% 107 $20,585,000 $192,383 $7,018 5.14%
    43% 92 $17,760,000 $193,043 $6,125 4.99%
    49% 90 $19,990,000 $222,111 $5,673 4.92%
    41% 83 $15,385,000 $185,361 $6,362 5.02%
    47% 73 $16,035,000 $219,658 $5,676 4.96%
    40% 73 $13,415,000 $183,767 $6,174 5.01%
    42% 70 $13,340,000 $190,571 $6,318 5.07%
    46% 68 $15,980,000 $235,000 $6,305 4.90%
    39% 64 $11,010,000 $172,031 $5,869 4.97%
    36% 61 $11,875,000 $194,672 $5,755 5.00%
    38% 52 $9,820,000 $188,846 $5,833 5.02%
    48% 52 $12,190,000 $234,423 $6,092 5.05%
    <20% 49 $10,565,000 $215,612 $4,318 4.76%
    37% 49 $10,065,000 $205,408 $6,061 4.96%
    45% 40 $7,950,000 $198,750 $6,376 5.11%
    >60% 15 $1,555,000 $103,667 $7,576 4.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,298 $261,580,000 $201,525 $6,124 4.94%
    Not provided 110 $21,800,000 $198,182 $6,451 5.06%
    Black 127 $20,395,000 $160,591 $7,109 5.04%
    Asian 73 $17,985,000 $246,370 $5,937 4.89%
    American Indian 3 $865,000 $288,333 $8,678 4.63%
    Asian Indian 2 $840,000 $420,000 $5,637 4.69%
    Other Asian 1 $165,000 $165,000 $2,546 4.25%

    Approval Rates

    Total approvals of all applications
    93.68%

    Neighborhood Loans has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.87%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,610,000 $134,167 $4,357 4.65%
    40-60% 65 $11,585,000 $178,231 $4,334 4.84%
    60-80% 346 $80,330,000 $232,168 $4,763 4.94%
    80-100% 1,024 $225,760,000 $220,469 $6,735 4.97%
    Over 100% 12 $3,420,000 $285,000 $11,176 4.79%
    Under 20% 155 $925,000 $5,968 $217 0.00%

    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%