Manufacturers Bank & Trust Company Mortgage Rates, Fees & Info
Forest City, IALEI: 254900U7G0LJ4QNSFC86
Tax ID: 42-0627479
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Mortgage Data
Review & Overview
Manufacturers Bank & Trust Company is a smaller bank specializing in Home Purchase loans. Manufacturers Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Rochester, Mason City, Austin, Albert Lea, and Minneapolis among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Manufacturers Bank & Trust Company 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. Manufacturers Bank & Trust Company 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.94% | 11/22/24 |
| 30 Year Conventional Refi | 6.68% | 11/22/24 |
| 30 Year Cash-out Refi | 6.80% | 11/22/24 |
| 15 Year Conventional Purchase | 6.22% | 11/22/24 |
| 15 Year Conventional Refi | 6.19% | 11/22/24 |
| 15 Year Cash-out Refi | 6.19% | 11/22/24 |
| 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. | ||
Manufacturers Bank & Trust Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
263Origination Dollar Volume (All Markets)
$46,945,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 88 | $12,950,000 | $147,159 | $3,320 | 4.75% |
| ROCHESTER, MN (FHA|USDA|VA) | 58 | $11,880,000 | $204,828 | $3,768 | 4.59% |
| Mason City, IA (FHA|USDA|VA) | 30 | $6,340,000 | $211,333 | $3,336 | 5.07% |
| Austin, MN (FHA|USDA|VA) | 36 | $5,190,000 | $144,167 | $2,808 | 4.45% |
| Albert Lea, MN (FHA|USDA|VA) | 23 | $3,175,000 | $138,043 | $3,555 | 5.35% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 2 | $2,680,000 | $1,340,000 | $0 | 5.25% |
| Owatonna, MN (FHA|USDA|VA) | 12 | $1,990,000 | $165,833 | $3,041 | 4.76% |
| Spirit Lake, IA (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $3,759 | 4.53% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,893 | 5.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 3.50% |
| Winona, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 5.00% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.00% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,560 | 4.75% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.50% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $962 | 6.21% |
| Spencer, IA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,121 | 5.13% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $298 | 6.59% |
Similar Lenders
We use machine learning to identify the top lenders compared against Manufacturers Bank & Trust Company 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 | 263 | $46,945,000 | $178,498 | $3,320 | 4.78% |
For 2022, Manufacturers Bank & Trust Company's most frequently originated type of loan was Conventional, with 263 originations.
Loan Reason
For 2022, Manufacturers Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 146 originations. The 2nd most popular reason was Refi, with 46 originations.
Loan Duration/Length
For 2022, Manufacturers Bank & Trust Company's most frequently cited loan duration was 30 Year, with 67 originations. The 2nd most popular length was 15 Year, with 56 originations.
Origination Fees/Closing Costs
Manufacturers Bank & Trust Company's average total fees were $4,541, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 51 originations.
Interest Rates
During 2022, Manufacturers Bank & Trust Company's average interest rate for loans was 5.07%, while their most frequently originated rate bucket for loans was 5-6%, with 73 originations.
Loan Sizing
2022 saw Manufacturers Bank & Trust Company place emphasis on $100,000 or less loans with 106 originations, totaling $6,650,000 in origination value.
Applicant Income
Manufacturers Bank & Trust Company lent most frequently to those with incomes in the $50k or less range, with 42 originations. The second most popular income band? $100k-150k, with 41 originations.
Applicant Debt to Income Ratio
Manufacturers Bank & Trust Company lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.21%
Manufacturers Bank & Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.30%
Manufacturers Bank & Trust Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 263 | $46,945,000 | $178,498 |