Liberty Bank For Savings Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493000TY1MM1LLTM666

Tax ID: 36-1385954

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Liberty Bank For Savings is a smaller bank specializing in Refi, Cash Out Refi, and Home Purchase loans. Liberty Bank For Savings has a high proportion of conventional loans. Their top markets include and Chicago among others. Liberty Bank For Savings has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Liberty Bank For Savings is typically a low fee lendor.


Originations

452

Origination Dollar Volume (All Markets)

$131,650,000

Employee count

101

Awards

Liberty Bank for Savings 30 Year Conventional Loans bronze Liberty Bank for Savings 30 Year Conventional Loans bronze Liberty Bank for Savings 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Liberty Bank For Savings's average 30 year fixed rate mortgage of loans were 3.07%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.08%.

Relative Fees

Liberty Bank For Savings's average total fees for a 30 year fixed rate mortgage are $3,101.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 452 $131,650,000 $291,261 $2,546 2.82%

Liberty Bank For Savings's top markets include and Chicago among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 452 $131,650,000 $291,261 $2,546 2.82%

For the 2021 period, Liberty Bank For Savings's most frequently originated loan type of loans were Conventional, with 452 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 244 $60,800,000 $249,180 $2,107 2.61%
Cash Out Refi 102 $28,080,000 $275,294 $2,114 2.76%
Home Purchase 100 $41,580,000 $415,800 $4,816 3.38%
Home Improvement 4 $640,000 $160,000 $2,266 3.25%
Other 2 $550,000 $275,000 $2,356 3.13%

For the 2021, Liberty Bank For Savings's most frequently cited loan purpose of loans were Refi, with 244 originations. The 2nd most popular reason of loans were Cash Out Refi, with 102 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 151 $51,045,000 $338,046 $3,101 3.07%
15 Year 143 $37,445,000 $261,853 $2,267 2.64%
10 Year 83 $15,115,000 $182,108 $2,146 2.23%
20 Year 49 $13,095,000 $267,245 $2,251 2.89%
5 Year 25 $14,295,000 $571,800 $0 4.11%
Other 1 $655,000 $655,000 $0 3.88%

For the 2021, Liberty Bank For Savings's most frequently cited loan length of loans were 30 Year, with 151 originations. The 2nd most popular length of loans were 15 Year, with 143 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 282 $78,120,000 $277,021
$1k-2k 86 $22,450,000 $261,047

$3,101 of loans were Liberty Bank For Savings's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 282 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 180 $39,120,000 $217,333
2.5-3% 144 $42,350,000 $294,097
3-4% 108 $41,130,000 $380,833
4-5% 20 $9,050,000 $452,500

During 2021, Liberty Bank For Savings's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were <2.5%, with 180 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 161 $43,655,000 $271,149 $2,571 2.83%
$100k-200k 153 $22,715,000 $148,464 $2,355 2.65%
$400k-600k 54 $26,520,000 $491,111 $2,870 3.22%
$100,000 or less 42 $3,350,000 $79,762 $2,408 2.54%
$600k-1MM 34 $26,160,000 $769,412 $2,700 3.07%
$1MM+ 8 $9,250,000 $1,156,250 $6,095 3.63%

2021 saw Liberty Bank For Savings place emphasis on $200k-400k loans with 161 originations, totaling $43,655,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 113 $26,565,000 $235,088 $2,500 2.73%
$150k-250k 99 $29,935,000 $302,374 $2,527 2.62%
$75k-100k 65 $12,035,000 $185,154 $2,555 2.76%
$250k+ 59 $30,965,000 $524,831 $2,434 2.70%
$50k-75k 54 $8,260,000 $152,963 $2,621 2.74%
$50k or less 21 $2,405,000 $114,524 $2,796 2.58%

Liberty Bank For Savings lent most frequently to those with incomes in the $100k-150k range, with 113 originations. The second most popular income band? $150k-250k, with 99 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 142 $37,300,000 $262,676 $2,450 2.64%
<20% 86 $22,770,000 $264,767 $2,328 2.60%
30-36% 68 $17,170,000 $252,500 $2,765 2.79%
39% 14 $4,090,000 $292,143 $3,029 2.84%
37% 14 $4,240,000 $302,857 $2,849 2.70%
41% 13 $3,685,000 $283,462 $2,625 2.67%
40% 12 $3,250,000 $270,833 $2,799 3.07%
36% 10 $2,220,000 $222,000 $2,492 2.66%
42% 8 $1,610,000 $201,250 $2,040 2.66%
43% 8 $2,030,000 $253,750 $2,853 3.08%
48% 7 $2,085,000 $297,857 $2,017 2.71%
46% 6 $1,070,000 $178,333 $2,175 3.19%
38% 6 $1,030,000 $171,667 $1,987 2.56%
47% 5 $2,135,000 $427,000 $3,490 2.63%
44% 5 $1,425,000 $285,000 $2,835 2.65%
49% 3 $625,000 $208,333 $3,185 2.54%
45% 2 $1,220,000 $610,000 $2,136 2.88%
>60% 1 $2,005,000 $2,005,000 $6,979 3.13%
50-60% 1 $205,000 $205,000 $2,814 2.50%

Liberty Bank For Savings lent most frequently to those with DTI ratios of 20-30%, with 142 originations. The next most common DTI ratio? <20%, with 86 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 266 $73,660,000 $276,917 $2,574 2.71%
Not provided 113 $31,055,000 $274,823 $2,503 2.74%
Not applicable 31 $17,705,000 $571,129 $0 4.11%
Asian 17 $3,525,000 $207,353 $2,478 2.75%
Asian Indian 8 $2,860,000 $357,500 $2,143 2.67%
Black 13 $1,825,000 $140,385 $2,522 2.91%
American Indian 1 $565,000 $565,000 $1,964 2.73%
Korean 1 $205,000 $205,000 $4,288 2.88%
Japanese 1 $125,000 $125,000 $0 3.63%
Chinese 1 $125,000 $125,000 $2,255 2.13%

Approval Rates

Total approvals of all applications
94.13%

Liberty Bank For Savings has an average approval rate.

Pick Rate

Approvals leading to origination
71.82%

Liberty Bank For Savings has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 452 $131,650,000 $291,261

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
452 $131,650,000 $291,261

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 76 $11,680,000 $153,684 $2,243 2.50%
40-60% 169 $46,155,000 $273,107 $2,273 2.66%
60-80% 173 $62,205,000 $359,566 $2,766 3.12%
80-100% 25 $10,415,000 $416,600 $4,044 3.03%
Under 20% 9 $1,195,000 $132,778 $2,119 2.36%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Liberty Finance Co., Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Liberty Bank For Savings 1018 West Touhy Avenue Park Ridge, IL 60068 Full Service B&M $49,030
Liberty Bank For Savings 2392 N Milwaukee Avenue Chicago, IL 60647 Full Service B&M $147,449
Liberty Bank For Savings 6210 North Milwaukee Avenue Chicago, IL 60646 Full Service B&M $133,472
Liberty Bank For Savings 6666 North Lincoln Avenue Lincolnwood, IL 60712 Full Service B&M $85,248
Liberty Bank For Savings 7111 West Foster Avenue Chicago, IL 60656 Full Service B&M $272,891

For 2021, Liberty Bank For Savings had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $21,393
Net interest income $19,399
Total noninterest income $1,872
Gross Fiduciary activities income $0
Service charges on deposit accounts $134
Trading account gains and fees $0
Additional Noninterest Income $1,738
Pre-tax net operating income $3,780
Securities gains (or losses, -) $33
Income before extraordinary items $3,006
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $3,006
Minority interest net income $0
Net income $3,006
Sale, conversion, retirement of capital stock, net $0
Net operating income $2,979

Liberty Bank For Savings's gross interest income from loans was $21,393,000.
Liberty Bank For Savings's net interest income from loans was $19,399,000.
Liberty Bank For Savings's fee based income from loans was $134,000.
Liberty Bank For Savings's net income from loans was $3,006,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,994
Provision for credit losses $-3
Total noninterest expense $17,494
Salaries and employee benefits $11,724
Premises and equipment expense $2,612
Additional noninterest expense $3,158
Applicable income taxes $807
Net charge-offs $55
Cash dividends $0

Liberty Bank For Savings's interest expense for loans was $1,994,000.
Liberty Bank For Savings's payroll and benefits expense were $11,724,000.
Liberty Bank For Savings's property, plant and equipment expenses $2,612,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $696,775
Deposits held in domestic offices $696,775
Deposits by Individuals, partnerships, and corporations $696,776
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $0
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $44,969
Demand deposits $9,629
Nontransaction accounts $651,807
Money market deposit accounts (MMDAs) $3,874
Other savings deposits (excluding MMDAs) $441,197
Total time deposits $206,734
Total time and savings deposits $687,147
Noninterest-bearing deposits $68,305
Interest-bearing deposits $628,470
Retail deposits $683,259
IRAs and Keogh plan accounts $61,702
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $910,613
Cash & Balances due from depository institutions $2,770
Interest-bearing balances $39
Total securities $394,777
Federal funds sold & reverse repurchase $2,948
Net loans and leases $486,716
Loan and leases loss allowance $3,094
Trading account assets $0
Bank premises and fixed assets $10,623
Other real estate owned $0
Goodwill and other intangibles $130
All other assets $12,649

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $910,613
Total Liabilities $706,532
Total deposits $696,775
Interest-bearing deposits $628,470
Deposits held in domestic offices $696,775
% insured (estimated) $93
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $9,757

Issued Loan Types

Type Value (in 000's)
Net loans and leases $486,716
Loan and leases loss allowance $3,094
Total loans and leases (domestic) $489,810
All real estate loans $489,809
Real estate loans in domestic offices $489,809
Construction and development loans $0
Residential 1-4 family construction $0
Other construction, all land development and other land $0
Loans secured by nonfarm nonresidential properties $3,836
Nonfarm nonresidential secured by owner-occupied properties $1,814
Commercial real estate & other non-farm, non-residential $2,022
Multifamily residential real estate $49,921
1-4 family residential loans $436,052
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $0
To non-U.S. addressees $0
Loans to individuals $0
Credit card loans $0
Related Plans $0
Consumer Auto Loans $0
Other loans to individuals $0
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $163
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Liberty Bank for Savings had $486,716,000 of loans outstanding in 2021. $489,809,000 of loans were in real estate loans. $0 of loans were in development loans. $49,921,000 of loans were in multifamily mortgage loans. $436,052,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 15 $3,131 $208,733
Nonfarm, nonresidential loans - $100-250k 6 $525 $87,500
Nonfarm, nonresidential loans - $250k-1MM 9 $2,606 $289,556