Ottawa Savings Bank Mortgage Rates, Fees & Info

Ottawa, IL

LEI: 5493002OMAT2S3H4OF48

Tax ID: 36-1588740

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
  • 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

    Ottawa Savings Bank is a smaller bank specializing in Home Purchase loans. Ottawa Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ottawa, Chicago, Dixon, Bloomington, and Davenport among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ottawa Savings Bank 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. Ottawa Savings Bank 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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    Originations

    108

    Origination Dollar Volume (All Markets)

    $24,770,000

    Awards

    Ottawa Savings Bank 30 Year Conventional Loans bronze Ottawa Savings Bank 30 Year Conventional Loans silver Ottawa Savings Bank 30 Year Conventional Loans gold
    Show all (3) awards

    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
    Ottawa, IL (FHA|USDA|VA) 69 $11,815,000 $171,232 $3,000 6.63%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 23 $10,035,000 $436,304 $5,706 7.01%
    Dixon, IL (FHA|USDA|VA) 2 $700,000 $350,000 $4,097 6.19%
    BLOOMINGTON, IL (FHA|USDA|VA) 2 $680,000 $340,000 $2,570 6.81%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $415,000 $415,000 $2,554 7.00%
    CARSON CITY, NV (FHA|USDA|VA) 2 $280,000 $140,000 $0 7.90%
    PEORIA, IL (FHA|USDA|VA) 3 $275,000 $91,667 $2,724 7.02%
    RENO, NV (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.90%
    Pontiac, IL (FHA|USDA|VA) 1 $135,000 $135,000 $4,953 5.75%
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.93%
    Poplar Bluff, MO (FHA|USDA|VA) 1 $65,000 $65,000 $2,209 6.38%
    Outside of Metro Areas 1 $65,000 $65,000 $2,110 5.75%
    Sterling, IL (FHA|USDA|VA) 1 $55,000 $55,000 $2,378 5.63%
    Ottawa Savings Bank's top markets include Ottawa, Chicago, Dixon, Bloomington, and Davenport among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Ottawa Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FINANCIAL PLUS
    Similarity Rank: 12
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Central Bank Illinois
    Similarity Rank: 189
    Liberty Bank for Savings
    Similarity Rank: 279
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 417
    DuPage Credit Union
    Similarity Rank: 423
    CROWN MORTGAGE COMPANY
    Similarity Rank: 523
    Community Mortgage Banc Corporation
    Similarity Rank: 840
    First Financial Credit Union
    Similarity Rank: 934
    EDUCATORS CREDIT UNION
    Similarity Rank: 1000

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 108 $24,770,000 $229,352 $3,506 6.73%

    For 2023, Ottawa Savings Bank's most frequently originated type of loan was Conventional, with 108 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 93 $22,555,000 $242,527 $3,732 6.72%
    Cash Out Refi 8 $680,000 $85,000 $1,954 6.66%
    Refi 4 $1,190,000 $297,500 $1,867 6.79%
    Other 3 $345,000 $115,000 $2,272 7.29%

    For 2023, Ottawa Savings Bank's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 88 $21,720,000 $246,818 $3,519 6.46%
    Other 6 $510,000 $85,000 $0 8.26%
    10 Year 5 $495,000 $99,000 $0 7.94%
    20 Year 4 $1,180,000 $295,000 $2,059 7.45%
    1 Year 2 $420,000 $210,000 $0 9.25%
    15 Year 2 $340,000 $170,000 $3,648 7.19%
    5 Year 1 $105,000 $105,000 $0 6.93%

    For 2023, Ottawa Savings Bank's most frequently cited loan duration was 30 Year, with 88 originations. The 2nd most popular length was Other, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 69 $12,765,000 $185,000
    $1k-2k 11 $4,325,000 $393,182
    $2k-3k 5 $1,925,000 $385,000
    $5k+ 3 $2,345,000 $781,667
    $3k-4k 2 $370,000 $185,000
    $4k-5k 1 $405,000 $405,000

    Ottawa Savings Bank's average total fees were $3,519, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 69 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 66 $18,040,000 $273,333
    5-6% 18 $2,540,000 $141,111
    7-8% 17 $3,465,000 $203,824
    Over 8% 7 $725,000 $103,571

    During 2023, Ottawa Savings Bank's average interest rate for loans was 6.46%, while their most frequently originated rate bucket for loans was 6-7%, with 66 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 45 $6,215,000 $138,111 $2,999 6.72%
    $100,000 or less 31 $2,215,000 $71,452 $2,335 6.84%
    $200k-400k 15 $3,905,000 $260,333 $4,218 6.70%
    $400k-600k 11 $5,265,000 $478,636 $4,861 6.58%
    $1MM+ 3 $4,745,000 $1,581,667 $9,628 6.54%
    $600k-1MM 3 $2,425,000 $808,333 $5,308 6.81%

    2023 saw Ottawa Savings Bank place emphasis on $100k-200k loans with 45 originations, totaling $6,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 23 $3,035,000 $131,957 $2,972 6.34%
    $100k-150k 17 $3,045,000 $179,118 $3,218 6.65%
    $50k or less 17 $1,525,000 $89,706 $2,726 6.43%
    $150k-250k 14 $5,760,000 $411,429 $4,769 6.65%
    $75k-100k 13 $1,865,000 $143,462 $3,158 6.51%
    $250k+ 9 $6,985,000 $776,111 $6,448 7.00%

    Ottawa Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 23 originations. The second most popular income band? $100k-150k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $4,625,000 $132,143 $2,872 6.69%
    30-36% 19 $3,325,000 $175,000 $3,679 6.38%
    41% 7 $2,605,000 $372,143 $3,912 6.57%
    <20% 7 $3,225,000 $460,714 $3,878 6.86%
    38% 6 $950,000 $158,333 $3,292 6.54%
    40% 4 $900,000 $225,000 $3,231 6.47%
    37% 3 $485,000 $161,667 $3,186 6.33%
    36% 3 $1,635,000 $545,000 $5,134 6.25%
    43% 3 $1,565,000 $521,667 $7,104 6.17%
    47% 2 $220,000 $110,000 $2,460 6.81%
    42% 2 $530,000 $265,000 $2,739 6.13%
    44% 2 $410,000 $205,000 $3,709 6.19%
    49% 1 $185,000 $185,000 $2,045 7.25%
    39% 1 $1,785,000 $1,785,000 $7,745 6.25%

    Ottawa Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 81 $16,895,000 $208,580 $3,312 6.57%
    Asian 3 $3,275,000 $1,091,667 $9,171 6.42%
    Not applicable 13 $2,325,000 $178,846 $0 8.06%
    Not provided 10 $1,920,000 $192,000 $2,988 6.44%
    Asian Indian 1 $355,000 $355,000 $6,600 7.00%

    Approval Rates

    Total approvals of all applications
    96.38%

    Ottawa Savings Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    76.85%

    Ottawa Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 108 $24,770,000 $229,352

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    108 $24,770,000 $229,352

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $960,000 $480,000 $2,209 6.84%
    40-60% 10 $1,180,000 $118,000 $2,872 6.68%
    60-80% 37 $9,675,000 $261,486 $3,207 6.96%
    80-100% 58 $12,920,000 $222,759 $3,837 6.60%
    Under 20% 1 $35,000 $35,000 $1,944 6.13%