Mutual Federal Bank Mortgage Rates, Fees & Info
Chicago, ILLEI: 5493007XXF5AWOEWTU94
Tax ID: 36-1776229
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Mortgage Data
Review & Overview
Mutual Federal Bank is a smaller bank specializing in Home Purchase and Refi loans. Mutual Federal Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Baltimore, Washington, York, and Nashville among others. We have data for 81 markets. (Some data included below & more in-depth data is available with an active subscription.)Mutual Federal 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. Mutual Federal Bank is typically a high 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.00% | 3/27/23 |
| 30 Year Conventional Refi | 6.94% | 3/27/23 |
| 30 Year Cash-out Refi | 6.68% | 3/27/23 |
| 30 Year FHA Purchase | 7.59% | 3/27/23 |
| 30 Year FHA Refi | 7.01% | 3/27/23 |
| 30 Year VA Purchase | 6.43% | 3/27/23 |
| 30 Year VA Refi | 6.39% | 3/27/23 |
| 15 Year Conventional Purchase | 6.42% | 3/27/23 |
| 15 Year Conventional Refi | 6.30% | 3/27/23 |
| 15 Year Cash-out Refi | 6.30% | 3/27/23 |
| 15 Year FHA Refi | 5.68% | 3/27/23 |
| 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. | ||
Originations
486Origination Dollar Volume (All Markets)
$147,710,000Awards
Mutual Federal Bank - 2022
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For 2022, less than of lenders were eligible for this award.
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Relative Rate
Mutual Federal Bank's average 30 year fixed mortgage rate was
4.92%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.16%.
Relative Fees (Closing Costs)
Mutual Federal Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,370.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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) | 320 | $98,870,000 | $308,969 | $8,605 | 4.81% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 17 | $3,665,000 | $215,588 | $8,770 | 5.73% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $2,610,000 | $652,500 | $13,853 | 4.81% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 17 | $2,255,000 | $132,647 | $11,271 | 6.21% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 5 | $2,095,000 | $419,000 | $10,137 | 4.55% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $1,990,000 | $497,500 | $21,568 | 5.50% |
| Outside of Metro Areas | 5 | $1,715,000 | $343,000 | $10,595 | 4.78% |
| KANKAKEE, IL (FHA|USDA|VA) | 5 | $1,365,000 | $273,000 | $4,831 | 5.43% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $1,265,000 | $253,000 | $8,154 | 5.13% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $1,250,000 | $625,000 | $19,912 | 3.63% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,235,000 | $411,667 | $11,672 | 4.83% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $1,220,000 | $610,000 | $8,370 | 4.44% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $7,870 | 4.83% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $9,716 | 5.79% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $11,806 | 4.50% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $7,994 | 4.94% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $13,136 | 4.67% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $11,683 | 5.00% |
| Edwards, CO (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $0 | 4.50% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $21,102 | 4.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $14,570 | 5.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $8,767 | 5.17% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $6,946 | 5.17% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $11,010 | 5.04% |
| Ottawa, IL (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $4,772 | 4.59% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $6,978 | 5.69% |
| FRESNO, CA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,475 | 3.81% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $38,661 | 6.25% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $13,846 | 4.25% |
| MADISON, WI (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $6,831 | 6.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $7,365 | 3.63% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $28,009 | 3.75% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 4.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,356 | 3.75% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,941 | 4.25% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $15,703 | 3.75% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $21,055 | 4.75% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $8,363 | 5.13% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $7,187 | 3.75% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $20,395 | 3.50% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $19,795 | 4.75% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $12,625 | 4.00% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $7,349 | 6.63% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 6.00% |
| BILLINGS, MT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $13,262 | 6.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $9,373 | 7.75% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 3.75% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,596 | 4.75% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,080 | 4.25% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,359 | 4.75% |
| READING, PA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $12,627 | 3.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $16,029 | 5.13% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,526 | 4.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,687 | 5.50% |
| RENO, NV (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $16,886 | 4.88% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,656 | 3.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,125 | 4.25% |
| LAWTON, OK (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $0 | 7.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,099 | 5.38% |
| Keene, NH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,919 | 5.50% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $9,853 | 6.13% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,500 | 5.00% |
| Española, NM (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $10,129 | 5.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,297 | 5.99% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $9,491 | 5.13% |
| Crossville, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,845 | 4.50% |
| PUEBLO, CO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $13,399 | 3.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,796 | 6.75% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $16,655 | 5.75% |
| NILES, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,640 | 6.63% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $13,096 | 4.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 6.75% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,076 | 4.63% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $13,867 | 4.50% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,014 | 5.75% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,276 | 3.75% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,462 | 3.13% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.75% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,871 | 4.63% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,305 | 5.38% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,493 | 5.50% |
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 370 | $112,320,000 | $303,568 | $8,315 | 4.98% |
| VA | 60 | $20,520,000 | $342,000 | $11,109 | 4.68% |
| FHA | 56 | $14,870,000 | $265,536 | $11,600 | 4.87% |
For 2022, Mutual Federal Bank's most frequently originated type of loan was Conventional, with 370 originations. Their 2nd most popular type was VA, with 60 originations.
Loan Reason
For 2022, Mutual Federal Bank's most frequently cited loan purpose was Home Purchase, with 267 originations. The 2nd most popular reason was Refi, with 213 originations.
Loan Duration/Length
For 2022, Mutual Federal Bank's most frequently cited loan duration was 30 Year, with 448 originations. The 2nd most popular length was 15 Year, with 14 originations.
Origination Fees/Closing Costs
Mutual Federal Bank's average total fees were $9,370, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 177 originations.
Interest Rates
During 2022, Mutual Federal Bank's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 5-6%, with 154 originations.
Loan Sizing
2022 saw Mutual Federal Bank place emphasis on $200k-400k loans with 251 originations, totaling $70,755,000 in origination value.
Applicant Income
Mutual Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 119 originations. The second most popular income band? $50k-75k, with 104 originations.
Applicant Debt to Income Ratio
Mutual Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 61 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.39%
Mutual Federal Bank has an average approval rate.
Pick Rate
Approvals leading to origination43.21%
Mutual Federal Bank 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 | 486 | $147,710,000 | $303,930 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MUTUAL OF OMAHA MORTGAGE, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 66.7% |
| MUTUAL OF OMAHA MORTGAGE, LLC | Reverse mortgage | Closing on a mortgage | 1 | 33.3% |