Mutual Federal Bank Mortgage Rates, Fees & Info
Chicago, ILLEI: 5493007XXF5AWOEWTU94
Tax ID: 36-1776229
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
Mutual Federal Bank is a smaller bank specializing in Home Purchase 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, Decatur, Columbus, and Kankakee among others. We have data for 19 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.
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.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.00% | 11/17/24 |
| 30 Year Conventional Refi | 6.94% | 11/17/24 |
| 30 Year Cash-out Refi | 6.68% | 11/17/24 |
| 30 Year FHA Purchase | 7.59% | 11/17/24 |
| 30 Year FHA Refi | 7.01% | 11/17/24 |
| 30 Year VA Purchase | 6.43% | 11/17/24 |
| 30 Year VA Refi | 6.39% | 11/17/24 |
| 15 Year Conventional Purchase | 6.42% | 11/17/24 |
| 15 Year Conventional Refi | 6.30% | 11/17/24 |
| 15 Year Cash-out Refi | 6.30% | 11/17/24 |
| 15 Year FHA Refi | 5.68% | 11/17/24 |
| 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. | ||
Mutual Federal Bank Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Mutual Federal Bank. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
98Origination Dollar Volume (All Markets)
$26,130,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 74 | $20,390,000 | $275,541 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $0 | 0.00% |
| DECATUR, IL (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $0 | 0.00% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 0.00% |
| KANKAKEE, IL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $420,000 | $210,000 | $0 | 0.00% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| Rochelle, IL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| North Vernon, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Pontiac, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Mutual Federal Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 46
Similarity Rank: 279
Similarity Rank: 417
Similarity Rank: 423
Similarity Rank: 523
Similarity Rank: 934
Similarity Rank: 1000
Similarity Rank: 1216
Similarity Rank: 1243
Similarity Rank: 1273
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 83 | $22,015,000 | $265,241 | $0 | 0.00% |
| FHA | 15 | $4,115,000 | $274,333 | $0 | 0.00% |
For 2023, Mutual Federal Bank's most frequently originated type of loan was Conventional, with 83 originations. Their 2nd most popular type was FHA, with 15 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 86 | $22,760,000 | $264,651 | $0 | 0.00% |
| Cash Out Refi | 10 | $2,850,000 | $285,000 | $0 | 0.00% |
| Refi | 2 | $520,000 | $260,000 | $0 | 0.00% |
For 2023, Mutual Federal Bank's most frequently cited loan purpose was Home Purchase, with 86 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 98 | $26,130,000 | $266,633 | $0 | 0.00% |
For 2023, Mutual Federal Bank's most frequently cited loan duration was Other, with 98 originations.
Loan Sizing
2023 saw Mutual Federal Bank place emphasis on $200k-400k loans with 65 originations, totaling $17,805,000 in origination value.
Applicant Income
Mutual Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 26 originations. The second most popular income band? $75k-100k, with 24 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 98 | $26,130,000 | $266,633 | $0 | 0.00% |
Mutual Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 98 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.52%
Mutual Federal Bank has an average approval rate.
Pick Rate
Approvals leading to origination62.24%
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 |
|---|---|---|---|
| Exempt | 98 | $26,130,000 | $266,633 |