Mutual Federal Bank Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493007XXF5AWOEWTU94

Tax ID: 36-1776229

4.3 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mutual Federal Bank is a smaller bank specializing in Refi and Home Purchase loans. Mutual Federal Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Chicago, Nashville, Charleston, Tampa, and Kankakee among others. Mutual Federal Bank 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. Mutual Federal Bank is typically an average fee lendor.


Originations

731

Origination Dollar Volume (All Markets)

$177,065,000

Employee count

47

Awards

Mutual Federal Bank FHA Loans gold Mutual Federal Bank FHA Loans bronze
Show all (2) awards

Relative Rate

Mutual Federal Bank's average 30 year fixed rate mortgage of loans were 3.12%.

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

This yields a difference of -0.03%.

Relative Fees

Mutual Federal Bank's average total fees for a 30 year fixed rate mortgage are $5,572.

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) 623 $144,305,000 $231,629 $4,833 3.01%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 10 $3,390,000 $339,000 $4,777 3.10%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 7 $2,365,000 $337,857 $4,263 3.05%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,670,000 $417,500 $9,269 2.63%
KANKAKEE, IL (FHA|USDA|VA) 8 $1,550,000 $193,750 $3,858 3.17%
Ottawa, IL (FHA|USDA|VA) 8 $1,410,000 $176,250 $4,821 2.80%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $1,285,000 $428,333 $5,847 3.25%
ROCKFORD, IL (FHA|USDA|VA) 4 $1,210,000 $302,500 $9,294 2.97%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,205,000 $401,667 $8,570 3.71%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 4 $1,120,000 $280,000 $2,604 3.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,080,000 $270,000 $5,287 3.81%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $970,000 $485,000 $3,651 3.19%
ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $955,000 $318,333 $5,719 3.00%
NILES, MI (FHA|USDA|VA) 1 $895,000 $895,000 $22,151 4.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $760,000 $380,000 $3,761 3.19%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $760,000 $380,000 $3,657 3.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $740,000 $370,000 $9,059 3.43%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 2 $740,000 $370,000 $4,352 3.13%
Pontiac, IL (FHA|USDA|VA) 2 $590,000 $295,000 $2,969 2.75%
Plymouth, IN (FHA|USDA|VA) 1 $585,000 $585,000 $16,644 3.50%
Outside of Metro Areas 3 $555,000 $185,000 $3,855 2.87%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $545,000 $545,000 $11,024 3.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $525,000 $525,000 $4,661 2.75%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $485,000 $485,000 $5,254 2.50%
DECATUR, IL (FHA|USDA|VA) 2 $410,000 $205,000 $5,030 3.00%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $385,000 $385,000 $3,217 3.25%
MEDFORD, OR (FHA|USDA|VA) 1 $385,000 $385,000 $5,259 2.88%
COLUMBIA, MO (FHA|USDA|VA) 1 $365,000 $365,000 $4,195 2.99%
Sevierville, TN (FHA|USDA|VA) 1 $365,000 $365,000 $0 3.50%
Clarksburg, WV (FHA|USDA|VA) 2 $360,000 $180,000 $4,014 3.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $355,000 $355,000 $3,321 2.63%
KNOXVILLE, TN (FHA|USDA|VA) 1 $355,000 $355,000 $4,117 3.13%
Key West, FL (FHA|USDA|VA) 1 $325,000 $325,000 $0 3.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $315,000 $315,000 $11,070 3.50%
FOND DU LAC, WI (FHA|USDA|VA) 1 $285,000 $285,000 $3,904 2.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $285,000 $285,000 $10,390 2.75%
SPARTANBURG, SC (FHA|USDA|VA) 1 $265,000 $265,000 $2,987 2.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $265,000 $265,000 $3,185 2.88%
MADISON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $4,308 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $255,000 $255,000 $3,820 2.75%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $245,000 $245,000 $3,947 2.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $205,000 $205,000 $3,040 2.75%
STOCKTON, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,960 3.50%
Rochelle, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,183 2.75%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $195,000 $195,000 $8,260 3.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $185,000 $185,000 $3,164 3.38%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,806 2.63%
TOLEDO, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,747 2.88%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,363 2.75%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $155,000 $155,000 $3,774 2.25%
TUCSON, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $3,885 2.88%
FLINT, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,721 2.13%

Mutual Federal Bank's top markets include Chicago, Nashville, Charleston, Tampa, and Kankakee among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 655 $158,815,000 $242,466 $4,357 3.04%
FHA 69 $16,475,000 $238,768 $9,237 2.80%
VA 7 $1,775,000 $253,571 $6,909 3.02%

For the 2021 period, Mutual Federal Bank's most frequently originated loan type of loans were Conventional, with 655 originations. Their 2nd most popular type is FHA, with 69 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 334 $81,100,000 $242,814 $3,369 2.90%
Home Purchase 278 $72,490,000 $260,755 $7,029 3.05%
Cash Out Refi 119 $23,475,000 $197,269 $3,718 3.26%

For the 2021, Mutual Federal Bank's most frequently cited loan purpose of loans were Refi, with 334 originations. The 2nd most popular reason of loans were Home Purchase, with 278 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 568 $140,410,000 $247,201 $5,572 3.12%
15 Year 85 $17,925,000 $210,882 $2,849 2.48%
20 Year 41 $10,905,000 $265,976 $3,212 2.86%
10 Year 19 $2,685,000 $141,316 $2,446 2.27%
Other 13 $3,135,000 $241,154 $2,351 2.78%
5 Year 5 $2,005,000 $401,000 $0 4.55%

For the 2021, Mutual Federal Bank's most frequently cited loan length of loans were 30 Year, with 568 originations. The 2nd most popular length of loans were 15 Year, with 85 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 525 $123,995,000 $236,181
$5k+ 52 $22,420,000 $431,154
$3k-4k 27 $6,275,000 $232,407
$2k-3k 22 $5,820,000 $264,545
$<1k 3 $405,000 $135,000

$5,572 of loans were Mutual Federal Bank's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 525 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 292 $73,230,000 $250,788
2.5-3% 283 $68,805,000 $243,127
<2.5% 143 $31,935,000 $223,322
4-5% 12 $3,080,000 $256,667
5-6% 1 $15,000 $15,000

During 2021, Mutual Federal Bank's average interest rate of loans were 3.12%, while their most frequently originated rate bucket of loans were 3-4%, with 292 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 308 $84,020,000 $272,792 $4,988 2.96%
$100k-200k 298 $45,570,000 $152,919 $3,933 2.98%
$400k-600k 70 $32,890,000 $469,857 $6,828 3.07%
$100,000 or less 41 $3,225,000 $78,659 $2,921 3.47%
$600k-1MM 13 $10,215,000 $785,769 $16,692 3.42%
$1MM+ 1 $1,145,000 $1,145,000 $30,980 3.75%

2021 saw Mutual Federal Bank place emphasis on $200k-400k loans with 308 originations, totaling $84,020,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 194 $50,300,000 $259,278 $4,866 3.01%
$50k-75k 162 $32,290,000 $199,321 $4,875 2.96%
$75k-100k 123 $27,625,000 $224,593 $4,607 2.93%
$150k-250k 107 $32,675,000 $305,374 $4,586 2.99%
$50k or less 87 $12,755,000 $146,609 $4,784 3.07%
$250k+ 52 $19,160,000 $368,462 $8,129 3.25%

Mutual Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 194 originations. The second most popular income band? $50k-75k, with 162 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 157 $33,655,000 $214,363 $3,724 2.98%
30-36% 135 $32,385,000 $239,889 $4,300 2.99%
<20% 45 $10,465,000 $232,556 $4,460 2.78%
44% 39 $11,815,000 $302,949 $6,574 3.10%
49% 33 $7,815,000 $236,818 $5,844 3.06%
46% 31 $7,515,000 $242,419 $5,233 2.98%
39% 28 $6,130,000 $218,929 $4,267 2.94%
37% 28 $6,160,000 $220,000 $3,954 2.94%
41% 28 $6,620,000 $236,429 $5,245 2.96%
47% 27 $6,635,000 $245,741 $5,491 3.05%
45% 26 $6,210,000 $238,846 $5,050 3.15%
38% 24 $5,470,000 $227,917 $4,420 3.15%
43% 23 $5,365,000 $233,261 $5,821 3.31%
42% 21 $5,825,000 $277,381 $5,366 3.12%
40% 21 $5,225,000 $248,810 $5,416 3.27%
50-60% 20 $4,870,000 $243,500 $8,887 2.79%
48% 18 $5,200,000 $288,889 $5,520 2.86%
36% 17 $5,215,000 $306,765 $6,306 2.91%
>60% 5 $2,485,000 $497,000 $15,081 3.40%

Mutual Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 135 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 649 $153,665,000 $236,772 $4,654 3.00%
Not provided 37 $9,845,000 $266,081 $6,566 2.98%
Black 20 $4,950,000 $247,500 $7,916 3.18%
Asian 15 $4,755,000 $317,000 $6,655 3.12%
Not applicable 4 $1,990,000 $497,500 $0 4.19%
American Indian 6 $1,860,000 $310,000 $8,862 3.25%

Approval Rates

Total approvals of all applications
94.18%

Mutual Federal Bank has an average approval rate.

Pick Rate

Approvals leading to origination
68.28%

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
0.0 1 $255,000 $255,000
NA 730 $176,810,000 $242,205

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
731 $177,065,000 $242,223

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 16 $2,400,000 $150,000 $3,894 2.72%
40-60% 93 $19,445,000 $209,086 $3,118 2.76%
60-80% 342 $82,620,000 $241,579 $4,044 3.09%
80-100% 273 $72,175,000 $264,377 $6,439 3.02%
Under 20% 7 $425,000 $60,714 $2,802 3.77%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MUTUAL OF OMAHA MORTGAGE, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 26.3%
MUTUAL OF OMAHA MORTGAGE, LLC Conventional home mortgage Closing on a mortgage 2 10.5%
MUTUAL OF OMAHA MORTGAGE, LLC Conventional home mortgage Trouble during payment process 5 26.3%
MUTUAL OF OMAHA MORTGAGE, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 3 15.8%
MUTUAL OF OMAHA MORTGAGE, LLC FHA mortgage Closing on a mortgage 1 5.3%
MUTUAL OF OMAHA MORTGAGE, LLC FHA mortgage Trouble during payment process 1 5.3%
MUTUAL OF OMAHA MORTGAGE, LLC Other type of mortgage Trouble during payment process 1 5.3%
MUTUAL OF OMAHA MORTGAGE, LLC Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 5.3%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Mutual Federal Bank 2212 West Cermak Road Chicago, IL 60608 Full Service B&M $73,554

For 2021, Mutual Federal Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $3,236
Net interest income $2,925
Total noninterest income $5,668
Gross Fiduciary activities income $0
Service charges on deposit accounts $7
Trading account gains and fees $0
Additional Noninterest Income $5,661
Pre-tax net operating income $466
Securities gains (or losses, -) $0
Income before extraordinary items $466
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $466
Minority interest net income $0
Net income $466
Sale, conversion, retirement of capital stock, net $0
Net operating income $466

Mutual Federal Bank's gross interest income from loans was $3,236,000.
Mutual Federal Bank's net interest income from loans was $2,925,000.
Mutual Federal Bank's fee based income from loans was $7,000.
Mutual Federal Bank's net income from loans was $466,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $311
Provision for credit losses $0
Total noninterest expense $8,127
Salaries and employee benefits $5,528
Premises and equipment expense $430
Additional noninterest expense $2,169
Applicable income taxes $0
Net charge-offs $-29
Cash dividends $0

Mutual Federal Bank's interest expense for loans was $311,000.
Mutual Federal Bank's payroll and benefits expense were $5,528,000.
Mutual Federal Bank's property, plant and equipment expenses $430,000.

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 1.0%
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 $71,002
Deposits held in domestic offices $71,002
Deposits by Individuals, partnerships, and corporations $67,025
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. $3,977
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $4,100
Demand deposits $4,100
Nontransaction accounts $66,902
Money market deposit accounts (MMDAs) $6,493
Other savings deposits (excluding MMDAs) $31,290
Total time deposits $29,120
Total time and savings deposits $66,902
Noninterest-bearing deposits $5,194
Interest-bearing deposits $65,808
Retail deposits $68,951
IRAs and Keogh plan accounts $5,034
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $92,759
Cash & Balances due from depository institutions $22,973
Interest-bearing balances $21,220
Total securities $99
Federal funds sold & reverse repurchase $0
Net loans and leases $65,257
Loan and leases loss allowance $950
Trading account assets $0
Bank premises and fixed assets $1,678
Other real estate owned $882
Goodwill and other intangibles $0
All other assets $1,870

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $92,759
Total Liabilities $77,049
Total deposits $71,002
Interest-bearing deposits $65,808
Deposits held in domestic offices $71,002
% insured (estimated) $94
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,000
Subordinated debt $0
All other liabilities $1,047

Issued Loan Types

Type Value (in 000's)
Net loans and leases $65,257
Loan and leases loss allowance $950
Total loans and leases (domestic) $66,207
All real estate loans $66,205
Real estate loans in domestic offices $66,205
Construction and development loans $2,741
Residential 1-4 family construction $2,275
Other construction, all land development and other land $466
Loans secured by nonfarm nonresidential properties $3,358
Nonfarm nonresidential secured by owner-occupied properties $1,153
Commercial real estate & other non-farm, non-residential $2,205
Multifamily residential real estate $7,856
1-4 family residential loans $52,250
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 $1
Loans to foreign governments and official institutions $0
Other loans $1
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 $92
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Mutual Federal Bank had $65,257,000 of loans outstanding in 2021. $66,205,000 of loans were in real estate loans. $2,741,000 of loans were in development loans. $7,856,000 of loans were in multifamily mortgage loans. $52,250,000 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 9 $2,361 $262,333
Nonfarm, nonresidential loans - $100-250k 1 $95 $95,000
Nonfarm, nonresidential loans - $250k-1MM 8 $2,266 $283,250