Mutual Federal Bank Mortgage Rates, Fees & Info

Chicago, IL

LEI: 5493007XXF5AWOEWTU94

Tax ID: 36-1776229

1.7 stars - Updated: 2/19/24 - out of 5 stars, based on 22 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

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% 2/19/24
30 Year Conventional Refi 6.94% 2/19/24
30 Year Cash-out Refi 6.68% 2/19/24
30 Year FHA Purchase 7.59% 2/19/24
30 Year FHA Refi 7.01% 2/19/24
30 Year VA Purchase 6.43% 2/19/24
30 Year VA Refi 6.39% 2/19/24
15 Year Conventional Purchase 6.42% 2/19/24
15 Year Conventional Refi 6.30% 2/19/24
15 Year Cash-out Refi 6.30% 2/19/24
15 Year FHA Refi 5.68% 2/19/24
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

486

Origination Dollar Volume (All Markets)

$147,710,000

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 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, KY (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%
Mutual Federal Bank's top markets include Chicago, Baltimore, Washington, York, and Nashville among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • 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.

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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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 267 $85,105,000 $318,745 $9,241 5.04%
    Refi 213 $60,775,000 $285,329 $9,200 4.80%
    Cash Out Refi 5 $1,415,000 $283,000 $7,591 4.80%
    Home Improvement 1 $415,000 $415,000 $7,187 3.75%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 448 $139,210,000 $310,737 $9,370 4.92%
    15 Year 14 $3,190,000 $227,857 $3,888 3.53%
    10 Year 12 $1,010,000 $84,167 $0 6.20%
    20 Year 6 $2,960,000 $493,333 $12,948 5.38%
    5 Year 3 $595,000 $198,333 $5,462 7.67%
    Other 2 $570,000 $285,000 $5,329 4.19%
    1 Year 1 $175,000 $175,000 $0 5.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 177 $46,755,000 $264,153
    $5k+ 130 $59,760,000 $459,692
    $4k-5k 33 $8,285,000 $251,061
    $2k-3k 22 $5,380,000 $244,545
    $3k-4k 22 $5,430,000 $246,818
    $<1k 14 $4,480,000 $320,000

    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

    Loan Rate Originations Total Value Average Loan
    5-6% 154 $39,370,000 $255,649
    3-4% 123 $44,815,000 $364,350
    4-5% 110 $32,420,000 $294,727
    6-7% 59 $15,885,000 $269,237
    2.5-3% 21 $11,225,000 $534,524
    7-8% 12 $2,780,000 $231,667
    Over 8% 5 $805,000 $161,000
    <2.5% 2 $410,000 $205,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 251 $70,755,000 $281,892 $8,544 5.03%
    $100k-200k 122 $18,620,000 $152,623 $5,615 5.00%
    $400k-600k 58 $27,700,000 $477,586 $12,273 4.62%
    $600k-1MM 25 $19,415,000 $776,600 $15,723 3.82%
    $100,000 or less 24 $1,770,000 $73,750 $4,665 5.64%
    $1MM+ 6 $9,450,000 $1,575,000 $37,781 3.94%

    2022 saw Mutual Federal Bank place emphasis on $200k-400k loans with 251 originations, totaling $70,755,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 119 $32,185,000 $270,462 $9,107 5.15%
    $50k-75k 104 $22,070,000 $212,212 $7,335 4.84%
    $75k-100k 95 $26,435,000 $278,263 $8,951 4.91%
    $150k-250k 80 $31,210,000 $390,125 $9,664 4.98%
    $250k+ 59 $30,995,000 $525,339 $18,101 4.71%
    $50k or less 29 $4,815,000 $166,034 $5,754 4.74%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 63 $18,965,000 $301,032 $5,968 4.89%
    30-36% 61 $18,015,000 $295,328 $7,795 5.02%
    50-60% 50 $15,440,000 $308,800 $12,374 4.79%
    45% 36 $9,060,000 $251,667 $8,533 4.84%
    49% 35 $10,785,000 $308,143 $9,286 4.86%
    43% 28 $5,760,000 $205,714 $8,083 5.45%
    <20% 26 $9,550,000 $367,308 $11,455 4.75%
    39% 24 $6,500,000 $270,833 $6,592 5.16%
    44% 22 $6,510,000 $295,909 $8,200 4.74%
    48% 20 $6,040,000 $302,000 $8,944 4.80%
    41% 18 $5,210,000 $289,444 $10,129 4.64%
    46% 17 $4,325,000 $254,412 $9,889 5.24%
    38% 17 $4,475,000 $263,235 $7,681 5.01%
    40% 15 $5,095,000 $339,667 $14,376 4.93%
    42% 12 $4,320,000 $360,000 $9,466 4.70%
    36% 12 $3,290,000 $274,167 $7,913 5.30%
    37% 12 $5,000,000 $416,667 $11,199 5.28%
    >60% 11 $7,625,000 $693,182 $17,589 4.16%
    47% 7 $1,745,000 $249,286 $6,787 5.21%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 405 $122,905,000 $303,469 $9,021 4.96%
    Not provided 33 $11,505,000 $348,636 $11,297 4.63%
    Black 31 $8,565,000 $276,290 $8,991 5.04%
    Asian 12 $3,400,000 $283,333 $10,400 4.70%
    American Indian 5 $1,335,000 $267,000 $6,045 4.25%

    Approval Rates

    Total approvals of all applications
    94.39%

    Mutual Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    43.21%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    486 $147,710,000 $303,930

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $1,680,000 $168,000 $5,650 5.49%
    40-60% 45 $10,295,000 $228,778 $6,274 4.52%
    60-80% 186 $54,220,000 $291,505 $9,236 4.97%
    80-100% 230 $74,980,000 $326,000 $9,498 4.93%
    Over 100% 11 $5,475,000 $497,727 $18,951 4.70%
    Under 20% 4 $1,060,000 $265,000 $3,876 6.59%

    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%