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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.00% | 4/24/24 |
| 30 Year Conventional Refi | 6.94% | 4/24/24 |
| 30 Year Cash-out Refi | 6.68% | 4/24/24 |
| 30 Year FHA Purchase | 7.59% | 4/24/24 |
| 30 Year FHA Refi | 7.01% | 4/24/24 |
| 30 Year VA Purchase | 6.43% | 4/24/24 |
| 30 Year VA Refi | 6.39% | 4/24/24 |
| 15 Year Conventional Purchase | 6.42% | 4/24/24 |
| 15 Year Conventional Refi | 6.30% | 4/24/24 |
| 15 Year Cash-out Refi | 6.30% | 4/24/24 |
| 15 Year FHA Refi | 5.68% | 4/24/24 |
| 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
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This is not an official calculator from Mutual Federal Bank. It uses our SimulatedRate™
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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.
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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 |