Mutual Federal Bank Mortgage Rates, Fees & Info
Chicago, ILLEI: 5493007XXF5AWOEWTU94
Tax ID: 36-1776229
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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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Chicago, Miami, Phoenix, Nashville, and Sacramento among others. We have data for 27 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 an above 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
293Origination Dollar Volume (All Markets)
$86,745,000Employee count
17Top 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) | 234 | $68,940,000 | $294,615 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 23 | $6,445,000 | $280,217 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $0 | 0.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 0.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 0.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 0.00% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| Shelton, WA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $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 | 282 | $83,480,000 | $296,028 | $0 | 0.00% |
| FHA | 11 | $3,265,000 | $296,818 | $0 | 0.00% |
For 2018, Mutual Federal Bank's most frequently originated type of loan was Conventional, with 282 originations. Their 2nd most popular type was FHA, with 11 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 201 | $59,475,000 | $295,896 | $0 | 0.00% |
| Refi | 60 | $18,630,000 | $310,500 | $0 | 0.00% |
| Cash Out Refi | 32 | $8,640,000 | $270,000 | $0 | 0.00% |
For 2018, Mutual Federal Bank's most frequently cited loan purpose was Home Purchase, with 201 originations. The 2nd most popular reason was Refi, with 60 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 293 | $86,745,000 | $296,058 | $0 | 0.00% |
For 2018, Mutual Federal Bank's most frequently cited loan duration was Other, with 293 originations.
Loan Sizing
2018 saw Mutual Federal Bank place emphasis on $200k-400k loans with 172 originations, totaling $49,840,000 in origination value.
Applicant Income
Mutual Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 85 originations. The second most popular income band? $75k-100k, with 61 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 293 | $86,745,000 | $296,058 | $0 | 0.00% |
Mutual Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 293 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.87%
Mutual Federal Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.22%
Mutual Federal Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 293 | $86,745,000 | $296,058 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 10 | $3,310,000 | $331,000 |
| Single Family (1-4 Units):Site-Built | 283 | $83,435,000 | $294,823 |
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 | $70,692 |
For 2018, Mutual Federal Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $3,907 |
| Net interest income | $3,289 |
| Total noninterest income | $1,503 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $9 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $1,494 |
| Pre-tax net operating income | $59 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $59 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $59 |
| Minority interest net income | $0 |
| Net income | $59 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $59 |
Mutual Federal Bank's gross interest income from loans was $3,907,000.
Mutual Federal Bank's net interest income from loans was $3,289,000.
Mutual Federal Bank's fee based income from loans was $9,000.
Mutual Federal Bank's net income from loans was $59,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $618 |
| Provision for credit losses | $0 |
| Total noninterest expense | $4,733 |
| Salaries and employee benefits | $2,811 |
| Premises and equipment expense | $433 |
| Additional noninterest expense | $1,489 |
| Applicable income taxes | $0 |
| Net charge-offs | $-21 |
| Cash dividends | $200 |
Mutual Federal Bank's interest expense for loans was $618,000.
Mutual Federal Bank's payroll and benefits expense were $2,811,000.
Mutual Federal Bank's property, plant and equipment expenses $433,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 2.0% |
| Real Estate loans | 2.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 1.0% |
| 1-4 family residential loans | 4.0% |
| HELOC loans | 0.0% |
| All other family | 5.0% |
| 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 | $57,808 |
| Deposits held in domestic offices | $57,808 |
| Deposits by Individuals, partnerships, and corporations | $54,580 |
| 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. | $3,229 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $3,259 |
| Demand deposits | $3,259 |
| Nontransaction accounts | $54,550 |
| Money market deposit accounts (MMDAs) | $4,321 |
| Other savings deposits (excluding MMDAs) | $25,188 |
| Total time deposits | $25,039 |
| Total time and savings deposits | $54,550 |
| Noninterest-bearing deposits | $3,075 |
| Interest-bearing deposits | $54,733 |
| Retail deposits | $55,993 |
| IRAs and Keogh plan accounts | $3,671 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $71,681 |
| Cash & Balances due from depository institutions | $17,054 |
| Interest-bearing balances | $16,331 |
| Total securities | $1,385 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $51,128 |
| Loan and leases loss allowance | $909 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,354 |
| Other real estate owned | $90 |
| Goodwill and other intangibles | $0 |
| All other assets | $670 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $71,681 |
| Total Liabilities | $58,178 |
| Total deposits | $57,808 |
| Interest-bearing deposits | $54,733 |
| Deposits held in domestic offices | $57,808 |
| % insured (estimated) | $96 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $370 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $51,128 |
| Loan and leases loss allowance | $909 |
| Total loans and leases (domestic) | $52,037 |
| All real estate loans | $52,038 |
| Real estate loans in domestic offices | $52,038 |
| Construction and development loans | $0 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $0 |
| Loans secured by nonfarm nonresidential properties | $5,087 |
| Nonfarm nonresidential secured by owner-occupied properties | $1,535 |
| Commercial real estate & other non-farm, non-residential | $3,552 |
| Multifamily residential real estate | $13,449 |
| 1-4 family residential loans | $33,502 |
| 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 | $0 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| 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 | $508 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Mutual Federal Bank had $51,128,000 of loans outstanding in 2018. $52,038,000 of loans were in real estate loans. $0 of loans were in development loans. $13,449,000 of loans were in multifamily mortgage loans. $33,502,000 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 | 13 | $3,186 | $245,077 |
| Nonfarm, nonresidential loans - <$100k | 2 | $98 | $49,000 |
| Nonfarm, nonresidential loans - $100-250k | 7 | $1,061 | $151,571 |
| Nonfarm, nonresidential loans - $250k-1MM | 4 | $2,027 | $506,750 |