Mutual Federal Bank Mortgage Rates, Fees & Info
Chicago, ILLEI: 5493007XXF5AWOEWTU94
Tax ID: 36-1776229
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Bank Data
Review & 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. They have a low ratio of USDA loans. Their top markets by origination volume include: Chicago, Kankakee, Dallas, Ottawa, and Whitewater 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 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% | 4/21/24 |
| 30 Year Conventional Refi | 6.94% | 4/21/24 |
| 30 Year Cash-out Refi | 6.68% | 4/21/24 |
| 30 Year FHA Purchase | 7.59% | 4/21/24 |
| 30 Year FHA Refi | 7.01% | 4/21/24 |
| 30 Year VA Purchase | 6.43% | 4/21/24 |
| 30 Year VA Refi | 6.39% | 4/21/24 |
| 15 Year Conventional Purchase | 6.42% | 4/21/24 |
| 15 Year Conventional Refi | 6.30% | 4/21/24 |
| 15 Year Cash-out Refi | 6.30% | 4/21/24 |
| 15 Year FHA Refi | 5.68% | 4/21/24 |
| 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
384Origination Dollar Volume (All Markets)
$89,920,000Employee count
41Top 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) | 338 | $80,620,000 | $238,521 | $0 | 0.00% |
| KANKAKEE, IL (FHA|USDA|VA) | 16 | $2,030,000 | $126,875 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $0 | 0.00% |
| Ottawa, IL (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 0.00% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| RACINE, WI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $175,000 | $175,000 | $0 | 0.00% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Hobbs, NM (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $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
For 2019, Mutual Federal Bank's most frequently originated type of loan was Conventional, with 323 originations. Their 2nd most popular type was FHA, with 53 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 183 | $47,035,000 | $257,022 | $0 | 0.00% |
| Home Purchase | 181 | $38,895,000 | $214,890 | $0 | 0.00% |
| Cash Out Refi | 20 | $3,990,000 | $199,500 | $0 | 0.00% |
For 2019, Mutual Federal Bank's most frequently cited loan purpose was Refi, with 183 originations. The 2nd most popular reason was Home Purchase, with 181 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 384 | $89,920,000 | $234,167 | $0 | 0.00% |
For 2019, Mutual Federal Bank's most frequently cited loan duration was Other, with 384 originations.
Loan Sizing
2019 saw Mutual Federal Bank place emphasis on $100k-200k loans with 160 originations, totaling $24,400,000 in origination value.
Applicant Income
Mutual Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $100k-150k, with 84 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 384 | $89,920,000 | $234,167 | $0 | 0.00% |
Mutual Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 384 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.19%
Mutual Federal Bank has an average approval rate.
Pick Rate
Approvals leading to origination61.20%
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 | 384 | $89,920,000 | $234,167 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $1,980,000 | $990,000 |
| Single Family (1-4 Units):Site-Built | 382 | $87,940,000 | $230,209 |
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 | $58,315 |
For 2019, Mutual Federal Bank had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $3,615 |
| Net interest income | $3,112 |
| Total noninterest income | $3,014 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $8 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,006 |
| Pre-tax net operating income | $344 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $344 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $344 |
| Minority interest net income | $0 |
| Net income | $344 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $344 |
Mutual Federal Bank's gross interest income from loans was $3,615,000.
Mutual Federal Bank's net interest income from loans was $3,112,000.
Mutual Federal Bank's fee based income from loans was $8,000.
Mutual Federal Bank's net income from loans was $344,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $503 |
| Provision for credit losses | $0 |
| Total noninterest expense | $5,782 |
| Salaries and employee benefits | $3,851 |
| Premises and equipment expense | $339 |
| Additional noninterest expense | $1,592 |
| Applicable income taxes | $0 |
| Net charge-offs | $188 |
| Cash dividends | $0 |
Mutual Federal Bank's interest expense for loans was $503,000.
Mutual Federal Bank's payroll and benefits expense were $3,851,000.
Mutual Federal Bank's property, plant and equipment expenses $339,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 4.0% |
| Real Estate loans | 4.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 10.0% |
| 1-4 family residential loans | 3.0% |
| HELOC loans | 10.0% |
| All other family | 2.0% |
| 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 | $56,123 |
| Deposits held in domestic offices | $56,123 |
| Deposits by Individuals, partnerships, and corporations | $52,894 |
| 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 | $3,280 |
| Demand deposits | $3,280 |
| Nontransaction accounts | $52,843 |
| Money market deposit accounts (MMDAs) | $3,652 |
| Other savings deposits (excluding MMDAs) | $25,325 |
| Total time deposits | $23,868 |
| Total time and savings deposits | $52,843 |
| Noninterest-bearing deposits | $3,387 |
| Interest-bearing deposits | $52,736 |
| Retail deposits | $54,284 |
| IRAs and Keogh plan accounts | $3,404 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $70,824 |
| Cash & Balances due from depository institutions | $7,888 |
| Interest-bearing balances | $6,968 |
| Total securities | $1,236 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $58,670 |
| Loan and leases loss allowance | $721 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $1,463 |
| Other real estate owned | $788 |
| Goodwill and other intangibles | $0 |
| All other assets | $779 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $70,824 |
| Total Liabilities | $56,961 |
| Total deposits | $56,123 |
| Interest-bearing deposits | $52,736 |
| Deposits held in domestic offices | $56,123 |
| % insured (estimated) | $96 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $0 |
| Subordinated debt | $0 |
| All other liabilities | $838 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $58,670 |
| Loan and leases loss allowance | $721 |
| Total loans and leases (domestic) | $59,391 |
| All real estate loans | $59,391 |
| Real estate loans in domestic offices | $59,391 |
| Construction and development loans | $239 |
| Residential 1-4 family construction | $239 |
| Other construction, all land development and other land | $0 |
| Loans secured by nonfarm nonresidential properties | $5,027 |
| Nonfarm nonresidential secured by owner-occupied properties | $1,567 |
| Commercial real estate & other non-farm, non-residential | $3,460 |
| Multifamily residential real estate | $12,571 |
| 1-4 family residential loans | $41,554 |
| 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 | $400 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Mutual Federal Bank had $58,670,000 of loans outstanding in 2019. $59,391,000 of loans were in real estate loans. $239,000 of loans were in development loans. $12,571,000 of loans were in multifamily mortgage loans. $41,554,000 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 | $3,174 | $244,154 |
| Nonfarm, nonresidential loans - <$100k | 2 | $179 | $89,500 |
| Nonfarm, nonresidential loans - $100-250k | 7 | $1,020 | $145,714 |
| Nonfarm, nonresidential loans - $250k-1MM | 4 | $1,975 | $493,750 |