Iroquois Federal Savings And Loan Association Mortgage Rates, Fees & Info

Watseka, IL

LEI: 54930084WKZ9NTQ0QS94

Tax ID: 37-0348365

5 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Iroquois Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase and Refi loans. Iroquois Federal Savings And Loan Association has a high proportion of conventional loans. Their top markets include Champaign, Danville, Chicago, Kankakee, and Lafayette among others. Iroquois Federal Savings And Loan Association 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. Iroquois Federal Savings And Loan Association is typically a low fee lendor.


Originations

547

Origination Dollar Volume (All Markets)

$100,095,000

Employee count

108 Show all (6) awards

Relative Rate

Iroquois Federal Savings And Loan Association's average 30 year fixed rate mortgage of loans were 3.09%.

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

This yields a difference of -0.06%.

Relative Fees

Iroquois Federal Savings And Loan Association's average total fees for a 30 year fixed rate mortgage are $2,018.

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
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 165 $40,035,000 $242,636 $1,711 3.72%
Outside of Metro Areas 147 $28,325,000 $192,687 $2,065 2.93%
DANVILLE, IL (FHA|USDA|VA) 170 $20,630,000 $121,353 $1,594 3.32%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 13 $3,815,000 $293,462 $2,257 3.29%
KANKAKEE, IL (FHA|USDA|VA) 23 $2,745,000 $119,348 $1,918 3.33%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 7 $1,085,000 $155,000 $1,807 3.27%
PEORIA, IL (FHA|USDA|VA) 6 $930,000 $155,000 $2,267 3.43%
Effingham, IL (FHA|USDA|VA) 1 $375,000 $375,000 $2,188 3.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $370,000 $185,000 $3,642 3.06%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $335,000 $335,000 $3,946 2.38%
BLOOMINGTON, IL (FHA|USDA|VA) 5 $325,000 $65,000 $0 4.05%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $325,000 $325,000 $0 3.50%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,020 4.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $165,000 $165,000 $2,611 4.50%
DECATUR, IL (FHA|USDA|VA) 1 $145,000 $145,000 $0 4.00%
Ottawa, IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.25%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.25%

Iroquois Federal Savings And Loan Association's top markets include Champaign, Danville, Chicago, Kankakee, and Lafayette among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 547 $100,095,000 $182,989 $1,863 3.35%

For the 2021 period, Iroquois Federal Savings And Loan Association's most frequently originated loan type of loans were Conventional, with 547 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 297 $48,735,000 $164,091 $2,223 3.58%
Refi 219 $48,845,000 $223,037 $1,597 3.05%
Home Improvement 14 $740,000 $52,857 $1,591 3.76%
Other 11 $1,235,000 $112,273 $1,450 3.07%
Cash Out Refi 6 $540,000 $90,000 $1,925 2.56%

For the 2021, Iroquois Federal Savings And Loan Association's most frequently cited loan purpose of loans were Home Purchase, with 297 originations. The 2nd most popular reason of loans were Refi, with 219 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 189 $36,635,000 $193,836 $2,018 3.09%
5 Year 183 $29,475,000 $161,066 $813 4.08%
15 Year 108 $14,060,000 $130,185 $1,732 2.44%
20 Year 19 $2,285,000 $120,263 $1,768 2.92%
Other 16 $1,580,000 $98,750 $1,007 4.13%
10 Year 16 $1,200,000 $75,000 $1,368 3.16%
1 Year 10 $1,700,000 $170,000 $1,451 4.36%
30+ year 5 $1,965,000 $393,000 $2,660 3.40%
3 Year 1 $11,195,000 $11,195,000 $0 4.00%

For the 2021, Iroquois Federal Savings And Loan Association's most frequently cited loan length of loans were 30 Year, with 189 originations. The 2nd most popular length of loans were 5 Year, with 183 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 323 $52,855,000 $163,638
$1k-2k 15 $3,045,000 $203,000
$2k-3k 6 $680,000 $113,333
$3k-4k 1 $265,000 $265,000

$2,018 of loans were Iroquois Federal Savings And Loan Association's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 323 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 244 $54,650,000 $223,975
2.5-3% 126 $20,660,000 $163,968
<2.5% 96 $15,770,000 $164,271
4-5% 70 $8,080,000 $115,429
5-6% 11 $935,000 $85,000

During 2021, Iroquois Federal Savings And Loan Association's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 3-4%, with 244 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 239 $14,865,000 $62,197 $1,614 3.45%
$100k-200k 169 $23,565,000 $139,438 $1,829 3.31%
$200k-400k 99 $27,215,000 $274,899 $2,124 3.14%
$400k-600k 29 $14,625,000 $504,310 $2,537 3.35%
$600k-1MM 7 $4,665,000 $666,429 $3,373 3.73%
$1MM+ 4 $15,160,000 $3,790,000 $4,493 3.30%

2021 saw Iroquois Federal Savings And Loan Association place emphasis on $100,000 or less loans with 239 originations, totaling $14,865,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 88 $9,540,000 $108,409 $1,812 3.05%
$100k-150k 79 $12,665,000 $160,316 $1,690 2.78%
$75k-100k 58 $8,250,000 $142,241 $1,769 2.95%
$50k or less 51 $3,725,000 $73,039 $1,825 2.95%
$150k-250k 49 $14,065,000 $287,041 $2,187 2.93%
$250k+ 14 $7,160,000 $511,429 $2,966 2.69%

Iroquois Federal Savings And Loan Association lent most frequently to those with incomes in the $50k-75k range, with 88 originations. The second most popular income band? $100k-150k, with 79 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 113 $14,735,000 $130,398 $1,713 2.86%
30-36% 75 $13,545,000 $180,600 $1,966 2.94%
<20% 70 $9,840,000 $140,571 $1,794 2.82%
37% 13 $2,035,000 $156,538 $1,801 3.18%
36% 11 $1,315,000 $119,545 $1,552 3.15%
41% 10 $2,670,000 $267,000 $2,175 3.19%
44% 9 $1,615,000 $179,444 $1,956 2.82%
38% 8 $2,010,000 $251,250 $2,035 2.64%
40% 6 $580,000 $96,667 $1,835 3.17%
42% 6 $1,400,000 $233,333 $2,094 3.13%
43% 6 $860,000 $143,333 $1,937 3.15%
45% 5 $1,125,000 $225,000 $2,984 2.83%
39% 4 $1,250,000 $312,500 $2,257 3.28%
46% 3 $355,000 $118,333 $2,243 3.13%
47% 3 $2,175,000 $725,000 $3,039 2.58%
48% 3 $655,000 $218,333 $1,886 3.29%
49% 3 $915,000 $305,000 $1,575 2.96%

Iroquois Federal Savings And Loan Association lent most frequently to those with DTI ratios of 20-30%, with 113 originations. The next most common DTI ratio? 30-36%, with 75 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 356 $57,160,000 $160,562 $1,867 3.04%
Not applicable 155 $38,125,000 $245,968 $0 4.05%
Not provided 24 $3,480,000 $145,000 $1,846 3.24%
Black 9 $975,000 $108,333 $1,823 3.61%
Asian 2 $280,000 $140,000 $2,263 3.88%
Other Asian 1 $75,000 $75,000 $722 2.38%

Approval Rates

Total approvals of all applications
91.45%

Iroquois Federal Savings And Loan Association has an average approval rate.

Pick Rate

Approvals leading to origination
85.00%

Iroquois Federal Savings And Loan Association has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 547 $100,095,000 $182,989

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
547 $100,095,000 $182,989

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 40 $3,980,000 $99,500 $1,713 3.25%
40-60% 77 $10,015,000 $130,065 $1,740 3.02%
60-80% 250 $56,640,000 $226,560 $1,790 3.43%
80-100% 164 $28,980,000 $176,707 $2,140 3.31%
Over 100% 1 $95,000 $95,000 $1,716 3.75%
Under 20% 15 $385,000 $25,667 $559 4.43%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Iroquois Federal Savings and Loan Association 421 Brown Blvd Bourbonnais, IL 60914 Full Service B&M $39,639
Iroquois Federal Savings and Loan Association 108 Arbours Drive Savoy, IL 61874 Full Service B&M $38,523
Iroquois Federal Savings and Loan Association 175 East 4th Avenue Clifton, IL 60927 Full Service B&M $41,063
Iroquois Federal Savings and Loan Association 201 E Cherry St Watseka, IL 60970 Full Service B&M $181,479
Iroquois Federal Savings and Loan Association 2411 Village Green Place Champaign, IL 61822 Full Service B&M $28,708
Iroquois Federal Savings and Loan Association 511 South Chicago Road Hoopeston, IL 60942 Full Service B&M $77,498
Iroquois Federal Savings and Loan Association 619 North Gilbert Danville, IL 61832 Full Service B&M $267,329

For 2021, Iroquois Federal Savings And Loan Association had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $24,411
Net interest income $21,492
Total noninterest income $5,886
Gross Fiduciary activities income $0
Service charges on deposit accounts $308
Trading account gains and fees $0
Additional Noninterest Income $5,578
Pre-tax net operating income $8,468
Securities gains (or losses, -) $116
Income before extraordinary items $6,286
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $6,286
Minority interest net income $0
Net income $6,286
Sale, conversion, retirement of capital stock, net $651
Net operating income $6,194

Iroquois Federal Savings And Loan Association's gross interest income from loans was $24,411,000.
Iroquois Federal Savings And Loan Association's net interest income from loans was $21,492,000.
Iroquois Federal Savings And Loan Association's fee based income from loans was $308,000.
Iroquois Federal Savings And Loan Association's net income from loans was $6,286,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,919
Provision for credit losses $375
Total noninterest expense $18,535
Salaries and employee benefits $11,608
Premises and equipment expense $1,921
Additional noninterest expense $5,006
Applicable income taxes $2,298
Net charge-offs $429
Cash dividends $4,000

Iroquois Federal Savings And Loan Association's interest expense for loans was $2,919,000.
Iroquois Federal Savings And Loan Association's payroll and benefits expense were $11,608,000.
Iroquois Federal Savings And Loan Association's property, plant and equipment expenses $1,921,000.

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 0.0%
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 $648,657
Deposits held in domestic offices $648,657
Deposits by Individuals, partnerships, and corporations $542,691
Deposits by U.S. Government $8
Deposits by States and political subdivisions in the U.S. $105,709
Deposits by Commercial banks and other depository institutions in U.S. $249
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $160,358
Demand deposits $56,170
Nontransaction accounts $488,299
Money market deposit accounts (MMDAs) $162,153
Other savings deposits (excluding MMDAs) $70,757
Total time deposits $255,389
Total time and savings deposits $592,487
Noninterest-bearing deposits $57,165
Interest-bearing deposits $591,492
Retail deposits $609,249
IRAs and Keogh plan accounts $47,928
Brokered deposits $5,781
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $772,572
Cash & Balances due from depository institutions $35,837
Interest-bearing balances $32,193
Total securities $213,069
Federal funds sold & reverse repurchase $0
Net loans and leases $491,776
Loan and leases loss allowance $6,395
Trading account assets $0
Bank premises and fixed assets $9,538
Other real estate owned $191
Goodwill and other intangibles $1,073
All other assets $21,088

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $772,572
Total Liabilities $690,590
Total deposits $648,657
Interest-bearing deposits $591,492
Deposits held in domestic offices $648,657
% insured (estimated) $75
Federal funds purchased and repurchase agreements $6,935
Trading liabilities $0
Other borrowed funds $27,182
Subordinated debt $0
All other liabilities $7,816

Issued Loan Types

Type Value (in 000's)
Net loans and leases $491,776
Loan and leases loss allowance $6,395
Total loans and leases (domestic) $498,171
All real estate loans $409,856
Real estate loans in domestic offices $409,856
Construction and development loans $31,374
Residential 1-4 family construction $6,073
Other construction, all land development and other land $25,301
Loans secured by nonfarm nonresidential properties $149,977
Nonfarm nonresidential secured by owner-occupied properties $50,562
Commercial real estate & other non-farm, non-residential $99,415
Multifamily residential real estate $86,783
1-4 family residential loans $131,796
Farmland loans $9,926
Loans held in foreign offices $0
Farm loans $21,709
Commercial and industrial loans $55,361
To non-U.S. addressees $0
Loans to individuals $7,991
Credit card loans $0
Related Plans $0
Consumer Auto Loans $4,421
Other loans to individuals $3,570
All other loans & leases $3,254
Loans to foreign governments and official institutions $0
Other loans $726
Loans to depository institutions and acceptances of other banks $1,625
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $974
Non 1-4 family restructured loans & leases $41
Total loans and leases (foreign) $0

Iroquois Federal Savings and Loan Association had $491,776,000 of loans outstanding in 2021. $409,856,000 of loans were in real estate loans. $31,374,000 of loans were in development loans. $86,783,000 of loans were in multifamily mortgage loans. $131,796,000 of loans were in 1-4 family mortgage loans. $21,709,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,421,000 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 178 $45,917 $257,961
Nonfarm, nonresidential loans - <$100k 51 $2,616 $51,294
Nonfarm, nonresidential loans - $100-250k 50 $10,210 $204,200
Nonfarm, nonresidential loans - $250k-1MM 77 $33,091 $429,753
Commercial & Industrial, US addressed loans - <$1MM 303 $28,031 $92,512
Commercial & Industrial, US addressed loans - <$100k 216 $6,326 $29,287
Commercial & Industrial, US addressed loans - $100-250k 50 $5,864 $117,280
Commercial & Industrial, US addressed loans - $250k-1MM 37 $15,841 $428,135
Farmland loans - <$1MM 23 $4,204 $182,783
Farmland loans - <$100k 6 $193 $32,167
Farmland loans - $100-250k 7 $776 $110,857
Farmland loans - $250k-1MM 10 $3,235 $323,500
Agriculture operations loans - <$1MM 56 $5,005 $89,375
Agriculture operations loans - <$100k 30 $1,055 $35,167
Agriculture operations loans - $100-250k 15 $1,569 $104,600
Agriculture operations loans - $250k-1MM 11 $2,381 $216,455