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

Watseka, IL

LEI: 54930084WKZ9NTQ0QS94

Tax ID: 37-0348365

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Bank Data

Review & Overview

Iroquois Federal Savings And Loan Association is a smaller mortgage company specializing in Refi and Home Purchase loans. Iroquois Federal Savings And Loan Association has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Champaign, Danville, Kankakee, Chicago, and St. Louis among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Iroquois Federal Savings And Loan Association 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.66% 3/28/24
30 Year Conventional Refi 6.34% 3/28/24
30 Year Cash-out Refi 6.90% 3/28/24
30 Year VA Purchase 6.27% 3/28/24
30 Year USDA Purchase 7.37% 3/28/24
15 Year Conventional Purchase 5.73% 3/28/24
15 Year Conventional Refi 5.96% 3/28/24
15 Year Cash-out Refi 5.96% 3/28/24
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.

Iroquois Federal Savings And Loan Association Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Iroquois Federal Savings And Loan Association. 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

598

Origination Dollar Volume (All Markets)

$109,240,000

Employee count

109

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
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 133 $35,775,000 $268,985 $0 0.00%
Outside of Metro Areas 169 $27,895,000 $165,059 $0 0.00%
DANVILLE, IL (FHA|USDA|VA) 174 $23,970,000 $137,759 $0 0.00%
KANKAKEE, IL (FHA|USDA|VA) 55 $8,075,000 $146,818 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 28 $5,870,000 $209,643 $0 0.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 10 $2,080,000 $208,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,785,000 $595,000 $0 0.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $775,000 $258,333 $0 0.00%
TERRE HAUTE, IN (FHA|USDA|VA) 4 $710,000 $177,500 $0 0.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 5 $485,000 $97,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $450,000 $225,000 $0 0.00%
BLOOMINGTON, IL (FHA|USDA|VA) 5 $415,000 $83,000 $0 0.00%
Sturgis, MI (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
DECATUR, IL (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
PEORIA, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Iroquois Federal Savings And Loan Association's top markets include Champaign, Danville, Kankakee, Chicago, and St. Louis among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Iroquois Federal Savings and Loan Association based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Prairie State Bank and Trust
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 595 $109,085,000 $183,336 $0 0.00%
    USDA 3 $155,000 $51,667 $0 0.00%

    For 2020, Iroquois Federal Savings And Loan Association's most frequently originated type of loan was Conventional, with 595 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 298 $53,460,000 $179,396 $0 0.00%
    Home Purchase 239 $50,135,000 $209,770 $0 0.00%
    Cash Out Refi 36 $4,030,000 $111,944 $0 0.00%
    Home Improvement 15 $955,000 $63,667 $0 0.00%
    Other 10 $660,000 $66,000 $0 0.00%

    For 2020, Iroquois Federal Savings And Loan Association's most frequently cited loan purpose was Refi, with 298 originations. The 2nd most popular reason was Home Purchase, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 598 $109,240,000 $182,676 $0 0.00%

    For 2020, Iroquois Federal Savings And Loan Association's most frequently cited loan duration was Other, with 598 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 240 $34,210,000 $142,542 $0 0.00%
    $100,000 or less 216 $13,560,000 $62,778 $0 0.00%
    $200k-400k 112 $28,980,000 $258,750 $0 0.00%
    $400k-600k 16 $7,370,000 $460,625 $0 0.00%
    $1MM+ 7 $20,455,000 $2,922,143 $0 0.00%
    $600k-1MM 7 $4,665,000 $666,429 $0 0.00%

    2020 saw Iroquois Federal Savings And Loan Association place emphasis on $100k-200k loans with 240 originations, totaling $34,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 109 $18,305,000 $167,936 $0 0.00%
    $50k-75k 109 $11,915,000 $109,312 $0 0.00%
    $75k-100k 71 $8,665,000 $122,042 $0 0.00%
    $150k-250k 66 $13,730,000 $208,030 $0 0.00%
    $50k or less 64 $4,630,000 $72,344 $0 0.00%
    $250k+ 33 $11,685,000 $354,091 $0 0.00%

    Iroquois Federal Savings And Loan Association lent most frequently to those with incomes in the $100k-150k range, with 109 originations. The second most popular income band? $50k-75k, with 109 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 598 $109,240,000 $182,676 $0 0.00%

    Iroquois Federal Savings And Loan Association lent most frequently to those with DTI ratios of Exempt%, with 598 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 455 $68,765,000 $151,132 $0 0.00%
    Not applicable 106 $35,470,000 $334,623 $0 0.00%
    Not provided 18 $2,490,000 $138,333 $0 0.00%
    Black 12 $1,570,000 $130,833 $0 0.00%
    Asian 4 $540,000 $135,000 $0 0.00%
    Asian Indian 1 $235,000 $235,000 $0 0.00%
    American Indian 2 $170,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.83%

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

    Pick Rate

    Approvals leading to origination
    82.94%

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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 598 $109,240,000 $182,676

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 24 $22,950,000 $956,250
    Single Family (1-4 Units):Manufactured 3 $195,000 $65,000
    Single Family (1-4 Units):Site-Built 571 $86,095,000 $150,779

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Iroquois Federal Savings and Loan Association 108 Arbours Drive Savoy, IL 61874 Full Service B&M $35,434
    Iroquois Federal Savings and Loan Association 175 East 4th Avenue Clifton, IL 60927 Full Service B&M $34,888
    Iroquois Federal Savings and Loan Association 201 E Cherry St Watseka, IL 60970 Full Service B&M $176,459
    Iroquois Federal Savings and Loan Association 2411 Village Green Place Champaign, IL 61822 Full Service B&M $25,439
    Iroquois Federal Savings and Loan Association 421 Brown Blvd Bourbonnais, IL 60914 Full Service B&M $36,185
    Iroquois Federal Savings and Loan Association 511 South Chicago Road Hoopeston, IL 60942 Full Service B&M $66,044
    Iroquois Federal Savings and Loan Association 619 North Gilbert Danville, IL 61832 Full Service B&M $230,362

    For 2020, Iroquois Federal Savings And Loan Association had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,688
    Net interest income $19,304
    Total noninterest income $5,255
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $284
    Trading account gains and fees $0
    Additional Noninterest Income $4,971
    Pre-tax net operating income $6,621
    Securities gains (or losses, -) $478
    Income before extraordinary items $5,110
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,110
    Minority interest net income $0
    Net income $5,110
    Sale, conversion, retirement of capital stock, net $645
    Net operating income $4,732

    Iroquois Federal Savings And Loan Association's gross interest income from loans was $25,688,000.
    Iroquois Federal Savings And Loan Association's net interest income from loans was $19,304,000.
    Iroquois Federal Savings And Loan Association's fee based income from loans was $284,000.
    Iroquois Federal Savings And Loan Association's net income from loans was $5,110,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,384
    Provision for credit losses $477
    Total noninterest expense $17,461
    Salaries and employee benefits $10,916
    Premises and equipment expense $1,857
    Additional noninterest expense $4,688
    Applicable income taxes $1,989
    Net charge-offs $250
    Cash dividends $4,000

    Iroquois Federal Savings And Loan Association's interest expense for loans was $6,384,000.
    Iroquois Federal Savings And Loan Association's payroll and benefits expense were $10,916,000.
    Iroquois Federal Savings And Loan Association's property, plant and equipment expenses $1,857,000.

    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 $590,949
    Deposits held in domestic offices $590,949
    Deposits by Individuals, partnerships, and corporations $508,886
    Deposits by U.S. Government $2
    Deposits by States and political subdivisions in the U.S. $76,096
    Deposits by Commercial banks and other depository institutions in U.S. $5,965
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $127,268
    Demand deposits $37,671
    Nontransaction accounts $463,681
    Money market deposit accounts (MMDAs) $129,587
    Other savings deposits (excluding MMDAs) $57,054
    Total time deposits $277,041
    Total time and savings deposits $553,278
    Noninterest-bearing deposits $39,139
    Interest-bearing deposits $551,810
    Retail deposits $529,156
    IRAs and Keogh plan accounts $50,479
    Brokered deposits $22,343
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $713,399
    Cash & Balances due from depository institutions $10,665
    Interest-bearing balances $6,723
    Total securities $167,551
    Federal funds sold & reverse repurchase $0
    Net loans and leases $506,786
    Loan and leases loss allowance $6,449
    Trading account assets $0
    Bank premises and fixed assets $10,046
    Other real estate owned $377
    Goodwill and other intangibles $756
    All other assets $17,218

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $713,399
    Total Liabilities $629,867
    Total deposits $590,949
    Interest-bearing deposits $551,810
    Deposits held in domestic offices $590,949
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $4,571
    Trading liabilities $0
    Other borrowed funds $26,375
    Subordinated debt $0
    All other liabilities $7,972

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $506,786
    Loan and leases loss allowance $6,449
    Total loans and leases (domestic) $513,235
    All real estate loans $403,659
    Real estate loans in domestic offices $403,659
    Construction and development loans $18,795
    Residential 1-4 family construction $7,311
    Other construction, all land development and other land $11,484
    Loans secured by nonfarm nonresidential properties $141,637
    Nonfarm nonresidential secured by owner-occupied properties $32,792
    Commercial real estate & other non-farm, non-residential $108,845
    Multifamily residential real estate $105,804
    1-4 family residential loans $131,591
    Farmland loans $5,832
    Loans held in foreign offices $0
    Farm loans $22,518
    Commercial and industrial loans $75,454
    To non-U.S. addressees $0
    Loans to individuals $8,266
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $3,990
    Other loans to individuals $4,276
    All other loans & leases $3,338
    Loans to foreign governments and official institutions $0
    Other loans $646
    Loans to depository institutions and acceptances of other banks $349
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,110
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Iroquois Federal Savings and Loan Association had $506,786,000 of loans outstanding in 2020. $403,659,000 of loans were in real estate loans. $18,795,000 of loans were in development loans. $105,804,000 of loans were in multifamily mortgage loans. $131,591,000 of loans were in 1-4 family mortgage loans. $22,518,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,990,000 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 171 $43,224 $252,772
    Nonfarm, nonresidential loans - <$100k 53 $3,976 $75,019
    Nonfarm, nonresidential loans - $100-250k 47 $9,095 $193,511
    Nonfarm, nonresidential loans - $250k-1MM 71 $30,153 $424,690
    Commercial & Industrial, US addressed loans - <$1MM 459 $33,922 $73,904
    Commercial & Industrial, US addressed loans - <$100k 342 $10,239 $29,939
    Commercial & Industrial, US addressed loans - $100-250k 68 $8,981 $132,074
    Commercial & Industrial, US addressed loans - $250k-1MM 49 $14,702 $300,041
    Farmland loans - <$1MM 18 $3,128 $173,778
    Farmland loans - <$100k 4 $209 $52,250
    Farmland loans - $100-250k 7 $667 $95,286
    Farmland loans - $250k-1MM 7 $2,252 $321,714
    Agriculture operations loans - <$1MM 58 $6,334 $109,207
    Agriculture operations loans - <$100k 23 $734 $31,913
    Agriculture operations loans - $100-250k 22 $2,322 $105,545
    Agriculture operations loans - $250k-1MM 13 $3,278 $252,154