Northwestern Mutual Mortgage Rates, Fees & Info
Milwaukee, WILEI: 549300E02I9FR0A6YT35
Tax ID: 39-0509565
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Mortgage Data
Review & Overview
Northwestern Mutual is a smaller mortgage company specializing in Refi and Other loans. Northwestern Mutual has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Racine, Beaver Dam, Green Bay, and Whitewater among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Northwestern Mutual 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. Northwestern Mutual is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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 | 6.10% | 5/4/24 |
| 30 Year Conventional Refi | 6.91% | 5/4/24 |
| 30 Year Cash-out Refi | 5.94% | 5/4/24 |
| 15 Year Conventional Purchase | 6.78% | 5/4/24 |
| 15 Year Conventional Refi | 5.57% | 5/4/24 |
| 15 Year Cash-out Refi | 5.57% | 5/4/24 |
| 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. | ||
Northwestern Mutual Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
259Origination Dollar Volume (All Markets)
$55,095,000Awards
NORTHWESTERN MUTUAL - 2021
NORTHWESTERN MUTUAL is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 228 | $48,410,000 | $212,325 | $836 | 2.66% |
| RACINE, WI (FHA|USDA|VA) | 15 | $2,955,000 | $197,000 | $880 | 2.78% |
| Outside of Metro Areas | 6 | $1,890,000 | $315,000 | $1,073 | 2.73% |
| Beaver Dam, WI (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $1,305 | 3.23% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,610 | 2.50% |
| Whitewater, WI (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $567 | 3.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $657 | 2.68% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $535 | 2.95% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $824 | 2.15% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,010 | 2.95% |
Similar Lenders
We use machine learning to identify the top lenders compared against NORTHWESTERN MUTUAL 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 | 259 | $55,095,000 | $212,722 | $847 | 2.68% |
For 2021, Northwestern Mutual's most frequently originated type of loan was Conventional, with 259 originations.
Loan Reason
For 2021, Northwestern Mutual's most frequently cited loan purpose was Refi, with 129 originations. The 2nd most popular reason was Other, with 57 originations.
Loan Duration/Length
For 2021, Northwestern Mutual's most frequently cited loan duration was 15 Year, with 80 originations. The 2nd most popular length was 30 Year, with 75 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 238 | $49,020,000 | $205,966 |
| $1k-2k | 20 | $5,890,000 | $294,500 |
Northwestern Mutual's average total fees were $1,071, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 238 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 136 | $24,460,000 | $179,853 |
| 2.5-3% | 67 | $17,175,000 | $256,343 |
| 3-4% | 48 | $12,010,000 | $250,208 |
| 4-5% | 7 | $1,205,000 | $172,143 |
During 2021, Northwestern Mutual's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was <2.5%, with 136 originations.
Loan Sizing
2021 saw Northwestern Mutual place emphasis on $100k-200k loans with 102 originations, totaling $14,920,000 in origination value.
Applicant Income
Northwestern Mutual lent most frequently to those with incomes in the $100k-150k range, with 87 originations. The second most popular income band? $150k-250k, with 84 originations.
Applicant Debt to Income Ratio
Northwestern Mutual lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? <20%, with 91 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.30%
Northwestern Mutual has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.05%
Northwestern Mutual has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 259 | $55,095,000 | $212,722 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| NORTHWEST BANCSHARES INC | Conventional home mortgage | Struggling to pay mortgage | 1 | 11.1% |
| NORTHWEST BANCSHARES INC | Conventional home mortgage | Trouble during payment process | 5 | 55.6% |
| NORTHWEST BANCSHARES INC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 11.1% |
| NORTHWEST BANCSHARES INC | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 11.1% |
| NORTHWEST BANCSHARES INC | Other type of mortgage | Struggling to pay mortgage | 1 | 11.1% |