Grundy Bank Mortgage Rates, Fees & Info

Morris, IL

LEI: 549300F08RTZA4O1LF12

Tax ID: 36-1174113

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Grundy Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Grundy Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Chicago, Ottawa, Kankakee, Niles, and Pontiac among others. Grundy Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Grundy Bank is typically a low fee lendor.


Originations

611

Origination Dollar Volume (All Markets)

$112,735,000

Employee count

52

Awards

Grundy Bank 30 Year Conventional Loans silver Grundy Bank 30 Year Conventional Loans silver Grundy Bank 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Grundy Bank's average 30 year fixed rate mortgage of loans were 3.13%.

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

This yields a difference of -0.02%.

Relative Fees

Grundy Bank's average total fees for a 30 year fixed rate mortgage are $2,918.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 524 $95,940,000 $183,092 $2,349 2.99%
Ottawa, IL (FHA|USDA|VA) 41 $7,505,000 $183,049 $1,980 3.33%
KANKAKEE, IL (FHA|USDA|VA) 17 $2,185,000 $128,529 $1,705 3.20%
NILES, MI (FHA|USDA|VA) 3 $1,635,000 $545,000 $2,310 2.83%
Pontiac, IL (FHA|USDA|VA) 12 $1,360,000 $113,333 $2,567 2.97%
PEORIA, IL (FHA|USDA|VA) 1 $985,000 $985,000 $0 4.25%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $620,000 $310,000 $0 3.93%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $505,000 $505,000 $4,403 2.38%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $425,000 $425,000 $0 4.50%
KNOXVILLE, TN (FHA|USDA|VA) 1 $275,000 $275,000 $2,583 2.63%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $245,000 $245,000 $1,326 2.38%
MORRISTOWN, TN (FHA|USDA|VA) 1 $245,000 $245,000 $2,024 2.75%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,066 3.13%
Dixon, IL (FHA|USDA|VA) 1 $185,000 $185,000 $4,409 3.13%
GAINESVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,000 3.25%
Outside of Metro Areas 2 $120,000 $60,000 $2,639 3.19%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,016 3.50%

Grundy Bank's top markets include Chicago, Ottawa, Kankakee, Niles, and Pontiac among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 601 $111,105,000 $184,867 $2,268 3.02%
USDA 10 $1,630,000 $163,000 $5,475 2.95%

For the 2021 period, Grundy Bank's most frequently originated loan type of loans were Conventional, with 601 originations. Their 2nd most popular type is USDA, with 10 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 222 $41,480,000 $186,847 $1,614 2.78%
Home Purchase 221 $42,345,000 $191,606 $3,739 3.26%
Cash Out Refi 147 $25,535,000 $173,707 $1,568 2.94%
Home Improvement 13 $1,675,000 $128,846 $1,057 3.80%
Other 8 $1,700,000 $212,500 $1,684 3.27%

For the 2021, Grundy Bank's most frequently cited loan purpose of loans were Refi, with 222 originations. The 2nd most popular reason of loans were Home Purchase, with 221 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 249 $50,175,000 $201,506 $2,918 3.13%
15 Year 162 $28,580,000 $176,420 $1,824 2.48%
Other 68 $11,120,000 $163,529 $2,243 3.52%
20 Year 65 $11,495,000 $176,846 $1,836 2.89%
5 Year 23 $4,315,000 $187,609 $692 4.25%
10 Year 23 $2,495,000 $108,478 $1,578 2.45%
1 Year 18 $4,050,000 $225,000 $1,546 3.92%
3 Year 3 $505,000 $168,333 $0 3.75%

For the 2021, Grundy Bank's most frequently cited loan length of loans were 30 Year, with 249 originations. The 2nd most popular length of loans were 15 Year, with 162 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 565 $101,535,000 $179,708
$2k-3k 2 $590,000 $295,000
$5k+ 2 $540,000 $270,000
$1k-2k 1 $115,000 $115,000
$3k-4k 1 $225,000 $225,000

$2,918 of loans were Grundy Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 565 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 235 $45,005,000 $191,511
3-4% 185 $34,815,000 $188,189
<2.5% 146 $25,370,000 $173,767
4-5% 45 $7,545,000 $167,667

During 2021, Grundy Bank's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 2.5-3%, with 235 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 296 $43,590,000 $147,264 $2,310 2.94%
$200k-400k 170 $45,290,000 $266,412 $2,501 2.99%
$100,000 or less 115 $8,425,000 $73,261 $2,046 3.24%
$400k-600k 27 $12,695,000 $470,185 $2,500 3.05%
$600k-1MM 3 $2,735,000 $911,667 $0 3.92%

2021 saw Grundy Bank place emphasis on $100k-200k loans with 296 originations, totaling $43,590,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 160 $33,220,000 $207,625 $2,180 2.93%
$50k-75k 129 $18,475,000 $143,217 $2,451 2.97%
$75k-100k 107 $18,045,000 $168,645 $2,293 3.02%
$150k-250k 88 $18,940,000 $215,227 $2,239 3.03%
$50k or less 78 $9,330,000 $119,615 $2,572 3.09%
$250k+ 34 $11,390,000 $335,000 $2,310 2.99%

Grundy Bank lent most frequently to those with incomes in the $100k-150k range, with 160 originations. The second most popular income band? $50k-75k, with 129 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 146 $25,670,000 $175,822 $2,096 2.89%
30-36% 115 $20,465,000 $177,957 $2,521 2.96%
<20% 87 $17,035,000 $195,805 $2,237 2.81%
37% 23 $4,515,000 $196,304 $2,927 2.98%
36% 22 $3,930,000 $178,636 $2,197 3.10%
38% 21 $3,245,000 $154,524 $2,536 3.13%
43% 18 $3,890,000 $216,111 $2,807 2.89%
42% 16 $2,170,000 $135,625 $2,383 2.98%
39% 16 $3,200,000 $200,000 $2,110 2.82%
41% 16 $2,430,000 $151,875 $1,963 3.01%
40% 15 $2,895,000 $193,000 $2,349 2.90%
50-60% 13 $2,505,000 $192,692 $3,117 3.09%
45% 11 $1,985,000 $180,455 $2,016 3.05%
47% 11 $1,655,000 $150,455 $2,062 2.90%
44% 11 $2,815,000 $255,909 $2,946 3.09%
49% 9 $1,585,000 $176,111 $2,424 2.97%
46% 8 $1,250,000 $156,250 $1,467 2.89%
>60% 7 $685,000 $97,857 $2,022 3.59%
48% 6 $1,080,000 $180,000 $2,245 2.83%

Grundy Bank lent most frequently to those with DTI ratios of 20-30%, with 146 originations. The next most common DTI ratio? 30-36%, with 115 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 576 $105,170,000 $182,587 $2,311 2.99%
Not provided 17 $3,525,000 $207,353 $2,455 2.82%
Not applicable 13 $3,225,000 $248,077 $0 4.20%
Asian 2 $420,000 $210,000 $4,195 3.19%
American Indian 2 $250,000 $125,000 $2,396 3.94%
Black 1 $145,000 $145,000 $3,789 3.50%

Approval Rates

Total approvals of all applications
97.83%

Grundy 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 origination
94.86%

Grundy Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
3740.63 1 $405,000 $405,000
NA 610 $112,330,000 $184,148

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
611 $112,735,000 $184,509

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 41 $5,225,000 $127,439 $1,919 2.55%
40-60% 134 $20,880,000 $155,821 $1,910 2.91%
60-80% 280 $57,010,000 $203,607 $2,165 3.04%
80-100% 136 $26,530,000 $195,074 $3,314 3.12%
Over 100% 5 $2,475,000 $495,000 $3,664 4.10%
Under 20% 15 $615,000 $41,000 $814 3.73%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Greentree & Associates Conventional home mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Grundy Bank 120 South Main Street Wilmington, IL 60481 Full Service B&M $84,887
Grundy Bank 201 Liberty Street Morris, IL 60450 Full Service B&M $218,972
Grundy Bank 444 Bedford Road Morris, IL 60450 Limited, Drive-thru $1,869
Grundy Bank Main And Franklin Streets Morris, IL 60450 Limited, Drive-thru $0

For 2021, Grundy Bank had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $9,145
Net interest income $9,009
Total noninterest income $5,549
Gross Fiduciary activities income $24
Service charges on deposit accounts $240
Trading account gains and fees $0
Additional Noninterest Income $5,285
Pre-tax net operating income $5,948
Securities gains (or losses, -) $0
Income before extraordinary items $5,523
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,523
Minority interest net income $0
Net income $5,523
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,523

Grundy Bank's gross interest income from loans was $9,145,000.
Grundy Bank's net interest income from loans was $9,009,000.
Grundy Bank's fee based income from loans was $240,000.
Grundy Bank's net income from loans was $5,523,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $136
Provision for credit losses $300
Total noninterest expense $8,310
Salaries and employee benefits $4,414
Premises and equipment expense $1,773
Additional noninterest expense $2,123
Applicable income taxes $425
Net charge-offs $24
Cash dividends $0

Grundy Bank's interest expense for loans was $136,000.
Grundy Bank's payroll and benefits expense were $4,414,000.
Grundy Bank's property, plant and equipment expenses $1,773,000.

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 $329,703
Deposits held in domestic offices $329,703
Deposits by Individuals, partnerships, and corporations $292,097
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $37,607
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $207,343
Demand deposits $155,228
Nontransaction accounts $122,361
Money market deposit accounts (MMDAs) $25,713
Other savings deposits (excluding MMDAs) $74,995
Total time deposits $21,654
Total time and savings deposits $174,476
Noninterest-bearing deposits $156,419
Interest-bearing deposits $173,284
Retail deposits $324,480
IRAs and Keogh plan accounts $2,667
Brokered deposits $690
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $371,782
Cash & Balances due from depository institutions $143,879
Interest-bearing balances $140,872
Total securities $36,257
Federal funds sold & reverse repurchase $0
Net loans and leases $179,294
Loan and leases loss allowance $2,882
Trading account assets $0
Bank premises and fixed assets $2,720
Other real estate owned $0
Goodwill and other intangibles $4,876
All other assets $4,756

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $371,782
Total Liabilities $335,655
Total deposits $329,703
Interest-bearing deposits $173,284
Deposits held in domestic offices $329,703
% insured (estimated) $74
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $5,000
Subordinated debt $0
All other liabilities $952

Issued Loan Types

Type Value (in 000's)
Net loans and leases $179,294
Loan and leases loss allowance $2,882
Total loans and leases (domestic) $182,176
All real estate loans $148,159
Real estate loans in domestic offices $148,159
Construction and development loans $22,709
Residential 1-4 family construction $9,130
Other construction, all land development and other land $13,579
Loans secured by nonfarm nonresidential properties $48,766
Nonfarm nonresidential secured by owner-occupied properties $27,611
Commercial real estate & other non-farm, non-residential $21,155
Multifamily residential real estate $5,286
1-4 family residential loans $55,411
Farmland loans $15,987
Loans held in foreign offices $0
Farm loans $14,052
Commercial and industrial loans $17,671
To non-U.S. addressees $0
Loans to individuals $1,608
Credit card loans $0
Related Plans $123
Consumer Auto Loans $764
Other loans to individuals $721
All other loans & leases $686
Loans to foreign governments and official institutions $0
Other loans $14
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $13,538
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $2,234
Non 1-4 family restructured loans & leases $1,889
Total loans and leases (foreign) $0

Grundy Bank had $179,294,000 of loans outstanding in 2021. $148,159,000 of loans were in real estate loans. $22,709,000 of loans were in development loans. $5,286,000 of loans were in multifamily mortgage loans. $55,411,000 of loans were in 1-4 family mortgage loans. $14,052,000 of loans were in farm loans. $0 of loans were in credit card loans. $764,000 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 126 $27,146 $215,444
Nonfarm, nonresidential loans - <$100k 17 $822 $48,353
Nonfarm, nonresidential loans - $100-250k 47 $6,195 $131,809
Nonfarm, nonresidential loans - $250k-1MM 62 $20,129 $324,661
Commercial & Industrial, US addressed loans - <$1MM 271 $15,321 $56,535
Commercial & Industrial, US addressed loans - <$100k 190 $4,399 $23,153
Commercial & Industrial, US addressed loans - $100-250k 50 $4,324 $86,480
Commercial & Industrial, US addressed loans - $250k-1MM 31 $6,598 $212,839
Farmland loans - <$1MM 38 $6,260 $164,737
Farmland loans - <$100k 5 $277 $55,400
Farmland loans - $100-250k 19 $2,929 $154,158
Farmland loans - $250k-1MM 14 $3,054 $218,143
Agriculture operations loans - <$1MM 111 $10,297 $92,766
Agriculture operations loans - <$100k 54 $1,398 $25,889
Agriculture operations loans - $100-250k 35 $3,540 $101,143
Agriculture operations loans - $250k-1MM 22 $5,359 $243,591