Grundy Bank Mortgage Rates, Fees & Info

Morris, IL

LEI: 549300F08RTZA4O1LF12

Tax ID: 36-1174113

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 by origination volume include: Chicago, Ottawa, Kankakee, Niles, and Pontiac among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Grundy Bank 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. Grundy Bank 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.

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

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.85%	4/21/24
30 Year Conventional Refi	6.59%	4/21/24
30 Year Cash-out Refi	6.55%	4/21/24
30 Year FHA Purchase	6.27%	4/21/24
30 Year USDA Purchase	6.48%	4/21/24
15 Year Conventional Purchase	5.96%	4/21/24
15 Year Conventional Refi	5.63%	4/21/24
15 Year Cash-out Refi	5.63%	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.

Grundy Bank Mortgage Calculator

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This is not an official calculator from Grundy Bank. 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

611

Origination Dollar Volume (All Markets)

$112,735,000

Employee count

Awards

Grundy Bank 30 Year Conventional Loans silver

Grundy Bank 30 Year Conventional Loans bronze

Show all (3) awards

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
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.

Their top states include:

Illinois (FHA|USDA|VA)

Michigan (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Indiana (FHA|USDA|VA)

Similar Lenders

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

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LOANFLIGHT LENDING, LLC
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DuPage Credit Union
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Product Mix

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

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

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Grundy Bank's most frequently cited loan purpose was Refi, with 222 originations. The 2nd most popular reason was 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 2021, Grundy Bank's most frequently cited loan duration was 30 Year, with 249 originations. The 2nd most popular length was 15 Year, with 162 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	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

Grundy Bank's average total fees were $2,918, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.13%, while their most frequently originated rate bucket for loans was 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
97.62%

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
95.42%

Grundy Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

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