Mutual Savings Bank Mortgage Rates, Fees & Info

Franklin, IN

LEI: 549300MOTRV68OSXM837

Tax ID: 35-0536745

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mutual Savings Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Mutual Savings Bank has a high proportion of conventional loans. Their top two markets are Indianapolis and Columbus .

    Mutual Savings Bank 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. Mutual Savings 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 6.21% 11/1/24
    30 Year Conventional Refi 6.53% 11/1/24
    30 Year Cash-out Refi 7.05% 11/1/24
    30 Year FHA Purchase 6.27% 11/1/24
    15 Year Conventional Purchase 5.96% 11/1/24
    15 Year Conventional Refi 6.44% 11/1/24
    15 Year Cash-out Refi 6.44% 11/1/24
    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.

    Mutual Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Mutual Savings 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

    189

    Origination Dollar Volume (All Markets)

    $42,155,000

    Employee count

    41

    Awards

    Mutual Savings Bank 30 Year Conventional Loans gold Mutual Savings Bank 30 Year Conventional Loans gold
    Show all (2) 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
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 180 $39,920,000 $221,778 $2,059 3.08%
    COLUMBUS, IN (FHA|USDA|VA) 6 $1,580,000 $263,333 $1,846 2.94%
    Outside of Metro Areas 3 $655,000 $218,333 $1,787 2.88%
    Mutual Savings Bank's top markets include Indianapolis and Columbus among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    The Riddell National Bank
    Similarity Rank: 252
    Mutual Savings Bank
    Similarity Rank: 264
    Independent Federal Credit Union
    Similarity Rank: 560
    Madison County Federal Credit Union
    Similarity Rank: 784
    The Peoples State Bank
    Similarity Rank: 1188
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 1463
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1690
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 1980
    FORUM Credit Union
    Similarity Rank: 2139
    The National Bank of Indianapolis
    Similarity Rank: 2445

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 189 $42,155,000 $223,042 $2,048 3.07%

    For 2021, Mutual Savings Bank's most frequently originated type of loan was Conventional, with 189 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 72 $16,260,000 $225,833 $1,938 2.91%
    Home Purchase 70 $16,960,000 $242,286 $2,274 3.23%
    Cash Out Refi 46 $8,870,000 $192,826 $1,930 3.08%
    Home Improvement 1 $65,000 $65,000 $1,442 2.75%

    For 2021, Mutual Savings Bank's most frequently cited loan purpose was Refi, with 72 originations. The 2nd most popular reason was Home Purchase, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 118 $26,930,000 $228,220 $1,928 3.10%
    15 Year 37 $8,835,000 $238,784 $2,448 2.71%
    20 Year 18 $3,200,000 $177,778 $1,852 3.31%
    Other 9 $1,425,000 $158,333 $2,024 4.04%
    10 Year 6 $1,620,000 $270,000 $2,396 2.54%
    1 Year 1 $145,000 $145,000 $0 3.25%

    For 2021, Mutual Savings Bank's most frequently cited loan duration was 30 Year, with 118 originations. The 2nd most popular length was 15 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 155 $32,035,000 $206,677
    $1k-2k 13 $2,835,000 $218,077
    $2k-3k 6 $2,250,000 $375,000
    $3k-4k 3 $1,615,000 $538,333
    $5k+ 2 $920,000 $460,000
    $4k-5k 1 $995,000 $995,000

    Mutual Savings Bank's average total fees were $1,928, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 155 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 93 $20,855,000 $224,247
    3-4% 59 $13,545,000 $229,576
    <2.5% 24 $4,710,000 $196,250
    4-5% 12 $2,790,000 $232,500
    5-6% 1 $255,000 $255,000

    During 2021, Mutual Savings Bank's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 2.5-3%, with 93 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 74 $11,060,000 $149,459 $1,810 3.08%
    $200k-400k 64 $18,580,000 $290,313 $2,025 3.09%
    $100,000 or less 31 $2,265,000 $73,065 $1,762 3.00%
    $400k-600k 18 $8,650,000 $480,556 $3,340 3.08%
    $600k-1MM 2 $1,600,000 $800,000 $5,989 2.88%

    2021 saw Mutual Savings Bank place emphasis on $100k-200k loans with 74 originations, totaling $11,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 47 $7,765,000 $165,213 $1,910 3.13%
    $100k-150k 43 $11,365,000 $264,302 $1,920 2.98%
    $50k or less 33 $3,825,000 $115,909 $1,838 3.06%
    $150k-250k 23 $7,715,000 $335,435 $2,409 2.89%
    $75k-100k 22 $4,810,000 $218,636 $2,170 2.95%
    $250k+ 12 $5,170,000 $430,833 $2,778 2.80%

    Mutual Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $100k-150k, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $12,680,000 $218,621 $1,934 3.00%
    <20% 34 $6,780,000 $199,412 $1,915 2.88%
    30-36% 29 $6,995,000 $241,207 $2,077 2.94%
    39% 10 $2,700,000 $270,000 $2,384 3.16%
    37% 9 $2,145,000 $238,333 $1,763 2.93%
    44% 7 $1,985,000 $283,571 $2,295 3.16%
    50-60% 5 $1,315,000 $263,000 $2,052 3.48%
    40% 5 $855,000 $171,000 $1,712 3.03%
    43% 4 $1,460,000 $365,000 $3,438 3.16%
    41% 4 $610,000 $152,500 $1,720 2.84%
    45% 3 $445,000 $148,333 $1,616 2.92%
    38% 3 $685,000 $228,333 $1,806 3.00%
    46% 3 $675,000 $225,000 $4,704 3.25%
    36% 2 $320,000 $160,000 $2,091 3.88%
    47% 2 $670,000 $335,000 $1,799 3.06%
    48% 1 $205,000 $205,000 $1,203 3.38%
    42% 1 $125,000 $125,000 $1,563 2.63%

    Mutual Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? <20%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 177 $39,735,000 $224,492 $2,035 3.02%
    Not applicable 7 $1,225,000 $175,000 $0 4.35%
    Not provided 4 $850,000 $212,500 $2,790 2.81%
    Black 1 $345,000 $345,000 $2,089 3.13%

    Approval Rates

    Total approvals of all applications
    91.80%

    Mutual Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.71%

    Mutual Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 189 $42,155,000 $223,042

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    189 $42,155,000 $223,042

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $3,065,000 $161,316 $1,956 2.78%
    40-60% 52 $10,290,000 $197,885 $1,928 2.93%
    60-80% 73 $17,075,000 $233,904 $2,221 3.23%
    80-100% 44 $11,710,000 $266,136 $1,977 3.06%
    Under 20% 1 $15,000 $15,000 $0 4.37%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mutual Savings Bank 1124 North Main Street Franklin, IN 46131 Full Service B&M $81,886
    Mutual Savings Bank 2 Trafalgar Square Trafalgar, IN 46181 Full Service B&M $50,745
    Mutual Savings Bank 2020 South Sr 135, Ste 203 Greenwood, IN 46143 Full Service B&M $11,909
    Mutual Savings Bank 2020 State Road 135, Suite 203 Greenwood, IN 46143 Full Service B&M $0
    Mutual Savings Bank 80 East Jefferson Street Franklin, IN 46131 Full Service B&M $58,863

    For 2021, Mutual Savings Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,499
    Net interest income $6,761
    Total noninterest income $2,592
    Gross Fiduciary activities income $54
    Service charges on deposit accounts $140
    Trading account gains and fees $0
    Additional Noninterest Income $2,398
    Pre-tax net operating income $2,252
    Securities gains (or losses, -) $577
    Income before extraordinary items $2,436
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,436
    Minority interest net income $0
    Net income $2,436
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,939

    Mutual Savings Bank's gross interest income from loans was $7,499,000.
    Mutual Savings Bank's net interest income from loans was $6,761,000.
    Mutual Savings Bank's fee based income from loans was $140,000.
    Mutual Savings Bank's net income from loans was $2,436,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $738
    Provision for credit losses $90
    Total noninterest expense $7,011
    Salaries and employee benefits $4,079
    Premises and equipment expense $779
    Additional noninterest expense $2,153
    Applicable income taxes $393
    Net charge-offs $1
    Cash dividends $624

    Mutual Savings Bank's interest expense for loans was $738,000.
    Mutual Savings Bank's payroll and benefits expense were $4,079,000.
    Mutual Savings Bank's property, plant and equipment expenses $779,000.

    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 $214,723
    Deposits held in domestic offices $214,723
    Deposits by Individuals, partnerships, and corporations $176,085
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $38,393
    Deposits by Commercial banks and other depository institutions in U.S. $246
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $106,790
    Demand deposits $40,843
    Nontransaction accounts $107,934
    Money market deposit accounts (MMDAs) $49,793
    Other savings deposits (excluding MMDAs) $20,835
    Total time deposits $37,306
    Total time and savings deposits $173,881
    Noninterest-bearing deposits $41,235
    Interest-bearing deposits $173,488
    Retail deposits $189,156
    IRAs and Keogh plan accounts $1,988
    Brokered deposits $13,809
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $241,562
    Cash & Balances due from depository institutions $4,914
    Interest-bearing balances $3,477
    Total securities $84,661
    Federal funds sold & reverse repurchase $0
    Net loans and leases $142,854
    Loan and leases loss allowance $1,881
    Trading account assets $0
    Bank premises and fixed assets $1,451
    Other real estate owned $0
    Goodwill and other intangibles $603
    All other assets $7,079

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $241,562
    Total Liabilities $220,079
    Total deposits $214,723
    Interest-bearing deposits $173,488
    Deposits held in domestic offices $214,723
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $5,000
    Subordinated debt $0
    All other liabilities $356

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $142,854
    Loan and leases loss allowance $1,881
    Total loans and leases (domestic) $144,735
    All real estate loans $126,016
    Real estate loans in domestic offices $126,016
    Construction and development loans $6,926
    Residential 1-4 family construction $3,828
    Other construction, all land development and other land $3,098
    Loans secured by nonfarm nonresidential properties $57,803
    Nonfarm nonresidential secured by owner-occupied properties $34,944
    Commercial real estate & other non-farm, non-residential $22,859
    Multifamily residential real estate $2,866
    1-4 family residential loans $51,932
    Farmland loans $6,489
    Loans held in foreign offices $0
    Farm loans $348
    Commercial and industrial loans $14,598
    To non-U.S. addressees $0
    Loans to individuals $4,045
    Credit card loans $368
    Related Plans $647
    Consumer Auto Loans $2,544
    Other loans to individuals $486
    All other loans & leases $15
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Mutual Savings Bank had $142,854,000 of loans outstanding in 2021. $126,016,000 of loans were in real estate loans. $6,926,000 of loans were in development loans. $2,866,000 of loans were in multifamily mortgage loans. $51,932,000 of loans were in 1-4 family mortgage loans. $348,000 of loans were in farm loans. $368,000 of loans were in credit card loans. $2,544,000 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 111 $23,304 $209,946
    Nonfarm, nonresidential loans - <$100k 23 $982 $42,696
    Nonfarm, nonresidential loans - $100-250k 44 $5,978 $135,864
    Nonfarm, nonresidential loans - $250k-1MM 44 $16,344 $371,455
    Commercial & Industrial, US addressed loans - <$1MM 82 $12,261 $149,524
    Commercial & Industrial, US addressed loans - <$100k 43 $1,085 $25,233
    Commercial & Industrial, US addressed loans - $100-250k 16 $2,051 $128,188
    Commercial & Industrial, US addressed loans - $250k-1MM 23 $9,125 $396,739
    Farmland loans - <$1MM 9 $1,179 $131,000
    Farmland loans - <$100k 1 $62 $62,000
    Farmland loans - $100-250k 6 $707 $117,833
    Farmland loans - $250k-1MM 2 $410 $205,000
    Agriculture operations loans - <$1MM 1 $348 $348,000
    Agriculture operations loans - $250k-1MM 1 $348 $348,000