Morton Community Bank Rates, Fees & Info

Morton, IL

LEI: 549300SNZET0P5BZ3J56

Tax ID: 37-0808298

5 stars - out of 5 stars, based on 35 reviews

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

Jump to:

Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • 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)

    • Review & Overview

    Morton Community Bank is a smaller bank specializing in Home Purchase and Refi loans. Morton Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Champaign, Bloomington, Bowling Green, and Macomb among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Morton Community 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. Morton Community 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
    Home Equity Line of Credit (HELOC) 6.27% 3/27/23
    30 Year Conventional Purchase 6.79% 3/27/23
    30 Year Conventional Refi 6.86% 3/27/23
    30 Year Cash-out Refi 6.86% 3/27/23
    15 Year Conventional Purchase 6.04% 3/27/23
    15 Year Conventional Refi 6.35% 3/27/23
    15 Year Cash-out Refi 6.35% 3/27/23
    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.


    Originations

    1,249

    Origination Dollar Volume (All Markets)

    $271,555,000

    Awards

    Morton Community Bank 30 Year Conventional Loans gold Morton Community Bank 30 Year Conventional Loans gold Morton Community Bank 30 Year Conventional Loans silver
    Show all (3) awards

    Relative Rate

    Morton Community Bank's average 30 year fixed mortgage rate was 4.91%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.15%.

    Relative Fees (Closing Costs)

    Morton Community Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,158.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    PEORIA, IL (FHA|USDA|VA) 883 $116,755,000 $132,225 $1,934 4.92%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 15 $70,365,000 $4,691,000 $1,978 4.70%
    BLOOMINGTON, IL (FHA|USDA|VA) 65 $27,235,000 $419,000 $2,004 4.77%
    Outside of Metro Areas 78 $9,320,000 $119,487 $1,925 4.87%
    BOWLING GREEN, KY (FHA|USDA|VA) 1 $7,005,000 $7,005,000 $0 5.38%
    Macomb, IL (FHA|USDA|VA) 63 $6,925,000 $109,921 $2,200 5.23%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $4,925,000 $4,925,000 $0 5.75%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $3,905,000 $3,905,000 $0 5.05%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 11 $3,095,000 $281,364 $2,262 4.70%
    Sterling, IL (FHA|USDA|VA) 33 $2,825,000 $85,606 $2,384 4.83%
    Galesburg, IL (FHA|USDA|VA) 11 $2,055,000 $186,818 $1,986 4.74%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 18 $1,890,000 $105,000 $1,601 4.36%
    DECATUR, IL (FHA|USDA|VA) 3 $1,765,000 $588,333 $0 4.88%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $1,610,000 $805,000 $6,373 4.69%
    Pontiac, IL (FHA|USDA|VA) 11 $1,435,000 $130,455 $2,690 5.31%
    Kapaa, HI (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 3.67%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $1,015,000 $338,333 $2,558 4.83%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $805,000 $805,000 $7,825 4.75%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $800,000 $400,000 $0 4.09%
    Ottawa, IL (FHA|USDA|VA) 7 $765,000 $109,286 $2,373 4.77%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 6 $710,000 $118,333 $2,441 4.35%
    Charleston-Mattoon, IL (FHA|USDA|VA) 6 $660,000 $110,000 $1,227 5.48%
    SPRINGFIELD, IL (FHA|USDA|VA) 2 $620,000 $310,000 $1,781 4.91%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $610,000 $305,000 $3,532 4.19%
    SALEM, OR (FHA|USDA|VA) 1 $585,000 $585,000 $0 5.38%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,047 4.79%
    Lincoln, IL (FHA|USDA|VA) 5 $435,000 $87,000 $1,570 4.55%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $350,000 $175,000 $0 4.69%
    Decatur, IN (FHA|USDA|VA) 1 $305,000 $305,000 $1,925 4.13%
    OCALA, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,097 4.13%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,795 4.63%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 2 $170,000 $85,000 $1,820 6.69%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.50%
    Marshalltown, IA (FHA|USDA|VA) 1 $115,000 $115,000 $2,409 3.88%
    Clinton, IA (FHA|USDA|VA) 3 $95,000 $31,667 $1,541 5.04%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $75,000 $75,000 $1,755 4.88%
    Burlington, IA-IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.50%
    Marinette, WI-MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,943 5.00%
    Morton Community Bank's top markets include Peoria, Champaign, Bloomington, Bowling Green, and Macomb among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)

    • Similar Lenders

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

    First Savings Bank of Hegewisch
    Similarity Rank: 30
    First Bankers Trust Company
    Similarity Rank: 50
    Prairie State Bank and Trust
    Similarity Rank: 144
    Liberty Bank for Savings
    Similarity Rank: 153
    Goodfield State Bank
    Similarity Rank: 216
    DuTrac Community Credit Union
    Similarity Rank: 220
    Collins Community Credit Union
    Similarity Rank: 264
    R.I.A. Federal Credit Union
    Similarity Rank: 319
    ASCENTRA
    Similarity Rank: 330
    GAS AND ELECTRIC CREDIT UNION
    Similarity Rank: 336

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 935 $248,205,000 $265,460 $1,999 4.79%
    HELOC 314 $23,350,000 $74,363 n/a 5.25%

    For 2022, Morton Community Bank's most frequently originated type of loan was Conventional, with 935 originations. Their 2nd most popular type was HELOC, with 314 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 648 $186,540,000 $287,870 $2,171 4.91%
    Refi 290 $60,710,000 $209,345 $1,831 4.75%
    Home Improvement 171 $11,515,000 $67,339 $1,239 5.15%
    Other 106 $8,070,000 $76,132 $1,240 5.28%
    Cash Out Refi 34 $4,720,000 $138,824 $2,024 3.87%

    For 2022, Morton Community Bank's most frequently cited loan purpose was Home Purchase, with 648 originations. The 2nd most popular reason was Refi, with 290 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 395 $64,155,000 $162,418 $2,158 4.91%
    10 Year 338 $59,000,000 $174,556 $1,290 5.18%
    5 Year 219 $52,365,000 $239,110 $753 4.81%
    15 Year 157 $14,955,000 $95,255 $1,759 4.49%
    Other 51 $68,895,000 $1,350,882 $1,686 5.11%
    1 Year 48 $7,600,000 $158,333 $0 4.75%
    20 Year 28 $2,950,000 $105,357 $2,046 4.54%
    3 Year 10 $850,000 $85,000 $0 4.76%
    30+ year 3 $785,000 $261,667 $3,064 6.21%

    For 2022, Morton Community Bank's most frequently cited loan duration was 30 Year, with 395 originations. The 2nd most popular length was 10 Year, with 338 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 641 $89,605,000 $139,789
    $1k-2k 5 $645,000 $129,000
    $3k-4k 1 $165,000 $165,000
    $5k+ 1 $265,000 $265,000

    Morton Community Bank's average total fees were $2,158, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 641 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 483 $83,195,000 $172,246
    5-6% 364 $72,080,000 $198,022
    3-4% 195 $94,575,000 $485,000
    6-7% 144 $13,650,000 $94,792
    2.5-3% 37 $5,635,000 $152,297
    7-8% 21 $1,735,000 $82,619
    <2.5% 5 $685,000 $137,000

    During 2022, Morton Community Bank's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 483 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 674 $36,250,000 $53,783 $1,735 5.06%
    $100k-200k 363 $51,305,000 $141,336 $2,099 4.72%
    $200k-400k 148 $39,030,000 $263,716 $2,268 4.71%
    $400k-600k 28 $13,050,000 $466,071 $2,593 4.96%
    $1MM+ 20 $120,100,000 $6,005,000 $6,373 4.47%
    $600k-1MM 16 $11,820,000 $738,750 $3,800 4.60%

    2022 saw Morton Community Bank place emphasis on $100,000 or less loans with 674 originations, totaling $36,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 239 $17,055,000 $71,360 $1,854 4.90%
    $100k-150k 232 $29,210,000 $125,905 $1,973 4.87%
    $50k-75k 227 $22,065,000 $97,203 $1,931 4.94%
    $75k-100k 195 $20,795,000 $106,641 $2,022 5.03%
    $150k-250k 114 $19,550,000 $171,491 $2,317 4.95%
    $250k+ 68 $16,050,000 $236,029 $2,800 4.85%

    Morton Community Bank lent most frequently to those with incomes in the $50k or less range, with 239 originations. The second most popular income band? $100k-150k, with 232 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 277 $29,215,000 $105,469 $2,006 4.89%
    30-36% 177 $23,315,000 $131,723 $2,115 5.02%
    <20% 160 $15,920,000 $99,500 $1,925 4.94%
    36% 35 $3,845,000 $109,857 $1,958 5.01%
    43% 34 $4,010,000 $117,941 $2,025 4.89%
    40% 32 $3,850,000 $120,313 $1,892 4.94%
    39% 30 $2,840,000 $94,667 $1,887 4.98%
    42% 29 $3,665,000 $126,379 $1,845 4.94%
    41% 27 $3,175,000 $117,593 $2,061 4.85%
    44% 27 $4,025,000 $149,074 $2,184 5.36%
    37% 26 $3,910,000 $150,385 $2,319 4.67%
    38% 25 $3,185,000 $127,400 $1,940 4.84%
    45% 24 $3,910,000 $162,917 $1,689 5.26%
    46% 23 $3,185,000 $138,478 $1,898 4.83%
    48% 13 $1,405,000 $108,077 $1,990 5.02%
    47% 11 $2,025,000 $184,091 $2,049 4.41%
    49% 10 $2,060,000 $206,000 $2,247 5.15%
    >60% 8 $840,000 $105,000 $1,778 4.50%
    50-60% 3 $225,000 $75,000 $1,444 4.83%

    Morton Community Bank lent most frequently to those with DTI ratios of 20-30%, with 277 originations. The next most common DTI ratio? 30-36%, with 177 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 138 $142,110,000 $1,029,783 $0 4.77%
    White 1,063 $123,995,000 $116,646 $1,998 4.93%
    Asian 16 $2,150,000 $134,375 $1,991 5.20%
    Black 18 $1,510,000 $83,889 $2,135 4.72%
    Not provided 12 $1,500,000 $125,000 $1,999 4.28%
    Other Asian 1 $215,000 $215,000 $2,049 4.88%
    American Indian 1 $75,000 $75,000 $1,929 5.13%

    Approval Rates

    Total approvals of all applications
    90.77%

    Morton Community Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.67%

    Morton Community Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,249 $271,555,000 $217,418

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,249 $271,555,000 $217,418

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 196 $18,620,000 $95,000 $1,608 5.08%
    40-60% 173 $42,575,000 $246,098 $1,934 4.64%
    60-80% 379 $140,485,000 $370,673 $2,153 4.74%
    80-100% 360 $64,100,000 $178,056 $2,136 4.94%
    Over 100% 2 $580,000 $290,000 $0 5.44%
    Under 20% 139 $5,195,000 $37,374 $848 5.35%