Mutualbank Mortgage Rates, Fees & Info

Muncie, IN

LEI: 549300V3ZIDKPJ5RPX64

Tax ID: 35-0536850

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    Mutualbank is a smaller bank specializing in Refi and Home Purchase loans. Mutualbank has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, South Bend, Muncie, Warsaw, and Elkhart among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mutualbank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mutualbank 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.

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    Originations

    422

    Origination Dollar Volume (All Markets)

    $55,680,000

    Awards

    MutualBank 30 Year Conventional Loans silver MutualBank 30 Year Conventional Loans silver MutualBank 30 Year Conventional Loans gold MutualBank 30 Year Conventional Loans gold
    Show all (4) 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) 39 $12,175,000 $312,179 $2,579 3.85%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 85 $11,485,000 $135,118 $1,790 4.14%
    MUNCIE, IN (FHA|USDA|VA) 88 $7,590,000 $86,250 $1,014 4.38%
    Warsaw, IN (FHA|USDA|VA) 50 $5,000,000 $100,000 $1,532 4.04%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 24 $3,580,000 $149,167 $1,655 4.01%
    Marion, IN (FHA|USDA|VA) 35 $3,275,000 $93,571 $1,277 3.94%
    Outside of Metro Areas 40 $3,010,000 $75,250 $716 4.43%
    BLOOMINGTON, IN (FHA|USDA|VA) 16 $2,190,000 $136,875 $2,046 4.02%
    Key West, FL (FHA|USDA|VA) 1 $1,885,000 $1,885,000 $0 3.89%
    FORT WAYNE, IN (FHA|USDA|VA) 9 $1,235,000 $137,222 $2,732 4.39%
    NILES, MI (FHA|USDA|VA) 4 $810,000 $202,500 $2,488 4.09%
    Plymouth, IN (FHA|USDA|VA) 3 $645,000 $215,000 $2,468 3.50%
    New Castle, IN (FHA|USDA|VA) 6 $580,000 $96,667 $2,046 4.88%
    Wabash, IN (FHA|USDA|VA) 3 $385,000 $128,333 $1,250 4.46%
    Seymour, IN (FHA|USDA|VA) 4 $300,000 $75,000 $2,238 4.38%
    Angola, IN (FHA|USDA|VA) 1 $265,000 $265,000 $4,207 3.75%
    Crawfordsville, IN (FHA|USDA|VA) 1 $245,000 $245,000 $2,075 3.63%
    COLUMBUS, IN (FHA|USDA|VA) 3 $225,000 $75,000 $0 5.16%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,304 3.75%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,301 3.63%
    North Vernon, IN (FHA|USDA|VA) 2 $100,000 $50,000 $1,095 4.75%
    Vincennes, IN (FHA|USDA|VA) 2 $90,000 $45,000 $2,020 4.56%
    Peru, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,114 3.75%
    Bedford, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,636 3.50%
    TERRE HAUTE, IN (FHA|USDA|VA) 2 $50,000 $25,000 $0 6.13%
    Mutualbank's top markets include Indianapolis, South Bend, Muncie, Warsaw, and Elkhart among others.

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

    • Similar Lenders

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

    PrimeTrust Financial Federal Credit Union
    Similarity Rank: 40
    Chiphone Federal Credit Union
    Similarity Rank: 96
    Circle Federal Credit Union
    Similarity Rank: 240
    Fire Police City County Federal Credit Union
    Similarity Rank: 315
    Hendricks County Bank and Trust Company
    Similarity Rank: 376
    MIDWEST AMERICA
    Similarity Rank: 380
    ProFed Federal Credit Union
    Similarity Rank: 408
    Independent Federal Credit Union
    Similarity Rank: 441
    Madison County Federal Credit Union
    Similarity Rank: 488
    OAK MORTGAGE, LLC
    Similarity Rank: 644

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 306 $47,650,000 $155,719 $1,593 4.07%
    HELOC 116 $8,030,000 $69,224 n/a 4.47%

    For 2020, Mutualbank's most frequently originated type of loan was Conventional, with 306 originations. Their 2nd most popular type was HELOC, with 116 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 146 $20,600,000 $141,096 $1,487 3.89%
    Home Purchase 90 $19,700,000 $218,889 $2,572 4.20%
    Home Improvement 65 $3,935,000 $60,538 $436 4.58%
    Other 65 $4,415,000 $67,923 $4 4.37%
    Cash Out Refi 56 $7,030,000 $125,536 $2,210 4.21%

    For 2020, Mutualbank's most frequently cited loan purpose was Refi, with 146 originations. The 2nd most popular reason was Home Purchase, with 90 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 137 $12,865,000 $93,905 $2,101 4.44%
    15 Year 116 $10,660,000 $91,897 $832 4.14%
    30 Year 93 $18,135,000 $195,000 $2,137 3.77%
    20 Year 32 $5,660,000 $176,875 $2,283 4.24%
    10 Year 19 $655,000 $34,474 $149 4.37%
    30+ year 14 $7,070,000 $505,000 $4,795 3.54%
    5 Year 6 $170,000 $28,333 $0 4.60%
    1 Year 5 $465,000 $93,000 $0 5.70%

    For 2020, Mutualbank's most frequently cited loan duration was Other, with 137 originations. The 2nd most popular length was 15 Year, with 116 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 248 $35,590,000 $143,508
    $1k-2k 7 $2,705,000 $386,429
    $2k-3k 5 $2,285,000 $457,000

    Mutualbank's average total fees were $2,137, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 248 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 198 $36,400,000 $183,838
    4-5% 118 $10,070,000 $85,339
    5-6% 48 $2,980,000 $62,083
    2.5-3% 38 $5,070,000 $133,421
    6-7% 18 $790,000 $43,889
    <2.5% 1 $295,000 $295,000
    7-8% 1 $75,000 $75,000

    During 2020, Mutualbank's average interest rate for loans was 3.77%, while their most frequently originated rate bucket for loans was 3-4%, with 198 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 247 $11,945,000 $48,360 $797 4.42%
    $100k-200k 100 $13,400,000 $134,000 $1,949 3.94%
    $200k-400k 51 $13,745,000 $269,510 $2,410 3.69%
    $400k-600k 15 $7,105,000 $473,667 $3,484 3.83%
    $600k-1MM 5 $4,365,000 $873,000 $4,198 3.38%
    $1MM+ 4 $5,120,000 $1,280,000 $5,133 3.63%

    2020 saw Mutualbank place emphasis on $100,000 or less loans with 247 originations, totaling $11,945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 83 $4,535,000 $54,639 $1,103 4.08%
    $50k-75k 79 $6,165,000 $78,038 $1,238 4.21%
    $75k-100k 72 $7,700,000 $106,944 $1,387 4.16%
    $100k-150k 63 $9,925,000 $157,540 $2,232 4.02%
    $150k-250k 44 $8,540,000 $194,091 $2,154 4.16%
    $250k+ 26 $11,090,000 $426,538 $3,039 3.86%

    Mutualbank lent most frequently to those with incomes in the $50k or less range, with 83 originations. The second most popular income band? $50k-75k, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 55 $14,235,000 $258,818 $2,437 3.60%
    30-36% 35 $6,215,000 $177,571 $2,469 3.84%
    <20% 32 $5,050,000 $157,813 $2,159 3.60%
    39% 8 $1,100,000 $137,500 $2,803 4.09%
    40% 6 $1,150,000 $191,667 $2,107 3.75%
    36% 6 $860,000 $143,333 $2,086 3.73%
    37% 6 $2,190,000 $365,000 $2,754 3.50%
    46% 6 $700,000 $116,667 $2,067 4.06%
    42% 5 $925,000 $185,000 $2,062 3.63%
    44% 5 $945,000 $189,000 $3,182 4.23%
    47% 5 $1,045,000 $209,000 $2,305 3.68%
    41% 4 $530,000 $132,500 $2,257 3.44%
    45% 3 $635,000 $211,667 $2,123 3.13%
    38% 3 $275,000 $91,667 $2,175 3.50%
    50-60% 3 $375,000 $125,000 $0 5.15%
    43% 3 $805,000 $268,333 $2,686 3.67%
    >60% 2 $60,000 $30,000 $0 5.23%
    49% 1 $55,000 $55,000 $1,993 3.00%

    Mutualbank lent most frequently to those with DTI ratios of 20-30%, with 55 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 362 $46,200,000 $127,624 $1,584 4.11%
    Not applicable 34 $6,200,000 $182,353 $0 5.07%
    Asian 7 $1,965,000 $280,714 $3,510 4.16%
    Not provided 13 $1,035,000 $79,615 $1,488 3.89%
    Black 4 $140,000 $35,000 $996 4.13%
    Other Asian 1 $105,000 $105,000 $0 4.50%
    Filipino 1 $35,000 $35,000 $0 3.88%

    Approval Rates

    Total approvals of all applications
    88.38%

    Mutualbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.02%

    Mutualbank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 422 $55,680,000 $131,943

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $125,000 $125,000
    Single Family (1-4 Units):Manufactured 8 $830,000 $103,750
    Single Family (1-4 Units):Site-Built 413 $54,725,000 $132,506

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 81 $5,855,000 $72,284 $722 4.30%
    40-60% 71 $8,115,000 $114,296 $1,302 4.08%
    60-80% 128 $25,410,000 $198,516 $2,060 3.97%
    80-100% 67 $13,855,000 $206,791 $2,235 3.95%
    Under 20% 75 $2,445,000 $32,600 $0 4.70%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MUTUAL OF OMAHA MORTGAGE, LLC Conventional home mortgage Closing on a mortgage 1 100.0%