Federated Bank Mortgage Rates, Fees & Info
Onarga, ILLEI: 549300X66F41NHRM7578
Tax ID: 37-0447880
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Mortgage Data
Review & Overview
Federated Bank is a smaller bank specializing in Home Purchase loans. Federated Bank has a high proportion of conventional loans. Their top markets by origination volume include: Kankakee, Chicago, and Danville among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Federated Bank has an average approval rate when compared to the average across all lenders.
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Originations
26Origination Dollar Volume (All Markets)
$2,610,000Top 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 |
|---|---|---|---|---|---|
| KANKAKEE, IL (FHA|USDA|VA) | 9 | $1,225,000 | $136,111 | $0 | 0.00% |
| Outside of Metro Areas | 15 | $1,135,000 | $75,667 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $2,610,000 | $100,385 | $0 | 0.00% |
For 2023, Federated Bank's most frequently originated type of loan was Conventional, with 26 originations.
Loan Reason
For 2023, Federated Bank's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 26 | $2,610,000 | $100,385 | $0 | 0.00% |
For 2023, Federated Bank's most frequently cited loan duration was Other, with 26 originations.
Loan Sizing
2023 saw Federated Bank place emphasis on $100,000 or less loans with 17 originations, totaling $945,000 in origination value.
Applicant Income
Federated Bank lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 26 | $2,610,000 | $100,385 | $0 | 0.00% |
Federated Bank lent most frequently to those with DTI ratios of Exempt%, with 26 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 26 | $2,610,000 | $100,385 | $0 | 0.00% |
Approval Rates
Total approvals of all applications83.87%
Federated Bank has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 26 | $2,610,000 | $100,385 |