We compare mortgage interest rate and loan related closing costs at Bank Mutual with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.40%)
Loan Related Closing Costs: similar to average (+$22)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Bank Mutual originated 127 mortgages, a national market share of 0.0%. It was primarily active in WI (0.1% market share) and MN (0.0% market share).
On average, Bank Mutual’s interest rates were lower than those of comparable mortgages at other lenders (-0.40%).3The comparable mortgages control for Bank Mutual’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $1542, which was similar to those of comparable mortgages at $1520, with a difference of +$22. Overall, we estimate that Bank Mutual tends to be an cheap lender, with a cost-adjusted-rate difference of -0.47% compared to comparable mortgages at other lenders.4Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Bank Mutual.
Bank Mutual specialized in mortgage refinancing, and originated Conforming refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Mortgage Refinancing from Bank Mutual compared to other lenders
|Interest Rate Difference||-0.40%|
|Loan Related Closing Cost Difference||+$22|
|Cost Adjusted Rate Difference||-0.47%|
Based on the table above, Bank Mutual is cheap for Conforming mortgage refinance.
Other information about Bank Mutual:
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: ASSOCIATED BANC-CORP
Registered city and state: Brown Deer, WI, 53223