Is Morton Community Bank An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Morton Community Bank with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (-$26)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Morton Community Bank originated 887 mortgages, a national market share of 0.0%. It was most active in IL (0.4% market share), MO (0.0% market share), and IN (0.0% market share).

On average, Morton Community Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for Morton Community Bank’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 $2027, which was similar to those of comparable mortgages at $2053, with a difference of -$26. Overall, we estimate that Morton Community Bank tends to be an average cost lender, with a cost-adjusted-rate difference of -0.02% compared to comparable mortgages at other lenders.2Cost 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 Morton Community Bank.

Morton Community Bank originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Morton Community Bank compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan related Closing Cost Difference +$2
Cost Adjusted Rate Difference -0.02%

Based on the table above, Morton Community Bank is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Morton Community Bank compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan Related Closing Cost Difference -$110
Cost Adjusted Rate Difference -0.02%

Based on the table above, Morton Community Bank is similar to other lenders for Conforming mortgage refinance.

Other information about Morton Community Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: HOMETOWN COMMUNITY BANCORP, INC. EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST
Registered city and state: Morton, IL, 61550
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Footnotes   [ + ]

1. The comparable mortgages control for Morton Community Bank’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.
2. Cost 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.