Lenders › The Federal Savings Bank
The Federal Savings Bank
HMDA reporter, headquartered in Chicago, Illinois. Record for calendar year 2024.
HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Figures are from the 2024 public HMDA loan/application register; cells under 25 applications are withheld.
In 2024, The Federal Savings Bank filed HMDA records for 20,488 applications and 8,146 originations in 50 states, worth $3.0bn.
Its denial rate, the share of decided applications the lender denied, was 18.6%, below the national rate of 24.3% and below the Illinois rate of 23.3%. 5,861 applications were withdrawn by the applicant and 4,343 files were closed for incompleteness; those are not counted in the denial rate.
The median rate spread on its originated loans, the difference between the loan's APR and the average prime offer rate, was 0.3 percentage points (national median 0.3); 7.3% of its originations had a spread of 1.5 points or more.
By loan purpose the originations were mostly cash-out refinancing (48%) and home purchase (47%); by loan type, VA (47%) and conventional (37%).
The largest volumes were in Illinois (1,125 originations), New York (704 originations) and Georgia (350 originations).
Applications were down 14% on 2023.
VA lender statistics list 269 VA-guaranteed loans for the lender in August 2026.
Compared with Illinois and the nation
| Measure | This lender | Illinois, all lenders | United States |
|---|---|---|---|
| Denial rate (denied ÷ decided applications) | 18.6% | 23.3% | 24.3% |
| Median rate spread, percentage points | 0.3 | 0.5 | 0.3 |
| Originations with spread of 1.5 pp or more | 7.3% | 15.4% | 15.6% |
| Average originated loan | $371k | $273k | $329k |
| Home purchase share of originations | 46.9% | 61.1% | 57.0% |
| FHA-insured share of originations | 16.1% | 10.7% | 13.4% |
| VA-guaranteed share of originations | 46.6% | 4.9% | 7.9% |
| Applications withdrawn by applicant | 28.6% | 14.9% | 14.3% |
Illinois is the lender's largest state by applications. State and national columns cover every HMDA reporter. Rate spread is reported on originated loans only.
Trend by year
ApplicationsOriginations
This lenderIllinoisUnited States
| Year | Applications | Originations | Amount | Denial rate | Median spread | LAR records |
|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | 18,966 |
| 2019 | — | — | — | — | — | 30,871 |
| 2020 | — | — | — | — | — | 52,108 |
| 2021 | — | — | — | — | — | 60,608 |
| 2022 | 30,394 | 12,851 | $4.6bn | 16.7% | 0.4 | 30,549 |
| 2023 | 23,857 | 9,365 | $3.3bn | 20.8% | 0.3 | 24,130 |
| 2024 | 20,488 | 8,146 | $3.0bn | 18.6% | 0.3 | 20,656 |
Applications, originations and rates are computed from the public LAR for 2022, 2023, 2024; LAR record counts come from each year's transmittal sheet.
Loan purpose and loan type
By purpose
Home purchase 47% (3,821)Home improvement 1% (93)Refinancing 3% (212)Cash-out refinancing 48% (3,881)Other purpose 2% (139)
By type
Conventional 37% (3,026)FHA 16% (1,312)VA 47% (3,794)USDA 0% (14)
| Loan type | Applications | Originations | Denied | Denial rate (of applications) |
|---|---|---|---|---|
| Conventional | 5,375 | 3,026 | 438 | 8.1% |
| FHA-insured | 3,738 | 1,312 | 423 | 11.3% |
| VA-guaranteed | 11,345 | 3,794 | 1,052 | 9.3% |
| USDA Rural Housing Service or Farm Service Agency guaranteed | 30 | 14 | 4 | 13.3% |
Shares are of originated loans. The per-type denial rate here divides denials by all applications of that type, because decided counts are not kept per type.
Action taken
| HMDA action taken | Records | Share |
|---|---|---|
| 1 Loan originated | 8,146 | 39.4% |
| 2 Application approved but not accepted | 221 | 1.1% |
| 3 Application denied | 1,917 | 9.3% |
| 4 Application withdrawn by applicant | 5,861 | 28.4% |
| 5 File closed for incompleteness | 4,343 | 21.0% |
| 6 Purchased loan | 18 | 0.1% |
| 7 Preapproval request denied | 27 | 0.1% |
| 8 Preapproval request approved but not accepted | 123 | 0.6% |
Codes and labels are the HMDA action-taken codes. Applications are codes 1–5; the denial rate divides code 3 by codes 1–3.
Denial reasons as coded
Share of the lender's 1,917 denials by the first denial reason it coded (outlined bar: all lenders nationally). Lenders may record up to four reasons; only the first is counted here.
States
| State | Applications | Originations | Amount | Denial rate | Median spread |
|---|---|---|---|---|---|
| Illinois | 1,919 | 1,125 | $314m | 13.0% | 0.6 |
| New York | 1,276 | 704 | $399m | 16.0% | 0.4 |
| Georgia | 1,195 | 350 | $119m | 25.7% | 0.2 |
| North Carolina | 1,114 | 434 | $140m | 16.8% | 0.3 |
| Florida | 1,092 | 391 | $153m | 21.0% | 0.3 |
| California | 1,006 | 250 | $141m | 29.9% | -0.1 |
| Virginia | 988 | 435 | $170m | 13.1% | 0.2 |
| New Jersey | 869 | 383 | $164m | 15.9% | 0.3 |
| Indiana | 844 | 441 | $120m | 13.8% | 0.4 |
| Ohio | 773 | 357 | $82m | 12.6% | 0.4 |
| Tennessee | 610 | 238 | $84m | 16.4% | 0.3 |
| Maryland | 601 | 210 | $92m | 24.0% | 0.2 |
| Washington | 588 | 197 | $98m | 23.4% | -0.0 |
| Pennsylvania | 494 | 175 | $53m | 20.9% | 0.3 |
| Arizona | 465 | 143 | $55m | 23.4% | 0.3 |
| Colorado | 442 | 181 | $90m | 17.3% | 0.1 |
| Missouri | 430 | 150 | $41m | 19.6% | 0.3 |
| South Carolina | 394 | 153 | $53m | 20.0% | 0.1 |
| Alabama | 386 | 127 | $38m | 19.3% | 0.1 |
| Massachusetts | 361 | 119 | $53m | 22.8% | 0.1 |
| Nevada | 301 | 105 | $46m | 20.1% | -0.1 |
| Michigan | 294 | 91 | $25m | 25.4% | 0.5 |
| Kentucky | 271 | 109 | $34m | 15.6% | 0.2 |
| Utah | 248 | 93 | $42m | 19.0% | -0.1 |
| Minnesota | 232 | 74 | $24m | 23.3% | 0.1 |
| Connecticut | 229 | 75 | $31m | 26.7% | 0.3 |
| New Mexico | 228 | 63 | $20m | 18.8% | 0.2 |
| Louisiana | 226 | 52 | $16m | 36.5% | 0.3 |
| Oregon | 216 | 74 | $30m | 24.3% | -0.1 |
| Wisconsin | 204 | 79 | $26m | 13.0% | 0.2 |
| Texas | 201 | 95 | $38m | 24.2% | 0.3 |
| Arkansas | 197 | 67 | $19m | 21.6% | 0.3 |
| Oklahoma | 164 | 54 | $18m | 20.0% | 0.2 |
| Mississippi | 159 | 46 | $15m | 27.7% | 0.1 |
| Idaho | 126 | 48 | $20m | 15.5% | 0.1 |
| Delaware | 120 | 40 | $14m | 22.6% | 0.0 |
| Kansas | 117 | 40 | $11m | 27.1% | 0.2 |
| Iowa | 111 | 44 | $12m | 18.2% | 0.4 |
| Maine | 110 | 42 | $14m | 14.3% | -0.1 |
| Alaska | 109 | 38 | $17m | 19.1% | -0.1 |
| Nebraska | 102 | 45 | $14m | 11.5% | 0.1 |
| West Virginia | 102 | 31 | $8.3m | 29.5% | 0.1 |
| Hawaii | 102 | 27 | $16m | 28.2% | -0.1 |
| New Hampshire | 96 | 36 | $15m | 17.4% | 0.0 |
| Montana | 91 | 26 | $9.9m | 28.9% | 0.2 |
| Rhode Island | 76 | 28 | $12m | 11.8% | -0.0 |
| Wyoming | 69 | 25 | $7.9m | 13.8% | — |
| South Dakota | 34 | 12 | $5.0m | — | — |
| North Dakota | 32 | 7 | $2.0m | — | — |
| Vermont | 28 | 11 | $4.3m | — | — |
States with at least 25 applications. States with 100 or more link to the lender's page for that state.
Counties
| County | State | Applications | Originations | Amount | Denial rate |
|---|---|---|---|---|---|
| Cook County | IL | 1,066 | 624 | $174m | 13.3% |
| Suffolk County | NY | 308 | 198 | $108m | 14.6% |
| Marion County | IN | 240 | 157 | $35m | 10.7% |
| Queens County | NY | 232 | 133 | $91m | 13.6% |
| Will County | IL | 192 | 132 | $42m | 9.5% |
| Ocean County | NJ | 170 | 100 | $40m | 10.7% |
| Nassau County | NY | 153 | 88 | $50m | 16.7% |
| Maricopa County | AZ | 247 | 83 | $35m | 24.1% |
| Clark County | NV | 236 | 82 | $35m | 23.0% |
| Lake County | IL | 132 | 80 | $22m | 14.9% |
| Allen County | OH | 104 | 77 | $9.5m | 7.2% |
| DuPage County | IL | 126 | 76 | $23m | 12.5% |
| Kings County | NY | 131 | 67 | $48m | 16.7% |
| Kane County | IL | 105 | 63 | $17m | 12.2% |
| Franklin County | OH | 108 | 58 | $17m | 7.9% |
| Wake County | NC | 105 | 54 | $18m | 12.7% |
| Monmouth County | NJ | 101 | 51 | $25m | 13.3% |
| Prince George's County | MD | 145 | 47 | $22m | 35.1% |
| El Paso County | CO | 117 | 46 | $23m | 17.5% |
| Pierce County | WA | 125 | 43 | $23m | 27.1% |
| San Diego County | CA | 131 | 40 | $31m | 29.3% |
| Bronx County | NY | 62 | 39 | $28m | 9.1% |
| Johnson County | IN | 59 | 39 | $12m | 11.1% |
| Rutherford County | TN | 57 | 38 | $14m | 9.5% |
| Broward County | FL | 96 | 35 | $17m | 30.0% |
| Riverside County | CA | 149 | 33 | $17m | 31.5% |
| McHenry County | IL | 52 | 33 | $9.6m | 8.3% |
| Cumberland County | NC | 92 | 32 | $9.4m | 15.0% |
| Middlesex County | NJ | 81 | 32 | $14m | 25.6% |
| King County | WA | 77 | 30 | $19m | 23.1% |
Up to 30 counties with at least 50 applications, by originations.
VA-guaranteed loans by month
All VA loansPurchase
| Month | All | Purchase | Cash-out | IRRRL |
|---|---|---|---|---|
| Aug 2026 | 269 | 40 | 201 | 28 |
| Jul 2026 | 319 | 47 | 243 | 29 |
| Jun 2026 | 300 | 51 | 212 | 37 |
| May 2026 | 350 | 35 | 225 | 90 |
| Apr 2026 | 372 | 41 | 248 | 83 |
| Mar 2026 | 413 | 43 | 244 | 126 |
| Feb 2026 | 332 | 38 | 187 | 107 |
| Jan 2026 | 278 | 25 | 175 | 78 |
| Dec 2025 | 483 | 54 | 327 | 102 |
| Nov 2025 | 316 | 43 | 216 | 57 |
| Oct 2025 | 435 | 44 | 306 | 85 |
| Sep 2025 | 330 | 27 | 276 | 27 |
Fiscal-year totals (VA): FY2018 1,307,668,066 · FY2019 2,799,413,156 · FY2020 4,981,977,582 · FY2021 6,105,748,773 · FY2022 2,681,955,596 · FY2023 1,601,371,077 · FY2024 1,386,809,602 · FY2025 1,609,908,778. Matched to the VA lender name "THE FEDERAL SAVINGS BANK"; VA counts loans by guarantee date, HMDA by application year, so the two series differ.
Questions and answers
How many mortgages did The Federal Savings Bank originate in 2024?
8,146 loans totalling $3.0bn, from 20,488 applications reported under HMDA. It also purchased 18 loans from other institutions, which are counted separately.
What is The Federal Savings Bank's denial rate and how does it compare?
18.6% of decided applications were denied in 2024, against 24.3% nationally and 23.3% in Illinois. HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws; the data do not include some legitimate credit risk considerations.
Which counties does The Federal Savings Bank lend in most?
By originations: Cook County, IL (624), Suffolk County, NY (198), Marion County, IN (157), Queens County, NY (133) and Will County, IL (132).
What loan types does The Federal Savings Bank make?
Conventional 3,026, FHA 1,312, VA 3,794 and USDA 14 originations in 2024; by purpose, home purchase 3,821, home improvement 93, refinancing 212, cash-out refinancing 3,881 and other purpose 139.
What reasons did The Federal Savings Bank report for denials?
The first denial reason recorded most often was collateral (450), debt-to-income ratio (421) and credit application incomplete (354), as coded by the lender in its HMDA filing.
Where does this data come from?
From the 2024 public HMDA loan/application register published by the FFIEC and CFPB, with the lender's name from its HMDA transmittal sheet and VA loan volume from the Department of Veterans Affairs lender statistics. Cells under 25 applications are withheld.
Provenance
Source: Home Mortgage Disclosure Act public loan/application register for 2024 (trend years 2022, 2023, 2024) and transmittal sheets 2018–2024, published by the FFIEC and CFPB at ffiec.cfpb.gov, public domain; VA lender statistics from the Department of Veterans Affairs. Lender identity is the LEI and name on its transmittal sheet. This site was built 30 Sep 2026. Errors in processing are corrected at the next build; see corrections. Data through 1 Aug 2026.