Farmers & Merchants Bank Mortgage Rates, Fees & Info

Piedmont, AL

LEI: 2549002KNNRT791PG760

Tax ID: 63-0071520

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Mortgage Data

Review & Overview

Farmers & Merchants Bank is a smaller bank specializing in Refi and Home Purchase loans. Farmers & Merchants Bank has a high proportion of conventional loans. Their top (well, only) market is Anniston.

Farmers & Merchants Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

77

Origination Dollar Volume (All Markets)

$5,175,000

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
ANNISTON-OXFORD, AL (FHA|USDA|VA) 63 $3,665,000 $58,175 $0 0.00%
Outside of Metro Areas 14 $1,510,000 $107,857 $0 0.00%
Farmers & Merchants Bank's top markets include and Anniston among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 77 $5,175,000 $67,208 $0 0.00%

    For 2018, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 39 $2,315,000 $59,359 $0 0.00%
    Home Purchase 24 $1,770,000 $73,750 $0 0.00%
    Cash Out Refi 9 $835,000 $92,778 $0 0.00%
    Home Improvement 4 $180,000 $45,000 $0 0.00%
    Other 1 $75,000 $75,000 $0 0.00%

    For 2018, Farmers & Merchants Bank's most frequently cited loan purpose was Refi, with 39 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 77 $5,175,000 $67,208 $0 0.00%

    For 2018, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 64 $2,860,000 $44,688 $0 0.00%
    $100k-200k 9 $1,195,000 $132,778 $0 0.00%
    $200k-400k 3 $665,000 $221,667 $0 0.00%
    $400k-600k 1 $455,000 $455,000 $0 0.00%

    2018 saw Farmers & Merchants Bank place emphasis on $100,000 or less loans with 64 originations, totaling $2,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 21 $855,000 $40,714 $0 0.00%
    $75k-100k 8 $720,000 $90,000 $0 0.00%
    $100k-150k 7 $585,000 $83,571 $0 0.00%
    $50k-75k 6 $180,000 $30,000 $0 0.00%
    $250k+ 5 $455,000 $91,000 $0 0.00%

    Farmers & Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 21 originations. The second most popular income band? $75k-100k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 77 $5,175,000 $67,208 $0 0.00%

    Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 47 $2,925,000 $62,234 $0 0.00%
    Not applicable 28 $2,180,000 $77,857 $0 0.00%
    Black 1 $45,000 $45,000 $0 0.00%
    Korean 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.39%

    Farmers & Merchants Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    96.10%

    Farmers & Merchants Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 77 $5,175,000 $67,208

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $55,000 $55,000
    Multifamily:Site-Built 2 $270,000 $135,000
    Single Family (1-4 Units):Manufactured 7 $285,000 $40,714
    Single Family (1-4 Units):Site-Built 67 $4,565,000 $68,134