First Farmbank Mortgage Rates, Fees & Info
Greeley, COLEI: 2549005PYIZHRT9M1C75
Tax ID: 33-1151348
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Mortgage Data
Review & Overview
First Farmbank is a smaller bank specializing in Home Purchase and Refi loans. First Farmbank has a high proportion of conventional loans. First Farmbank has an average proportion of conventional loans. Their top markets by origination volume include: Greeley, Fort Collins, Breckenridge, Sterling, and Borger among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)First Farmbank 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
28Origination Dollar Volume (All Markets)
$9,570,000Top 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 |
|---|---|---|---|---|---|
| GREELEY, CO (FHA|USDA|VA) | 5 | $3,805,000 | $761,000 | $0 | 0.00% |
| Outside of Metro Areas | 11 | $2,475,000 | $225,000 | $10,124 | 6.75% |
| FORT COLLINS, CO (FHA|USDA|VA) | 5 | $1,845,000 | $369,000 | $0 | 0.00% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $0 | 0.00% |
| Sterling, CO (FHA|USDA|VA) | 5 | $525,000 | $105,000 | $0 | 0.00% |
| Borger, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $8,435,000 | $312,407 | $0 | 0.00% |
| Conventional | 1 | $1,135,000 | $1,135,000 | $10,124 | 6.75% |
For 2023, First Farmbank's most frequently originated type of loan was Conventional, with 27 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2023, First Farmbank's most frequently cited loan purpose was Home Purchase, with 11 originations. The 2nd most popular reason was Refi, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 28 | $9,570,000 | $341,786 | $10,124 | 6.75% |
For 2023, First Farmbank's most frequently cited loan duration was Other, with 28 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 1 | $1,135,000 | $1,135,000 |
First Farmbank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 1 | $1,135,000 | $1,135,000 |
During 2023, First Farmbank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 1 originations.
Loan Sizing
2023 saw First Farmbank place emphasis on $100,000 or less loans with 9 originations, totaling $555,000 in origination value.
Applicant Income
First Farmbank lent most frequently to those with incomes in the $250k+ range, with 6 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 28 | $9,570,000 | $341,786 | $10,124 | 6.75% |
First Farmbank lent most frequently to those with DTI ratios of Exempt%, with 28 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 23 | $7,795,000 | $338,913 | $0 | 0.00% |
| Not applicable | 5 | $1,775,000 | $355,000 | $10,124 | 6.75% |
Approval Rates
Total approvals of all applications96.67%
First Farmbank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.43%
First Farmbank 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 | 27 | $8,435,000 | $312,407 |
| NA | 1 | $1,135,000 | $1,135,000 |