First Option Bank Mortgage Rates, Fees & Info
Osawatomie, KSLEI: 254900IHGFQJY2WUC891
Tax ID: 48-0359685
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
First Option Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. First Option Bank has a high proportion of conventional loans. Their top markets by origination volume include: Kansas City, St. Joseph, Atchison, Ottawa, and Manhattan among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)First Option 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
167Origination Dollar Volume (All Markets)
$58,245,000Top 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 |
|---|---|---|---|---|---|
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 136 | $53,610,000 | $394,191 | $0 | 0.00% |
| Outside of Metro Areas | 10 | $1,220,000 | $122,000 | $0 | 0.00% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 9 | $1,205,000 | $133,889 | $0 | 0.00% |
| Atchison, KS (FHA|USDA|VA) | 4 | $570,000 | $142,500 | $0 | 0.00% |
| Ottawa, KS (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 0.00% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $0 | 0.00% |
| LAWRENCE, KS (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Fort Dodge, IA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 167 | $58,245,000 | $348,772 | $0 | 0.00% |
For 2023, First Option Bank's most frequently originated type of loan was Conventional, with 167 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 94 | $27,600,000 | $293,617 | $0 | 0.00% |
| Cash Out Refi | 45 | $17,955,000 | $399,000 | $0 | 0.00% |
| Refi | 28 | $12,690,000 | $453,214 | $0 | 0.00% |
For 2023, First Option Bank's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Cash Out Refi, with 45 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 167 | $58,245,000 | $348,772 | $0 | 0.00% |
For 2023, First Option Bank's most frequently cited loan duration was Other, with 167 originations.
Loan Sizing
2023 saw First Option Bank place emphasis on $100k-200k loans with 45 originations, totaling $6,365,000 in origination value.
Applicant Income
First Option Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $150k-250k, with 29 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 167 | $58,245,000 | $348,772 | $0 | 0.00% |
First Option Bank lent most frequently to those with DTI ratios of Exempt%, with 167 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.67%
First Option Bank has an average approval rate.
Pick Rate
Approvals leading to origination95.21%
First Option 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 | 167 | $58,245,000 | $348,772 |