First American Bank Mortgage Rates, Fees & Info

FORT DODGE, IA

LEI: 254900M4B0023V82HA40

Tax ID: 42-1174407

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First American Bank is a smaller bank specializing in Home Purchase loans. First American Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Naples, Des Moines, Miami, Ames, and Phoenix among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First American Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First American Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    224

    Origination Dollar Volume (All Markets)

    $106,520,000
    Show all (6) awards

    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
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 42 $53,020,000 $1,262,381 $8,781 4.26%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 122 $26,920,000 $220,656 $2,558 4.39%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $7,745,000 $7,745,000 $0 4.65%
    AMES, IA (FHA|USDA|VA) 24 $4,640,000 $193,333 $2,142 4.52%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $3,505,000 $3,505,000 $0 3.75%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $3,125,000 $3,125,000 $0 5.25%
    Outside of Metro Areas 5 $1,795,000 $359,000 $2,810 4.46%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 12 $1,600,000 $133,333 $3,647 4.57%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,115,000 $223,000 $2,479 4.70%
    Fort Dodge, IA (FHA|USDA|VA) 5 $615,000 $123,000 $768 4.65%
    Spirit Lake, IA (FHA|USDA|VA) 1 $485,000 $485,000 $1,531 4.50%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $455,000 $455,000 $3,366 3.88%
    Breckenridge, CO (FHA|USDA|VA) 1 $455,000 $455,000 $2,741 4.49%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $425,000 $425,000 $2,707 4.13%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $395,000 $395,000 $0 4.88%
    IOWA CITY, IA (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.88%
    First American Bank's top markets include Naples, Des Moines, Miami, Ames, and Phoenix among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST AMERICAN BANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Charter Bank
    Similarity Rank: 36
    Raccoon Valley Bank
    Similarity Rank: 96
    Guthrie County State Bank
    Similarity Rank: 166
    Community Choice Credit Union
    Similarity Rank: 187
    Collins Community Credit Union
    Similarity Rank: 273
    GREATER IOWA CREDIT UNION
    Similarity Rank: 286
    Luana Savings Bank
    Similarity Rank: 289
    Suncoast Credit Union
    Similarity Rank: 406
    Fidelity Bank
    Similarity Rank: 428
    Premier Credit Union
    Similarity Rank: 450

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 199 $101,385,000 $509,472 $3,520 4.46%
    VA 16 $3,400,000 $212,500 $6,029 3.96%
    FHA 5 $1,215,000 $243,000 $6,515 4.00%
    USDA 4 $520,000 $130,000 $3,196 3.94%

    For 2018, First American Bank's most frequently originated type of loan was Conventional, with 199 originations. Their 2nd most popular type was VA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 175 $90,645,000 $517,971 $4,205 4.34%
    Refi 36 $13,260,000 $368,333 $1,798 4.68%
    Cash Out Refi 6 $1,830,000 $305,000 $6,332 4.10%
    Other 4 $440,000 $110,000 $1,067 5.03%
    Home Improvement 3 $345,000 $115,000 $1,175 4.63%

    For 2018, First American Bank's most frequently cited loan purpose was Home Purchase, with 175 originations. The 2nd most popular reason was Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 138 $55,930,000 $405,290 $3,765 4.23%
    5 Year 27 $11,855,000 $439,074 $212 4.89%
    Other 26 $8,320,000 $320,000 $312 5.00%
    30+ year 11 $19,715,000 $1,792,273 $10,981 4.42%
    15 Year 10 $2,710,000 $271,000 $2,086 3.70%
    10 Year 5 $6,985,000 $1,397,000 $2,089 4.18%
    20 Year 3 $585,000 $195,000 $1,298 4.71%
    1 Year 3 $305,000 $101,667 $0 5.25%
    3 Year 1 $115,000 $115,000 $0 4.88%

    For 2018, First American Bank's most frequently cited loan duration was 30 Year, with 138 originations. The 2nd most popular length was 5 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 147 $55,765,000 $379,354
    $1k-2k 24 $22,100,000 $920,833
    $5k+ 2 $1,450,000 $725,000
    $2k-3k 1 $235,000 $235,000
    $4k-5k 1 $245,000 $245,000

    First American Bank's average total fees were $3,765, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 147 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 134 $65,690,000 $490,224
    3-4% 64 $34,740,000 $542,813
    5-6% 26 $6,090,000 $234,231

    During 2018, First American Bank's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 4-5%, with 134 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 73 $19,805,000 $271,301 $3,014 4.21%
    $100k-200k 67 $9,945,000 $148,433 $2,451 4.44%
    $100,000 or less 35 $2,045,000 $58,429 $994 4.97%
    $1MM+ 23 $59,195,000 $2,573,696 $13,093 4.17%
    $400k-600k 17 $8,145,000 $479,118 $4,071 4.29%
    $600k-1MM 9 $7,385,000 $820,556 $5,361 4.36%

    2018 saw First American Bank place emphasis on $200k-400k loans with 73 originations, totaling $19,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 37 $9,055,000 $244,730 $3,030 4.31%
    $250k+ 35 $46,555,000 $1,330,143 $8,125 4.21%
    $50k-75k 31 $6,825,000 $220,161 $2,457 4.37%
    $75k-100k 31 $5,935,000 $191,452 $2,687 4.29%
    $50k or less 25 $5,425,000 $217,000 $2,870 4.38%
    $150k-250k 23 $6,245,000 $271,522 $3,010 4.45%

    First American Bank lent most frequently to those with incomes in the $100k-150k range, with 37 originations. The second most popular income band? $250k+, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 37 $19,065,000 $515,270 $4,912 4.16%
    30-36% 37 $12,355,000 $333,919 $3,058 4.33%
    <20% 18 $13,660,000 $758,889 $4,673 4.34%
    38% 12 $4,720,000 $393,333 $2,730 4.30%
    36% 10 $2,060,000 $206,000 $2,239 4.31%
    50-60% 8 $7,670,000 $958,750 $6,483 4.69%
    >60% 6 $4,290,000 $715,000 $4,692 4.33%
    47% 6 $1,190,000 $198,333 $2,552 4.06%
    44% 5 $805,000 $161,000 $3,256 4.18%
    37% 5 $1,825,000 $365,000 $3,574 4.17%
    42% 5 $1,035,000 $207,000 $2,852 4.50%
    41% 4 $4,050,000 $1,012,500 $4,929 4.36%
    43% 4 $960,000 $240,000 $3,360 4.37%
    48% 4 $1,110,000 $277,500 $5,191 4.06%
    40% 4 $560,000 $140,000 $2,684 4.31%
    39% 3 $685,000 $228,333 $1,701 4.58%
    46% 3 $715,000 $238,333 $1,939 3.83%
    45% 3 $2,105,000 $701,667 $6,003 4.50%
    49% 2 $1,110,000 $555,000 $3,297 4.63%

    First American Bank lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 37 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 150 $67,490,000 $449,933 $4,003 4.34%
    Not applicable 35 $24,045,000 $687,000 $0 4.79%
    Not provided 29 $13,325,000 $459,483 $3,500 4.27%
    Asian 6 $1,120,000 $186,667 $1,734 4.39%
    Black 3 $415,000 $138,333 $2,061 4.58%
    American Indian 1 $125,000 $125,000 $2,288 4.74%

    Approval Rates

    Total approvals of all applications
    90.76%

    First American Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.36%

    First American Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 224 $106,520,000 $475,536

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $11,735,000 $1,303,889
    Single Family (1-4 Units):Site-Built 215 $94,785,000 $440,860

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $5,570,000 $348,125 $2,410 4.70%
    40-60% 24 $19,810,000 $825,417 $6,300 4.42%
    60-80% 64 $50,080,000 $782,500 $5,004 4.34%
    80-100% 106 $29,660,000 $279,811 $3,136 4.32%
    Over 100% 4 $990,000 $247,500 $9,018 4.03%
    Under 20% 10 $410,000 $41,000 $264 5.29%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%