First Federal Mortgage Rates, Fees & Info

McMinnville, OR

LEI: 254900P1I9VHKMF8R991

Tax ID: 93-0166953

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Mortgage Data

Bank Data

Review & Overview

First Federal is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. First Federal has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Salem, Longview, Albany, and Bend among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Federal is typically an average 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.

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Originations

129

Origination Dollar Volume (All Markets)

$37,645,000

Employee count

85

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
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 104 $30,730,000 $295,481 $5,356 4.11%
SALEM, OR (FHA|USDA|VA) 14 $3,840,000 $274,286 $5,192 4.04%
LONGVIEW, WA (FHA|USDA|VA) 1 $815,000 $815,000 $0 5.75%
Outside of Metro Areas 4 $780,000 $195,000 $5,711 3.75%
ALBANY-LEBANON, OR (FHA|USDA|VA) 2 $720,000 $360,000 $9,003 4.00%
BEND, OR (FHA|USDA|VA) 2 $400,000 $200,000 $3,797 4.69%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $255,000 $255,000 $5,750 4.13%
Newport, OR (FHA|USDA|VA) 1 $105,000 $105,000 $5,230 3.50%
First Federal's top markets include Portland, Salem, Longview, Albany, and Bend among others.

Their top states include:
  • Oregon (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 129 $37,645,000 $291,822 $5,384 4.11%

    For 2019, First Federal's most frequently originated type of loan was Conventional, with 129 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 54 $14,710,000 $272,407 $4,458 4.07%
    Home Purchase 53 $18,205,000 $343,491 $7,130 4.12%
    Refi 15 $3,565,000 $237,667 $3,714 3.95%
    Home Improvement 4 $730,000 $182,500 $1,997 4.91%
    Other 3 $435,000 $145,000 $3,486 4.38%

    For 2019, First Federal's most frequently cited loan purpose was Cash Out Refi, with 54 originations. The 2nd most popular reason was Home Purchase, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 82 $23,350,000 $284,756 $4,735 4.08%
    15 Year 23 $4,755,000 $206,739 $3,893 3.75%
    Other 14 $6,300,000 $450,000 $12,501 4.12%
    20 Year 3 $575,000 $191,667 $3,669 3.67%
    1 Year 3 $1,035,000 $345,000 $5,898 5.67%
    10 Year 3 $1,605,000 $535,000 $1,065 5.83%
    5 Year 1 $25,000 $25,000 $1,040 5.75%

    For 2019, First Federal's most frequently cited loan duration was 30 Year, with 82 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 52 $13,220,000 $254,231
    $<1k 23 $4,845,000 $210,652
    $2k-3k 18 $3,820,000 $212,222
    $5k+ 13 $7,555,000 $581,154
    $3k-4k 11 $3,245,000 $295,000
    $4k-5k 9 $3,325,000 $369,444

    First Federal's average total fees were $4,735, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 52 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 77 $21,935,000 $284,870
    4-5% 38 $11,420,000 $300,526
    5-6% 13 $4,215,000 $324,231
    6-7% 1 $75,000 $75,000

    During 2019, First Federal's average interest rate for loans was 4.08%, while their most frequently originated rate bucket for loans was 3-4%, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 59 $16,885,000 $286,186 $4,805 3.92%
    $100k-200k 31 $4,865,000 $156,935 $4,050 4.08%
    $400k-600k 17 $7,915,000 $465,588 $7,962 4.21%
    $100,000 or less 12 $800,000 $66,667 $2,241 4.57%
    $600k-1MM 10 $7,180,000 $718,000 $13,992 4.56%

    2019 saw First Federal place emphasis on $200k-400k loans with 59 originations, totaling $16,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 38 $11,840,000 $311,579 $5,425 3.88%
    $75k-100k 25 $6,725,000 $269,000 $5,056 4.15%
    $50k-75k 20 $4,230,000 $211,500 $4,462 4.18%
    $150k-250k 16 $5,780,000 $361,250 $6,021 4.13%
    $50k or less 14 $1,710,000 $122,143 $3,157 4.04%
    $250k+ 11 $5,365,000 $487,727 $10,053 4.33%

    First Federal lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $75k-100k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 28 $7,340,000 $262,143 $5,324 3.93%
    <20% 18 $4,570,000 $253,889 $5,514 4.06%
    30-36% 17 $4,855,000 $285,588 $4,811 4.23%
    38% 10 $3,030,000 $303,000 $5,064 4.18%
    43% 7 $2,385,000 $340,714 $7,125 3.98%
    42% 6 $1,500,000 $250,000 $5,432 4.19%
    37% 6 $1,410,000 $235,000 $4,546 4.38%
    45% 5 $1,755,000 $351,000 $5,913 4.18%
    41% 4 $1,940,000 $485,000 $9,267 3.72%
    46% 3 $1,005,000 $335,000 $6,544 3.54%
    44% 3 $775,000 $258,333 $3,283 4.67%
    36% 3 $1,125,000 $375,000 $5,385 4.29%
    >60% 2 $560,000 $280,000 $5,184 3.88%
    47% 2 $1,000,000 $500,000 $11,520 4.13%
    39% 2 $310,000 $155,000 $3,580 4.06%
    50-60% 1 $125,000 $125,000 $3,830 4.38%

    First Federal lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? <20%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 116 $32,690,000 $281,810 $5,516 4.11%
    Not provided 8 $2,240,000 $280,000 $4,038 3.69%
    Not applicable 2 $1,550,000 $775,000 $0 5.75%
    American Indian 2 $1,020,000 $510,000 $4,311 4.31%
    Asian 1 $145,000 $145,000 $3,307 3.50%

    Approval Rates

    Total approvals of all applications
    84.51%

    First Federal has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.09%

    First Federal has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 129 $37,645,000 $291,822

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $1,550,000 $775,000
    Single Family (1-4 Units):Manufactured 1 $45,000 $45,000
    Single Family (1-4 Units):Site-Built 126 $36,050,000 $286,111

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $4,500,000 $250,000 $4,287 4.05%
    40-60% 28 $7,390,000 $263,929 $4,752 4.03%
    60-80% 44 $15,190,000 $345,227 $6,619 4.06%
    80-100% 23 $7,405,000 $321,957 $6,079 4.02%
    Under 20% 6 $330,000 $55,000 $1,873 5.40%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First Technology Federal Credit Union Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    First Technology Federal Credit Union Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%
    First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 4 57.1%
    First Technology Federal Credit Union Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Federal Savings and Loan Association of McMinnville 110 Maddox Street Amity, OR 97101 Full Service B&M $25,552
    First Federal Savings and Loan Association of McMinnville 118 Third Street Mcminnville, OR 97128 Full Service B&M $180,119
    First Federal Savings and Loan Association of McMinnville 121 N Edwards St Newberg, OR 97132 Full Service B&M $63,296
    First Federal Savings and Loan Association of McMinnville 130 Fulton Street Newberg, OR 97132 Full Service B&M $2,903
    First Federal Savings and Loan Association of McMinnville 246 South Bridge Street Sheridan, OR 97378 Full Service B&M $44,763
    First Federal Savings and Loan Association of McMinnville 300 Nw Hillside Parkway Mcminnville, OR 97128 Full Service B&M $1,799
    First Federal Savings and Loan Association of McMinnville 335 West Madison Street Carlton, OR 97111 Full Service B&M $25,311
    First Federal Savings and Loan Association of McMinnville 350 Ne Baker Creek Road Mcminnville, OR 97128 Full Service B&M $32,731

    For 2019, First Federal had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $16,817
    Net interest income $14,814
    Total noninterest income $1,631
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $365
    Trading account gains and fees $0
    Additional Noninterest Income $1,266
    Pre-tax net operating income $4,534
    Securities gains (or losses, -) $46
    Income before extraordinary items $3,406
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,406
    Minority interest net income $0
    Net income $3,406
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,369

    First Federal's gross interest income from loans was $16,817,000.
    First Federal's net interest income from loans was $14,814,000.
    First Federal's fee based income from loans was $365,000.
    First Federal's net income from loans was $3,406,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,003
    Provision for credit losses $-12
    Total noninterest expense $11,923
    Salaries and employee benefits $7,294
    Premises and equipment expense $1,088
    Additional noninterest expense $3,541
    Applicable income taxes $1,174
    Net charge-offs $-2
    Cash dividends $0

    First Federal's interest expense for loans was $2,003,000.
    First Federal's payroll and benefits expense were $7,294,000.
    First Federal's property, plant and equipment expenses $1,088,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $387,981
    Deposits held in domestic offices $387,981
    Deposits by Individuals, partnerships, and corporations $383,875
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,107
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $139,504
    Demand deposits $42,435
    Nontransaction accounts $248,478
    Money market deposit accounts (MMDAs) $101,118
    Other savings deposits (excluding MMDAs) $65,667
    Total time deposits $81,694
    Total time and savings deposits $345,547
    Noninterest-bearing deposits $43,444
    Interest-bearing deposits $344,537
    Retail deposits $379,717
    IRAs and Keogh plan accounts $23,081
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $458,832
    Cash & Balances due from depository institutions $20,521
    Interest-bearing balances $16,165
    Total securities $141,202
    Federal funds sold & reverse repurchase $0
    Net loans and leases $283,238
    Loan and leases loss allowance $3,184
    Trading account assets $0
    Bank premises and fixed assets $3,195
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $10,676

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $458,832
    Total Liabilities $391,688
    Total deposits $387,981
    Interest-bearing deposits $344,537
    Deposits held in domestic offices $387,981
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $3,707

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $283,238
    Loan and leases loss allowance $3,184
    Total loans and leases (domestic) $286,422
    All real estate loans $282,857
    Real estate loans in domestic offices $282,857
    Construction and development loans $7,165
    Residential 1-4 family construction $3,758
    Other construction, all land development and other land $3,407
    Loans secured by nonfarm nonresidential properties $56,201
    Nonfarm nonresidential secured by owner-occupied properties $18,080
    Commercial real estate & other non-farm, non-residential $38,121
    Multifamily residential real estate $18,071
    1-4 family residential loans $197,973
    Farmland loans $3,447
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $2,684
    To non-U.S. addressees $0
    Loans to individuals $851
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $672
    Other loans to individuals $179
    All other loans & leases $30
    Loans to foreign governments and official institutions $0
    Other loans $30
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,758
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First Federal had $283,238,000 of loans outstanding in 2019. $282,857,000 of loans were in real estate loans. $7,165,000 of loans were in development loans. $18,071,000 of loans were in multifamily mortgage loans. $197,973,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $672,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 97 $41,815 $431,082
    Nonfarm, nonresidential loans - <$100k 14 $681 $48,643
    Nonfarm, nonresidential loans - $100-250k 29 $4,438 $153,034
    Nonfarm, nonresidential loans - $250k-1MM 54 $36,696 $679,556
    Commercial & Industrial, US addressed loans - <$1MM 41 $2,684 $65,463
    Commercial & Industrial, US addressed loans - <$100k 30 $699 $23,300
    Commercial & Industrial, US addressed loans - $100-250k 8 $1,104 $138,000
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $881 $293,667
    Farmland loans - <$1MM 12 $3,446 $287,167
    Farmland loans - <$100k 2 $60 $30,000
    Farmland loans - $100-250k 4 $495 $123,750
    Farmland loans - $250k-1MM 6 $2,891 $481,833