First State Bank Mortgage Rates, Fees & Info
DECATUR, MILEI: 254900PF1ET8TU7AX329
Tax ID: 38-0541390
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Mortgage Data
Review & Overview
First State Bank is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. First State Bank has a high proportion of conventional loans. Their top two markets are South Bend and Kalamazoo .First State Bank has an above average approval rate when compared to the average across all lenders.
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Originations
51Origination Dollar Volume (All Markets)
$5,405,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 41 | $4,445,000 | $108,415 | $0 | 0.00% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 6 | $500,000 | $83,333 | $0 | 0.00% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 51 | $5,405,000 | $105,980 | $0 | 0.00% |
For 2019, First State Bank's most frequently originated type of loan was Conventional, with 51 originations.
Loan Reason
For 2019, First State Bank's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Purchase, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 51 | $5,405,000 | $105,980 | $0 | 0.00% |
For 2019, First State Bank's most frequently cited loan duration was Other, with 51 originations.
Loan Sizing
2019 saw First State Bank place emphasis on $100,000 or less loans with 30 originations, totaling $1,640,000 in origination value.
Applicant Income
First State Bank lent most frequently to those with incomes in the $50k-75k range, with 16 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 51 | $5,405,000 | $105,980 | $0 | 0.00% |
First State Bank lent most frequently to those with DTI ratios of Exempt%, with 51 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 48 | $5,290,000 | $110,208 | $0 | 0.00% |
| American Indian | 2 | $90,000 | $45,000 | $0 | 0.00% |
| Black | 1 | $25,000 | $25,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
First State 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 51 | $5,405,000 | $105,980 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 9 | $685,000 | $76,111 |
| Single Family (1-4 Units):Site-Built | 42 | $4,720,000 | $112,381 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | VA mortgage | Closing on a mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 4 | 26.7% |
| FIRST HORIZON BANK | FHA mortgage | Struggling to pay mortgage | 1 | 6.7% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 6.7% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 2 | 13.3% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 3 | 20.0% |