The First State Bank Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 254900V16AQ21JMLXX78

Tax ID: 73-0242040

5 stars - out of 5 stars, based on 17 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    The First State Bank is a smaller bank specializing in Home Purchase and Refi loans. The First State Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Oklahoma City, Napa, Dallas, Tulsa, and Palm Bay among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The First State 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. The First State Bank 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.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.50% 3/19/23
    30 Year Conventional Refi 6.34% 3/19/23
    30 Year Cash-out Refi 6.52% 3/19/23
    30 Year FHA Purchase 7.24% 3/19/23
    30 Year VA Purchase 6.11% 3/19/23
    30 Year VA Refi 5.96% 3/19/23
    30 Year USDA Purchase 6.34% 3/19/23
    15 Year Conventional Purchase 5.81% 3/19/23
    15 Year Conventional Refi 5.73% 3/19/23
    15 Year Cash-out Refi 5.73% 3/19/23
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    289

    Origination Dollar Volume (All Markets)

    $84,995,000

    Awards

    The First State Bank 30 Year Conventional Loans bronze The First State Bank 30 Year Conventional Loans bronze The First State Bank FHA Loans silver The First State Bank VA Loans bronze
    Show all (4) awards

    Relative Rate

    The First State Bank's average 30 year fixed mortgage rate was 2.95%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.2%.

    Relative Fees (Closing Costs)

    The First State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,625.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    OKLAHOMA CITY, OK (FHA|USDA|VA) 266 $76,330,000 $286,955 $4,396 3.08%
    NAPA, CA (FHA|USDA|VA) 1 $2,605,000 $2,605,000 $0 3.85%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $2,175,000 $435,000 $5,200 2.98%
    TULSA, OK (FHA|USDA|VA) 3 $865,000 $288,333 $3,774 2.92%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,673 3.13%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $365,000 $365,000 $8,527 3.00%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $335,000 $335,000 $8,665 2.88%
    Tahlequah, OK (FHA|USDA|VA) 1 $305,000 $305,000 $5,329 2.38%
    OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,031 2.75%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $205,000 $205,000 $4,031 3.38%
    Shawnee, OK (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
    Stillwater, OK (FHA|USDA|VA) 1 $195,000 $195,000 $7,586 2.38%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $155,000 $155,000 $1,931 2.38%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.10%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $135,000 $135,000 $3,672 2.88%
    GREENVILLE, NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,291 3.13%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,171 4.00%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $115,000 $115,000 $3,395 3.88%
    The First State Bank's top markets include Oklahoma City, Napa, Dallas, Tulsa, and Palm Bay among others.

    Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    RED CROWN
    Similarity Rank: 360
    WEOKIE
    Similarity Rank: 432
    OKLAHOMA CENTRAL Credit Union
    Similarity Rank: 450
    First Oklahoma Mortgage, LLC
    Similarity Rank: 540
    TRUE SKY
    Similarity Rank: 550
    ALLEGIANCE
    Similarity Rank: 657
    CWM PARTNERS, L.P.
    Similarity Rank: 666
    InterBank
    Similarity Rank: 841
    Tulsa Federal Credit Union
    Similarity Rank: 950

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 231 $69,245,000 $299,762 $3,503 3.18%
    VA 29 $9,055,000 $312,241 $7,519 2.56%
    FHA 28 $6,480,000 $231,429 $7,589 2.84%
    USDA 1 $215,000 $215,000 $5,138 2.38%

    For 2021, The First State Bank's most frequently originated type of loan was Conventional, with 231 originations. Their 2nd most popular type was VA, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 170 $46,620,000 $274,235 $4,995 3.02%
    Refi 82 $23,630,000 $288,171 $3,336 3.17%
    Cash Out Refi 34 $13,770,000 $405,000 $3,639 3.10%
    Home Improvement 2 $250,000 $125,000 $0 4.55%
    Other 1 $725,000 $725,000 $0 4.00%

    For 2021, The First State Bank's most frequently cited loan purpose was Home Purchase, with 170 originations. The 2nd most popular reason was Refi, with 82 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 213 $57,725,000 $271,009 $4,625 2.95%
    15 Year 33 $8,125,000 $246,212 $3,414 2.36%
    5 Year 24 $9,590,000 $399,583 $0 4.44%
    Other 7 $4,845,000 $692,143 $916 4.39%
    3 Year 5 $2,725,000 $545,000 $5,051 4.50%
    20 Year 3 $1,095,000 $365,000 $3,590 2.92%
    1 Year 3 $655,000 $218,333 $1,435 4.37%
    10 Year 1 $235,000 $235,000 $2,853 2.25%

    For 2021, The First State Bank's most frequently cited loan duration was 30 Year, with 213 originations. The 2nd most popular length was 15 Year, with 33 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 240 $65,870,000 $274,458
    $2k-3k 6 $1,400,000 $233,333
    $<1k 3 $515,000 $171,667
    $4k-5k 2 $620,000 $310,000
    $3k-4k 1 $95,000 $95,000
    $5k+ 1 $215,000 $215,000

    The First State Bank's average total fees were $4,625, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 240 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 114 $31,420,000 $275,614
    3-4% 88 $28,560,000 $324,545
    <2.5% 53 $13,805,000 $260,472
    4-5% 33 $10,875,000 $329,545
    5-6% 1 $335,000 $335,000

    During 2021, The First State Bank's average interest rate for loans was 2.95%, while their most frequently originated rate bucket for loans was 2.5-3%, with 114 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 159 $44,885,000 $282,296 $4,896 2.97%
    $100k-200k 74 $11,530,000 $155,811 $3,398 3.07%
    $400k-600k 29 $14,315,000 $493,621 $4,568 2.81%
    $100,000 or less 20 $1,520,000 $76,000 $3,222 4.08%
    $1MM+ 5 $11,045,000 $2,209,000 $5,051 4.07%
    $600k-1MM 2 $1,700,000 $850,000 $0 4.25%

    2021 saw The First State Bank place emphasis on $200k-400k loans with 159 originations, totaling $44,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 56 $13,950,000 $249,107 $5,248 2.95%
    $50k-75k 55 $11,955,000 $217,364 $4,906 2.78%
    $100k-150k 54 $15,680,000 $290,370 $4,059 2.93%
    $150k-250k 45 $15,285,000 $339,667 $3,843 3.00%
    $50k or less 23 $3,935,000 $171,087 $4,088 2.83%
    $250k+ 21 $10,215,000 $486,429 $3,530 2.99%

    The First State Bank lent most frequently to those with incomes in the $75k-100k range, with 56 originations. The second most popular income band? $50k-75k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 66 $17,880,000 $270,909 $3,801 2.87%
    30-36% 36 $10,890,000 $302,500 $4,259 2.86%
    <20% 26 $6,770,000 $260,385 $3,249 3.11%
    44% 15 $3,905,000 $260,333 $4,231 2.83%
    40% 11 $2,535,000 $230,455 $4,543 2.89%
    41% 11 $3,385,000 $307,727 $4,256 2.86%
    50-60% 10 $2,710,000 $271,000 $9,145 2.73%
    43% 10 $2,560,000 $256,000 $4,357 2.93%
    42% 9 $2,235,000 $248,333 $6,073 3.01%
    38% 8 $2,420,000 $302,500 $4,819 2.97%
    46% 8 $1,880,000 $235,000 $5,054 3.00%
    47% 8 $1,970,000 $246,250 $4,775 2.95%
    45% 7 $2,195,000 $313,571 $4,365 2.88%
    49% 7 $1,965,000 $280,714 $4,910 2.82%
    48% 7 $2,055,000 $293,571 $5,527 3.05%
    37% 5 $1,155,000 $231,000 $5,460 3.10%
    39% 4 $3,650,000 $912,500 $4,927 3.15%
    36% 4 $1,190,000 $297,500 $3,832 3.13%

    The First State Bank lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? 30-36%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 223 $63,465,000 $284,596 $4,364 2.90%
    Not applicable 32 $12,230,000 $382,188 $0 4.47%
    Black 16 $4,190,000 $261,875 $4,777 3.05%
    Asian 15 $4,145,000 $276,333 $5,139 2.83%
    Asian Indian 1 $525,000 $525,000 $2,893 2.63%
    Not provided 1 $265,000 $265,000 $3,630 3.38%
    American Indian 1 $175,000 $175,000 $2,995 3.50%

    Approval Rates

    Total approvals of all applications
    98.09%

    The 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 origination
    93.43%

    The First State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 289 $84,995,000 $294,100

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    289 $84,995,000 $294,100

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $1,870,000 $311,667 $2,763 3.88%
    40-60% 25 $7,175,000 $287,000 $3,384 3.13%
    60-80% 107 $34,875,000 $325,935 $3,505 3.21%
    80-100% 138 $37,450,000 $271,377 $4,612 2.94%
    Over 100% 10 $3,010,000 $301,000 $13,277 2.75%
    Under 20% 3 $615,000 $205,000 $916 4.45%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The First State Bank 2600 South Douglas Boulevard Midwest City, OK 73130 Full Service B&M $54,970
    The First State Bank 3030 Nw Expressway Suite 1 Oklahoma City, OK 73112 Full Service B&M $261,172
    The First State Bank 612 Willard Avenue Canute, OK 73626 Full Service B&M $31,282

    For 2021, The First State Bank had 3 branches.

    Yearly Performance Overview