Farmers & Merchants Bank Of South Carolina Mortgage Rates, Fees & Info

HOLLY HILL, SC

LEI: 254900Y0OOKETVQMUW35

Tax ID: 57-0161795

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Farmers & Merchants Bank Of South Carolina is a smaller bank specializing in Refi and Home Purchase loans. Farmers & Merchants Bank Of South Carolina has a high proportion of conventional loans. Farmers & Merchants Bank Of South Carolina has a high proportion of conventional loans. Their top two markets are Charleston and Orangeburg .

    Farmers & Merchants Bank Of South Carolina has an 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

    40

    Origination Dollar Volume (All Markets)

    $4,040,000

    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
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 32 $3,260,000 $101,875 $1,835 7.54%
    Orangeburg, SC (FHA|USDA|VA) 8 $780,000 $97,500 $1,690 6.81%
    Farmers & Merchants Bank Of South Carolina's top markets include Charleston and Orangeburg among others.

    Their top states include:
  • South Carolina (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 22 $1,460,000 $66,364 $1,795 7.41%
    Conventional 18 $2,580,000 $143,333 $0 0.00%

    For 2018, Farmers & Merchants Bank Of South Carolina's most frequently originated type of loan was Conventional, with 22 originations. Their 2nd most popular type was Conventional, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 15 $985,000 $65,667 $1,333 7.50%
    Home Purchase 14 $2,480,000 $177,143 $2,178 6.75%
    Home Improvement 6 $330,000 $55,000 $1,446 7.50%
    Other 3 $125,000 $41,667 $2,517 7.38%
    Cash Out Refi 2 $120,000 $60,000 $2,158 9.25%

    For 2018, Farmers & Merchants Bank Of South Carolina's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Purchase, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 21 $2,705,000 $128,810 $1,366 9.25%
    15 Year 7 $525,000 $75,000 $2,506 7.11%
    5 Year 6 $340,000 $56,667 $1,113 7.50%
    10 Year 3 $175,000 $58,333 $0 6.25%
    20 Year 3 $295,000 $98,333 $1,956 7.25%

    For 2018, Farmers & Merchants Bank Of South Carolina's most frequently cited loan duration was Other, with 21 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 10 $510,000 $51,000
    $1k-2k 1 $105,000 $105,000

    Farmers & Merchants Bank Of South Carolina's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 6 $620,000 $103,333
    7-8% 6 $380,000 $63,333
    6-7% 5 $265,000 $53,000
    Over 8% 5 $195,000 $39,000

    During 2018, Farmers & Merchants Bank Of South Carolina's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 32 $1,730,000 $54,063 $1,757 7.66%
    $100k-200k 6 $760,000 $126,667 $2,178 5.83%
    $1MM+ 1 $1,205,000 $1,205,000 $0 0.00%
    $200k-400k 1 $345,000 $345,000 $0 0.00%

    2018 saw Farmers & Merchants Bank Of South Carolina place emphasis on $100,000 or less loans with 32 originations, totaling $1,730,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 15 $745,000 $49,667 $1,767 8.17%
    $75k-100k 9 $775,000 $86,111 $1,446 6.57%
    $50k-75k 6 $320,000 $53,333 $1,949 8.50%
    $100k-150k 4 $310,000 $77,500 $0 0.00%
    $150k-250k 4 $570,000 $142,500 $2,178 6.00%

    Farmers & Merchants Bank Of South Carolina lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $75k-100k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 18 $2,580,000 $143,333 $0 0.00%
    <20% 6 $490,000 $81,667 $2,007 7.08%
    20-30% 4 $110,000 $27,500 $1,097 8.56%
    30-36% 3 $195,000 $65,000 $2,189 7.08%
    43% 3 $195,000 $65,000 $1,816 8.42%
    >60% 2 $210,000 $105,000 $0 6.00%
    38% 1 $65,000 $65,000 $3,658 7.25%
    39% 1 $85,000 $85,000 $2,060 7.25%

    Farmers & Merchants Bank Of South Carolina lent most frequently to those with DTI ratios of Exempt%, with 18 originations. The next most common DTI ratio? <20%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $2,455,000 $74,394 $1,795 7.51%
    Not applicable 2 $1,320,000 $660,000 $0 0.00%
    Black 5 $265,000 $53,000 $0 6.38%

    Approval Rates

    Total approvals of all applications
    77.78%

    Farmers & Merchants Bank Of South Carolina has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    95.00%

    Farmers & Merchants Bank Of South Carolina has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 18 $2,580,000 $143,333
    NA 22 $1,460,000 $66,364

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 15 $735,000 $49,000
    Single Family (1-4 Units):Site-Built 25 $3,305,000 $132,200

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $40,000 $20,000 $688 8.63%
    40-60% 5 $275,000 $55,000 $2,309 8.05%
    60-80% 12 $990,000 $82,500 $2,142 6.71%
    80-100% 2 $130,000 $65,000 $2,067 9.00%
    Under 20% 1 $25,000 $25,000 $885 7.00%