First Federal Savings And Loan Association Mortgage Rates, Fees & Info

43055, OH

LEI: 5493001MUHR5XU30WE58

Tax ID: 31-4265148

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Federal Savings And Loan Association is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. First Federal Savings And Loan Association has a high proportion of conventional loans. Their top markets include Columbus, Mount Vernon, Zanesville, Mansfield, and Urbana among others. First Federal Savings And Loan Association has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Federal Savings And Loan Association is typically a low fee lendor.


Originations

615

Origination Dollar Volume (All Markets)

$121,945,000

Employee count

60

Awards

First Federal Savings and Loan Association 30 Year Conventional Loans silver First Federal Savings and Loan Association 30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

First Federal Savings And Loan Association's average 30 year fixed rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

First Federal Savings And Loan Association's average total fees for a 30 year fixed rate mortgage are $2,582.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
COLUMBUS, OH (FHA|USDA|VA) 569 $114,335,000 $200,940 $2,726 3.08%
Mount Vernon, OH (FHA|USDA|VA) 20 $3,050,000 $152,500 $3,076 3.25%
Zanesville, OH (FHA|USDA|VA) 13 $1,805,000 $138,846 $3,057 3.53%
Outside of Metro Areas 2 $530,000 $265,000 $2,762 2.56%
MANSFIELD, OH (FHA|USDA|VA) 1 $395,000 $395,000 $3,443 2.50%
Urbana, OH (FHA|USDA|VA) 1 $355,000 $355,000 $3,586 2.88%
Coshocton, OH (FHA|USDA|VA) 3 $355,000 $118,333 $2,963 2.96%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $340,000 $170,000 $2,602 2.66%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $285,000 $285,000 $2,200 2.63%
TOLEDO, OH (FHA|USDA|VA) 1 $285,000 $285,000 $2,950 2.63%
Cambridge, OH (FHA|USDA|VA) 2 $210,000 $105,000 $2,779 2.63%

First Federal Savings And Loan Association's top markets include Columbus, Mount Vernon, Zanesville, Mansfield, and Urbana among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 615 $121,945,000 $198,285 $2,746 3.08%

For the 2021 period, First Federal Savings And Loan Association's most frequently originated loan type of loans were Conventional, with 615 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 229 $49,255,000 $215,087 $2,895 3.42%
Refi 188 $37,780,000 $200,957 $2,558 2.78%
Cash Out Refi 180 $31,760,000 $176,444 $2,806 2.94%
Home Improvement 9 $925,000 $102,778 $2,473 4.01%
Other 9 $2,225,000 $247,222 $2,438 2.81%

For the 2021, First Federal Savings And Loan Association's most frequently cited loan purpose of loans were Home Purchase, with 229 originations. The 2nd most popular reason of loans were Refi, with 188 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 322 $70,800,000 $219,876 $2,582 3.06%
15 Year 166 $27,540,000 $165,904 $2,536 2.78%
20 Year 40 $6,810,000 $170,250 $2,584 3.16%
10 Year 29 $3,925,000 $135,345 $2,428 3.21%
30+ year 29 $8,695,000 $299,828 $5,969 4.14%
Other 25 $3,535,000 $141,400 $2,954 3.69%
1 Year 4 $640,000 $160,000 $2,751 4.44%

For the 2021, First Federal Savings And Loan Association's most frequently cited loan length of loans were 30 Year, with 322 originations. The 2nd most popular length of loans were 15 Year, with 166 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 413 $82,815,000 $200,521
$1k-2k 84 $16,240,000 $193,333
$2k-3k 24 $5,370,000 $223,750
$3k-4k 17 $5,765,000 $339,118
$5k+ 5 $2,335,000 $467,000

$2,582 of loans were First Federal Savings And Loan Association's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 413 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 210 $46,530,000 $221,571
3-4% 192 $38,860,000 $202,396
<2.5% 144 $25,360,000 $176,111
4-5% 66 $10,480,000 $158,788
5-6% 3 $715,000 $238,333

During 2021, First Federal Savings And Loan Association's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 210 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 266 $38,700,000 $145,489 $2,553 3.04%
$200k-400k 181 $49,715,000 $274,669 $2,903 3.02%
$100,000 or less 114 $8,060,000 $70,702 $2,323 3.24%
$400k-600k 53 $24,605,000 $464,245 $3,823 3.20%
$600k-1MM 1 $865,000 $865,000 $2,356 2.95%

2021 saw First Federal Savings And Loan Association place emphasis on $100k-200k loans with 266 originations, totaling $38,700,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 130 $29,680,000 $228,308 $3,025 3.00%
$50k-75k 128 $20,380,000 $159,219 $2,608 3.01%
$50k or less 119 $13,205,000 $110,966 $2,430 3.13%
$150k-250k 89 $25,815,000 $290,056 $3,077 2.93%
$75k-100k 78 $14,090,000 $180,641 $2,668 3.13%
$250k+ 35 $12,525,000 $357,857 $2,689 2.83%

First Federal Savings And Loan Association lent most frequently to those with incomes in the $100k-150k range, with 130 originations. The second most popular income band? $50k-75k, with 128 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 170 $34,840,000 $204,941 $2,683 2.87%
30-36% 104 $20,650,000 $198,558 $2,767 3.04%
<20% 89 $17,915,000 $201,292 $2,571 2.75%
37% 23 $5,115,000 $222,391 $3,168 3.28%
40% 20 $4,880,000 $244,000 $2,651 2.97%
36% 18 $4,430,000 $246,111 $3,446 3.32%
38% 18 $3,070,000 $170,556 $2,656 2.85%
42% 16 $3,010,000 $188,125 $2,703 3.18%
39% 16 $3,460,000 $216,250 $2,866 3.18%
43% 14 $3,400,000 $242,857 $2,373 3.15%
41% 13 $2,415,000 $185,769 $2,344 2.94%
44% 12 $2,540,000 $211,667 $2,960 2.96%
48% 7 $1,385,000 $197,857 $2,759 3.50%
46% 6 $1,460,000 $243,333 $3,447 3.20%
45% 5 $795,000 $159,000 $2,221 3.32%
49% 4 $940,000 $235,000 $3,747 3.00%
47% 3 $485,000 $161,667 $2,344 2.88%
50-60% 2 $490,000 $245,000 $8,331 4.00%
>60% 2 $540,000 $270,000 $1,618 3.10%

First Federal Savings And Loan Association lent most frequently to those with DTI ratios of 20-30%, with 170 originations. The next most common DTI ratio? 30-36%, with 104 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 544 $109,440,000 $201,176 $2,751 3.03%
Not applicable 32 $5,520,000 $172,500 $1,541 4.00%
Not provided 24 $4,350,000 $181,250 $2,695 3.18%
Black 8 $1,460,000 $182,500 $2,897 2.95%
Asian 6 $970,000 $161,667 $2,466 2.73%
American Indian 1 $205,000 $205,000 $3,528 4.88%

Approval Rates

Total approvals of all applications
93.18%

First Federal Savings And Loan Association has an average approval rate.

Pick Rate

Approvals leading to origination
83.76%

First Federal Savings And Loan Association has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 615 $121,945,000 $198,285

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
615 $121,945,000 $198,285

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 58 $7,110,000 $122,586 $2,365 2.66%
40-60% 116 $19,130,000 $164,914 $2,600 2.92%
60-80% 283 $58,195,000 $205,636 $2,866 3.19%
80-100% 152 $37,010,000 $243,487 $2,840 3.16%
Under 20% 6 $500,000 $83,333 $2,089 3.13%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First Technology Federal Credit Union Conventional home mortgage Incorrect information on your report 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Closing on a mortgage 1 14.3%
First Technology Federal Credit Union Other type of mortgage Trouble during payment process 1 14.3%
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 FHA mortgage Struggling to pay mortgage 1 14.3%
First Technology Federal Credit Union Conventional home mortgage Trouble during payment process 2 28.6%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
First Federal Savings and Loan Association 1475 North 21st Street Newark, OH 43055 Full Service B&M $26,668
First Federal Savings and Loan Association 126 North Prospect Street Granville, OH 43023 Full Service B&M $31,347
First Federal Savings and Loan Association 182 West Broad Street Pataskala, OH 43062 Full Service B&M $22,302
First Federal Savings and Loan Association 2 North Second St Newark, OH 43055 Full Service B&M $95,083
First Federal Savings and Loan Association 900 Hebron Road Heath, OH 43055 Full Service B&M $22,648

For 2021, First Federal Savings And Loan Association had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $7,488
Net interest income $6,129
Total noninterest income $2,477
Gross Fiduciary activities income $0
Service charges on deposit accounts $117
Trading account gains and fees $0
Additional Noninterest Income $2,360
Pre-tax net operating income $1,495
Securities gains (or losses, -) $0
Income before extraordinary items $1,218
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $1,218
Minority interest net income $0
Net income $1,218
Sale, conversion, retirement of capital stock, net $0
Net operating income $1,218

First Federal Savings And Loan Association's gross interest income from loans was $7,488,000.
First Federal Savings And Loan Association's net interest income from loans was $6,129,000.
First Federal Savings And Loan Association's fee based income from loans was $117,000.
First Federal Savings And Loan Association's net income from loans was $1,218,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,359
Provision for credit losses $-104
Total noninterest expense $7,215
Salaries and employee benefits $3,811
Premises and equipment expense $892
Additional noninterest expense $2,512
Applicable income taxes $277
Net charge-offs $-107
Cash dividends $0

First Federal Savings And Loan Association's interest expense for loans was $1,359,000.
First Federal Savings And Loan Association's payroll and benefits expense were $3,811,000.
First Federal Savings And Loan Association's property, plant and equipment expenses $892,000.

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 1.0%
HELOC loans 0.0%
All other family 1.0%
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 $209,712
Deposits held in domestic offices $209,712
Deposits by Individuals, partnerships, and corporations $206,136
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $3,576
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 $39,850
Demand deposits $17,422
Nontransaction accounts $169,862
Money market deposit accounts (MMDAs) $85,244
Other savings deposits (excluding MMDAs) $22,761
Total time deposits $61,856
Total time and savings deposits $192,290
Noninterest-bearing deposits $19,293
Interest-bearing deposits $190,419
Retail deposits $193,678
IRAs and Keogh plan accounts $19,493
Brokered deposits $1
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $253,213
Cash & Balances due from depository institutions $33,697
Interest-bearing balances $23,796
Total securities $60,722
Federal funds sold & reverse repurchase $0
Net loans and leases $142,462
Loan and leases loss allowance $1,364
Trading account assets $0
Bank premises and fixed assets $3,331
Other real estate owned $0
Goodwill and other intangibles $1,820
All other assets $11,181

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $253,213
Total Liabilities $215,692
Total deposits $209,712
Interest-bearing deposits $190,419
Deposits held in domestic offices $209,712
% insured (estimated) $84
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $4,000
Subordinated debt $0
All other liabilities $1,980

Issued Loan Types

Type Value (in 000's)
Net loans and leases $142,462
Loan and leases loss allowance $1,364
Total loans and leases (domestic) $143,826
All real estate loans $143,285
Real estate loans in domestic offices $143,285
Construction and development loans $13,720
Residential 1-4 family construction $8,233
Other construction, all land development and other land $5,487
Loans secured by nonfarm nonresidential properties $23,859
Nonfarm nonresidential secured by owner-occupied properties $10,010
Commercial real estate & other non-farm, non-residential $13,849
Multifamily residential real estate $5,516
1-4 family residential loans $100,190
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $0
To non-U.S. addressees $0
Loans to individuals $541
Credit card loans $0
Related Plans $0
Consumer Auto Loans $0
Other loans to individuals $541
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $2,680
Non 1-4 family restructured loans & leases $239
Total loans and leases (foreign) $0

First Federal Savings and Loan Association had $142,462,000 of loans outstanding in 2021. $143,285,000 of loans were in real estate loans. $13,720,000 of loans were in development loans. $5,516,000 of loans were in multifamily mortgage loans. $100,190,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 107 $13,775 $128,738
Nonfarm, nonresidential loans - <$100k 30 $966 $32,200
Nonfarm, nonresidential loans - $100-250k 52 $5,577 $107,250
Nonfarm, nonresidential loans - $250k-1MM 25 $7,232 $289,280