F-m Mortgage Corporation Rates, Fees & Info
FARGO, NDLEI: 5493002J9TC73T8T7610
Tax ID: 45-0425495
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Mortgage Data
Review & Overview
F-m Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. F-m Mortgage Corporation has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Fargo, Wahpeton, and Bismarck among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)F-m Mortgage Corporation has an average approval rate when compared to the average across all lenders. F-m Mortgage Corporation is typically a low 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
15Origination Dollar Volume (All Markets)
$2,145,000Top 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 | 6 | $890,000 | $148,333 | $3,650 | 3.63% |
FARGO, ND-MN (FHA|USDA|VA) | 5 | $725,000 | $145,000 | $4,700 | 3.50% |
Wahpeton, ND-MN (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $2,270 | 3.18% |
BISMARCK, ND (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,506 | 2.88% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 8 | $970,000 | $121,250 | $2,641 | 3.39% |
FHA | 7 | $1,175,000 | $167,857 | $4,790 | 3.50% |
For 2020, F-m Mortgage Corporation's most frequently originated type of loan was Conventional, with 8 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
For 2020, F-m Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 10 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 14 | $1,980,000 | $141,429 | $3,655 | 3.49% |
15 Year | 1 | $165,000 | $165,000 | $4,506 | 2.88% |
For 2020, F-m Mortgage Corporation's most frequently cited loan duration was 30 Year, with 14 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
---|---|---|---|
$2k-3k | 4 | $650,000 | $162,500 |
$<1k | 2 | $200,000 | $100,000 |
$1k-2k | 2 | $280,000 | $140,000 |
$3k-4k | 2 | $390,000 | $195,000 |
F-m Mortgage Corporation's average total fees were $3,655, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 4 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
3-4% | 9 | $1,275,000 | $141,667 |
2.5-3% | 4 | $520,000 | $130,000 |
4-5% | 2 | $350,000 | $175,000 |
During 2020, F-m Mortgage Corporation's average interest rate for loans was 3.49%, while their most frequently originated rate bucket for loans was 3-4%, with 9 originations.
Loan Sizing
2020 saw F-m Mortgage Corporation place emphasis on $100k-200k loans with 9 originations, totaling $1,395,000 in origination value.
Applicant Income
F-m Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 6 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
F-m Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 3 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 14 | $2,060,000 | $147,143 | $3,716 | 3.37% |
Asian | 1 | $85,000 | $85,000 | $0 | 4.50% |
Approval Rates
Total approvals of all applications78.95%
F-m Mortgage Corporation has a below average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 15 | $2,145,000 | $143,000 |