Farmers & Merchants Savings Bank Mortgage Rates, Fees & Info

Manchester, IA

LEI: 5493003SVUBV3VW5CT40

Tax ID: 42-0245460

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

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Mortgage Data

Review & Overview

Farmers & Merchants Savings Bank is a smaller bank specializing in Home Purchase loans. Farmers & Merchants Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Minneapolis, Denver, Duluth, and Fergus Falls among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers & Merchants Savings 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.

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 6.59% 12/4/24
30 Year Conventional Refi 6.38% 12/4/24
30 Year Cash-out Refi 6.63% 12/4/24
15 Year Conventional Purchase 5.67% 12/4/24
15 Year Conventional Refi 5.86% 12/4/24
15 Year Cash-out Refi 5.86% 12/4/24
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.

Farmers & Merchants Savings Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Farmers & Merchants Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

103

Origination Dollar Volume (All Markets)

$25,355,000

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
CEDAR RAPIDS, IA (FHA|USDA|VA) 36 $6,500,000 $180,556 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 20 $5,690,000 $284,500 $0 0.00%
Outside of Metro Areas 30 $4,860,000 $162,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $3,105,000 $3,105,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 3 $705,000 $235,000 $0 0.00%
Fergus Falls, MN (FHA|USDA|VA) 1 $645,000 $645,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $625,000 $625,000 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 2 $540,000 $270,000 $0 0.00%
DUBUQUE, IA (FHA|USDA|VA) 2 $510,000 $255,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Farmers & Merchants Savings Bank's top markets include Cedar Rapids, Minneapolis, Denver, Duluth, and Fergus Falls among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    South Metro Federal Credit Union
    Similarity Rank: 55
    FIRST
    Similarity Rank: 112
    LINN AREA
    Similarity Rank: 128
    Bankers Trust Company
    Similarity Rank: 162
    BankIowa of Cedar Rapids
    Similarity Rank: 170
    Fidelity Bank & Trust
    Similarity Rank: 182
    Hills Bank and Trust Company
    Similarity Rank: 200
    Collins Community Credit Union
    Similarity Rank: 210
    MY Credit Union
    Similarity Rank: 225
    Ohnward Bank & Trust
    Similarity Rank: 420

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 103 $25,355,000 $246,165 $0 0.00%

    For 2023, Farmers & Merchants Savings Bank's most frequently originated type of loan was Conventional, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 71 $19,575,000 $275,704 $0 0.00%
    Refi 17 $4,065,000 $239,118 $0 0.00%
    Other 7 $735,000 $105,000 $0 0.00%
    Cash Out Refi 6 $930,000 $155,000 $0 0.00%
    Home Improvement 2 $50,000 $25,000 $0 0.00%

    For 2023, Farmers & Merchants Savings Bank's most frequently cited loan purpose was Home Purchase, with 71 originations. The 2nd most popular reason was Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 103 $25,355,000 $246,165 $0 0.00%

    For 2023, Farmers & Merchants Savings Bank's most frequently cited loan duration was Other, with 103 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 33 $9,075,000 $275,000 $0 0.00%
    $100,000 or less 29 $1,565,000 $53,966 $0 0.00%
    $100k-200k 27 $3,925,000 $145,370 $0 0.00%
    $400k-600k 7 $3,345,000 $477,857 $0 0.00%
    $600k-1MM 5 $3,255,000 $651,000 $0 0.00%
    $1MM+ 2 $4,190,000 $2,095,000 $0 0.00%

    2023 saw Farmers & Merchants Savings Bank place emphasis on $200k-400k loans with 33 originations, totaling $9,075,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 21 $4,835,000 $230,238 $0 0.00%
    $250k+ 15 $8,095,000 $539,667 $0 0.00%
    $150k-250k 13 $2,905,000 $223,462 $0 0.00%
    $50k-75k 11 $1,855,000 $168,636 $0 0.00%
    $50k or less 11 $1,495,000 $135,909 $0 0.00%
    $75k-100k 9 $1,655,000 $183,889 $0 0.00%

    Farmers & Merchants Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 21 originations. The second most popular income band? $250k+, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 103 $25,355,000 $246,165 $0 0.00%

    Farmers & Merchants Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 81 $20,915,000 $258,210 $0 0.00%
    Not applicable 19 $3,795,000 $199,737 $0 0.00%
    Not provided 2 $580,000 $290,000 $0 0.00%
    Asian 1 $65,000 $65,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.35%

    Farmers & Merchants Savings 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
    93.20%

    Farmers & Merchants Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 103 $25,355,000 $246,165

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    103 $25,355,000 $246,165