Farmers & Merchants Savings Bank Mortgage Rates, Fees & Info
Manchester, IALEI: 5493003SVUBV3VW5CT40
Tax ID: 42-0245460
Latest/2024 | 2023 Data | 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 and Cash Out Refi loans. Farmers & Merchants Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Minneapolis, Chicago, Spirit Lake, and Augusta among others. We have data for 13 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.
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Originations
101Origination Dollar Volume (All Markets)
$23,235,000Top 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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 36 | $6,930,000 | $192,500 | $0 | 0.00% |
| Outside of Metro Areas | 33 | $6,735,000 | $204,091 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 21 | $6,175,000 | $294,048 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $0 | 0.00% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Platteville, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 101 | $23,235,000 | $230,050 | $0 | 0.00% |
For 2024, Farmers & Merchants Savings Bank's most frequently originated type of loan was Conventional, with 101 originations.
Loan Reason
For 2024, Farmers & Merchants Savings Bank's most frequently cited loan purpose was Home Purchase, with 57 originations. The 2nd most popular reason was Cash Out Refi, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 101 | $23,235,000 | $230,050 | $0 | 0.00% |
For 2024, Farmers & Merchants Savings Bank's most frequently cited loan duration was Other, with 101 originations.
Loan Sizing
2024 saw Farmers & Merchants Savings Bank place emphasis on $200k-400k loans with 43 originations, totaling $12,305,000 in origination value.
Applicant Income
Farmers & Merchants Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 23 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 101 | $23,235,000 | $230,050 | $0 | 0.00% |
Farmers & Merchants Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 101 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.37%
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 origination91.09%
Farmers & Merchants Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 101 | $23,235,000 | $230,050 |