Farmers & Merchants Savings Bank Mortgage Rates, Fees & Info
Manchester, IALEI: 5493003SVUBV3VW5CT40
Tax ID: 42-0245460
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Mortgage Data
Review & Overview
Farmers & Merchants Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Merchants Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Cedar Rapids, St. Louis, Cape Coral, and Dubuque 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. Farmers & Merchants Savings Bank 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.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.59% | 5/4/24 |
| 30 Year Conventional Refi | 6.38% | 5/4/24 |
| 30 Year Cash-out Refi | 6.63% | 5/4/24 |
| 15 Year Conventional Purchase | 5.67% | 5/4/24 |
| 15 Year Conventional Refi | 5.86% | 5/4/24 |
| 15 Year Cash-out Refi | 5.86% | 5/4/24 |
| 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
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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
176Origination Dollar Volume (All Markets)
$43,720,000Awards
Farmers & Merchants Savings Bank - 2022
Farmers & Merchants Savings Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 50 | $11,970,000 | $239,400 | $2,325 | 5.06% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 45 | $11,745,000 | $261,000 | $2,430 | 4.81% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 52 | $9,420,000 | $181,154 | $1,667 | 4.71% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 6 | $2,620,000 | $436,667 | $0 | 3.95% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $2,455,000 | $2,455,000 | $0 | 3.75% |
| DUBUQUE, IA (FHA|USDA|VA) | 7 | $1,735,000 | $247,857 | $2,135 | 4.87% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 5 | $1,515,000 | $303,000 | $3,423 | 3.85% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 4.00% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $0 | 2.88% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,428 | 5.38% |
| IOWA CITY, IA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 5.13% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,096 | 5.50% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,079 | 6.38% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.75% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,959 | 3.00% |
| Kirksville, MO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.50% |
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 | 176 | $43,720,000 | $248,409 | $2,212 | 4.79% |
For 2022, Farmers & Merchants Savings Bank's most frequently originated type of loan was Conventional, with 176 originations.
Loan Reason
For 2022, Farmers & Merchants Savings Bank's most frequently cited loan purpose was Home Purchase, with 84 originations. The 2nd most popular reason was Refi, with 63 originations.
Loan Duration/Length
For 2022, Farmers & Merchants Savings Bank's most frequently cited loan duration was 30 Year, with 50 originations. The 2nd most popular length was Other, with 49 originations.
Origination Fees/Closing Costs
Farmers & Merchants Savings Bank's average total fees were $2,954, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 79 originations.
Interest Rates
During 2022, Farmers & Merchants Savings Bank's average interest rate for loans was 4.67%, while their most frequently originated rate bucket for loans was 4-5%, with 54 originations.
Loan Sizing
2022 saw Farmers & Merchants Savings Bank place emphasis on $200k-400k loans with 58 originations, totaling $16,800,000 in origination value.
Applicant Income
Farmers & Merchants Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 31 originations. The second most popular income band? $150k-250k, with 28 originations.
Applicant Debt to Income Ratio
Farmers & Merchants Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? 30-36%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.91%
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 origination93.18%
Farmers & Merchants Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 176 | $43,720,000 | $248,409 |