Farmington Bank Mortgage Rates, Fees & Info

Farmington, CT

LEI: 5493003XRX2RA8ES6W23

Tax ID: 06-0339930

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Farmington Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmington Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Hartford, New York, Boston, New Haven, and Bridgeport among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Farmington Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Farmington 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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    Originations

    942

    Origination Dollar Volume (All Markets)

    $340,470,000
    Show all (14) awards

    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
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 531 $110,175,000 $207,486 $3,838 4.13%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 83 $64,845,000 $781,265 $6,433 3.96%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 102 $54,210,000 $531,471 $3,775 3.81%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 42 $37,310,000 $888,333 $3,880 4.09%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 55 $34,805,000 $632,818 $4,954 3.83%
    SPRINGFIELD, MA (FHA|USDA|VA) 43 $7,635,000 $177,558 $4,854 4.18%
    WORCESTER, MA-CT (FHA|USDA|VA) 18 $6,350,000 $352,778 $3,579 4.01%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 14 $5,800,000 $414,286 $3,710 3.89%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 9 $3,555,000 $395,000 $5,394 3.86%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 6 $3,320,000 $553,333 $3,440 3.92%
    Torrington, CT (FHA|USDA|VA) 17 $3,015,000 $177,353 $3,781 4.13%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $1,920,000 $480,000 $2,913 3.88%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 7 $1,675,000 $239,286 $4,250 4.14%
    Outside of Metro Areas 2 $1,650,000 $825,000 $4,049 3.31%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $1,140,000 $570,000 $3,509 4.81%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $830,000 $415,000 $5,068 4.63%
    OCEAN CITY, NJ (FHA|USDA|VA) 1 $645,000 $645,000 $5,292 3.50%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $635,000 $635,000 $12,582 4.63%
    WILLIAMSPORT, PA (FHA|USDA|VA) 1 $485,000 $485,000 $11,157 4.63%
    Concord, NH (FHA|USDA|VA) 1 $255,000 $255,000 $3,298 4.13%
    LANCASTER, PA (FHA|USDA|VA) 1 $215,000 $215,000 $4,837 4.13%
    Farmington Bank's top markets include Hartford, New York, Boston, New Haven, and Bridgeport among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

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

    N C P D Federal Credit Union
    Similarity Rank: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    Stafford Savings Bank
    Similarity Rank: 68
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Charter Oak Federal Credit Union
    Similarity Rank: 96
    POLISH NATIONAL
    Similarity Rank: 108
    MERRIMACK VALLEY
    Similarity Rank: 110
    Middlesex Federal Savings, F.A.
    Similarity Rank: 111
    Freehold Savings Bank
    Similarity Rank: 120

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 769 $316,255,000 $411,255 $4,073 4.00%
    HELOC 127 $15,345,000 $120,827 n/a 4.32%
    FHA 45 $8,425,000 $187,222 $6,739 4.12%
    VA 1 $445,000 $445,000 $17,940 4.25%

    For 2018, Farmington Bank's most frequently originated type of loan was Conventional, with 769 originations. Their 2nd most popular type was HELOC, with 127 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 575 $218,685,000 $380,322 $4,384 4.07%
    Refi 172 $71,540,000 $415,930 $3,922 3.97%
    Cash Out Refi 128 $43,930,000 $343,203 $3,952 3.92%
    Home Improvement 67 $6,315,000 $94,254 $1,806 4.34%

    For 2018, Farmington Bank's most frequently cited loan purpose was Home Purchase, with 575 originations. The 2nd most popular reason was Refi, with 172 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 708 $255,860,000 $361,384 $4,369 4.00%
    Other 132 $20,520,000 $155,455 $2,343 4.30%
    15 Year 73 $29,815,000 $408,425 $3,292 3.89%
    10 Year 14 $30,570,000 $2,183,571 $2,254 4.65%
    20 Year 14 $3,670,000 $262,143 $3,990 4.49%
    5 Year 1 $35,000 $35,000 $131 5.50%

    For 2018, Farmington Bank's most frequently cited loan duration was 30 Year, with 708 originations. The 2nd most popular length was Other, with 132 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 283 $82,415,000 $291,219
    $1k-2k 126 $23,760,000 $188,571
    $2k-3k 82 $16,830,000 $205,244
    $3k-4k 33 $8,285,000 $251,061
    $5k+ 8 $2,990,000 $373,750
    $4k-5k 5 $1,565,000 $313,000

    Farmington Bank's average total fees were $4,369, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 283 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 487 $183,005,000 $375,780
    4-5% 425 $148,965,000 $350,506
    5-6% 19 $4,675,000 $246,053
    2.5-3% 11 $3,825,000 $347,727

    During 2018, Farmington Bank's average interest rate for loans was 4.00%, while their most frequently originated rate bucket for loans was 3-4%, with 487 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 289 $80,115,000 $277,215 $4,019 4.04%
    $100k-200k 276 $41,630,000 $150,833 $3,763 4.11%
    $400k-600k 127 $62,085,000 $488,858 $4,551 3.98%
    $100,000 or less 121 $6,885,000 $56,901 $2,510 4.28%
    $600k-1MM 97 $70,325,000 $725,000 $5,753 3.85%
    $1MM+ 32 $79,430,000 $2,482,188 $7,157 3.71%

    2018 saw Farmington Bank place emphasis on $200k-400k loans with 289 originations, totaling $80,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 201 $56,515,000 $281,169 $3,626 4.11%
    $150k-250k 199 $84,145,000 $422,839 $4,561 4.00%
    $50k-75k 152 $25,330,000 $166,645 $4,015 4.06%
    $250k+ 131 $86,305,000 $658,817 $5,648 3.87%
    $75k-100k 125 $23,935,000 $191,480 $3,703 4.13%
    $50k or less 108 $12,390,000 $114,722 $3,953 4.05%

    Farmington Bank lent most frequently to those with incomes in the $100k-150k range, with 201 originations. The second most popular income band? $150k-250k, with 199 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 214 $67,850,000 $317,056 $4,312 4.04%
    30-36% 199 $63,875,000 $320,980 $4,076 4.08%
    <20% 81 $24,875,000 $307,099 $4,266 4.06%
    42% 57 $21,855,000 $383,421 $4,046 3.94%
    38% 46 $14,670,000 $318,913 $3,850 4.06%
    41% 44 $13,110,000 $297,955 $4,103 4.01%
    36% 43 $13,865,000 $322,442 $3,806 4.02%
    39% 37 $14,375,000 $388,514 $4,901 3.98%
    40% 36 $11,010,000 $305,833 $4,095 3.99%
    37% 35 $11,545,000 $329,857 $4,717 4.18%
    48% 19 $4,385,000 $230,789 $3,809 3.85%
    43% 19 $5,625,000 $296,053 $4,175 4.10%
    47% 18 $3,810,000 $211,667 $4,021 3.98%
    50-60% 17 $4,515,000 $265,588 $6,170 4.25%
    45% 17 $4,065,000 $239,118 $4,374 4.03%
    46% 15 $3,125,000 $208,333 $4,033 3.78%
    49% 13 $3,555,000 $273,462 $5,155 3.88%
    44% 13 $4,085,000 $314,231 $4,876 3.98%

    Farmington Bank lent most frequently to those with DTI ratios of 20-30%, with 214 originations. The next most common DTI ratio? 30-36%, with 199 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 754 $240,160,000 $318,515 $4,183 4.03%
    Not applicable 18 $50,120,000 $2,784,444 $0 4.88%
    Asian 55 $21,175,000 $385,000 $4,390 3.94%
    Not provided 54 $14,810,000 $274,259 $3,513 4.20%
    Black 52 $11,210,000 $215,577 $5,140 4.05%
    Asian Indian 3 $1,765,000 $588,333 $3,595 4.29%
    Native Hawaiian or Islander 1 $615,000 $615,000 $6,071 4.88%
    American Indian 4 $510,000 $127,500 $5,883 3.88%
    Other Asian 1 $105,000 $105,000 $2,424 3.75%

    Approval Rates

    Total approvals of all applications
    89.94%

    Farmington Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.73%

    Farmington Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 942 $340,470,000 $361,433

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $48,965,000 $5,440,556
    Single Family (1-4 Units):Site-Built 933 $291,505,000 $312,438

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 64 $11,690,000 $182,656 $3,166 4.09%
    40-60% 122 $39,140,000 $320,820 $3,826 3.93%
    60-80% 411 $189,555,000 $461,204 $4,268 4.01%
    80-100% 289 $82,995,000 $287,180 $4,435 4.09%
    Over 100% 1 $445,000 $445,000 $17,940 4.25%
    Under 20% 55 $16,645,000 $302,636 $2,693 4.34%