First Federal Bank Mortgage Rates, Fees & Info
Dunn, NCLEI: 5493004W7AEPOP0B0249
Tax ID: 56-0680378
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Mortgage Data
Review & Overview
First Federal Bank is a smaller bank specializing in Home Purchase loans. First Federal Bank has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Fayetteville, Sanford, Myrtle Beach, and Wilmington among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)First Federal Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
27Origination Dollar Volume (All Markets)
$10,805,000Top 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 |
|---|---|---|---|---|---|
| RALEIGH-CARY, NC (FHA|USDA|VA) | 11 | $5,745,000 | $522,273 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 10 | $2,580,000 | $258,000 | $0 | 0.00% |
| Sanford, NC (FHA|USDA|VA) | 3 | $1,265,000 | $421,667 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $265,000 | $265,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against First Federal 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 | 27 | $10,805,000 | $400,185 | $0 | 0.00% |
For 2023, First Federal Bank's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 25 | $10,585,000 | $423,400 | $0 | 0.00% |
| Cash Out Refi | 2 | $220,000 | $110,000 | $0 | 0.00% |
For 2023, First Federal Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 27 | $10,805,000 | $400,185 | $0 | 0.00% |
For 2023, First Federal Bank's most frequently cited loan duration was Other, with 27 originations.
Loan Sizing
2023 saw First Federal Bank place emphasis on $200k-400k loans with 12 originations, totaling $3,570,000 in origination value.
Applicant Income
First Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $75k-100k, with 5 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 27 | $10,805,000 | $400,185 | $0 | 0.00% |
First Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
First Federal 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 origination62.96%
First Federal Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 27 | $10,805,000 | $400,185 |