First Federal Bank Mortgage Rates, Fees & Info

Dunn, NC

LEI: 5493004W7AEPOP0B0249

Tax ID: 56-0680378

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
  • Complaints
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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, Durham, Pinehurst, and Sanford 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 an above average pick rate when compared to similar lenders. First Federal Bank is typically an average 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 relatively high 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    54

    Origination Dollar Volume (All Markets)

    $11,600,000

    Employee count

    52

    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
    RALEIGH-CARY, NC (FHA|USDA|VA) 21 $5,805,000 $276,429 $5,303 5.22%
    Outside of Metro Areas 10 $2,280,000 $228,000 $4,339 5.36%
    FAYETTEVILLE, NC (FHA|USDA|VA) 18 $2,160,000 $120,000 $3,202 5.34%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $855,000 $285,000 $3,052 4.63%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $325,000 $325,000 $6,790 5.75%
    Sanford, NC (FHA|USDA|VA) 1 $175,000 $175,000 $2,734 4.50%
    First Federal Bank's top markets include Raleigh, Fayetteville, Durham, Pinehurst, and Sanford among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)

    • 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.

    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1228
    First Federal Bank
    Similarity Rank: 1734
    MATTAMY HOME FUNDING, LLC
    Similarity Rank: 2856
    AMERICAN FEDERAL MORTGAGE CORPORATION
    Similarity Rank: 3116
    Calatlantic Morgage Inc.
    Similarity Rank: 3120
    PULTE MORTGAGE LLC
    Similarity Rank: 3224
    M/I FINANCIAL, LLC
    Similarity Rank: 3476
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 3645
    First Horizon Bank
    Similarity Rank: 3712
    Taylor Morrison Home Funding
    Similarity Rank: 4020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 54 $11,600,000 $214,815 $4,316 5.25%

    For 2018, First Federal Bank's most frequently originated type of loan was Conventional, with 54 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $9,180,000 $255,000 $5,267 5.49%
    Cash Out Refi 9 $1,215,000 $135,000 $2,445 4.91%
    Refi 6 $770,000 $128,333 $1,957 4.96%
    Other 3 $435,000 $145,000 $2,645 4.16%

    For 2018, First Federal Bank's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 36 $8,590,000 $238,611 $4,741 5.34%
    Other 10 $1,790,000 $179,000 $1,701 5.40%
    15 Year 5 $795,000 $159,000 $2,456 4.09%
    10 Year 1 $35,000 $35,000 $2,203 5.25%
    20 Year 1 $345,000 $345,000 $0 0.00%
    5 Year 1 $45,000 $45,000 $0 6.75%

    For 2018, First Federal Bank's most frequently cited loan duration was 30 Year, with 36 originations. The 2nd most popular length was Other, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 19 $3,105,000 $163,421
    $2k-3k 7 $1,265,000 $180,714
    $4k-5k 7 $2,455,000 $350,714
    $3k-4k 5 $1,265,000 $253,000
    $1k-2k 1 $85,000 $85,000
    $5k+ 1 $315,000 $315,000

    First Federal Bank's average total fees were $4,741, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 29 $6,675,000 $230,172
    4-5% 15 $2,675,000 $178,333
    3-4% 4 $720,000 $180,000
    6-7% 2 $240,000 $120,000

    During 2018, First Federal Bank's average interest rate for loans was 5.34%, while their most frequently originated rate bucket for loans was 5-6%, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 23 $6,775,000 $294,565 $5,280 5.37%
    $100k-200k 19 $3,065,000 $161,316 $3,771 5.10%
    $100,000 or less 10 $540,000 $54,000 $2,692 5.40%
    $400k-600k 1 $415,000 $415,000 $3,390 4.50%
    $600k-1MM 1 $805,000 $805,000 $0 5.25%

    2018 saw First Federal Bank place emphasis on $200k-400k loans with 23 originations, totaling $6,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 14 $3,720,000 $265,714 $5,064 5.45%
    $50k-75k 10 $1,760,000 $176,000 $3,869 5.18%
    $50k or less 7 $665,000 $95,000 $3,053 5.07%
    $75k-100k 7 $1,975,000 $282,143 $5,804 5.68%
    $150k-250k 5 $1,345,000 $269,000 $3,707 4.75%
    $250k+ 2 $360,000 $180,000 $2,653 3.99%

    First Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $1,860,000 $186,000 $4,019 5.09%
    30-36% 8 $2,120,000 $265,000 $4,830 5.22%
    <20% 6 $720,000 $120,000 $2,281 4.37%
    42% 4 $910,000 $227,500 $4,928 5.63%
    40% 3 $865,000 $288,333 $5,172 5.42%
    39% 3 $545,000 $181,667 $4,609 5.42%
    41% 3 $585,000 $195,000 $5,168 5.71%
    38% 1 $345,000 $345,000 $7,481 6.00%
    50-60% 1 $325,000 $325,000 $6,790 5.75%
    >60% 1 $215,000 $215,000 $1,309 4.50%

    First Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $8,720,000 $229,474 $4,270 5.17%
    Not applicable 8 $1,730,000 $216,250 $0 5.34%
    Black 5 $795,000 $159,000 $5,207 5.73%
    American Indian 3 $355,000 $118,333 $3,636 5.17%

    Approval Rates

    Total approvals of all applications
    92.06%

    First Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.59%

    First Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 54 $11,600,000 $214,815

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $805,000 $805,000
    Single Family (1-4 Units):Site-Built 53 $10,795,000 $203,679

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $440,000 $110,000 $2,473 4.62%
    40-60% 2 $310,000 $155,000 $3,726 4.31%
    60-80% 22 $3,920,000 $178,182 $3,991 5.20%
    80-100% 18 $5,280,000 $293,333 $5,454 5.60%
    Under 20% 2 $170,000 $85,000 $2,093 4.62%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Federal Bank 105 North Johnson Street Benson, NC 27504 Full Service B&M $20,944
    First Federal Bank 110 West Dupree Street Angier, NC 27501 Full Service B&M $19,958
    First Federal Bank 200 E Cumberland St Dunn, NC 28334 Full Service B&M $74,069
    First Federal Bank 200 E Divine St Dunn, NC 28334 Full Service B&M $0
    First Federal Bank 442 East Main Street Clayton, NC 27520 Full Service B&M $11,899
    First Federal Bank 540 East Jackson Boulevard Erwin, NC 28339 Full Service B&M $18,648
    First Federal Bank 603 North Judd Parkway N.E. Fuquay Varina, NC 27526 Full Service B&M $18,784

    For 2018, First Federal Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,321
    Net interest income $6,366
    Total noninterest income $1,093
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $268
    Trading account gains and fees $0
    Additional Noninterest Income $825
    Pre-tax net operating income $1,065
    Securities gains (or losses, -) $-210
    Income before extraordinary items $458
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $458
    Minority interest net income $0
    Net income $458
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $623

    First Federal Bank's gross interest income from loans was $7,321,000.
    First Federal Bank's net interest income from loans was $6,366,000.
    First Federal Bank's fee based income from loans was $268,000.
    First Federal Bank's net income from loans was $458,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $955
    Provision for credit losses $0
    Total noninterest expense $6,394
    Salaries and employee benefits $3,817
    Premises and equipment expense $742
    Additional noninterest expense $1,835
    Applicable income taxes $397
    Net charge-offs $-10
    Cash dividends $0

    First Federal Bank's interest expense for loans was $955,000.
    First Federal Bank's payroll and benefits expense were $3,817,000.
    First Federal Bank's property, plant and equipment expenses $742,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 2.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $163,443
    Deposits held in domestic offices $163,443
    Deposits by Individuals, partnerships, and corporations $158,330
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,113
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $44,410
    Demand deposits $44,410
    Nontransaction accounts $119,033
    Money market deposit accounts (MMDAs) $53,390
    Other savings deposits (excluding MMDAs) $9,370
    Total time deposits $56,273
    Total time and savings deposits $119,033
    Noninterest-bearing deposits $26,127
    Interest-bearing deposits $137,316
    Retail deposits $150,906
    IRAs and Keogh plan accounts $5,449
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $184,081
    Cash & Balances due from depository institutions $15,879
    Interest-bearing balances $14,834
    Total securities $38,227
    Federal funds sold & reverse repurchase $2,000
    Net loans and leases $120,942
    Loan and leases loss allowance $1,840
    Trading account assets $0
    Bank premises and fixed assets $1,431
    Other real estate owned $623
    Goodwill and other intangibles $0
    All other assets $4,979

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $184,081
    Total Liabilities $164,383
    Total deposits $163,443
    Interest-bearing deposits $137,316
    Deposits held in domestic offices $163,443
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $940

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $120,942
    Loan and leases loss allowance $1,840
    Total loans and leases (domestic) $122,782
    All real estate loans $112,973
    Real estate loans in domestic offices $112,973
    Construction and development loans $10,841
    Residential 1-4 family construction $6,367
    Other construction, all land development and other land $4,474
    Loans secured by nonfarm nonresidential properties $29,583
    Nonfarm nonresidential secured by owner-occupied properties $12,788
    Commercial real estate & other non-farm, non-residential $16,795
    Multifamily residential real estate $2,010
    1-4 family residential loans $70,484
    Farmland loans $55
    Loans held in foreign offices $0
    Farm loans $88
    Commercial and industrial loans $8,139
    To non-U.S. addressees $0
    Loans to individuals $1,191
    Credit card loans $0
    Related Plans $144
    Consumer Auto Loans $664
    Other loans to individuals $383
    All other loans & leases $391
    Loans to foreign governments and official institutions $0
    Other loans $94
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $431
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $389
    Non 1-4 family restructured loans & leases $13
    Total loans and leases (foreign) $0

    First Federal Bank had $120,942,000 of loans outstanding in 2018. $112,973,000 of loans were in real estate loans. $10,841,000 of loans were in development loans. $2,010,000 of loans were in multifamily mortgage loans. $70,484,000 of loans were in 1-4 family mortgage loans. $88,000 of loans were in farm loans. $0 of loans were in credit card loans. $664,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 66 $17,473 $264,742
    Nonfarm, nonresidential loans - <$100k 13 $716 $55,077
    Nonfarm, nonresidential loans - $100-250k 20 $2,734 $136,700
    Nonfarm, nonresidential loans - $250k-1MM 33 $14,023 $424,939
    Commercial & Industrial, US addressed loans - <$1MM 80 $6,994 $87,425
    Commercial & Industrial, US addressed loans - <$100k 59 $1,585 $26,864
    Commercial & Industrial, US addressed loans - $100-250k 8 $1,066 $133,250
    Commercial & Industrial, US addressed loans - $250k-1MM 13 $4,343 $334,077
    Farmland loans - <$1MM 1 $55 $55,000
    Farmland loans - <$100k 1 $55 $55,000
    Agriculture operations loans - <$1MM 3 $88 $29,333
    Agriculture operations loans - <$100k 3 $88 $29,333