First Federal Bank Mortgage Rates, Fees & Info

Dunn, NC

LEI: 5493004W7AEPOP0B0249

Tax ID: 56-0680378

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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, Charlotte, Sanford, and Durham among others. We have data for 8 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. 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

    49

    Origination Dollar Volume (All Markets)

    $14,125,000

    Employee count

    59

    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 $7,235,000 $344,524 $5,815 4.86%
    FAYETTEVILLE, NC (FHA|USDA|VA) 13 $3,295,000 $253,462 $4,938 5.25%
    Outside of Metro Areas 9 $1,455,000 $161,667 $4,497 5.64%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $655,000 $655,000 $4,182 4.50%
    Sanford, NC (FHA|USDA|VA) 2 $590,000 $295,000 $6,381 6.50%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $475,000 $475,000 $8,716 4.00%
    GOLDSBORO, NC (FHA|USDA|VA) 1 $235,000 $235,000 $0 5.00%
    GREENVILLE, NC (FHA|USDA|VA) 1 $185,000 $185,000 $5,206 6.50%
    First Federal Bank's top markets include Raleigh, Fayetteville, Charlotte, Sanford, and Durham 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: 1044
    LENDERFI, INC.
    Similarity Rank: 2156
    Southern Bank and Trust Company
    Similarity Rank: 2211
    RBC Bank, (Georgia)
    Similarity Rank: 2512
    First Federal Bank
    Similarity Rank: 2704
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2992
    M/I FINANCIAL, LLC
    Similarity Rank: 3528
    AMERICAN FEDERAL MORTGAGE CORPORATION
    Similarity Rank: 3627
    VELOCIO MORTGAGE L.L.C.
    Similarity Rank: 3893
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 4995

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 49 $14,125,000 $288,265 $5,377 5.19%

    For 2019, First Federal Bank's most frequently originated type of loan was Conventional, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 38 $12,080,000 $317,895 $5,808 5.30%
    Refi 6 $1,030,000 $171,667 $2,993 4.48%
    Cash Out Refi 4 $920,000 $230,000 $3,939 5.44%
    Other 1 $95,000 $95,000 $2,275 3.99%

    For 2019, First Federal Bank's most frequently cited loan purpose was Home Purchase, with 38 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 38 $11,860,000 $312,105 $5,533 5.29%
    Other 6 $1,140,000 $190,000 $0 5.41%
    15 Year 4 $1,100,000 $275,000 $4,765 3.62%
    10 Year 1 $25,000 $25,000 $1,896 6.00%

    For 2019, First Federal Bank's most frequently cited loan duration was 30 Year, with 38 originations. The 2nd most popular length was Other, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 14 $3,120,000 $222,857
    $2k-3k 9 $1,725,000 $191,667
    $5k+ 8 $4,770,000 $596,250
    $3k-4k 6 $1,450,000 $241,667
    $4k-5k 4 $1,590,000 $397,500
    $1k-2k 1 $105,000 $105,000

    First Federal Bank's average total fees were $5,533, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 20 $5,900,000 $295,000
    3-4% 13 $4,385,000 $337,308
    4-5% 13 $3,465,000 $266,538
    5-6% 3 $375,000 $125,000

    During 2019, First Federal Bank's average interest rate for loans was 5.29%, while their most frequently originated rate bucket for loans was 6-7%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 20 $5,190,000 $259,500 $4,579 5.11%
    $100k-200k 15 $2,325,000 $155,000 $4,397 5.60%
    $400k-600k 7 $3,575,000 $510,714 $8,403 4.64%
    $600k-1MM 4 $2,850,000 $712,500 $8,825 5.25%
    $100,000 or less 3 $185,000 $61,667 $2,220 4.83%

    2019 saw First Federal Bank place emphasis on $200k-400k loans with 20 originations, totaling $5,190,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 9 $1,715,000 $190,556 $4,647 5.69%
    $75k-100k 9 $2,175,000 $241,667 $5,032 5.77%
    $100k-150k 8 $2,520,000 $315,000 $5,397 4.50%
    $150k-250k 8 $3,230,000 $403,750 $6,508 4.75%
    $250k+ 5 $2,925,000 $585,000 $7,567 4.55%
    $50k or less 4 $410,000 $102,500 $3,481 5.88%

    First Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $75k-100k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $3,055,000 $277,727 $4,586 4.51%
    30-36% 11 $2,995,000 $272,273 $5,521 5.52%
    37% 4 $1,510,000 $377,500 $6,128 5.81%
    42% 4 $1,900,000 $475,000 $7,563 4.50%
    <20% 3 $725,000 $241,667 $4,399 4.00%
    38% 3 $745,000 $248,333 $4,814 5.75%
    39% 2 $940,000 $470,000 $8,182 6.50%
    40% 2 $350,000 $175,000 $3,898 5.50%
    41% 1 $175,000 $175,000 $5,120 6.25%
    36% 1 $235,000 $235,000 $5,692 6.50%
    44% 1 $355,000 $355,000 $2,652 4.00%

    First Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 39 $11,165,000 $286,282 $5,331 5.22%
    Asian 2 $1,290,000 $645,000 $8,068 5.38%
    Not applicable 5 $1,025,000 $205,000 $0 5.24%
    Black 2 $380,000 $190,000 $4,743 5.13%
    Not provided 1 $265,000 $265,000 $3,011 3.25%

    Approval Rates

    Total approvals of all applications
    93.55%

    First Federal Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.63%

    First Federal Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 49 $14,125,000 $288,265

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $235,000 $235,000
    Multifamily:Site-Built 2 $350,000 $175,000
    Single Family (1-4 Units):Site-Built 46 $13,540,000 $294,348

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $330,000 $165,000 $2,751 4.25%
    40-60% 2 $350,000 $175,000 $0 4.88%
    60-80% 17 $5,015,000 $295,000 $5,530 4.98%
    80-100% 27 $8,405,000 $311,296 $5,626 5.38%
    Under 20% 1 $25,000 $25,000 $1,896 6.00%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%

    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 $20,456
    First Federal Bank 110 West Dupree Street Angier, NC 27501 Full Service B&M $22,141
    First Federal Bank 200 E Cumberland St Dunn, NC 28334 Full Service B&M $71,500
    First Federal Bank 200 E Divine St, Corporate Center Dunn, NC 28334 Full Service B&M $0
    First Federal Bank 442 East Main Street Clayton, NC 27520 Full Service B&M $11,496
    First Federal Bank 540 East Jackson Boulevard Erwin, NC 28339 Full Service B&M $18,196
    First Federal Bank 603 North Judd Parkway N.E. Fuquay Varina, NC 27526 Full Service B&M $19,528

    For 2019, First Federal Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $7,801
    Net interest income $6,595
    Total noninterest income $791
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $268
    Trading account gains and fees $0
    Additional Noninterest Income $523
    Pre-tax net operating income $637
    Securities gains (or losses, -) $1
    Income before extraordinary items $521
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $521
    Minority interest net income $0
    Net income $521
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $520

    First Federal Bank's gross interest income from loans was $7,801,000.
    First Federal Bank's net interest income from loans was $6,595,000.
    First Federal Bank's fee based income from loans was $268,000.
    First Federal Bank's net income from loans was $521,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,206
    Provision for credit losses $0
    Total noninterest expense $6,749
    Salaries and employee benefits $3,911
    Premises and equipment expense $814
    Additional noninterest expense $2,024
    Applicable income taxes $117
    Net charge-offs $3
    Cash dividends $0

    First Federal Bank's interest expense for loans was $1,206,000.
    First Federal Bank's payroll and benefits expense were $3,911,000.
    First Federal Bank's property, plant and equipment expenses $814,000.

    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 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    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 $164,386
    Deposits held in domestic offices $164,386
    Deposits by Individuals, partnerships, and corporations $158,982
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $5,404
    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 $44,451
    Demand deposits $44,451
    Nontransaction accounts $119,935
    Money market deposit accounts (MMDAs) $49,028
    Other savings deposits (excluding MMDAs) $9,629
    Total time deposits $61,278
    Total time and savings deposits $119,935
    Noninterest-bearing deposits $25,318
    Interest-bearing deposits $139,068
    Retail deposits $152,167
    IRAs and Keogh plan accounts $5,110
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $187,923
    Cash & Balances due from depository institutions $8,062
    Interest-bearing balances $6,868
    Total securities $37,450
    Federal funds sold & reverse repurchase $2,000
    Net loans and leases $133,479
    Loan and leases loss allowance $1,837
    Trading account assets $0
    Bank premises and fixed assets $1,975
    Other real estate owned $420
    Goodwill and other intangibles $0
    All other assets $4,537

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $187,923
    Total Liabilities $166,851
    Total deposits $164,386
    Interest-bearing deposits $139,068
    Deposits held in domestic offices $164,386
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $2,000
    Subordinated debt $0
    All other liabilities $465

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $133,479
    Loan and leases loss allowance $1,837
    Total loans and leases (domestic) $135,316
    All real estate loans $121,865
    Real estate loans in domestic offices $121,865
    Construction and development loans $14,801
    Residential 1-4 family construction $9,946
    Other construction, all land development and other land $4,855
    Loans secured by nonfarm nonresidential properties $34,280
    Nonfarm nonresidential secured by owner-occupied properties $15,948
    Commercial real estate & other non-farm, non-residential $18,332
    Multifamily residential real estate $2,846
    1-4 family residential loans $69,890
    Farmland loans $48
    Loans held in foreign offices $0
    Farm loans $99
    Commercial and industrial loans $11,965
    To non-U.S. addressees $0
    Loans to individuals $962
    Credit card loans $0
    Related Plans $124
    Consumer Auto Loans $556
    Other loans to individuals $282
    All other loans & leases $425
    Loans to foreign governments and official institutions $0
    Other loans $296
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $443
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $374
    Non 1-4 family restructured loans & leases $12
    Total loans and leases (foreign) $0

    First Federal Bank had $133,479,000 of loans outstanding in 2019. $121,865,000 of loans were in real estate loans. $14,801,000 of loans were in development loans. $2,846,000 of loans were in multifamily mortgage loans. $69,890,000 of loans were in 1-4 family mortgage loans. $99,000 of loans were in farm loans. $0 of loans were in credit card loans. $556,000 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 67 $20,127 $300,403
    Nonfarm, nonresidential loans - <$100k 11 $500 $45,455
    Nonfarm, nonresidential loans - $100-250k 18 $2,396 $133,111
    Nonfarm, nonresidential loans - $250k-1MM 38 $17,231 $453,447
    Commercial & Industrial, US addressed loans - <$1MM 91 $9,696 $106,549
    Commercial & Industrial, US addressed loans - <$100k 61 $1,697 $27,820
    Commercial & Industrial, US addressed loans - $100-250k 14 $2,346 $167,571
    Commercial & Industrial, US addressed loans - $250k-1MM 16 $5,653 $353,313
    Farmland loans - <$1MM 1 $48 $48,000
    Farmland loans - <$100k 1 $48 $48,000
    Agriculture operations loans - <$1MM 3 $99 $33,000
    Agriculture operations loans - <$100k 3 $99 $33,000