First American Bank Mortgage Rates, Fees & Info

Artesia, NM

LEI: 5493005KZM1DEUYVS783

Tax ID: 85-0020635

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

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Mortgage Data

Bank Data

Review & Overview

First American Bank is a smaller bank specializing in Home Purchase and Refi loans. First American Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Las Cruces, Carlsbad, Albuquerque, El Paso, and Roswell among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

First American 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 American 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.

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

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.91% 3/27/24
30 Year Conventional Refi 6.38% 3/27/24
30 Year Cash-out Refi 6.89% 3/27/24
30 Year FHA Purchase 7.31% 3/27/24
30 Year FHA Refi 7.39% 3/27/24
30 Year VA Purchase 6.13% 3/27/24
30 Year VA Refi 6.40% 3/27/24
30 Year USDA Purchase 6.61% 3/27/24
15 Year Conventional Purchase 5.47% 3/27/24
15 Year Conventional Refi 6.60% 3/27/24
15 Year Cash-out Refi 6.60% 3/27/24
15 Year FHA Refi 5.68% 3/27/24
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.

First American Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First American 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

645

Origination Dollar Volume (All Markets)

$141,585,000

Employee count

218 Show all (18) 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
LAS CRUCES, NM (FHA|USDA|VA) 286 $56,640,000 $198,042 $3,017 3.11%
Carlsbad-Artesia, NM (FHA|USDA|VA) 81 $15,475,000 $191,049 $3,204 3.54%
ALBUQUERQUE, NM (FHA|USDA|VA) 63 $14,235,000 $225,952 $2,708 3.03%
EL PASO, TX (FHA|USDA|VA) 5 $10,075,000 $2,015,000 $2,975 4.45%
Roswell, NM (FHA|USDA|VA) 33 $9,465,000 $286,818 $2,881 3.65%
Silver City, NM (FHA|USDA|VA) 50 $6,920,000 $138,400 $3,513 2.88%
Ruidoso, NM (FHA|USDA|VA) 27 $6,915,000 $256,111 $2,199 3.34%
Hobbs, NM (FHA|USDA|VA) 33 $6,675,000 $202,273 $3,640 4.33%
Alamogordo, NM (FHA|USDA|VA) 21 $3,595,000 $171,190 $2,798 3.17%
Nogales, AZ (FHA|USDA|VA) 11 $2,155,000 $195,909 $4,575 2.64%
Outside of Metro Areas 7 $1,735,000 $247,857 $4,269 2.99%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $940,000 $470,000 $2,160 3.38%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $855,000 $855,000 $5,057 3.13%
SANTA FE, NM (FHA|USDA|VA) 3 $775,000 $258,333 $2,028 2.71%
LUBBOCK, TX (FHA|USDA|VA) 2 $730,000 $365,000 $2,703 2.75%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $510,000 $255,000 $2,205 3.31%
Deming, NM (FHA|USDA|VA) 3 $485,000 $161,667 $2,395 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $415,000 $415,000 $3,164 3.13%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $390,000 $195,000 $2,210 3.69%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $385,000 $385,000 $2,827 2.50%
TUCSON, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $8,495 2.75%
SAN ANGELO, TX (FHA|USDA|VA) 1 $285,000 $285,000 $0 5.25%
PEORIA, IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,103 2.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $3,551 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $225,000 $225,000 $2,759 3.00%
AMARILLO, TX (FHA|USDA|VA) 1 $205,000 $205,000 $2,192 2.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $165,000 $165,000 $3,070 2.38%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.13%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $125,000 $125,000 $1,942 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $115,000 $115,000 $2,926 3.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.63%
First American Bank's top markets include Las Cruces, Carlsbad, Albuquerque, El Paso, and Roswell among others.

Their top states include:
  • New Mexico (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First American 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 485 $108,375,000 $223,454 $2,180 3.37%
    FHA 120 $23,910,000 $199,250 $5,244 2.92%
    VA 20 $5,790,000 $289,500 $5,760 2.49%
    USDA 20 $3,510,000 $175,500 $3,936 2.62%

    For 2021, First American Bank's most frequently originated type of loan was Conventional, with 485 originations. Their 2nd most popular type was FHA, with 120 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 397 $81,865,000 $206,209 $3,236 3.36%
    Refi 128 $35,720,000 $279,063 $2,712 3.02%
    Cash Out Refi 110 $22,530,000 $204,818 $2,868 3.01%
    Home Improvement 10 $1,470,000 $147,000 $2,758 3.72%

    For 2021, First American Bank's most frequently cited loan purpose was Home Purchase, with 397 originations. The 2nd most popular reason was Refi, with 128 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 483 $101,275,000 $209,679 $3,222 3.15%
    15 Year 86 $14,490,000 $168,488 $2,272 2.53%
    5 Year 22 $6,070,000 $275,909 $0 5.58%
    Other 15 $4,205,000 $280,333 $4,640 5.36%
    20 Year 15 $2,395,000 $159,667 $2,609 2.99%
    10 Year 15 $2,685,000 $179,000 $2,305 3.53%
    3 Year 7 $10,075,000 $1,439,286 $0 5.45%
    1 Year 2 $390,000 $195,000 $0 5.64%

    For 2021, First American Bank's most frequently cited loan duration was 30 Year, with 483 originations. The 2nd most popular length was 15 Year, with 86 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 493 $97,405,000 $197,576
    $1k-2k 28 $7,530,000 $268,929
    $2k-3k 10 $4,820,000 $482,000
    $3k-4k 3 $935,000 $311,667
    $4k-5k 1 $365,000 $365,000
    $5k+ 1 $1,055,000 $1,055,000

    First American Bank's average total fees were $3,222, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 493 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 254 $53,260,000 $209,685
    3-4% 204 $53,340,000 $261,471
    <2.5% 100 $20,650,000 $206,500
    5-6% 58 $9,380,000 $161,724
    4-5% 20 $4,080,000 $204,000
    6-7% 8 $850,000 $106,250
    Over 8% 1 $25,000 $25,000

    During 2021, First American Bank's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 254 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 263 $39,735,000 $151,084 $2,945 3.14%
    $200k-400k 221 $58,595,000 $265,136 $3,500 2.98%
    $100,000 or less 110 $5,650,000 $51,364 $1,501 3.90%
    $400k-600k 41 $19,865,000 $484,512 $4,270 3.23%
    $600k-1MM 7 $5,455,000 $779,286 $5,763 3.77%
    $1MM+ 3 $12,285,000 $4,095,000 $8,840 4.83%

    2021 saw First American Bank place emphasis on $100k-200k loans with 263 originations, totaling $39,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 165 $28,315,000 $171,606 $2,982 2.99%
    $50k or less 144 $18,280,000 $126,944 $2,785 3.30%
    $100k-150k 95 $24,085,000 $253,526 $3,211 3.03%
    $75k-100k 85 $17,935,000 $211,000 $3,372 2.97%
    $150k-250k 68 $15,890,000 $233,676 $3,372 3.25%
    $250k+ 30 $12,600,000 $420,000 $3,825 3.14%

    First American Bank lent most frequently to those with incomes in the $50k-75k range, with 165 originations. The second most popular income band? $50k or less, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 133 $27,065,000 $203,496 $2,834 2.98%
    30-36% 95 $18,855,000 $198,474 $2,538 3.17%
    <20% 70 $13,980,000 $199,714 $2,433 3.19%
    39% 32 $5,570,000 $174,063 $2,755 3.07%
    36% 28 $5,920,000 $211,429 $2,927 2.91%
    48% 27 $4,805,000 $177,963 $4,068 3.30%
    50-60% 26 $5,720,000 $220,000 $5,389 2.71%
    40% 25 $4,935,000 $197,400 $2,780 2.98%
    37% 24 $5,460,000 $227,500 $4,092 3.47%
    38% 20 $3,740,000 $187,000 $2,439 2.97%
    42% 20 $5,380,000 $269,000 $3,119 3.09%
    44% 19 $3,285,000 $172,895 $2,590 3.47%
    41% 17 $3,675,000 $216,176 $2,954 2.91%
    46% 15 $1,995,000 $133,000 $2,961 3.31%
    43% 15 $3,035,000 $202,333 $4,396 2.92%
    49% 14 $2,340,000 $167,143 $3,755 3.21%
    45% 13 $2,205,000 $169,615 $3,583 2.94%
    47% 7 $1,625,000 $232,143 $2,889 3.36%

    First American Bank lent most frequently to those with DTI ratios of 20-30%, with 133 originations. The next most common DTI ratio? 30-36%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 585 $117,315,000 $200,538 $3,060 3.12%
    Not applicable 37 $19,485,000 $526,622 $0 5.39%
    Black 11 $2,375,000 $215,909 $3,065 2.76%
    Asian 5 $1,125,000 $225,000 $2,827 2.58%
    Not provided 5 $775,000 $155,000 $3,590 3.10%
    American Indian 2 $510,000 $255,000 $3,817 2.88%

    Approval Rates

    Total approvals of all applications
    91.21%

    First American Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.36%

    First American Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 645 $141,585,000 $219,512

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    645 $141,585,000 $219,512

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $2,775,000 $111,000 $2,238 3.48%
    40-60% 73 $12,235,000 $167,603 $2,527 3.17%
    60-80% 236 $66,440,000 $281,525 $2,687 3.33%
    80-100% 267 $58,005,000 $217,247 $3,738 2.98%
    Over 100% 5 $1,545,000 $309,000 $10,562 2.63%
    Under 20% 39 $585,000 $15,000 $388 4.44%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    First American Solutions, LLC Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First American Bank 111 East Fifth St. Roswell, NM 88201 Full Service B&M $117,364
    First American Bank 1220 Joe Harvey Boulevard Hobbs, NM 88240 Full Service B&M $147,098
    First American Bank 1300 North White Sands Boulevard Alamogordo, NM 88310 Full Service B&M $57,181
    First American Bank 1401 Tom Foy Blvd Bayard, NM 88023 Full Service B&M $29,131
    First American Bank 1553 Avenida De Mesilla, Suite 225 Las Cruces, NM 88005 Full Service B&M $133,509
    First American Bank 1609 N Swan Street Silver City, NM 88061 Full Service B&M $116,582
    First American Bank 19 West Washington Lovington, NM 88260 Full Service B&M $48,547
    First American Bank 206 W Quay Avenue Artesia, NM 88210 Limited, Drive-thru $0
    First American Bank 2145 East Lohman Avenue Las Cruces, NM 88004 Full Service B&M $28,823
    First American Bank 2201 West Pierce Street Carlsbad, NM 88220 Full Service B&M $42,393
    First American Bank 3002 Southern Blvd., Se Rio Rancho, NM 87124 Full Service B&M $13,389
    First American Bank 303 W Main Street Artesia, NM 88210 Full Service B&M $478,140
    First American Bank 3220 N Main St Roswell, NM 88201 Full Service B&M $10,063
    First American Bank 324 Mccombs Chaparral, NM 88081 Full Service B&M $9,940
    First American Bank 4301 The 25 Way Ne Albuquerque, NM 87109 Full Service B&M $29,005
    First American Bank 600 West Bender Hobbs, NM 88240 Limited, Drive-thru $0
    First American Bank 8110 Ventura St., Ne Albuquerque, NM 87122 Full Service B&M $31,312

    For 2021, First American Bank had 17 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $50,755
    Net interest income $49,410
    Total noninterest income $12,741
    Gross Fiduciary activities income $3,878
    Service charges on deposit accounts $1,678
    Trading account gains and fees $0
    Additional Noninterest Income $7,185
    Pre-tax net operating income $29,563
    Securities gains (or losses, -) $0
    Income before extraordinary items $29,563
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $29,563
    Minority interest net income $0
    Net income $29,563
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $29,563

    First American Bank's gross interest income from loans was $50,755,000.
    First American Bank's net interest income from loans was $49,410,000.
    First American Bank's fee based income from loans was $1,678,000.
    First American Bank's net income from loans was $29,563,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,345
    Provision for credit losses $565
    Total noninterest expense $32,023
    Salaries and employee benefits $20,560
    Premises and equipment expense $3,079
    Additional noninterest expense $8,384
    Applicable income taxes $0
    Net charge-offs $279
    Cash dividends $16,524

    First American Bank's interest expense for loans was $1,345,000.
    First American Bank's payroll and benefits expense were $20,560,000.
    First American Bank's property, plant and equipment expenses $3,079,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    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 1.0%
    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 $1,315,049
    Deposits held in domestic offices $1,315,049
    Deposits by Individuals, partnerships, and corporations $1,051,532
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $263,015
    Deposits by Commercial banks and other depository institutions in U.S. $502
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $210,148
    Demand deposits $128,027
    Nontransaction accounts $1,104,901
    Money market deposit accounts (MMDAs) $878,549
    Other savings deposits (excluding MMDAs) $144,993
    Total time deposits $81,359
    Total time and savings deposits $1,187,022
    Noninterest-bearing deposits $491,971
    Interest-bearing deposits $823,078
    Retail deposits $1,270,633
    IRAs and Keogh plan accounts $8,701
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,550,725
    Cash & Balances due from depository institutions $96,286
    Interest-bearing balances $83,123
    Total securities $741,575
    Federal funds sold & reverse repurchase $0
    Net loans and leases $650,747
    Loan and leases loss allowance $14,904
    Trading account assets $0
    Bank premises and fixed assets $23,953
    Other real estate owned $1,143
    Goodwill and other intangibles $3,865
    All other assets $33,156

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,550,725
    Total Liabilities $1,389,060
    Total deposits $1,315,049
    Interest-bearing deposits $823,078
    Deposits held in domestic offices $1,315,049
    % insured (estimated) $49
    Federal funds purchased and repurchase agreements $52,114
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $21,897

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $650,747
    Loan and leases loss allowance $14,904
    Total loans and leases (domestic) $665,651
    All real estate loans $511,356
    Real estate loans in domestic offices $511,356
    Construction and development loans $37,718
    Residential 1-4 family construction $10,660
    Other construction, all land development and other land $27,058
    Loans secured by nonfarm nonresidential properties $295,171
    Nonfarm nonresidential secured by owner-occupied properties $76,743
    Commercial real estate & other non-farm, non-residential $218,428
    Multifamily residential real estate $33,822
    1-4 family residential loans $97,613
    Farmland loans $47,032
    Loans held in foreign offices $0
    Farm loans $31,983
    Commercial and industrial loans $119,290
    To non-U.S. addressees $0
    Loans to individuals $2,372
    Credit card loans $0
    Related Plans $78
    Consumer Auto Loans $418
    Other loans to individuals $1,876
    All other loans & leases $650
    Loans to foreign governments and official institutions $0
    Other loans $650
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $52
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First American Bank had $650,747,000 of loans outstanding in 2021. $511,356,000 of loans were in real estate loans. $37,718,000 of loans were in development loans. $33,822,000 of loans were in multifamily mortgage loans. $97,613,000 of loans were in 1-4 family mortgage loans. $31,983,000 of loans were in farm loans. $0 of loans were in credit card loans. $418,000 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 335 $66,678 $199,039
    Nonfarm, nonresidential loans - <$100k 69 $2,514 $36,435
    Nonfarm, nonresidential loans - $100-250k 120 $13,317 $110,975
    Nonfarm, nonresidential loans - $250k-1MM 146 $50,847 $348,267
    Commercial & Industrial, US addressed loans - <$1MM 803 $56,444 $70,291
    Commercial & Industrial, US addressed loans - <$100k 535 $13,992 $26,153
    Commercial & Industrial, US addressed loans - $100-250k 183 $16,739 $91,470
    Commercial & Industrial, US addressed loans - $250k-1MM 85 $25,713 $302,506
    Farmland loans - <$1MM 73 $10,190 $139,589
    Farmland loans - <$100k 12 $555 $46,250
    Farmland loans - $100-250k 22 $2,694 $122,455
    Farmland loans - $250k-1MM 39 $6,941 $177,974
    Agriculture operations loans - <$1MM 54 $2,812 $52,074
    Agriculture operations loans - <$100k 34 $928 $27,294
    Agriculture operations loans - $100-250k 15 $957 $63,800
    Agriculture operations loans - $250k-1MM 5 $927 $185,400