First Federal Savings And Loan Association Of Lorain Mortgage Rates, Fees & Info

Lorain, OH

LEI: 5493006GPVUJZWTAR765

Tax ID: 34-0347710

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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 Savings And Loan Association Of Lorain is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. First Federal Savings And Loan Association Of Lorain has a high proportion of conventional loans. Their top markets by origination volume include: Cleveland, Sandusky, Toledo, Norwalk, and Columbus among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Federal Savings And Loan Association Of Lorain 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 Savings And Loan Association Of Lorain 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.28% 4/28/24
    30 Year Conventional Refi 6.01% 4/28/24
    30 Year Cash-out Refi 6.12% 4/28/24
    15 Year Conventional Purchase 6.04% 4/28/24
    15 Year Conventional Refi 5.70% 4/28/24
    15 Year Cash-out Refi 5.70% 4/28/24
    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 Federal Savings And Loan Association Of Lorain Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from First Federal Savings And Loan Association Of Lorain. 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

    316

    Origination Dollar Volume (All Markets)

    $61,140,000

    Employee count

    101

    Awards

    First Federal Savings and Loan Association of Lorain 30 Year Conventional Loans gold
    Show all (1) 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
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 201 $35,565,000 $176,940 $3,688 2.82%
    Sandusky, OH (FHA|USDA|VA) 68 $13,760,000 $202,353 $4,149 2.90%
    TOLEDO, OH (FHA|USDA|VA) 23 $6,325,000 $275,000 $4,315 2.84%
    Norwalk, OH (FHA|USDA|VA) 10 $1,760,000 $176,000 $3,955 3.14%
    COLUMBUS, OH (FHA|USDA|VA) 2 $1,590,000 $795,000 $5,032 2.79%
    Fremont, OH (FHA|USDA|VA) 8 $1,360,000 $170,000 $3,682 2.94%
    AKRON, OH (FHA|USDA|VA) 1 $365,000 $365,000 $6,446 2.88%
    Wooster, OH (FHA|USDA|VA) 2 $320,000 $160,000 $3,338 3.48%
    Ashland, OH (FHA|USDA|VA) 1 $95,000 $95,000 $3,339 3.00%
    First Federal Savings And Loan Association Of Lorain's top markets include Cleveland, Sandusky, Toledo, Norwalk, and Columbus among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Federal Savings and Loan Association of Lorain based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Bay Area Credit Union, Inc.
    Similarity Rank: 12
    First Federal Savings and Loan Association of Delta
    Similarity Rank: 150
    The Henry County Bank
    Similarity Rank: 333
    Community Star Credit Union
    Similarity Rank: 792
    First National Bank of Bellevue
    Similarity Rank: 962
    The Croghan Colonial Bank
    Similarity Rank: 1139
    The Genoa Banking Company
    Similarity Rank: 1305
    Ohio Catholic Federal Credit Union
    Similarity Rank: 1608
    PULTE MORTGAGE LLC
    Similarity Rank: 1638
    CARDINAL CREDIT UNION, INC.
    Similarity Rank: 1672

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 316 $61,140,000 $193,481 $3,855 2.86%

    For 2021, First Federal Savings And Loan Association Of Lorain's most frequently originated type of loan was Conventional, with 316 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 127 $23,535,000 $185,315 $3,583 2.66%
    Home Purchase 98 $21,070,000 $215,000 $4,543 3.17%
    Cash Out Refi 88 $16,220,000 $184,318 $3,454 2.79%
    Home Improvement 2 $220,000 $110,000 $5,253 3.06%
    Other 1 $95,000 $95,000 $3,339 3.00%

    For 2021, First Federal Savings And Loan Association Of Lorain's most frequently cited loan purpose was Refi, with 127 originations. The 2nd most popular reason was Home Purchase, with 98 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 183 $36,325,000 $198,497 $3,895 3.06%
    15 Year 88 $13,560,000 $154,091 $3,433 2.42%
    20 Year 16 $2,790,000 $174,375 $3,770 2.95%
    30+ year 16 $7,150,000 $446,875 $6,407 3.30%
    10 Year 13 $1,315,000 $101,154 $3,100 2.39%

    For 2021, First Federal Savings And Loan Association Of Lorain's most frequently cited loan duration was 30 Year, with 183 originations. The 2nd most popular length was 15 Year, with 88 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 293 $56,325,000 $192,235
    $2k-3k 12 $2,540,000 $211,667
    $<1k 7 $1,135,000 $162,143
    $3k-4k 3 $875,000 $291,667
    $4k-5k 1 $265,000 $265,000

    First Federal Savings And Loan Association Of Lorain's average total fees were $3,895, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 293 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 148 $29,400,000 $198,649
    <2.5% 83 $12,695,000 $152,952
    3-4% 77 $18,115,000 $235,260
    4-5% 8 $930,000 $116,250

    During 2021, First Federal Savings And Loan Association Of Lorain's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 136 $19,460,000 $143,088 $3,596 2.86%
    $200k-400k 95 $25,005,000 $263,211 $4,285 2.87%
    $100,000 or less 66 $4,750,000 $71,970 $3,182 2.77%
    $400k-600k 14 $6,630,000 $473,571 $5,474 3.14%
    $1MM+ 3 $4,005,000 $1,335,000 $7,379 2.79%
    $600k-1MM 2 $1,290,000 $645,000 $6,638 3.13%

    2021 saw First Federal Savings And Loan Association Of Lorain place emphasis on $100k-200k loans with 136 originations, totaling $19,460,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 80 $17,770,000 $222,125 $3,916 2.84%
    $50k-75k 71 $9,115,000 $128,380 $3,517 2.91%
    $75k-100k 56 $9,580,000 $171,071 $3,807 2.78%
    $50k or less 50 $4,820,000 $96,400 $3,403 2.85%
    $150k-250k 42 $11,420,000 $271,905 $4,537 2.94%
    $250k+ 15 $8,005,000 $533,667 $5,090 2.82%

    First Federal Savings And Loan Association Of Lorain lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $50k-75k, with 71 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 96 $16,720,000 $174,167 $3,728 2.76%
    30-36% 72 $14,410,000 $200,139 $3,852 2.92%
    <20% 45 $9,195,000 $204,333 $3,957 2.86%
    36% 25 $5,505,000 $220,200 $4,103 2.93%
    37% 19 $3,225,000 $169,737 $3,561 2.78%
    41% 12 $2,800,000 $233,333 $3,742 2.94%
    38% 11 $1,885,000 $171,364 $4,166 3.07%
    39% 10 $1,420,000 $142,000 $3,904 3.08%
    40% 7 $1,035,000 $147,857 $3,497 2.57%
    42% 7 $2,415,000 $345,000 $4,453 2.89%
    43% 4 $790,000 $197,500 $3,936 2.94%
    44% 3 $1,205,000 $401,667 $5,102 2.83%
    47% 2 $210,000 $105,000 $3,642 3.06%
    49% 2 $190,000 $95,000 $3,729 3.19%
    48% 1 $135,000 $135,000 $3,447 2.75%

    First Federal Savings And Loan Association Of Lorain lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 295 $57,035,000 $193,339 $3,859 2.85%
    Not provided 16 $2,730,000 $170,625 $3,833 2.84%
    American Indian 2 $540,000 $270,000 $3,444 3.13%
    Asian 1 $515,000 $515,000 $4,558 2.70%
    Black 2 $320,000 $160,000 $3,519 3.79%

    Approval Rates

    Total approvals of all applications
    90.48%

    First Federal Savings And Loan Association Of Lorain has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.94%

    First Federal Savings And Loan Association Of Lorain 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
    NA 316 $61,140,000 $193,481

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    316 $61,140,000 $193,481

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 21 $2,835,000 $135,000 $3,393 2.59%
    40-60% 66 $10,290,000 $155,909 $3,421 2.66%
    60-80% 143 $29,115,000 $203,601 $3,998 2.88%
    80-100% 84 $18,800,000 $223,810 $4,092 3.05%
    Under 20% 2 $100,000 $50,000 $2,801 2.44%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST AMERICAN FINANCIAL CORPORATION Conventional home mortgage Trouble during payment process 3 42.9%
    FIRST AMERICAN FINANCIAL CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    FIRST AMERICAN FINANCIAL CORPORATION Other type of mortgage Trouble during payment process 1 14.3%
    FIRST AMERICAN FINANCIAL CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Federal Savings and Loan Association of Lorain 107 Liberty Drive Huron, OH 44839 Full Service B&M $49,910
    First Federal Savings and Loan Association of Lorain 1180 Park Avenue Amherst, OH 44001 Full Service B&M $41,112
    First Federal Savings and Loan Association of Lorain 1840 East Perry Street Port Clinton, OH 43452 Full Service B&M $25,361
    First Federal Savings and Loan Association of Lorain 207 West Washington Row Sandusky, OH 44870 Full Service B&M $29,313
    First Federal Savings and Loan Association of Lorain 2233 East 42nd Street Lorain, OH 44055 Full Service B&M $27,854
    First Federal Savings and Loan Association of Lorain 36690 Detroit Road Avon, OH 44011 Full Service B&M $16,881
    First Federal Savings and Loan Association of Lorain 3721 Oberlin Avenue Lorain, OH 44053 Full Service B&M $198,125

    For 2021, First Federal Savings And Loan Association Of Lorain had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,771
    Net interest income $10,053
    Total noninterest income $2,640
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $538
    Trading account gains and fees $0
    Additional Noninterest Income $2,102
    Pre-tax net operating income $-705
    Securities gains (or losses, -) $0
    Income before extraordinary items $-406
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $-406
    Minority interest net income $0
    Net income $-406
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $-406

    First Federal Savings And Loan Association Of Lorain's gross interest income from loans was $11,771,000.
    First Federal Savings And Loan Association Of Lorain's net interest income from loans was $10,053,000.
    First Federal Savings And Loan Association Of Lorain's fee based income from loans was $538,000.
    First Federal Savings And Loan Association Of Lorain's net income from loans was $-406,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,718
    Provision for credit losses $-958
    Total noninterest expense $14,356
    Salaries and employee benefits $7,957
    Premises and equipment expense $1,523
    Additional noninterest expense $4,876
    Applicable income taxes $-299
    Net charge-offs $-758
    Cash dividends $0

    First Federal Savings And Loan Association Of Lorain's interest expense for loans was $1,718,000.
    First Federal Savings And Loan Association Of Lorain's payroll and benefits expense were $7,957,000.
    First Federal Savings And Loan Association Of Lorain's property, plant and equipment expenses $1,523,000.

    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 1.0%
    1-4 family residential loans 1.0%
    HELOC loans 5.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.8%
    Other individual loans 10.0%
    Auto loans 0.0%
    Other consumer loans 10.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $399,012
    Deposits held in domestic offices $399,012
    Deposits by Individuals, partnerships, and corporations $388,234
    Deposits by U.S. Government $1
    Deposits by States and political subdivisions in the U.S. $10,778
    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 $102,138
    Demand deposits $46,468
    Nontransaction accounts $296,875
    Money market deposit accounts (MMDAs) $8,688
    Other savings deposits (excluding MMDAs) $161,301
    Total time deposits $126,886
    Total time and savings deposits $352,545
    Noninterest-bearing deposits $46,468
    Interest-bearing deposits $352,544
    Retail deposits $379,941
    IRAs and Keogh plan accounts $24,604
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $491,347
    Cash & Balances due from depository institutions $44,053
    Interest-bearing balances $38,661
    Total securities $169,847
    Federal funds sold & reverse repurchase $0
    Net loans and leases $247,390
    Loan and leases loss allowance $1,700
    Trading account assets $0
    Bank premises and fixed assets $3,847
    Other real estate owned $0
    Goodwill and other intangibles $313
    All other assets $25,897

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $491,347
    Total Liabilities $427,911
    Total deposits $399,012
    Interest-bearing deposits $352,544
    Deposits held in domestic offices $399,012
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $25,000
    Subordinated debt $0
    All other liabilities $3,899

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $247,390
    Loan and leases loss allowance $1,700
    Total loans and leases (domestic) $249,090
    All real estate loans $248,412
    Real estate loans in domestic offices $248,412
    Construction and development loans $8,055
    Residential 1-4 family construction $5,017
    Other construction, all land development and other land $3,038
    Loans secured by nonfarm nonresidential properties $1,586
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $1,586
    Multifamily residential real estate $8,557
    1-4 family residential loans $230,214
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $0
    To non-U.S. addressees $0
    Loans to individuals $638
    Credit card loans $600
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $38
    All other loans & leases $40
    Loans to foreign governments and official institutions $0
    Other loans $40
    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 $4,085
    Non 1-4 family restructured loans & leases $367
    Total loans and leases (foreign) $0

    First Federal Savings and Loan Association of Lorain had $247,390,000 of loans outstanding in 2021. $248,412,000 of loans were in real estate loans. $8,055,000 of loans were in development loans. $8,557,000 of loans were in multifamily mortgage loans. $230,214,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $600,000 of loans were in credit card loans. $0 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 3 $130 $43,333
    Nonfarm, nonresidential loans - <$100k 2 $6 $3,000
    Nonfarm, nonresidential loans - $250k-1MM 1 $124 $124,000