First American State Bank Mortgage Rates, Fees & Info

Greenwood Village, CO

LEI: 549300AC46WDQ7G4M335

Tax ID: 84-1301731

5 stars - Updated: 3/28/24 - out of 5 stars, based on 5 reviews

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

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Mortgage Data

Review & Overview

First American State Bank is a smaller bank specializing in Refi and Home Purchase loans. First American State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Colorado Springs, Edwards, Fort Collins, and Grand Junction among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First American State 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 State 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 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.

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Originations

25

Origination Dollar Volume (All Markets)

$8,965,000

Relative Rate

First American State Bank's average 30 year fixed mortgage rate was 7.12%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.64%.

Relative Fees (Closing Costs)

First American State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,110.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 18 $6,740,000 $374,444 $4,075 7.23%
COLORADO SPRINGS, CO (FHA|USDA|VA) 3 $825,000 $275,000 $3,678 7.12%
Edwards, CO (FHA|USDA|VA) 1 $725,000 $725,000 $5,806 6.85%
Outside of Metro Areas 1 $395,000 $395,000 $0 6.75%
FORT COLLINS, CO (FHA|USDA|VA) 1 $255,000 $255,000 $4,414 7.32%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $25,000 $25,000 $510 8.50%
First American State Bank's top markets include Denver, Colorado Springs, Edwards, Fort Collins, and Grand Junction among others.

Their top states include:
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First American State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SOUTHERN LENDING SERVICES, LTD.
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    HOMEAMERICAN MORTGAGE CORPORATION
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    IDEAL HOME LOANS LLC
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 25 $8,965,000 $358,600 $3,933 7.23%

    For 2023, First American State Bank's most frequently originated type of loan was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 15 $3,815,000 $254,333 $2,989 7.47%
    Home Purchase 10 $5,150,000 $515,000 $4,982 6.88%

    For 2023, First American State Bank's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 19 $7,535,000 $396,579 $4,110 7.12%
    15 Year 2 $360,000 $180,000 $4,414 7.16%
    1 Year 1 $365,000 $365,000 $0 7.75%
    20 Year 1 $25,000 $25,000 $510 8.50%
    5 Year 1 $225,000 $225,000 $0 7.00%
    Other 1 $455,000 $455,000 $4,050 7.95%

    For 2023, First American State Bank's most frequently cited loan duration was 30 Year, with 19 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 5 $955,000 $191,000
    $2k-3k 5 $1,715,000 $343,000
    $<1k 3 $355,000 $118,333
    $3k-4k 3 $1,795,000 $598,333
    $4k-5k 2 $1,410,000 $705,000
    $5k+ 1 $1,075,000 $1,075,000

    First American State Bank's average total fees were $4,110, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 5 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 12 $5,470,000 $455,833
    7-8% 8 $2,610,000 $326,250
    Over 8% 4 $340,000 $85,000
    5-6% 1 $545,000 $545,000

    During 2023, First American State Bank's average interest rate for loans was 7.12%, while their most frequently originated rate bucket for loans was 6-7%, with 12 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 11 $3,355,000 $305,000 $3,586 7.14%
    $100k-200k 4 $620,000 $155,000 $3,127 7.33%
    $100,000 or less 3 $155,000 $51,667 $792 8.51%
    $400k-600k 3 $1,455,000 $485,000 $5,352 6.78%
    $600k-1MM 3 $2,305,000 $768,333 $5,685 6.84%
    $1MM+ 1 $1,075,000 $1,075,000 $7,889 6.63%

    2023 saw First American State Bank place emphasis on $200k-400k loans with 11 originations, totaling $3,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 7 $4,125,000 $589,286 $5,706 7.14%
    $100k-150k 4 $880,000 $220,000 $2,653 7.37%
    $150k-250k 4 $1,900,000 $475,000 $4,957 6.78%
    $50k-75k 2 $540,000 $270,000 $2,715 7.18%
    $75k-100k 2 $180,000 $90,000 $1,812 8.10%

    First American State Bank lent most frequently to those with incomes in the $250k+ range, with 7 originations. The second most popular income band? $100k-150k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 7 $3,425,000 $489,286 $4,028 7.62%
    <20% 3 $1,335,000 $445,000 $5,245 7.09%
    20-30% 3 $845,000 $281,667 $3,542 6.87%
    40% 2 $620,000 $310,000 $3,528 7.28%
    46% 2 $470,000 $235,000 $2,759 7.13%
    36% 1 $155,000 $155,000 $3,114 7.70%
    38% 1 $455,000 $455,000 $4,489 6.88%

    First American State Bank lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? <20%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 16 $6,020,000 $376,250 $4,119 7.25%
    Asian 3 $1,465,000 $488,333 $4,627 6.88%
    Not applicable 4 $1,160,000 $290,000 $0 7.02%
    Black 1 $265,000 $265,000 $2,830 7.75%
    Not provided 1 $55,000 $55,000 $867 8.40%

    Approval Rates

    Total approvals of all applications
    90.32%

    First American State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.00%

    First American State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 25 $8,965,000 $358,600

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    25 $8,965,000 $358,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $1,880,000 $313,333 $4,089 7.24%
    40-60% 5 $2,285,000 $457,000 $4,245 7.03%
    60-80% 7 $3,735,000 $533,571 $5,480 6.85%
    Under 20% 7 $1,065,000 $152,143 $1,981 7.76%