Financial Federal Bank Mortgage Rates, Fees & Info
Memphis, TNLEI: 549300BEXTNMA3CARO05
Tax ID: 62-0951437
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Mortgage Data
Review & Overview
Financial Federal Bank is a smaller bank specializing in loans. Financial Federal Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Memphis, Nashville, Clarksville, Charlottesville, and Hilton Head Island among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Financial 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. Financial Federal 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.51% | 3/24/23 |
| 30 Year Conventional Refi | 6.29% | 3/24/23 |
| 30 Year Cash-out Refi | 6.51% | 3/24/23 |
| 30 Year VA Purchase | 6.15% | 3/24/23 |
| 15 Year Conventional Purchase | 6.09% | 3/24/23 |
| 15 Year Conventional Refi | 5.85% | 3/24/23 |
| 15 Year Cash-out Refi | 5.85% | 3/24/23 |
| 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. | ||
Originations
317Origination Dollar Volume (All Markets)
$138,395,000Awards
Financial Federal Bank - 2022
Financial Federal Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Financial Federal Bank's average 30 year fixed mortgage rate was
4.65%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.11%.
Relative Fees (Closing Costs)
Financial Federal Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,193.
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 $4,750.
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 |
|---|---|---|---|---|---|
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 281 | $112,705,000 | $401,085 | $4,167 | 4.43% |
| Outside of Metro Areas | 7 | $7,095,000 | $1,013,571 | $3,921 | 4.96% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 8 | $6,760,000 | $845,000 | $4,029 | 4.01% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $1,805,000 | $1,805,000 | $0 | 4.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $1,425,000 | $1,425,000 | $5,332 | 3.70% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $1,305,000 | $1,305,000 | $4,272 | 4.50% |
| Oxford, MS (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $3,328 | 4.13% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $6,295 | 5.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $3,484 | 5.63% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $4,167 | 5.50% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $2,365 | 3.06% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $2,758 | 6.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $5,436 | 3.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $8,585 | 4.25% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,896 | 4.60% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,571 | 5.50% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,668 | 4.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,866 | 4.13% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,949 | 4.50% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,657 | 5.50% |
| Starkville, MS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,879 | 5.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Financial Federal Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 987
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 315 | $137,875,000 | $437,698 | $4,134 | 4.44% |
| FHA | 1 | $205,000 | $205,000 | $6,512 | 5.13% |
| VA | 1 | $315,000 | $315,000 | $2,325 | 3.00% |
For 2022, Financial Federal Bank's most frequently originated type of loan was Conventional, with 315 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2022, Financial Federal Bank's most frequently cited loan purpose was Home Purchase, with 180 originations. The 2nd most popular reason was Cash Out Refi, with 97 originations.
Loan Duration/Length
For 2022, Financial Federal Bank's most frequently cited loan duration was 30 Year, with 207 originations. The 2nd most popular length was 15 Year, with 66 originations.
Origination Fees/Closing Costs
Financial Federal Bank's average total fees were $4,193, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 210 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 135 | $56,935,000 | $421,741 |
| 4-5% | 109 | $54,575,000 | $500,688 |
| 5-6% | 55 | $20,995,000 | $381,727 |
| 2.5-3% | 9 | $3,105,000 | $345,000 |
| 6-7% | 9 | $2,785,000 | $309,444 |
During 2022, Financial Federal Bank's average interest rate for loans was 4.65%, while their most frequently originated rate bucket for loans was 3-4%, with 135 originations.
Loan Sizing
2022 saw Financial Federal Bank place emphasis on $200k-400k loans with 92 originations, totaling $26,920,000 in origination value.
Applicant Income
Financial Federal Bank lent most frequently to those with incomes in the $250k+ range, with 72 originations. The second most popular income band? $150k-250k, with 62 originations.
Applicant Debt to Income Ratio
Financial Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 59 originations. The next most common DTI ratio? 30-36%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.45%
Financial Federal Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination94.64%
Financial Federal Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 317 | $138,395,000 | $436,577 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Finance of America Holdings LLC | Reverse mortgage | Trouble during payment process | 1 | 100.0% |