Financial Federal Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300BEXTNMA3CARO05

Tax ID: 62-0951437

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Financial Federal Bank is a smaller bank specializing in Home Purchase and Refi 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 include Memphis, Nashville, Glenwood Springs, Crestview, and Oxford among others. Financial Federal Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Financial Federal Bank is typically an average fee lendor.


Originations

500

Origination Dollar Volume (All Markets)

$177,380,000

Employee count

57

Awards

Financial Federal Bank 30 Year Conventional Loans gold Financial Federal Bank 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Financial Federal Bank's average 30 year fixed rate mortgage of loans were 3.02%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.13%.

Relative Fees

Financial Federal Bank's average total fees for a 30 year fixed rate mortgage are $3,627.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 441 $152,085,000 $344,864 $3,564 3.10%
Outside of Metro Areas 13 $3,455,000 $265,769 $3,120 2.85%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 9 $2,935,000 $326,111 $3,143 3.10%
Glenwood Springs, CO (FHA|USDA|VA) 2 $2,910,000 $1,455,000 $3,488 3.50%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 5 $2,875,000 $575,000 $3,488 3.08%
Oxford, MS (FHA|USDA|VA) 3 $1,455,000 $485,000 $3,517 2.92%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $1,330,000 $665,000 $6,511 3.38%
Cullman, AL (FHA|USDA|VA) 1 $1,185,000 $1,185,000 $4,669 3.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $770,000 $385,000 $3,259 2.63%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $725,000 $725,000 $4,276 3.13%
FORT COLLINS, CO (FHA|USDA|VA) 1 $675,000 $675,000 $3,018 3.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $655,000 $655,000 $4,295 3.00%
ROME, GA (FHA|USDA|VA) 1 $515,000 $515,000 $3,847 2.50%
TULSA, OK (FHA|USDA|VA) 1 $505,000 $505,000 $4,601 2.88%
Bozeman, MT (FHA|USDA|VA) 1 $495,000 $495,000 $4,057 3.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $465,000 $465,000 $3,586 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 3.85%
Durango, CO (FHA|USDA|VA) 1 $395,000 $395,000 $2,798 2.88%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 2 $390,000 $195,000 $3,137 3.00%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $375,000 $375,000 $3,446 3.13%
Cullowhee, NC (FHA|USDA|VA) 1 $375,000 $375,000 $4,162 3.13%
Heber, UT (FHA|USDA|VA) 1 $365,000 $365,000 $3,034 4.00%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $335,000 $335,000 $7,980 2.50%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $325,000 $325,000 $2,594 3.25%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $275,000 $275,000 $2,046 3.00%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,642 3.13%
JACKSON, MS (FHA|USDA|VA) 1 $245,000 $245,000 $2,488 2.63%
JACKSON, TN (FHA|USDA|VA) 1 $235,000 $235,000 $2,703 3.00%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $235,000 $235,000 $2,646 2.75%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.25%

Financial Federal Bank's top markets include Memphis, Nashville, Glenwood Springs, Crestview, and Oxford among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 493 $175,515,000 $356,014 $3,497 3.10%
VA 4 $1,150,000 $287,500 $6,390 2.47%
FHA 3 $715,000 $238,333 $7,464 2.38%

For the 2021 period, Financial Federal Bank's most frequently originated loan type of loans were Conventional, with 493 originations. Their 2nd most popular type is VA, with 4 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 239 $97,915,000 $409,686 $4,065 3.15%
Refi 161 $46,465,000 $288,602 $3,049 2.93%
Cash Out Refi 100 $33,000,000 $330,000 $3,195 3.22%

For the 2021, Financial Federal Bank's most frequently cited loan purpose of loans were Home Purchase, with 239 originations. The 2nd most popular reason of loans were Refi, with 161 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 349 $119,615,000 $342,736 $3,627 3.02%
15 Year 75 $23,095,000 $307,933 $3,223 2.54%
5 Year 56 $20,150,000 $359,821 $0 4.17%
Other 8 $6,270,000 $783,750 $8,861 3.89%
20 Year 5 $985,000 $197,000 $2,680 3.05%
10 Year 5 $1,205,000 $241,000 $2,933 3.18%
3 Year 2 $6,060,000 $3,030,000 $0 4.00%

For the 2021, Financial Federal Bank's most frequently cited loan length of loans were 30 Year, with 349 originations. The 2nd most popular length of loans were 15 Year, with 75 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 388 $136,780,000 $352,526

$3,627 of loans were Financial Federal Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 388 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 210 $68,940,000 $328,286
3-4% 174 $78,280,000 $449,885
<2.5% 87 $26,635,000 $306,149
4-5% 29 $3,525,000 $121,552

During 2021, Financial Federal Bank's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 210 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 207 $59,785,000 $288,816 $3,239 2.90%
$100k-200k 118 $17,620,000 $149,322 $2,858 3.20%
$400k-600k 89 $43,515,000 $488,933 $4,389 2.90%
$100,000 or less 41 $2,885,000 $70,366 $2,411 3.82%
$600k-1MM 24 $18,130,000 $755,417 $4,944 3.22%
$1MM+ 21 $35,445,000 $1,687,857 $5,794 3.66%

2021 saw Financial Federal Bank place emphasis on $200k-400k loans with 207 originations, totaling $59,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 115 $41,525,000 $361,087 $3,858 2.90%
$100k-150k 112 $33,710,000 $300,982 $3,451 2.89%
$250k+ 84 $43,020,000 $512,143 $4,086 3.06%
$50k-75k 52 $9,950,000 $191,346 $2,971 2.91%
$75k-100k 51 $12,005,000 $235,392 $3,206 2.86%
$50k or less 18 $2,980,000 $165,556 $2,879 3.21%

Financial Federal Bank lent most frequently to those with incomes in the $150k-250k range, with 115 originations. The second most popular income band? $100k-150k, with 112 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 136 $46,100,000 $338,971 $3,424 2.91%
<20% 89 $30,885,000 $347,022 $3,357 2.87%
30-36% 75 $21,275,000 $283,667 $3,355 2.94%
38% 18 $7,190,000 $399,444 $3,815 2.89%
41% 13 $3,735,000 $287,308 $3,447 3.03%
44% 11 $3,935,000 $357,727 $3,329 3.17%
43% 11 $3,205,000 $291,364 $9,067 2.80%
36% 10 $3,500,000 $350,000 $3,356 2.88%
50-60% 9 $2,525,000 $280,556 $5,154 3.50%
37% 9 $3,055,000 $339,444 $3,570 2.68%
39% 9 $3,815,000 $423,889 $3,634 3.00%
40% 9 $2,665,000 $296,111 $3,315 3.07%
48% 7 $1,565,000 $223,571 $3,623 2.84%
42% 6 $2,570,000 $428,333 $2,856 2.83%
47% 5 $1,985,000 $397,000 $3,759 3.00%
46% 4 $940,000 $235,000 $2,624 2.94%
49% 4 $2,410,000 $602,500 $4,512 3.68%
45% 4 $1,240,000 $310,000 $3,240 3.03%
>60% 1 $965,000 $965,000 $8,013 3.25%

Financial Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 136 originations. The next most common DTI ratio? <20%, with 89 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 360 $122,680,000 $340,778 $3,543 2.91%
Not applicable 61 $32,435,000 $531,721 $5,677 4.12%
Asian 50 $14,680,000 $293,600 $3,915 3.06%
Black 20 $4,110,000 $205,500 $3,056 3.46%
Not provided 9 $3,475,000 $386,111 $3,540 2.89%

Approval Rates

Total approvals of all applications
97.28%

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 origination
91.90%

Financial Federal Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 500 $177,380,000 $354,760

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
500 $177,380,000 $354,760

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 29 $7,035,000 $242,586 $3,058 2.75%
40-60% 98 $29,870,000 $304,796 $3,142 2.80%
60-80% 237 $84,995,000 $358,629 $3,384 3.20%
80-100% 120 $47,860,000 $398,833 $4,323 3.11%
Over 100% 2 $5,160,000 $2,580,000 $0 3.93%
Under 20% 2 $590,000 $295,000 $3,422 2.69%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
Financial Freedom Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
Financial Freedom Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Financial Federal Bank 1715 Aaron Brenner Drive, Suite 100 Memphis, TN 38120 Full Service B&M $649,965

For 2021, Financial Federal Bank had 1 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $30,913
Net interest income $25,336
Total noninterest income $5,166
Gross Fiduciary activities income $0
Service charges on deposit accounts $15
Trading account gains and fees $0
Additional Noninterest Income $5,151
Pre-tax net operating income $14,322
Securities gains (or losses, -) $0
Income before extraordinary items $13,390
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $13,390
Minority interest net income $0
Net income $13,390
Sale, conversion, retirement of capital stock, net $0
Net operating income $13,390

Financial Federal Bank's gross interest income from loans was $30,913,000.
Financial Federal Bank's net interest income from loans was $25,336,000.
Financial Federal Bank's fee based income from loans was $15,000.
Financial Federal Bank's net income from loans was $13,390,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $5,577
Provision for credit losses $400
Total noninterest expense $15,780
Salaries and employee benefits $11,667
Premises and equipment expense $1,274
Additional noninterest expense $2,839
Applicable income taxes $932
Net charge-offs $98
Cash dividends $7,014

Financial Federal Bank's interest expense for loans was $5,577,000.
Financial Federal Bank's payroll and benefits expense were $11,667,000.
Financial Federal Bank's property, plant and equipment expenses $1,274,000.

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 0.0%
HELOC loans 0.0%
All other family 0.0%
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 $632,117
Deposits held in domestic offices $632,117
Deposits by Individuals, partnerships, and corporations $462,071
Deposits by U.S. Government $19,696
Deposits by States and political subdivisions in the U.S. $40,491
Deposits by Commercial banks and other depository institutions in U.S. $109,859
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $45,371
Demand deposits $45,371
Nontransaction accounts $586,746
Money market deposit accounts (MMDAs) $183,185
Other savings deposits (excluding MMDAs) $1,587
Total time deposits $401,974
Total time and savings deposits $586,746
Noninterest-bearing deposits $34,384
Interest-bearing deposits $597,733
Retail deposits $566,403
IRAs and Keogh plan accounts $0
Brokered deposits $14,195
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $799,818
Cash & Balances due from depository institutions $20,729
Interest-bearing balances $20,179
Total securities $0
Federal funds sold & reverse repurchase $2,500
Net loans and leases $767,655
Loan and leases loss allowance $8,857
Trading account assets $0
Bank premises and fixed assets $549
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $8,385

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $799,818
Total Liabilities $707,243
Total deposits $632,117
Interest-bearing deposits $597,733
Deposits held in domestic offices $632,117
% insured (estimated) $77
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $71,336
Subordinated debt $0
All other liabilities $3,790

Issued Loan Types

Type Value (in 000's)
Net loans and leases $767,655
Loan and leases loss allowance $8,857
Total loans and leases (domestic) $776,512
All real estate loans $625,889
Real estate loans in domestic offices $625,889
Construction and development loans $129,932
Residential 1-4 family construction $67,579
Other construction, all land development and other land $62,353
Loans secured by nonfarm nonresidential properties $243,753
Nonfarm nonresidential secured by owner-occupied properties $104,190
Commercial real estate & other non-farm, non-residential $139,563
Multifamily residential real estate $52,370
1-4 family residential loans $194,615
Farmland loans $5,219
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $122,592
To non-U.S. addressees $0
Loans to individuals $28,031
Credit card loans $0
Related Plans $0
Consumer Auto Loans $27
Other loans to individuals $28,004
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
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 $626
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

Financial Federal Bank had $767,655,000 of loans outstanding in 2021. $625,889,000 of loans were in real estate loans. $129,932,000 of loans were in development loans. $52,370,000 of loans were in multifamily mortgage loans. $194,615,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $27,000 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 87 $36,392 $418,299
Nonfarm, nonresidential loans - <$100k 2 $130 $65,000
Nonfarm, nonresidential loans - $100-250k 20 $3,188 $159,400
Nonfarm, nonresidential loans - $250k-1MM 65 $33,074 $508,831
Commercial & Industrial, US addressed loans - <$1MM 490 $64,513 $131,659
Commercial & Industrial, US addressed loans - <$100k 269 $10,076 $37,457
Commercial & Industrial, US addressed loans - $100-250k 115 $15,492 $134,713
Commercial & Industrial, US addressed loans - $250k-1MM 106 $38,945 $367,406
Farmland loans - <$1MM 2 $448 $224,000
Farmland loans - $100-250k 1 $128 $128,000
Farmland loans - $250k-1MM 1 $320 $320,000