Financial Federal Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300BEXTNMA3CARO05

Tax ID: 62-0951437

5 stars - Updated: 12/2/24 - out of 5 stars, based on 13 reviews

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

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Mortgage Data

Review & Overview

Financial Federal Bank is a smaller bank specializing in Home Purchase 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, Hilton Head Island, Atlanta, and Clarksville among others. We have data for 23 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 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.

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 6.51% 12/2/24
30 Year Conventional Refi 6.29% 12/2/24
30 Year Cash-out Refi 6.51% 12/2/24
30 Year VA Purchase 6.15% 12/2/24
15 Year Conventional Purchase 6.09% 12/2/24
15 Year Conventional Refi 5.85% 12/2/24
15 Year Cash-out Refi 5.85% 12/2/24
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.

Financial Federal Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Financial Federal 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

180

Origination Dollar Volume (All Markets)

$83,830,000

Awards

Financial Federal Bank 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Financial Federal Bank's average 30 year fixed mortgage rate was 6.52%.

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

This yields a difference of 0.04%.

Relative Fees (Closing Costs)

Financial Federal Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,276.

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
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 142 $56,070,000 $394,859 $3,799 6.10%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 6 $8,050,000 $1,341,667 $4,704 6.56%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $3,650,000 $1,825,000 $6,129 6.44%
Outside of Metro Areas 4 $2,710,000 $677,500 $5,181 6.47%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,825,000 $608,333 $4,332 6.83%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $1,585,000 $1,585,000 $0 7.50%
KNOXVILLE, TN (FHA|USDA|VA) 2 $1,560,000 $780,000 $4,713 6.38%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 3 $1,515,000 $505,000 $2,705 6.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $5,427 6.75%
Oxford, MS (FHA|USDA|VA) 3 $945,000 $315,000 $3,435 7.21%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $725,000 $725,000 $8,365 6.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $575,000 $575,000 $5,819 7.00%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $505,000 $505,000 $3,486 6.25%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $455,000 $455,000 $3,001 6.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $455,000 $455,000 $3,805 6.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $395,000 $395,000 $4,555 6.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $385,000 $385,000 $4,108 7.25%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $315,000 $315,000 $3,755 7.00%
COLUMBUS, OH (FHA|USDA|VA) 1 $285,000 $285,000 $3,256 6.75%
Mountain Home, AR (FHA|USDA|VA) 1 $255,000 $255,000 $1,498 6.25%
Dyersburg, TN (FHA|USDA|VA) 1 $235,000 $235,000 $2,798 6.38%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $205,000 $205,000 $2,862 7.00%
Cookeville, TN (FHA|USDA|VA) 1 $125,000 $125,000 $2,834 6.50%
Financial Federal Bank's top markets include Memphis, Nashville, Hilton Head Island, Atlanta, and Clarksville among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • 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.

    First Citizens National Bank
    Similarity Rank: 288
    Orion Federal Credit Union
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    Financial Federal Bank
    Similarity Rank: 598
    Leaders Credit Union
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    BARTLETT MORTGAGE, INC.
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    Independent Bank
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    DHI MORTGAGE COMPANY, LTD.
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 177 $82,525,000 $466,243 $3,837 6.21%
    VA 2 $970,000 $485,000 $6,308 5.69%
    FHA 1 $335,000 $335,000 $8,899 7.13%

    For 2023, Financial Federal Bank's most frequently originated type of loan was Conventional, with 177 originations. Their 2nd most popular type was VA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 141 $69,165,000 $490,532 $4,246 6.55%
    Cash Out Refi 21 $6,815,000 $324,524 $1,178 2.63%
    Refi 18 $7,850,000 $436,111 $5,215 7.74%

    For 2023, Financial Federal Bank's most frequently cited loan purpose was Home Purchase, with 141 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 146 $77,300,000 $529,452 $4,276 6.52%
    5 Year 27 $5,325,000 $197,222 $0 4.91%
    15 Year 3 $1,115,000 $371,667 $3,975 5.75%
    Other 3 $55,000 $18,333 $496 2.92%
    20 Year 1 $35,000 $35,000 $0 7.25%

    For 2023, Financial Federal Bank's most frequently cited loan duration was 30 Year, with 146 originations. The 2nd most popular length was 5 Year, with 27 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 155 $74,085,000 $477,968
    $1k-2k 2 $3,180,000 $1,590,000
    $2k-3k 1 $355,000 $355,000

    Financial Federal Bank's average total fees were $4,276, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 155 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 118 $61,520,000 $521,356
    5-6% 21 $11,445,000 $545,000
    7-8% 19 $9,325,000 $490,789
    <2.5% 13 $195,000 $15,000
    Over 8% 9 $1,345,000 $149,444

    During 2023, Financial Federal Bank's average interest rate for loans was 6.52%, while their most frequently originated rate bucket for loans was 6-7%, with 118 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 56 $16,810,000 $300,179 $3,701 6.67%
    $400k-600k 50 $24,460,000 $489,200 $4,038 6.50%
    $600k-1MM 28 $21,330,000 $761,786 $5,224 6.42%
    $100k-200k 18 $2,490,000 $138,333 $2,906 7.64%
    $100,000 or less 15 $255,000 $17,000 $106 1.07%
    $1MM+ 13 $18,485,000 $1,421,923 $6,050 6.57%

    2023 saw Financial Federal Bank place emphasis on $200k-400k loans with 56 originations, totaling $16,810,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 57 $43,395,000 $761,316 $4,891 6.40%
    $150k-250k 48 $21,930,000 $456,875 $4,144 6.55%
    $100k-150k 28 $8,840,000 $315,714 $3,861 6.72%
    $75k-100k 9 $2,525,000 $280,556 $3,465 6.36%
    $50k or less 6 $1,140,000 $190,000 $1,629 4.69%
    $50k-75k 5 $1,225,000 $245,000 $3,230 6.63%

    Financial Federal Bank lent most frequently to those with incomes in the $250k+ range, with 57 originations. The second most popular income band? $150k-250k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 51 $22,955,000 $450,098 $4,104 6.34%
    30-36% 29 $16,195,000 $558,448 $4,185 6.56%
    <20% 13 $5,785,000 $445,000 $3,761 6.30%
    50-60% 9 $5,275,000 $586,111 $4,095 6.15%
    40% 7 $3,975,000 $567,857 $4,327 6.50%
    42% 7 $4,355,000 $622,143 $3,771 6.66%
    36% 6 $3,090,000 $515,000 $5,414 6.75%
    45% 5 $2,685,000 $537,000 $4,247 6.40%
    39% 5 $3,135,000 $627,000 $4,926 6.63%
    37% 4 $2,470,000 $617,500 $4,428 6.59%
    43% 4 $2,420,000 $605,000 $4,603 6.31%
    44% 4 $1,960,000 $490,000 $4,639 6.69%
    >60% 2 $730,000 $365,000 $3,814 6.75%
    38% 2 $600,000 $300,000 $3,263 6.50%
    41% 2 $860,000 $430,000 $4,341 6.63%
    46% 2 $1,930,000 $965,000 $6,859 6.75%

    Financial Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 51 originations. The next most common DTI ratio? 30-36%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 125 $67,135,000 $537,080 $4,301 6.50%
    Asian 19 $8,185,000 $430,789 $4,023 6.67%
    Not applicable 13 $4,125,000 $317,308 $0 8.46%
    Black 20 $2,340,000 $117,000 $1,058 2.45%
    Not provided 3 $2,045,000 $681,667 $4,217 6.58%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    93.89%

    Financial Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 180 $83,830,000 $465,722

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    180 $83,830,000 $465,722

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $570,000 $47,500 $468 1.83%
    40-60% 25 $10,825,000 $433,000 $4,310 6.25%
    60-80% 60 $31,230,000 $520,500 $4,115 6.81%
    80-100% 78 $39,850,000 $510,897 $4,302 6.62%
    Over 100% 2 $1,310,000 $655,000 $4,479 6.56%
    Under 20% 3 $45,000 $15,000 $47 0.33%