Financial Federal Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300BEXTNMA3CARO05

Tax ID: 62-0951437

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Bank Data

Review & Overview

Financial Federal Bank is a smaller bank specializing in Refi and 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, Quincy, Nashville, Augusta, and Oxford among others. We have data for 27 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 a below 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.51% 3/28/24
30 Year Conventional Refi 6.29% 3/28/24
30 Year Cash-out Refi 6.51% 3/28/24
30 Year VA Purchase 6.15% 3/28/24
15 Year Conventional Purchase 6.09% 3/28/24
15 Year Conventional Refi 5.85% 3/28/24
15 Year Cash-out Refi 5.85% 3/28/24
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.

Financial Federal Bank Mortgage Calculator






Your Estimates

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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

635

Origination Dollar Volume (All Markets)

$217,775,000

Employee count

59

Awards

Financial Federal Bank 30 Year Conventional Loans gold Financial Federal Bank 30 Year Conventional Loans silver
Show all (2) 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
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 583 $183,775,000 $315,223 $3,318 3.22%
Quincy, IL-MO (FHA|USDA|VA) 1 $9,375,000 $9,375,000 $0 4.12%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 11 $5,365,000 $487,727 $4,050 3.23%
Outside of Metro Areas 10 $4,610,000 $461,000 $2,683 3.30%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $3,145,000 $3,145,000 $0 4.25%
Oxford, MS (FHA|USDA|VA) 4 $1,460,000 $365,000 $3,543 2.69%
BRUNSWICK, GA (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $6,507 4.00%
Cullowhee, NC (FHA|USDA|VA) 2 $770,000 $385,000 $4,787 2.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $745,000 $745,000 $6,724 3.25%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $705,000 $705,000 $8,131 3.90%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $700,000 $350,000 $5,044 2.81%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 2 $690,000 $345,000 $2,660 2.88%
JACKSON, TN (FHA|USDA|VA) 2 $520,000 $260,000 $2,678 3.06%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $515,000 $515,000 $3,970 2.25%
Cookeville, TN (FHA|USDA|VA) 1 $515,000 $515,000 $3,409 2.13%
Lebanon, NH-VT (FHA|USDA|VA) 1 $505,000 $505,000 $3,933 3.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $505,000 $505,000 $5,150 2.88%
KNOXVILLE, TN (FHA|USDA|VA) 1 $475,000 $475,000 $3,307 2.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $465,000 $465,000 $0 3.25%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $395,000 $395,000 $3,334 2.88%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $385,000 $385,000 $0 3.13%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $225,000 $225,000 $2,877 3.38%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $205,000 $205,000 $3,145 3.63%
BOULDER, CO (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.00%
JONESBORO, AR (FHA|USDA|VA) 1 $175,000 $175,000 $2,136 3.88%
Clarksdale, MS (FHA|USDA|VA) 1 $165,000 $165,000 $2,506 2.63%
Greenwood, MS (FHA|USDA|VA) 1 $135,000 $135,000 $2,444 3.00%
Financial Federal Bank's top markets include Memphis, Quincy, Nashville, Augusta, and Oxford among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 623 $214,045,000 $343,571 $3,254 3.22%
    FHA 6 $1,530,000 $255,000 $6,927 2.83%
    VA 6 $2,200,000 $366,667 $7,106 2.81%

    For 2020, Financial Federal Bank's most frequently originated type of loan was Conventional, with 623 originations. Their 2nd most popular type was FHA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 291 $85,615,000 $294,210 $3,037 2.93%
    Home Purchase 247 $91,115,000 $368,887 $3,796 3.50%
    Cash Out Refi 97 $41,045,000 $423,144 $3,379 3.34%

    For 2020, Financial Federal Bank's most frequently cited loan purpose was Refi, with 291 originations. The 2nd most popular reason was Home Purchase, with 247 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 406 $139,980,000 $344,778 $3,432 3.07%
    15 Year 130 $37,470,000 $288,231 $3,096 2.77%
    5 Year 69 $12,145,000 $176,014 $2,098 4.87%
    20 Year 13 $4,115,000 $316,538 $3,227 2.86%
    Other 8 $11,590,000 $1,448,750 $2,290 3.72%
    10 Year 5 $2,005,000 $401,000 $3,383 2.88%
    3 Year 3 $10,175,000 $3,391,667 $0 3.92%
    1 Year 1 $295,000 $295,000 $0 4.50%

    For 2020, Financial Federal Bank's most frequently cited loan duration was 30 Year, with 406 originations. The 2nd most popular length was 15 Year, with 130 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 511 $176,145,000 $344,706

    Financial Federal Bank's average total fees were $3,432, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 511 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 251 $80,155,000 $319,343
    3-4% 201 $78,455,000 $390,323
    <2.5% 95 $29,045,000 $305,737
    4-5% 70 $29,250,000 $417,857
    5-6% 18 $870,000 $48,333

    During 2020, Financial Federal Bank's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 2.5-3%, with 251 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 282 $83,830,000 $297,270 $3,114 2.95%
    $400k-600k 130 $61,570,000 $473,615 $3,829 2.93%
    $100k-200k 124 $19,410,000 $156,532 $2,838 3.17%
    $100,000 or less 67 $3,315,000 $49,478 $2,176 4.65%
    $1MM+ 16 $37,420,000 $2,338,750 $6,399 3.90%
    $600k-1MM 16 $12,230,000 $764,375 $5,269 3.71%

    2020 saw Financial Federal Bank place emphasis on $200k-400k loans with 282 originations, totaling $83,830,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 148 $52,850,000 $357,095 $3,367 2.93%
    $250k+ 121 $59,385,000 $490,785 $3,749 3.03%
    $100k-150k 113 $34,115,000 $301,903 $3,319 2.94%
    $75k-100k 77 $19,505,000 $253,312 $3,141 2.98%
    $50k-75k 56 $11,070,000 $197,679 $2,889 2.88%
    $50k or less 24 $3,600,000 $150,000 $2,932 3.10%

    Financial Federal Bank lent most frequently to those with incomes in the $150k-250k range, with 148 originations. The second most popular income band? $250k+, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 168 $53,970,000 $321,250 $3,277 2.92%
    <20% 138 $50,270,000 $364,275 $3,360 2.90%
    30-36% 83 $28,725,000 $346,084 $3,468 3.02%
    42% 16 $4,290,000 $268,125 $3,056 3.09%
    38% 15 $4,395,000 $293,000 $2,878 3.02%
    37% 13 $4,335,000 $333,462 $3,505 2.95%
    41% 13 $4,225,000 $325,000 $3,252 2.78%
    40% 12 $3,690,000 $307,500 $3,522 3.13%
    43% 11 $3,245,000 $295,000 $2,466 3.44%
    39% 11 $3,305,000 $300,455 $3,188 2.88%
    46% 9 $2,785,000 $309,444 $3,679 2.92%
    36% 9 $2,785,000 $309,444 $3,123 2.83%
    45% 8 $3,610,000 $451,250 $3,459 3.22%
    47% 8 $2,900,000 $362,500 $3,501 2.87%
    44% 7 $2,205,000 $315,000 $3,462 3.05%
    50-60% 6 $1,410,000 $235,000 $2,945 3.81%
    49% 5 $1,355,000 $271,000 $4,582 3.08%
    48% 2 $600,000 $300,000 $4,131 2.50%
    >60% 1 $1,505,000 $1,505,000 $7,089 3.90%

    Financial Federal Bank lent most frequently to those with DTI ratios of 20-30%, with 168 originations. The next most common DTI ratio? <20%, with 138 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 493 $166,345,000 $337,414 $3,358 2.97%
    Not applicable 86 $35,310,000 $410,581 $4,822 4.63%
    Not provided 25 $8,355,000 $334,200 $2,993 2.97%
    Asian 21 $5,555,000 $264,524 $3,322 3.17%
    Black 9 $2,125,000 $236,111 $3,298 3.71%
    Chinese 1 $85,000 $85,000 $0 3.63%

    Approval Rates

    Total approvals of all applications
    97.97%

    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
    89.92%

    Financial Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 635 $217,775,000 $342,953

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $28,145,000 $2,165,000
    Single Family (1-4 Units):Site-Built 622 $189,630,000 $304,871

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 41 $10,295,000 $251,098 $2,914 2.69%
    40-60% 129 $40,375,000 $312,984 $3,180 2.86%
    60-80% 282 $100,160,000 $355,177 $3,345 3.16%
    80-100% 164 $52,000,000 $317,073 $3,662 3.57%
    Over 100% 3 $1,385,000 $461,667 $10,965 3.58%
    Under 20% 3 $815,000 $271,667 $2,821 3.13%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 75.0%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%

    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 $526,520

    For 2020, Financial Federal Bank had 1 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $29,961
    Net interest income $20,707
    Total noninterest income $7,721
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $22
    Trading account gains and fees $0
    Additional Noninterest Income $7,699
    Pre-tax net operating income $11,934
    Securities gains (or losses, -) $0
    Income before extraordinary items $11,157
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,157
    Minority interest net income $0
    Net income $11,157
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,157

    Financial Federal Bank's gross interest income from loans was $29,961,000.
    Financial Federal Bank's net interest income from loans was $20,707,000.
    Financial Federal Bank's fee based income from loans was $22,000.
    Financial Federal Bank's net income from loans was $11,157,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,254
    Provision for credit losses $1,600
    Total noninterest expense $14,894
    Salaries and employee benefits $11,419
    Premises and equipment expense $1,075
    Additional noninterest expense $2,400
    Applicable income taxes $777
    Net charge-offs $14
    Cash dividends $5,257

    Financial Federal Bank's interest expense for loans was $9,254,000.
    Financial Federal Bank's payroll and benefits expense were $11,419,000.
    Financial Federal Bank's property, plant and equipment expenses $1,075,000.

    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 $611,598
    Deposits held in domestic offices $611,598
    Deposits by Individuals, partnerships, and corporations $329,632
    Deposits by U.S. Government $26,734
    Deposits by States and political subdivisions in the U.S. $43,438
    Deposits by Commercial banks and other depository institutions in U.S. $211,794
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $38,551
    Demand deposits $38,551
    Nontransaction accounts $573,047
    Money market deposit accounts (MMDAs) $121,902
    Other savings deposits (excluding MMDAs) $1,530
    Total time deposits $449,615
    Total time and savings deposits $573,047
    Noninterest-bearing deposits $26,795
    Interest-bearing deposits $584,803
    Retail deposits $540,233
    IRAs and Keogh plan accounts $0
    Brokered deposits $14,865
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $767,153
    Cash & Balances due from depository institutions $23,175
    Interest-bearing balances $22,354
    Total securities $0
    Federal funds sold & reverse repurchase $2,500
    Net loans and leases $728,171
    Loan and leases loss allowance $8,555
    Trading account assets $0
    Bank premises and fixed assets $589
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $12,718

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $767,153
    Total Liabilities $680,988
    Total deposits $611,598
    Interest-bearing deposits $584,803
    Deposits held in domestic offices $611,598
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $64,589
    Subordinated debt $0
    All other liabilities $4,801

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $728,171
    Loan and leases loss allowance $8,555
    Total loans and leases (domestic) $736,726
    All real estate loans $594,984
    Real estate loans in domestic offices $594,984
    Construction and development loans $110,209
    Residential 1-4 family construction $66,349
    Other construction, all land development and other land $43,860
    Loans secured by nonfarm nonresidential properties $222,610
    Nonfarm nonresidential secured by owner-occupied properties $81,891
    Commercial real estate & other non-farm, non-residential $140,719
    Multifamily residential real estate $49,023
    1-4 family residential loans $207,606
    Farmland loans $5,536
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $119,944
    To non-U.S. addressees $0
    Loans to individuals $21,798
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $32
    Other loans to individuals $21,766
    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 $756
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Financial Federal Bank had $728,171,000 of loans outstanding in 2020. $594,984,000 of loans were in real estate loans. $110,209,000 of loans were in development loans. $49,023,000 of loans were in multifamily mortgage loans. $207,606,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $32,000 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 82 $33,399 $407,305
    Nonfarm, nonresidential loans - <$100k 2 $82 $41,000
    Nonfarm, nonresidential loans - $100-250k 18 $3,209 $178,278
    Nonfarm, nonresidential loans - $250k-1MM 62 $30,108 $485,613
    Commercial & Industrial, US addressed loans - <$1MM 411 $57,025 $138,747
    Commercial & Industrial, US addressed loans - <$100k 200 $8,097 $40,485
    Commercial & Industrial, US addressed loans - $100-250k 117 $15,906 $135,949
    Commercial & Industrial, US addressed loans - $250k-1MM 94 $33,022 $351,298
    Farmland loans - <$1MM 2 $470 $235,000
    Farmland loans - $100-250k 1 $133 $133,000
    Farmland loans - $250k-1MM 1 $337 $337,000