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 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 by origination volume include: Memphis, Nashville, Glenwood Springs, Crestview, and Oxford among others. We have data for 30 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.

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

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

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) 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.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Florida (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 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 2021, Financial Federal Bank's most frequently originated type of loan was Conventional, with 493 originations. Their 2nd most popular type was VA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Financial Federal Bank's most frequently cited loan purpose was Home Purchase, with 239 originations. The 2nd most popular reason was 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 2021, Financial Federal Bank's most frequently cited loan duration was 30 Year, with 349 originations. The 2nd most popular length was 15 Year, with 75 originations.

    Origination Fees/Closing Costs

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

    Financial Federal Bank's average total fees were $3,627, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.02%, while their most frequently originated rate bucket for loans was 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
    99.08%

    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
    93.20%

    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