Financial Federal Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300BEXTNMA3CARO05

Tax ID: 62-0951437

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, 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.

    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% 12/16/24
    30 Year Conventional Refi 6.29% 12/16/24
    30 Year Cash-out Refi 6.51% 12/16/24
    30 Year VA Purchase 6.15% 12/16/24
    15 Year Conventional Purchase 6.09% 12/16/24
    15 Year Conventional Refi 5.85% 12/16/24
    15 Year Cash-out Refi 5.85% 12/16/24
    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

    317

    Origination Dollar Volume (All Markets)

    $138,395,000

    Awards

    Financial Federal Bank 30 Year Conventional Loans silver 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) 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%
    Financial Federal Bank's top markets include Memphis, Nashville, Clarksville, Charlottesville, and Hilton Head Island among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Colorado (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.

    Financial Federal Bank
    Similarity Rank: 672
    The Bank of Fayette County
    Similarity Rank: 1110
    First Citizens National Bank
    Similarity Rank: 1330
    BARTLETT MORTGAGE, INC.
    Similarity Rank: 2198
    Wyndham Capital Mortgage, Inc.
    Similarity Rank: 2460
    Independent Bank
    Similarity Rank: 2622
    Leaders Credit Union
    Similarity Rank: 2790
    Community Bank of Mississippi
    Similarity Rank: 3696
    AMERICAN MORTGAGE SERVICE COMPANY
    Similarity Rank: 3996
    Patriot Bank
    Similarity Rank: 4342

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 180 $92,390,000 $513,278 $4,134 4.71%
    Cash Out Refi 97 $24,665,000 $254,278 $3,881 4.12%
    Refi 34 $14,090,000 $414,412 $3,961 3.85%
    Home Improvement 6 $7,250,000 $1,208,333 $6,100 4.68%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 207 $98,305,000 $474,903 $4,193 4.65%
    15 Year 66 $9,590,000 $145,303 $3,409 3.88%
    5 Year 35 $18,675,000 $533,571 $0 4.26%
    Other 4 $380,000 $95,000 $0 4.91%
    10 Year 3 $2,495,000 $831,667 $4,045 3.98%
    20 Year 1 $345,000 $345,000 $5,924 3.38%
    3 Year 1 $8,605,000 $8,605,000 $0 3.95%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 210 $93,720,000 $446,286
    $1k-2k 8 $9,080,000 $1,135,000
    $3k-4k 2 $530,000 $265,000
    $4k-5k 2 $700,000 $350,000
    $5k+ 2 $1,360,000 $680,000
    $2k-3k 1 $345,000 $345,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 92 $26,920,000 $292,609 $3,694 4.53%
    $400k-600k 64 $31,620,000 $494,063 $4,178 4.55%
    $100,000 or less 62 $3,550,000 $57,258 $2,485 3.98%
    $100k-200k 44 $6,710,000 $152,500 $2,811 4.70%
    $600k-1MM 34 $24,740,000 $727,647 $5,540 4.58%
    $1MM+ 21 $44,855,000 $2,135,952 $5,928 4.21%

    2022 saw Financial Federal Bank place emphasis on $200k-400k loans with 92 originations, totaling $26,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 72 $51,640,000 $717,222 $4,898 4.59%
    $150k-250k 62 $26,790,000 $432,097 $4,015 4.67%
    $100k-150k 39 $13,505,000 $346,282 $4,125 4.59%
    $50k-75k 25 $5,705,000 $228,200 $3,469 4.68%
    $75k-100k 25 $7,605,000 $304,200 $3,374 4.36%
    $50k or less 7 $875,000 $125,000 $2,666 4.23%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 59 $26,905,000 $456,017 $3,867 4.58%
    30-36% 54 $25,590,000 $473,889 $4,398 4.64%
    <20% 32 $15,670,000 $489,688 $4,098 4.55%
    41% 9 $4,235,000 $470,556 $4,598 4.03%
    45% 8 $3,340,000 $417,500 $3,505 4.89%
    38% 8 $2,590,000 $323,750 $3,151 4.99%
    37% 7 $4,895,000 $699,286 $4,378 4.64%
    43% 6 $2,650,000 $441,667 $4,213 4.48%
    36% 6 $2,370,000 $395,000 $4,519 5.02%
    50-60% 6 $1,950,000 $325,000 $4,699 4.96%
    46% 5 $3,385,000 $677,000 $4,740 4.67%
    >60% 4 $1,390,000 $347,500 $3,665 4.81%
    39% 4 $1,170,000 $292,500 $3,675 3.69%
    42% 4 $2,030,000 $507,500 $4,055 4.41%
    48% 4 $1,800,000 $450,000 $4,718 4.13%
    49% 4 $2,430,000 $607,500 $4,488 4.69%
    40% 3 $1,545,000 $515,000 $5,013 4.00%
    44% 3 $815,000 $271,667 $2,949 4.63%
    47% 1 $585,000 $585,000 $4,799 4.13%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 196 $90,550,000 $461,990 $4,122 4.59%
    Not applicable 85 $31,915,000 $375,471 $5,386 4.05%
    Asian 20 $10,510,000 $525,500 $4,031 4.53%
    Not provided 6 $2,810,000 $468,333 $5,125 4.31%
    Black 10 $2,610,000 $261,000 $3,806 4.59%

    Approval Rates

    Total approvals of all applications
    99.45%

    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 origination
    94.64%

    Financial Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 317 $138,395,000 $436,577

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    317 $138,395,000 $436,577

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $7,505,000 $395,000 $3,551 4.09%
    40-60% 39 $19,615,000 $502,949 $3,560 4.34%
    60-80% 113 $59,235,000 $524,204 $4,313 4.50%
    80-100% 145 $52,015,000 $358,724 $4,362 4.46%
    Under 20% 1 $25,000 $25,000 $1,052 4.75%

    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%