Farmers State Bank Mortgage Rates, Fees & Info

Wathena, KS

LEI: 549300BIN8FZ4Z1IX347

Tax ID: 48-0216710

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Mortgage Data

Review & Overview

Farmers State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers State Bank has a high proportion of conventional loans. Their top (well, only) market is St. Joseph.

Farmers State 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.

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Originations

31

Origination Dollar Volume (All Markets)

$1,995,000

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
ST. JOSEPH, MO-KS (FHA|USDA|VA) 29 $1,885,000 $65,000 $548 5.49%
Outside of Metro Areas 2 $110,000 $55,000 $906 5.90%
Farmers State Bank's top markets include and St. Joseph among others.

Their top states include:
  • Kansas (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $1,995,000 $64,355 $581 5.51%

    For 2018, Farmers State Bank's most frequently originated type of loan was Conventional, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $1,070,000 $66,875 $654 5.46%
    Refi 11 $825,000 $75,000 $455 5.65%
    Home Improvement 4 $100,000 $25,000 $645 5.34%

    For 2018, Farmers State Bank's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 21 $1,625,000 $77,381 $619 5.54%
    Other 9 $365,000 $40,556 $477 5.48%
    3 Year 1 $5,000 $5,000 $0 5.19%

    For 2018, Farmers State Bank's most frequently cited loan duration was 5 Year, with 21 originations. The 2nd most popular length was Other, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 22 $1,480,000 $67,273

    Farmers State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 12 $950,000 $79,167
    5-6% 11 $525,000 $47,727
    6-7% 5 $355,000 $71,000
    7-8% 3 $165,000 $55,000

    During 2018, Farmers State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 23 $945,000 $41,087 $571 5.51%
    $100k-200k 7 $825,000 $117,857 $582 5.58%
    $200k-400k 1 $225,000 $225,000 $721 5.00%

    2018 saw Farmers State Bank place emphasis on $100,000 or less loans with 23 originations, totaling $945,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 9 $415,000 $46,111 $680 5.48%
    $50k-75k 8 $420,000 $52,500 $502 5.65%
    $100k-150k 5 $445,000 $89,000 $506 5.16%
    $75k-100k 4 $270,000 $67,500 $715 6.37%
    $150k-250k 3 $295,000 $98,333 $549 5.36%

    Farmers State Bank lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $50k-75k, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $1,960,000 $65,333 $581 5.55%
    Not applicable 1 $35,000 $35,000 $0 4.50%

    Approval Rates

    Total approvals of all applications
    92.31%

    Farmers State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.10%

    Farmers State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $5,000 $5,000
    NA 30 $1,990,000 $66,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $425,000 $47,222
    Single Family (1-4 Units):Site-Built 22 $1,570,000 $71,364

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $260,000 $32,500 $534 5.35%
    40-60% 8 $380,000 $47,500 $535 5.97%
    60-80% 9 $755,000 $83,889 $560 5.23%
    80-100% 5 $585,000 $117,000 $805 5.35%
    Under 20% 1 $15,000 $15,000 $0 6.50%