Farmers State Bank Mortgage Rates, Fees & Info
Wathena, KSLEI: 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
31Origination Dollar Volume (All Markets)
$1,995,000Top 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% |
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
2018 saw Farmers State Bank place emphasis on $100,000 or less loans with 23 originations, totaling $945,000 in origination value.
Applicant Income
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 applications92.31%
Farmers State Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.10%
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 |