First Trust Mortgage Rates, Fees & Info

Michigan City, IN

LEI: 549300CKKPTDS03YHG30

Tax ID: 35-1089892

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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

    First Trust is a smaller mortgage company specializing in Home Purchase loans. First Trust has a high proportion of conventional loans.

    First Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Trust 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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    Originations

    31

    Origination Dollar Volume (All Markets)

    $2,955,000

    Awards

    FIRST TRUST 30 Year Conventional Loans gold FIRST TRUST 30 Year Conventional Loans gold
    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
    Outside of Metro Areas 31 $2,955,000 $95,323 $1,094 5.43%
    First Trust's top markets include

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $2,955,000 $95,323 $1,094 5.43%

    For 2018, First Trust'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 12 $1,820,000 $151,667 $1,266 4.60%
    Home Improvement 8 $400,000 $50,000 $769 5.69%
    Cash Out Refi 8 $460,000 $57,500 $1,033 6.65%
    Refi 3 $275,000 $91,667 $1,334 4.89%

    For 2018, First Trust's most frequently cited loan purpose was Home Purchase, with 12 originations. The 2nd most popular reason was Home Improvement, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 16 $940,000 $58,750 $913 6.02%
    30 Year 14 $1,930,000 $137,857 $1,301 4.76%
    Other 1 $85,000 $85,000 $0 0.00%

    For 2018, First Trust's most frequently cited loan duration was 15 Year, with 16 originations. The 2nd most popular length was 30 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 30 $2,870,000 $95,667

    First Trust's average total fees were $1,301, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 30 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 17 $2,125,000 $125,000
    5-6% 6 $390,000 $65,000
    6-7% 5 $255,000 $51,000
    7-8% 1 $65,000 $65,000
    Over 8% 1 $35,000 $35,000

    During 2018, First Trust's average interest rate for loans was 4.76%, while their most frequently originated rate bucket for loans was 4-5%, with 17 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $1,265,000 $60,238 $993 5.85%
    $100k-200k 7 $1,045,000 $149,286 $1,299 4.59%
    $200k-400k 3 $645,000 $215,000 $1,293 4.58%

    2018 saw First Trust place emphasis on $100,000 or less loans with 21 originations, totaling $1,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 29 $2,745,000 $94,655 $1,072 5.49%
    $50k-75k 1 $85,000 $85,000 $1,423 4.63%
    $50k or less 1 $125,000 $125,000 $1,384 4.50%

    First Trust lent most frequently to those with incomes in the $250k+ range, with 29 originations. The second most popular income band? $50k-75k, with 1 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $800,000 $80,000 $1,068 5.16%
    30-36% 9 $725,000 $80,556 $1,038 5.89%
    <20% 4 $560,000 $140,000 $1,157 4.84%
    42% 3 $355,000 $118,333 $1,327 5.64%
    40% 2 $260,000 $130,000 $958 5.56%
    36% 1 $125,000 $125,000 $1,384 4.50%
    37% 1 $45,000 $45,000 $900 6.49%

    First Trust lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $2,910,000 $97,000 $1,112 5.43%
    Black 1 $45,000 $45,000 $571 5.55%

    Approval Rates

    Total approvals of all applications
    70.59%

    First Trust has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    6.45%

    First Trust has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 31 $2,955,000 $95,323

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $45,000 $45,000
    Single Family (1-4 Units):Site-Built 30 $2,910,000 $97,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $390,000 $48,750 $838 6.35%
    40-60% 4 $340,000 $85,000 $892 5.12%
    60-80% 9 $1,125,000 $125,000 $1,317 4.71%
    80-100% 6 $900,000 $150,000 $1,281 4.96%
    Over 100% 1 $65,000 $65,000 $1,103 8.00%
    Under 20% 2 $50,000 $25,000 $958 5.77%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRSTBANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    FIRSTBANK Other type of mortgage Trouble during payment process 1 33.3%
    FIRSTBANK Conventional home mortgage Closing on a mortgage 1 33.3%