First Bank Mortgage Rates, Fees & Info
Waverly, IALEI: 549300CWJ74FF73VDL12
Tax ID: 42-0253313
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Mortgage Data
Review & Overview
First Bank is a smaller bank specializing in Home Purchase loans. First Bank has a high proportion of conventional loans. Their top markets by origination volume include: Waterloo, Madison, North Port, Des Moines, and Davenport among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)First 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.
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Originations
141Origination Dollar Volume (All Markets)
$22,595,000Top 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 |
|---|---|---|---|---|---|
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 76 | $11,840,000 | $155,789 | $0 | 0.00% |
| Outside of Metro Areas | 42 | $5,190,000 | $123,571 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 2 | $1,260,000 | $630,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,010,000 | $505,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 4 | $550,000 | $137,500 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 0.00% |
| AMES, IA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| Fort Dodge, IA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Marshall, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Poplar Bluff, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Mason City, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 141 | $22,595,000 | $160,248 | $0 | 0.00% |
For 2023, First Bank's most frequently originated type of loan was Conventional, with 141 originations.
Loan Reason
For 2023, First Bank's most frequently cited loan purpose was Home Purchase, with 86 originations. The 2nd most popular reason was Home Improvement, with 23 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 141 | $22,595,000 | $160,248 | $0 | 0.00% |
For 2023, First Bank's most frequently cited loan duration was Other, with 141 originations.
Loan Sizing
2023 saw First Bank place emphasis on $100,000 or less loans with 59 originations, totaling $2,905,000 in origination value.
Applicant Income
First Bank lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $75k-100k, with 19 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 141 | $22,595,000 | $160,248 | $0 | 0.00% |
First Bank lent most frequently to those with DTI ratios of Exempt%, with 141 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.15%
First 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 origination93.62%
First Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 141 | $22,595,000 | $160,248 |