First Bank Mortgage Rates, Fees & Info

Waverly, IA

LEI: 549300CWJ74FF73VDL12

Tax ID: 42-0253313

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Mortgage Data

Review & Overview

First Bank is a smaller bank specializing in Home Purchase and Refi loans. First Bank has a high proportion of conventional loans. Their top markets by origination volume include: Waterloo, Davenport, Fort Dodge, Des Moines, and Phoenix among others. We have data for 13 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

247

Origination Dollar Volume (All Markets)

$40,045,000

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
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 154 $23,370,000 $151,753 $0 0.00%
Outside of Metro Areas 65 $10,225,000 $157,308 $0 0.00%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 4 $1,310,000 $327,500 $0 0.00%
Fort Dodge, IA (FHA|USDA|VA) 10 $1,210,000 $121,000 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $795,000 $265,000 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $745,000 $745,000 $0 0.00%
FAYETTEVILLE, NC (FHA|USDA|VA) 2 $640,000 $320,000 $0 0.00%
SIOUX FALLS, SD (FHA|USDA|VA) 1 $565,000 $565,000 $0 0.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $70,000 $35,000 $0 0.00%
First Bank's top markets include Waterloo, Davenport, Fort Dodge, Des Moines, and Phoenix among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 247 $40,045,000 $162,126 $0 0.00%

    For 2022, First Bank's most frequently originated type of loan was Conventional, with 247 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 145 $26,175,000 $180,517 $0 0.00%
    Refi 66 $11,560,000 $175,152 $0 0.00%
    Home Improvement 27 $1,785,000 $66,111 $0 0.00%
    Other 8 $300,000 $37,500 $0 0.00%
    Cash Out Refi 1 $225,000 $225,000 $0 0.00%

    For 2022, First Bank's most frequently cited loan purpose was Home Purchase, with 145 originations. The 2nd most popular reason was Refi, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 247 $40,045,000 $162,126 $0 0.00%

    For 2022, First Bank's most frequently cited loan duration was Other, with 247 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 104 $5,680,000 $54,615 $0 0.00%
    $100k-200k 77 $11,165,000 $145,000 $0 0.00%
    $200k-400k 47 $12,825,000 $272,872 $0 0.00%
    $400k-600k 14 $6,700,000 $478,571 $0 0.00%
    $600k-1MM 5 $3,675,000 $735,000 $0 0.00%

    2022 saw First Bank place emphasis on $100,000 or less loans with 104 originations, totaling $5,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 33 $6,825,000 $206,818 $0 0.00%
    $50k-75k 33 $4,275,000 $129,545 $0 0.00%
    $150k-250k 25 $6,795,000 $271,800 $0 0.00%
    $50k or less 25 $2,475,000 $99,000 $0 0.00%
    $75k-100k 25 $3,085,000 $123,400 $0 0.00%
    $250k+ 11 $2,865,000 $260,455 $0 0.00%

    First Bank lent most frequently to those with incomes in the $100k-150k range, with 33 originations. The second most popular income band? $50k-75k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 247 $40,045,000 $162,126 $0 0.00%

    First Bank lent most frequently to those with DTI ratios of Exempt%, with 247 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 169 $28,635,000 $169,438 $0 0.00%
    Not applicable 75 $10,775,000 $143,667 $0 0.00%
    Asian 2 $510,000 $255,000 $0 0.00%
    Not provided 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.48%

    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 origination
    95.14%

    First Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 247 $40,045,000 $162,126

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    247 $40,045,000 $162,126

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%