First United Bank And Trust Co

DURANT, OK 74702

LEI: 549300DMHEHNYZ2OLB41

Tax ID: 73-0222372

2019 Data | 2018 Data


Overview

First United Bank And Trust Co is a small mortgage company specializing in Home Purchase loans. First United Bank And Trust Co has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Dallas, Oklahoma City, Fort Worth, Houston, and Austin among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. First United Bank And Trust Co is typically a low fee lendor.


Originations

10,076

Origination Dollar Volume (All Markets)

$2,918,490,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 7,694 $2,435,260,000 $316,514
FHA 1,488 $264,270,000 $177,601
VA 795 $204,685,000 $257,465
USDA 99 $14,275,000 $144,192

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 7,295 $2,192,795,000 $300,589
Home Improvement 248 $25,610,000 $103,266
Other 436 $54,580,000 $125,183
Refi 1,553 $491,135,000 $316,249
Cash Out Refi 544 $154,370,000 $283,768

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
DALLAS-PLANO-IRVING, TX 1,566 $710,210,000 $453,519
OKLAHOMA CITY, OK 2,050 $407,510,000 $198,785
FORT WORTH-ARLINGTON-GRAPEVINE, TX 1,204 $404,900,000 $336,296
Outside of Metro Areas 1,930 $317,260,000 $164,383
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 614 $264,270,000 $430,407
AUSTIN-ROUND ROCK-GEORGETOWN, TX 427 $235,095,000 $550,574
TULSA, OK 1,071 $220,595,000 $205,971
SAN ANTONIO-NEW BRAUNFELS, TX 437 $172,595,000 $394,954
SHERMAN-DENISON, TX 325 $58,885,000 $181,185
LAWTON, OK 260 $45,700,000 $175,769
PANAMA CITY, FL 1 $12,115,000 $12,115,000
KILLEEN-TEMPLE, TX 17 $7,245,000 $426,176
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 2 $6,720,000 $3,360,000
SANTA MARIA-SANTA BARBARA, CA 1 $5,005,000 $5,005,000
COLLEGE STATION-BRYAN, TX 9 $3,395,000 $377,222
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 6 $3,050,000 $508,333
PHOENIX-MESA-CHANDLER, AZ 9 $2,955,000 $328,333
WACO, TX 9 $2,855,000 $317,222
TYLER, TX 9 $2,425,000 $269,444
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 4 $1,470,000 $367,500
ENID, OK 4 $1,460,000 $365,000
SANTA FE, NM 3 $1,415,000 $471,667
ORLANDO-KISSIMMEE-SANFORD, FL 4 $1,380,000 $345,000
WICHITA FALLS, TX 6 $1,250,000 $208,333
FORT SMITH, AR-OK 7 $1,125,000 $160,714
CORPUS CHRISTI, TX 5 $1,035,000 $207,000
LONGVIEW, TX 3 $935,000 $311,667
NEWARK, NJ-PA 2 $930,000 $465,000
COLORADO SPRINGS, CO 2 $930,000 $465,000
NEW ORLEANS-METAIRIE, LA 2 $890,000 $445,000
RALEIGH-CARY, NC 3 $825,000 $275,000
CHARLESTON-NORTH CHARLESTON, SC 1 $805,000 $805,000
DENVER-AURORA-LAKEWOOD, CO 2 $730,000 $365,000
BOSTON, MA 1 $715,000 $715,000
COLUMBUS, OH 3 $715,000 $238,333
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 2 $700,000 $350,000
TACOMA-LAKEWOOD, WA 1 $675,000 $675,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 2 $630,000 $315,000
NORTH PORT-SARASOTA-BRADENTON, FL 1 $625,000 $625,000
PHILADELPHIA, PA 1 $605,000 $605,000
BOULDER, CO 1 $585,000 $585,000
SAVANNAH, GA 2 $570,000 $285,000
IDAHO FALLS, ID 1 $535,000 $535,000
BIRMINGHAM-HOOVER, AL 2 $490,000 $245,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $455,000 $455,000
WARREN-TROY-FARMINGTON HILLS, MI 2 $440,000 $220,000
ALBUQUERQUE, NM 2 $440,000 $220,000
MIAMI-MIAMI BEACH-KENDALL, FL 2 $440,000 $220,000
SAN ANGELO, TX 1 $435,000 $435,000
LAKELAND-WINTER HAVEN, FL 2 $430,000 $215,000
ANCHORAGE, AK 1 $425,000 $425,000
LUBBOCK, TX 3 $415,000 $138,333
LEXINGTON-FAYETTE, KY 1 $405,000 $405,000
MIDLAND, TX 1 $405,000 $405,000
KNOXVILLE, TN 2 $400,000 $200,000
LAREDO, TX 2 $370,000 $185,000
KANSAS CITY, MO-KS 2 $370,000 $185,000
PITTSFIELD, MA 1 $355,000 $355,000
OLYMPIA-LACEY-TUMWATER, WA 1 $355,000 $355,000
RENO, NV 1 $345,000 $345,000
BEAUMONT-PORT ARTHUR, TX 1 $325,000 $325,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $315,000 $315,000
SPRINGFIELD, MO 1 $315,000 $315,000
WATERLOO-CEDAR FALLS, IA 1 $315,000 $315,000
MADISON, WI 1 $305,000 $305,000
LAS VEGAS-HENDERSON-PARADISE, NV 1 $305,000 $305,000
CHATTANOOGA, TN-GA 2 $300,000 $150,000
ANAHEIM-SANTA ANA-IRVINE, CA 1 $295,000 $295,000
BATON ROUGE, LA 2 $290,000 $145,000
OGDEN-CLEARFIELD, UT 1 $275,000 $275,000
TEXARKANA, TX-AR 2 $270,000 $135,000
GAINESVILLE, FL 1 $245,000 $245,000
ABILENE, TX 2 $240,000 $120,000
DAYTON-KETTERING, OH 1 $235,000 $235,000
SALEM, OR 1 $225,000 $225,000
LAKE HAVASU CITY-KINGMAN, AZ 1 $225,000 $225,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $225,000 $225,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1 $215,000 $215,000
HUNTSVILLE, AL 1 $215,000 $215,000
AMARILLO, TX 1 $195,000 $195,000
WICHITA, KS 1 $185,000 $185,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $175,000 $175,000
AUBURN-OPELIKA, AL 1 $145,000 $145,000
ASHEVILLE, NC 1 $145,000 $145,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 1 $135,000 $135,000
FARMINGTON, NM 1 $135,000 $135,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $135,000 $135,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $125,000 $125,000
ODESSA, TX 1 $125,000 $125,000
MEDFORD, OR 1 $115,000 $115,000
HOMOSASSA SPRINGS, FL 1 $115,000 $115,000
GREELEY, CO 1 $115,000 $115,000
HATTIESBURG, MS 1 $85,000 $85,000
SPOKANE-SPOKANE VALLEY, WA 1 $65,000 $65,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $65,000 $65,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 1 $305,000 $305,000
2.5-3% 36 $10,450,000 $290,278
3-4% 4,119 $1,312,405,000 $318,622
4-5% 3,927 $1,158,165,000 $294,924
5-6% 1,280 $367,240,000 $286,906
6-7% 498 $55,690,000 $111,827
7-8% 162 $11,370,000 $70,185
Over 8% 53 $2,865,000 $54,057

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,615 $98,435,000 $60,950
$100k-200k 3,024 $458,400,000 $151,587
$200k-400k 3,619 $1,007,785,000 $278,471
$400k-600k 1,146 $549,930,000 $479,869
$600k-1000k 494 $363,190,000 $735,202
$Over $1MM 178 $440,750,000 $2,476,124

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 464 $65,810,000 $141,832
40-60% 706 $257,630,000 $364,915
60-80% 2,856 $1,027,490,000 $359,765
80-100% 5,518 $1,498,170,000 $271,506
Over 100% 204 $52,890,000 $259,265
Under 20% 328 $16,500,000 $50,305

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,856 $526,580,000 $283,718
$150k-250k 1,477 $580,895,000 $393,294
$50k-75k 1,699 $303,415,000 $178,584
$50k-or less 2,201 $254,695,000 $115,718
$75k-100k 1,354 $301,410,000 $222,607
$Over $250k 957 $630,655,000 $658,992

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 7,440 $2,028,420,000 $272,637
Not provided 1,338 $377,980,000 $282,496
Not applicable 370 $278,100,000 $751,622
Asian 325 $103,355,000 $318,015
American Indian 352 $66,710,000 $189,517
Black 236 $59,210,000 $250,890
Native Hawaiian 12 $4,180,000 $348,333
Asian Indian 2 $450,000 $225,000
Other Asian 1 $85,000 $85,000

Approval Rates

Total approvals of all applications
94.55%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
78.28%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 10,076 $2,918,490,000 $289,648

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 6,052 $1,668,020,000 $275,615
$1k-2k 1,811 $631,625,000 $348,771
$2k-3k 321 $100,065,000 $311,729
$3k-4k 187 $60,115,000 $321,471
$5k+ 69 $35,645,000 $516,594

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 1 $655,000 $655,000
Multifamily:Site-Built 59 $231,375,000 $3,921,610
Single Family (1-4 Units):Manufactured 51 $4,125,000 $80,882
Single Family (1-4 Units):Site-Built 9,965 $2,682,335,000 $269,176