Farmers & Merchants State Bank Mortgage Rates, Fees & Info

WINTERSET, IA

LEI: 549300DUVDQ4UATCVD64

Tax ID: 42-0245516

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
  • 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

    Farmers & Merchants State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers & Merchants State Bank has a high proportion of conventional loans. Farmers & Merchants State Bank has an average proportion of conventional loans. Their top (well, only) market is Des Moines.

    Farmers & Merchants State Bank 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.

    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.

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    Originations

    57

    Origination Dollar Volume (All Markets)

    $6,575,000

    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
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 46 $5,960,000 $129,565 $712 5.05%
    Outside of Metro Areas 11 $615,000 $55,909 $571 5.44%
    Farmers & Merchants State Bank's top markets include and Des Moines among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $5,320,000 $120,909 $690 5.12%
    Conventional 13 $1,255,000 $96,538 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 44 originations. Their 2nd most popular type was Conventional, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 28 $3,850,000 $137,500 $1,021 4.98%
    Refi 21 $2,465,000 $117,381 $524 5.17%
    Home Improvement 4 $140,000 $35,000 $162 5.44%
    Other 4 $120,000 $30,000 $443 5.45%

    For 2018, Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 40 $4,370,000 $109,250 $736 5.15%
    5 Year 14 $1,440,000 $102,857 $155 5.10%
    1 Year 2 $240,000 $120,000 $0 5.23%
    10 Year 1 $525,000 $525,000 $0 4.50%

    For 2018, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 40 originations. The 2nd most popular length was 5 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 24 $2,520,000 $105,000
    $1k-2k 1 $185,000 $185,000

    Farmers & Merchants 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 24 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 24 $1,160,000 $48,333
    4-5% 20 $4,160,000 $208,000

    During 2018, Farmers & Merchants State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 24 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 32 $1,530,000 $47,813 $629 5.31%
    $100k-200k 17 $2,445,000 $143,824 $1,040 4.90%
    $200k-400k 6 $1,670,000 $278,333 $740 4.83%
    $400k-600k 2 $930,000 $465,000 $160 4.68%

    2018 saw Farmers & Merchants State Bank place emphasis on $100,000 or less loans with 32 originations, totaling $1,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 18 $1,420,000 $78,889 $387 5.22%
    $50k-75k 14 $1,280,000 $91,429 $1,062 5.13%
    $100k-150k 8 $980,000 $122,500 $828 4.95%
    $75k-100k 8 $1,030,000 $128,750 $414 5.14%
    $150k-250k 2 $490,000 $245,000 $0 4.75%
    $250k+ 2 $580,000 $290,000 $0 5.00%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k or less range, with 18 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 13 $1,255,000 $96,538 $0 0.00%
    30-36% 7 $635,000 $90,714 $1,301 5.15%
    <20% 5 $295,000 $59,000 $328 5.24%
    20-30% 5 $895,000 $179,000 $1,230 5.07%
    40% 3 $485,000 $161,667 $691 5.12%
    37% 2 $300,000 $150,000 $243 5.18%
    36% 2 $80,000 $40,000 $0 5.38%
    >60% 1 $25,000 $25,000 $0 5.50%
    41% 1 $405,000 $405,000 $160 4.85%
    38% 1 $75,000 $75,000 $0 4.50%
    45% 1 $175,000 $175,000 $160 4.75%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 13 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 53 $5,845,000 $110,283 $690 5.13%
    Not applicable 4 $730,000 $182,500 $0 5.10%

    Approval Rates

    Total approvals of all applications
    87.50%

    Farmers & Merchants State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.47%

    Farmers & Merchants State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 13 $1,255,000 $96,538
    NA 44 $5,320,000 $120,909

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 56 $6,540,000 $116,786

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $125,000 $41,667 $632 5.20%
    40-60% 9 $805,000 $89,444 $714 5.14%
    60-80% 15 $2,395,000 $159,667 $660 5.03%
    80-100% 8 $1,180,000 $147,500 $1,339 5.13%
    Over 100% 3 $745,000 $248,333 $0 4.80%
    Under 20% 6 $70,000 $11,667 $104 5.46%