Farmers State Bank Mortgage Rates, Fees & Info
Marion, IALEI: 549300EXKS98GEONUS84
Tax ID: 42-0109590
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Farmers State Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Iowa City, Dubuque, Ames, and Des Moines among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Farmers State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
184Origination Dollar Volume (All Markets)
$80,730,000Top 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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 145 | $54,935,000 | $378,862 | $0 | 0.00% |
| IOWA CITY, IA (FHA|USDA|VA) | 18 | $11,040,000 | $613,333 | $0 | 0.00% |
| DUBUQUE, IA (FHA|USDA|VA) | 2 | $6,750,000 | $3,375,000 | $0 | 0.00% |
| AMES, IA (FHA|USDA|VA) | 2 | $4,770,000 | $2,385,000 | $0 | 0.00% |
| Outside of Metro Areas | 8 | $1,480,000 | $185,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $0 | 0.00% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Pella, IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 184 | $80,730,000 | $438,750 | $0 | 0.00% |
For 2022, Farmers State Bank's most frequently originated type of loan was Conventional, with 184 originations.
Loan Reason
For 2022, Farmers State Bank's most frequently cited loan purpose was Home Purchase, with 122 originations. The 2nd most popular reason was Refi, with 45 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 184 | $80,730,000 | $438,750 | $0 | 0.00% |
For 2022, Farmers State Bank's most frequently cited loan duration was Other, with 184 originations.
Loan Sizing
2022 saw Farmers State Bank place emphasis on $100k-200k loans with 76 originations, totaling $10,930,000 in origination value.
Applicant Income
Farmers State Bank lent most frequently to those with incomes in the $50k-75k range, with 32 originations. The second most popular income band? $50k or less, with 30 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 184 | $80,730,000 | $438,750 | $0 | 0.00% |
Farmers State Bank lent most frequently to those with DTI ratios of Exempt%, with 184 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 54 | $52,260,000 | $967,778 | $0 | 0.00% |
| White | 130 | $28,470,000 | $219,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications96.54%
Farmers State 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 origination78.80%
Farmers State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 184 | $80,730,000 | $438,750 |