Farmers State Bank Mortgage Rates, Fees & Info

Marion, IA

LEI: 549300EXKS98GEONUS84

Tax ID: 42-0109590

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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

184

Origination Dollar Volume (All Markets)

$80,730,000

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
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%
Farmers State Bank's top markets include Cedar Rapids, Iowa City, Dubuque, Ames, and Des Moines among others.

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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 122 $53,700,000 $440,164 $0 0.00%
    Refi 45 $22,855,000 $507,889 $0 0.00%
    Other 11 $1,995,000 $181,364 $0 0.00%
    Home Improvement 6 $2,180,000 $363,333 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 76 $10,930,000 $143,816 $0 0.00%
    $200k-400k 43 $12,005,000 $279,186 $0 0.00%
    $100,000 or less 33 $1,785,000 $54,091 $0 0.00%
    $400k-600k 15 $7,295,000 $486,333 $0 0.00%
    $1MM+ 14 $46,340,000 $3,310,000 $0 0.00%
    $600k-1MM 3 $2,375,000 $791,667 $0 0.00%

    2022 saw Farmers State Bank place emphasis on $100k-200k loans with 76 originations, totaling $10,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 32 $4,780,000 $149,375 $0 0.00%
    $50k or less 30 $3,490,000 $116,333 $0 0.00%
    $100k-150k 24 $5,760,000 $240,000 $0 0.00%
    $75k-100k 19 $4,255,000 $223,947 $0 0.00%
    $250k+ 11 $7,095,000 $645,000 $0 0.00%
    $150k-250k 8 $1,380,000 $172,500 $0 0.00%

    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 applications
    96.54%

    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 origination
    78.80%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    184 $80,730,000 $438,750