Bank Of Farmington Mortgage Rates, Fees & Info

Farmington, IL

LEI: 549300HECWJMBMVQ1V28

Tax ID: 37-0165440

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
  • Complaints
  • 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

    Bank Of Farmington is a smaller bank specializing in Refi and Home Purchase loans. Bank Of Farmington has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Galesburg, and Ottawa among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Of Farmington 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

    37

    Origination Dollar Volume (All Markets)

    $5,615,000

    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
    PEORIA, IL (FHA|USDA|VA) 29 $4,165,000 $143,621 $1,675 5.05%
    Galesburg, IL (FHA|USDA|VA) 6 $1,220,000 $203,333 $1,217 5.30%
    Outside of Metro Areas 1 $155,000 $155,000 $2,350 4.75%
    Ottawa, IL (FHA|USDA|VA) 1 $75,000 $75,000 $1,812 4.90%
    Bank Of Farmington's top markets include Peoria, Galesburg, and Ottawa among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $5,615,000 $151,757 $1,626 5.08%

    For 2018, Bank Of Farmington's most frequently originated type of loan was Conventional, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 16 $3,120,000 $195,000 $1,480 4.77%
    Home Purchase 12 $1,760,000 $146,667 $1,877 5.32%
    Other 4 $350,000 $87,500 $1,886 5.14%
    Cash Out Refi 3 $245,000 $81,667 $1,076 5.63%
    Home Improvement 2 $140,000 $70,000 $0 5.19%

    For 2018, Bank Of Farmington's most frequently cited loan purpose was Refi, with 16 originations. The 2nd most popular reason was Home Purchase, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 29 $4,435,000 $152,931 $1,679 5.24%
    1 Year 3 $665,000 $221,667 $1,812 5.15%
    5 Year 3 $325,000 $108,333 $1,612 4.88%
    10 Year 2 $190,000 $95,000 $892 2.89%

    For 2018, Bank Of Farmington's most frequently cited loan duration was Other, with 29 originations. The 2nd most popular length was 1 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 34 $5,430,000 $159,706

    Bank Of Farmington's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 23 $2,395,000 $104,130
    4-5% 12 $3,140,000 $261,667
    <2.5% 1 $45,000 $45,000
    6-7% 1 $35,000 $35,000

    During 2018, Bank Of Farmington's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 23 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $865,000 $45,526 $1,541 5.18%
    $100k-200k 9 $1,325,000 $147,222 $1,643 5.17%
    $200k-400k 5 $1,385,000 $277,000 $1,731 4.81%
    $400k-600k 3 $1,395,000 $465,000 $1,713 4.58%
    $600k-1MM 1 $645,000 $645,000 $2,302 5.25%

    2018 saw Bank Of Farmington place emphasis on $100,000 or less loans with 19 originations, totaling $865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 10 $1,780,000 $178,000 $1,463 4.60%
    $150k-250k 7 $1,315,000 $187,857 $1,488 5.02%
    $50k-75k 6 $380,000 $63,333 $1,539 5.61%
    $50k or less 6 $270,000 $45,000 $1,732 5.38%
    $100k-150k 5 $1,075,000 $215,000 $2,084 5.02%
    $250k+ 3 $795,000 $265,000 $1,603 5.25%

    Bank Of Farmington lent most frequently to those with incomes in the $75k-100k range, with 10 originations. The second most popular income band? $150k-250k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 16 $2,290,000 $143,125 $1,746 4.89%
    20-30% 9 $895,000 $99,444 $1,568 5.19%
    37% 2 $360,000 $180,000 $1,438 5.20%
    30-36% 2 $200,000 $100,000 $1,812 5.38%
    36% 1 $415,000 $415,000 $2,661 4.75%
    42% 1 $365,000 $365,000 $1,888 4.68%
    46% 1 $545,000 $545,000 $1,238 4.50%
    47% 1 $435,000 $435,000 $1,238 4.50%
    50-60% 1 $35,000 $35,000 $0 6.25%

    Bank Of Farmington lent most frequently to those with DTI ratios of <20%, with 16 originations. The next most common DTI ratio? 20-30%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $5,615,000 $151,757 $1,626 5.08%

    Approval Rates

    Total approvals of all applications
    86.27%

    Bank Of Farmington has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.08%

    Bank Of Farmington has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 37 $5,615,000 $151,757

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 37 $5,615,000 $151,757

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $255,000 $51,000 $1,180 5.56%
    40-60% 6 $950,000 $158,333 $1,690 5.00%
    60-80% 14 $2,620,000 $187,143 $1,830 5.16%
    80-100% 9 $1,625,000 $180,556 $1,516 5.18%
    Over 100% 2 $160,000 $80,000 $1,458 3.01%
    Under 20% 1 $5,000 $5,000 $1,812 5.25%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 3 11.1%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 5 18.5%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Incorrect information on your report 2 7.4%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST FHA mortgage Closing on a mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 1 3.7%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 2 7.4%