Bank Of Farmington Mortgage Rates, Fees & Info
Farmington, ILLEI: 549300HECWJMBMVQ1V28
Tax ID: 37-0165440
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Mortgage Data
Review & Overview
Bank Of Farmington is a smaller bank specializing in Refi and Cash Out Refi loans. Bank Of Farmington has a high proportion of conventional loans. Their top two markets are Peoria and Galesburg .Bank Of Farmington 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
35Origination Dollar Volume (All Markets)
$4,315,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 33 | $4,275,000 | $129,545 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 0.00% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $4,315,000 | $123,286 | $0 | 0.00% |
For 2019, Bank Of Farmington's most frequently originated type of loan was Conventional, with 35 originations.
Loan Reason
For 2019, Bank Of Farmington's most frequently cited loan purpose was Refi, with 12 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 35 | $4,315,000 | $123,286 | $0 | 0.00% |
For 2019, Bank Of Farmington's most frequently cited loan duration was Other, with 35 originations.
Loan Sizing
2019 saw Bank Of Farmington place emphasis on $100,000 or less loans with 24 originations, totaling $1,100,000 in origination value.
Applicant Income
Bank Of Farmington lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $50k or less, with 7 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 35 | $4,315,000 | $123,286 | $0 | 0.00% |
Bank Of Farmington lent most frequently to those with DTI ratios of Exempt%, with 35 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 30 | $3,910,000 | $130,333 | $0 | 0.00% |
| Not provided | 5 | $405,000 | $81,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications95.12%
Bank Of Farmington has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination88.57%
Bank Of Farmington has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 35 | $4,315,000 | $123,286 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 35 | $4,315,000 | $123,286 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF THE WEST | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Closing on a mortgage | 1 | 7.1% |
| BANK OF THE WEST | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 14.3% |
| BANK OF THE WEST | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| BANK OF THE WEST | Conventional home mortgage | Trouble during payment process | 6 | 42.9% |
| BANK OF THE WEST | Conventional home mortgage | Struggling to pay mortgage | 1 | 7.1% |