First Freedom Bank Mortgage Rates, Fees & Info

LEBANON, TN

LEI: 549300HUJ6V0QTROHW53

Tax ID: 20-2432282

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Mortgage Data

Review & Overview

First Freedom Bank is a smaller bank specializing in Home Purchase loans. First Freedom Bank has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Cookeville, Charlotte, Clarksville, and Sevierville among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Freedom 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

77

Origination Dollar Volume (All Markets)

$13,455,000

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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 60 $11,820,000 $197,000 $0 0.00%
Cookeville, TN (FHA|USDA|VA) 12 $1,210,000 $100,833 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $160,000 $80,000 $0 0.00%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Sevierville, TN (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
Outside of Metro Areas 1 $45,000 $45,000 $0 0.00%
First Freedom Bank's top markets include Nashville, Cookeville, Charlotte, Clarksville, and Sevierville among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 77 $13,455,000 $174,740 $0 0.00%

    For 2019, First Freedom Bank's most frequently originated type of loan was Conventional, with 77 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 44 $9,860,000 $224,091 $0 0.00%
    Refi 22 $2,370,000 $107,727 $0 0.00%
    Cash Out Refi 10 $1,150,000 $115,000 $0 0.00%
    Home Improvement 1 $75,000 $75,000 $0 0.00%

    For 2019, First Freedom Bank's most frequently cited loan purpose was Home Purchase, with 44 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 77 $13,455,000 $174,740 $0 0.00%

    For 2019, First Freedom Bank's most frequently cited loan duration was Other, with 77 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 30 $4,690,000 $156,333 $0 0.00%
    $100,000 or less 25 $1,555,000 $62,200 $0 0.00%
    $200k-400k 19 $5,255,000 $276,579 $0 0.00%
    $600k-1MM 2 $1,550,000 $775,000 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2019 saw First Freedom Bank place emphasis on $100k-200k loans with 30 originations, totaling $4,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 26 $4,950,000 $190,385 $0 0.00%
    $50k or less 9 $565,000 $62,778 $0 0.00%
    $100k-150k 8 $1,270,000 $158,750 $0 0.00%
    $150k-250k 6 $850,000 $141,667 $0 0.00%
    $50k-75k 5 $445,000 $89,000 $0 0.00%
    $75k-100k 4 $550,000 $137,500 $0 0.00%

    First Freedom Bank lent most frequently to those with incomes in the $250k+ range, with 26 originations. The second most popular income band? $50k or less, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 77 $13,455,000 $174,740 $0 0.00%

    First Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 77 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 54 $8,250,000 $152,778 $0 0.00%
    Not applicable 19 $4,825,000 $253,947 $0 0.00%
    Not provided 2 $210,000 $105,000 $0 0.00%
    Black 2 $170,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.51%

    First Freedom Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.31%

    First Freedom Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 77 $13,455,000 $174,740

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 7 $305,000 $43,571
    Single Family (1-4 Units):Site-Built 70 $13,150,000 $187,857

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%