First Freedom Bank Mortgage Rates, Fees & Info
LEBANON, TNLEI: 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
77Origination Dollar Volume (All Markets)
$13,455,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
2019 saw First Freedom Bank place emphasis on $100k-200k loans with 30 originations, totaling $4,690,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications94.51%
First Freedom Bank has an average approval rate.
Pick Rate
Approvals leading to origination88.31%
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% |