First Freedom Bank Mortgage Rates, Fees & Info

LEBANON, TN

LEI: 549300HUJ6V0QTROHW53

Tax ID: 20-2432282

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

    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, and Chattanooga among others. We have data for 4 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 an above 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

    81

    Origination Dollar Volume (All Markets)

    $28,615,000

    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
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 62 $25,480,000 $410,968 $0 0.00%
    Cookeville, TN (FHA|USDA|VA) 11 $1,725,000 $156,818 $0 0.00%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 4 $760,000 $190,000 $0 0.00%
    Outside of Metro Areas 4 $650,000 $162,500 $0 0.00%
    First Freedom Bank's top markets include Nashville, Cookeville, and Chattanooga among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 81 $28,615,000 $353,272 $0 0.00%

    For 2022, First Freedom Bank's most frequently originated type of loan was Conventional, with 81 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 54 $22,870,000 $423,519 $0 0.00%
    Refi 24 $5,480,000 $228,333 $0 0.00%
    Home Improvement 2 $120,000 $60,000 $0 0.00%
    Other 1 $145,000 $145,000 $0 0.00%

    For 2022, First Freedom Bank's most frequently cited loan purpose was Home Purchase, with 54 originations. The 2nd most popular reason was Refi, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 81 $28,615,000 $353,272 $0 0.00%

    For 2022, First Freedom Bank's most frequently cited loan duration was Other, with 81 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 32 $8,900,000 $278,125 $0 0.00%
    $100k-200k 20 $3,000,000 $150,000 $0 0.00%
    $100,000 or less 12 $870,000 $72,500 $0 0.00%
    $1MM+ 8 $10,770,000 $1,346,250 $0 0.00%
    $400k-600k 5 $2,205,000 $441,000 $0 0.00%
    $600k-1MM 4 $2,870,000 $717,500 $0 0.00%

    2022 saw First Freedom Bank place emphasis on $200k-400k loans with 32 originations, totaling $8,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 28 $11,100,000 $396,429 $0 0.00%
    $150k-250k 12 $3,090,000 $257,500 $0 0.00%
    $100k-150k 6 $1,260,000 $210,000 $0 0.00%
    $50k or less 6 $610,000 $101,667 $0 0.00%
    $75k-100k 6 $1,410,000 $235,000 $0 0.00%
    $50k-75k 3 $595,000 $198,333 $0 0.00%

    First Freedom Bank lent most frequently to those with incomes in the $250k+ range, with 28 originations. The second most popular income band? $150k-250k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 81 $28,615,000 $353,272 $0 0.00%

    First Freedom Bank lent most frequently to those with DTI ratios of Exempt%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 59 $18,785,000 $318,390 $0 0.00%
    Not applicable 19 $9,145,000 $481,316 $0 0.00%
    Asian Indian 2 $590,000 $295,000 $0 0.00%
    Vietnamese 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.85%

    First Freedom 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
    95.06%

    First Freedom Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 81 $28,615,000 $353,272

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    81 $28,615,000 $353,272

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%