First Farmers & Merchants National Bank Mortgage Rates, Fees & Info

Fairmont, MN

LEI: 549300MIVSVBBGZIFR79

Tax ID: 41-1675593

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 Farmers & Merchants National Bank is a smaller bank specializing in Refi and Home Purchase loans. First Farmers & Merchants National Bank has a high proportion of conventional loans. Their top (well, only) market is Minneapolis.

    First Farmers & Merchants National 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    19

    Origination Dollar Volume (All Markets)

    $2,905,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $1,725,000 $246,429 $0 0.00%
    Outside of Metro Areas 12 $1,180,000 $98,333 $0 0.00%
    First Farmers & Merchants National Bank's top markets include and Minneapolis among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 19 $2,905,000 $152,895 $0 0.00%

    For 2024, First Farmers & Merchants National Bank's most frequently originated type of loan was Conventional, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 11 $1,615,000 $146,818 $0 0.00%
    Home Purchase 6 $1,030,000 $171,667 $0 0.00%
    Home Improvement 1 $235,000 $235,000 $0 0.00%
    Other 1 $25,000 $25,000 $0 0.00%

    For 2024, First Farmers & Merchants National Bank's most frequently cited loan purpose was Refi, with 11 originations. The 2nd most popular reason was Home Purchase, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 19 $2,905,000 $152,895 $0 0.00%

    For 2024, First Farmers & Merchants National Bank's most frequently cited loan duration was Other, with 19 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 8 $300,000 $37,500 $0 0.00%
    $100k-200k 5 $665,000 $133,000 $0 0.00%
    $200k-400k 4 $1,040,000 $260,000 $0 0.00%
    $400k-600k 2 $900,000 $450,000 $0 0.00%

    2024 saw First Farmers & Merchants National Bank place emphasis on $100,000 or less loans with 8 originations, totaling $300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 4 $770,000 $192,500 $0 0.00%
    $75k-100k 3 $85,000 $28,333 $0 0.00%
    $150k-250k 2 $260,000 $130,000 $0 0.00%
    $250k+ 2 $610,000 $305,000 $0 0.00%
    $50k or less 2 $130,000 $65,000 $0 0.00%
    $50k-75k 1 $25,000 $25,000 $0 0.00%

    First Farmers & Merchants National Bank lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $75k-100k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 19 $2,905,000 $152,895 $0 0.00%

    First Farmers & Merchants National Bank lent most frequently to those with DTI ratios of Exempt%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 14 $1,820,000 $130,000 $0 0.00%
    Not applicable 4 $980,000 $245,000 $0 0.00%
    Not provided 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.45%

    First Farmers & Merchants National 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
    94.74%

    First Farmers & Merchants National Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 19 $2,905,000 $152,895

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    19 $2,905,000 $152,895