First Farmers & Merchants National Bank Mortgage Rates, Fees & Info
Fairmont, MNLEI: 549300MIVSVBBGZIFR79
Tax ID: 41-1675593
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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 markets by origination volume include: Minneapolis, Fairmont, Boston, Brainerd, and Athens among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)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.
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Originations
37Origination Dollar Volume (All Markets)
$6,085,000Top 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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 10 | $2,420,000 | $242,000 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 12 | $1,060,000 | $88,333 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $0 | 0.00% |
| Outside of Metro Areas | 9 | $765,000 | $85,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| Athens, OH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $6,085,000 | $164,459 | $0 | 0.00% |
For 2018, First Farmers & Merchants National Bank's most frequently originated type of loan was Conventional, with 37 originations.
Loan Reason
For 2018, First Farmers & Merchants National Bank's most frequently cited loan purpose was Refi, with 18 originations. The 2nd most popular reason was Home Purchase, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 37 | $6,085,000 | $164,459 | $0 | 0.00% |
For 2018, First Farmers & Merchants National Bank's most frequently cited loan duration was Other, with 37 originations.
Loan Sizing
2018 saw First Farmers & Merchants National Bank place emphasis on $100k-200k loans with 15 originations, totaling $2,165,000 in origination value.
Applicant Income
First Farmers & Merchants National Bank lent most frequently to those with incomes in the $50k or less range, with 8 originations. The second most popular income band? $150k-250k, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 37 | $6,085,000 | $164,459 | $0 | 0.00% |
First Farmers & Merchants National Bank lent most frequently to those with DTI ratios of Exempt%, with 37 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 28 | $4,640,000 | $165,714 | $0 | 0.00% |
| Not applicable | 9 | $1,445,000 | $160,556 | $0 | 0.00% |
Approval Rates
Total approvals of all applications90.48%
First Farmers & Merchants National Bank has an average approval rate.
Pick Rate
Approvals leading to origination97.30%
First Farmers & Merchants National 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 | 37 | $6,085,000 | $164,459 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 37 | $6,085,000 | $164,459 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST NATIONAL BANK OF OMAHA | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 50.0% |
| FIRST NATIONAL BANK OF OMAHA | Conventional home mortgage | Struggling to pay mortgage | 1 | 50.0% |