First Farmers & Merchants National Bank Mortgage Rates, Fees & Info
Fairmont, MNLEI: 549300MIVSVBBGZIFR79
Tax ID: 41-1675593
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Mortgage Data
Review & Overview
First Farmers & Merchants National Bank is a smaller bank specializing in Home Purchase and Refi 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.
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Originations
54Origination Dollar Volume (All Markets)
$6,440,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 51 | $5,825,000 | $114,216 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 54 | $6,440,000 | $119,259 | $0 | 0.00% |
For 2019, First Farmers & Merchants National Bank's most frequently originated type of loan was Conventional, with 54 originations.
Loan Reason
For 2019, First Farmers & Merchants National Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 54 | $6,440,000 | $119,259 | $0 | 0.00% |
For 2019, First Farmers & Merchants National Bank's most frequently cited loan duration was Other, with 54 originations.
Loan Sizing
2019 saw First Farmers & Merchants National Bank place emphasis on $100,000 or less loans with 35 originations, totaling $1,565,000 in origination value.
Applicant Income
First Farmers & Merchants National Bank lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $50k or less, with 10 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 54 | $6,440,000 | $119,259 | $0 | 0.00% |
First Farmers & Merchants National Bank lent most frequently to those with DTI ratios of Exempt%, with 54 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 50 | $5,700,000 | $114,000 | $0 | 0.00% |
| Not applicable | 4 | $740,000 | $185,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications96.49%
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 origination98.15%
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 | 54 | $6,440,000 | $119,259 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $1,050,000 | $525,000 |
| Single Family (1-4 Units):Site-Built | 52 | $5,390,000 | $103,654 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST NATIONAL BANK OF OMAHA | Conventional home mortgage | Closing on a mortgage | 2 | 33.3% |
| FIRST NATIONAL BANK OF OMAHA | Conventional home mortgage | Trouble during payment process | 3 | 50.0% |
| FIRST NATIONAL BANK OF OMAHA | Conventional home mortgage | Struggling to pay mortgage | 1 | 16.7% |