Farmers Savings Bank & Trust Mortgage Rates, Fees & Info
Vinton, IALEI: 549300MOZY61MOJWXJ70
Tax ID: 42-0246980
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Mortgage Data
Review & Overview
Farmers Savings Bank & Trust is a smaller bank specializing in Home Purchase and Refi loans. Farmers Savings Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Cedar Rapids, Waterloo, and Davenport among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Farmers Savings Bank & Trust 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. Farmers Savings Bank & Trust is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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Originations
45Origination Dollar Volume (All Markets)
$4,565,000Awards
Farmers Savings Bank & Trust - 2018
Farmers Savings Bank & Trust is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 29 | $3,165,000 | $109,138 | $1,776 | 4.93% |
| Outside of Metro Areas | 12 | $930,000 | $77,500 | $1,418 | 5.36% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $1,253 | 4.63% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against Farmers Savings Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 45 | $4,565,000 | $101,444 | $1,656 | 5.04% |
For 2018, Farmers Savings Bank & Trust's most frequently originated type of loan was Conventional, with 45 originations.
Loan Reason
For 2018, Farmers Savings Bank & Trust's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 15 originations.
Loan Duration/Length
For 2018, Farmers Savings Bank & Trust's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 20 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $2,050,000 | $93,182 |
| $1k-2k | 11 | $1,785,000 | $162,273 |
| $2k-3k | 1 | $105,000 | $105,000 |
Farmers Savings Bank & Trust's average total fees were $1,932, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 20 | $2,850,000 | $142,500 |
| 5-6% | 18 | $990,000 | $55,000 |
| 3-4% | 4 | $550,000 | $137,500 |
| 6-7% | 3 | $175,000 | $58,333 |
During 2018, Farmers Savings Bank & Trust's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 20 originations.
Loan Sizing
2018 saw Farmers Savings Bank & Trust place emphasis on $100,000 or less loans with 24 originations, totaling $1,110,000 in origination value.
Applicant Income
Farmers Savings Bank & Trust lent most frequently to those with incomes in the $50k or less range, with 14 originations. The second most popular income band? $50k-75k, with 13 originations.
Applicant Debt to Income Ratio
Farmers Savings Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 44 | $4,480,000 | $101,818 | $1,656 | 5.03% |
| Not applicable | 1 | $85,000 | $85,000 | $0 | 5.50% |
Approval Rates
Total approvals of all applications96.08%
Farmers Savings Bank & Trust has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.11%
Farmers Savings Bank & Trust has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 45 | $4,565,000 | $101,444 |