First New Mexico Bank Las Cruces Mortgage Rates, Fees & Info

Las Cruces, NM

LEI: 549300ODHOF8ORD47F11

Tax ID: 26-1105824

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Mortgage Data

Review & Overview

First New Mexico Bank Las Cruces is a smaller bank specializing in Home Purchase loans. First New Mexico Bank Las Cruces has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Las Cruces, El Paso, Deming, Bozeman, and Ruidoso among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First New Mexico Bank Las Cruces has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

62

Origination Dollar Volume (All Markets)

$14,770,000

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
LAS CRUCES, NM (FHA|USDA|VA) 54 $12,960,000 $240,000 $0 0.00%
EL PASO, TX (FHA|USDA|VA) 3 $765,000 $255,000 $0 0.00%
Deming, NM (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
Bozeman, MT (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
Ruidoso, NM (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Outside of Metro Areas 1 $55,000 $55,000 $0 0.00%
First New Mexico Bank Las Cruces's top markets include Las Cruces, El Paso, Deming, Bozeman, and Ruidoso among others.

Their top states include:
  • New Mexico (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 61 $14,475,000 $237,295 $0 0.00%
    FHA 1 $295,000 $295,000 $0 0.00%

    For 2023, First New Mexico Bank Las Cruces's most frequently originated type of loan was Conventional, with 61 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 47 $12,195,000 $259,468 $0 0.00%
    Refi 8 $2,100,000 $262,500 $0 0.00%
    Home Improvement 5 $305,000 $61,000 $0 0.00%
    Other 2 $170,000 $85,000 $0 0.00%

    For 2023, First New Mexico Bank Las Cruces's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 62 $14,770,000 $238,226 $0 0.00%

    For 2023, First New Mexico Bank Las Cruces's most frequently cited loan duration was Other, with 62 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 20 $6,050,000 $302,500 $0 0.00%
    $100,000 or less 19 $1,025,000 $53,947 $0 0.00%
    $100k-200k 11 $1,505,000 $136,818 $0 0.00%
    $400k-600k 10 $4,790,000 $479,000 $0 0.00%
    $600k-1MM 2 $1,400,000 $700,000 $0 0.00%

    2023 saw First New Mexico Bank Las Cruces place emphasis on $200k-400k loans with 20 originations, totaling $6,050,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 13 $1,715,000 $131,923 $0 0.00%
    $100k-150k 11 $2,465,000 $224,091 $0 0.00%
    $150k-250k 11 $4,725,000 $429,545 $0 0.00%
    $50k or less 7 $435,000 $62,143 $0 0.00%
    $75k-100k 7 $1,505,000 $215,000 $0 0.00%
    $250k+ 4 $1,690,000 $422,500 $0 0.00%

    First New Mexico Bank Las Cruces lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $100k-150k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 62 $14,770,000 $238,226 $0 0.00%

    First New Mexico Bank Las Cruces lent most frequently to those with DTI ratios of Exempt%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $8,560,000 $225,263 $0 0.00%
    Not provided 12 $2,930,000 $244,167 $0 0.00%
    Not applicable 8 $1,920,000 $240,000 $0 0.00%
    Black 2 $510,000 $255,000 $0 0.00%
    Asian 1 $445,000 $445,000 $0 0.00%
    American Indian 1 $405,000 $405,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    70.00%

    First New Mexico Bank Las Cruces has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    53.23%

    First New Mexico Bank Las Cruces has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 62 $14,770,000 $238,226

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    62 $14,770,000 $238,226