First New Mexico Bank Las Cruces Mortgage Rates, Fees & Info
Las Cruces, NMLEI: 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
62Origination Dollar Volume (All Markets)
$14,770,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
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
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
Approval Rates
Total approvals of all applications70.00%
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 origination53.23%
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 |