First Community Mortgage Inc.

MURFREESBORO, TN 37129

LEI: 549300R0SXC1JU7ZU290

Tax ID: 41-2031753

2019 Data | 2018 Data


Overview

First Community Mortgage Inc. is a small mortgage company specializing in Home Purchase loans. First Community Mortgage Inc. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Nashville, Kansas City, Atlanta, Des Moines, and Knoxville among others. They have an above average approval rate for mortages when compared nationally -- and they have an average pick rate when compared to the same sample of other lendors. First Community Mortgage Inc. is typically a normal fee medium-low fee lendor.


Originations

7,654

Origination Dollar Volume (All Markets)

$1,654,960,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 3,895 $912,555,000 $234,289
FHA 1,952 $377,300,000 $193,289
VA 1,167 $276,775,000 $237,168
USDA 640 $88,330,000 $138,016

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,614 $1,169,160,000 $208,258
Refi 1,229 $310,545,000 $252,681
Cash Out Refi 811 $175,255,000 $216,097

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 2,322 $589,100,000 $253,704
Outside of Metro Areas 1,857 $299,185,000 $161,112
KANSAS CITY, MO-KS 496 $112,170,000 $226,149
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 389 $85,555,000 $219,936
DES MOINES-WEST DES MOINES, IA 255 $60,685,000 $237,980
KNOXVILLE, TN 294 $55,110,000 $187,449
ST. LOUIS, MO-IL 133 $31,705,000 $238,383
DENVER-AURORA-LAKEWOOD, CO 68 $24,740,000 $363,824
ALBUQUERQUE, NM 114 $24,080,000 $211,228
PENSACOLA-FERRY PASS-BRENT, FL 90 $20,430,000 $227,000
COLUMBUS, OH 96 $20,330,000 $211,771
CLARKSVILLE, TN-KY 103 $19,615,000 $190,437
RALEIGH-CARY, NC 61 $18,515,000 $303,525
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 81 $17,805,000 $219,815
JACKSON, TN 113 $16,905,000 $149,602
TAMPA-ST. PETERSBURG-CLEARWATER, FL 62 $14,350,000 $231,452
CHATTANOOGA, TN-GA 65 $12,475,000 $191,923
LEXINGTON-FAYETTE, KY 51 $11,535,000 $226,176
GAINESVILLE, GA 40 $9,790,000 $244,750
CHARLOTTESVILLE, VA 34 $9,500,000 $279,412
AUBURN-OPELIKA, AL 35 $8,685,000 $248,143
NORTH PORT-SARASOTA-BRADENTON, FL 37 $8,465,000 $228,784
MEMPHIS, TN-MS-AR 45 $8,075,000 $179,444
LOUISVILLE/JEFFERSON COUNTY, KY-IN 31 $7,895,000 $254,677
PITTSBURGH, PA 40 $7,510,000 $187,750
SPRINGFIELD, MO 32 $7,220,000 $225,625
HOT SPRINGS, AR 25 $6,075,000 $243,000
FLORENCE-MUSCLE SHOALS, AL 30 $5,570,000 $185,667
HATTIESBURG, MS 34 $5,350,000 $157,353
OMAHA-COUNCIL BLUFFS, NE-IA 27 $5,025,000 $186,111
JACKSON, MS 19 $4,765,000 $250,789
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 23 $4,755,000 $206,739
DAPHNE-FAIRHOPE-FOLEY, AL 19 $4,595,000 $241,842
BIRMINGHAM-HOOVER, AL 22 $4,480,000 $203,636
MILWAUKEE-WAUKESHA, WI 20 $4,420,000 $221,000
SHREVEPORT-BOSSIER CITY, LA 17 $4,295,000 $252,647
CLEVELAND-ELYRIA, OH 22 $4,270,000 $194,091
HINESVILLE, GA 21 $4,265,000 $203,095
HUNTSVILLE, AL 18 $3,880,000 $215,556
LINCOLN, NE 15 $3,355,000 $223,667
CAPE GIRARDEAU, MO-IL 12 $3,260,000 $271,667
SAN ANTONIO-NEW BRAUNFELS, TX 10 $2,810,000 $281,000
CLEVELAND, TN 19 $2,725,000 $143,421
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 12 $2,550,000 $212,500
SANTA FE, NM 11 $2,525,000 $229,545
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 7 $2,205,000 $315,000
NEW ORLEANS-METAIRIE, LA 10 $2,180,000 $218,000
RICHMOND, VA 7 $2,095,000 $299,286
KINGSPORT-BRISTOL, TN-VA 12 $2,090,000 $174,167
BALTIMORE-COLUMBIA-TOWSON, MD 7 $1,955,000 $279,286
GOLDSBORO, NC 10 $1,860,000 $186,000
HAMMOND, LA 12 $1,820,000 $151,667
MORRISTOWN, TN 15 $1,725,000 $115,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 5 $1,675,000 $335,000
DURHAM-CHAPEL HILL, NC 5 $1,655,000 $331,000
ORLANDO-KISSIMMEE-SANFORD, FL 8 $1,650,000 $206,250
COLORADO SPRINGS, CO 6 $1,540,000 $256,667
WICHITA, KS 7 $1,425,000 $203,571
JOHNSON CITY, TN 10 $1,410,000 $141,000
LYNCHBURG, VA 4 $1,280,000 $320,000
CEDAR RAPIDS, IA 8 $1,230,000 $153,750
WINSTON-SALEM, NC 4 $1,200,000 $300,000
CHEYENNE, WY 4 $1,200,000 $300,000
GREELEY, CO 4 $1,190,000 $297,500
BOULDER, CO 3 $1,145,000 $381,667
MIAMI-MIAMI BEACH-KENDALL, FL 5 $1,135,000 $227,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 3 $1,105,000 $368,333
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 2 $1,030,000 $515,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 3 $995,000 $331,667
DECATUR, AL 7 $985,000 $140,714
BOWLING GREEN, KY 4 $950,000 $237,500
SIOUX CITY, IA-NE-SD 5 $945,000 $189,000
ST. JOSEPH, MO-KS 5 $925,000 $185,000
NAPLES-MARCO ISLAND, FL 3 $895,000 $298,333
FORT SMITH, AR-OK 3 $875,000 $291,667
ROANOKE, VA 3 $845,000 $281,667
PUNTA GORDA, FL 4 $840,000 $210,000
HILTON HEAD ISLAND-BLUFFTON, SC 2 $830,000 $415,000
MANHATTAN, KS 3 $825,000 $275,000
MIDLAND, MI 2 $800,000 $400,000
MONTGOMERY, AL 2 $730,000 $365,000
TOPEKA, KS 4 $730,000 $182,500
AMES, IA 3 $665,000 $221,667
SIOUX FALLS, SD 4 $640,000 $160,000
PORT ST. LUCIE, FL 2 $610,000 $305,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 2 $600,000 $300,000
SAVANNAH, GA 4 $600,000 $150,000
GRAND RAPIDS-KENTWOOD, MI 3 $595,000 $198,333
BATON ROUGE, LA 4 $590,000 $147,500
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 3 $585,000 $195,000
LAFAYETTE, LA 3 $575,000 $191,667
IOWA CITY, IA 2 $560,000 $280,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 2 $560,000 $280,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 3 $555,000 $185,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 2 $550,000 $275,000
LAKELAND-WINTER HAVEN, FL 3 $545,000 $181,667
ELGIN, IL 1 $525,000 $525,000
HOMOSASSA SPRINGS, FL 3 $525,000 $175,000
TUSCALOOSA, AL 3 $505,000 $168,333
PHOENIX-MESA-CHANDLER, AZ 1 $505,000 $505,000
STAUNTON, VA 2 $490,000 $245,000
JACKSONVILLE, NC 2 $490,000 $245,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $480,000 $240,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $480,000 $240,000
ATHENS-CLARKE COUNTY, GA 2 $480,000 $240,000
FAYETTEVILLE, NC 2 $470,000 $235,000
DUBUQUE, IA 1 $465,000 $465,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 2 $460,000 $230,000
DAYTON-KETTERING, OH 2 $440,000 $220,000
BLACKSBURG-CHRISTIANSBURG, VA 2 $430,000 $215,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $415,000 $415,000
JEFFERSON CITY, MO 2 $410,000 $205,000
JACKSONVILLE, FL 2 $410,000 $205,000
FORT WAYNE, IN 1 $365,000 $365,000
MANSFIELD, OH 2 $360,000 $180,000
PANAMA CITY, FL 2 $350,000 $175,000
CAPE CORAL-FORT MYERS, FL 2 $340,000 $170,000
HICKORY-LENOIR-MORGANTON, NC 1 $335,000 $335,000
CHARLESTON-NORTH CHARLESTON, SC 1 $335,000 $335,000
COLUMBIA, MO 2 $330,000 $165,000
OWENSBORO, KY 1 $325,000 $325,000
MACON-BIBB COUNTY, GA 1 $325,000 $325,000
ASHEVILLE, NC 1 $305,000 $305,000
FLORENCE, SC 1 $305,000 $305,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 1 $305,000 $305,000
TOLEDO, OH 1 $285,000 $285,000
GULFPORT-BILOXI, MS 1 $285,000 $285,000
LAS VEGAS-HENDERSON-PARADISE, NV 1 $275,000 $275,000
COLLEGE STATION-BRYAN, TX 1 $255,000 $255,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $255,000 $255,000
OKLAHOMA CITY, OK 1 $245,000 $245,000
CORPUS CHRISTI, TX 1 $245,000 $245,000
GREENVILLE-ANDERSON, SC 1 $235,000 $235,000
ST. CLOUD, MN 1 $235,000 $235,000
JONESBORO, AR 3 $225,000 $75,000
DETROIT-DEARBORN-LIVONIA, MI 1 $225,000 $225,000
WILMINGTON, NC 1 $215,000 $215,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $205,000 $205,000
RACINE, WI 1 $195,000 $195,000
LAWRENCE, KS 1 $195,000 $195,000
WARNER ROBINS, GA 1 $185,000 $185,000
DALTON, GA 1 $175,000 $175,000
COLUMBIA, SC 1 $175,000 $175,000
ROCHESTER, MN 1 $175,000 $175,000
PUEBLO, CO 1 $175,000 $175,000
TALLAHASSEE, FL 1 $165,000 $165,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $155,000 $155,000
FARMINGTON, NM 1 $155,000 $155,000
MORGANTOWN, WV 1 $145,000 $145,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 1 $145,000 $145,000
CINCINNATI, OH-KY-IN 1 $135,000 $135,000
JOPLIN, MO 1 $135,000 $135,000
MUSKEGON, MI 1 $135,000 $135,000
MOBILE, AL 1 $125,000 $125,000
CANTON-MASSILLON, OH 1 $115,000 $115,000
SUMTER, SC 1 $105,000 $105,000
AKRON, OH 1 $105,000 $105,000
ANNISTON-OXFORD, AL 1 $95,000 $95,000
CARBONDALE-MARION, IL 1 $85,000 $85,000
DULUTH, MN-WI 1 $75,000 $75,000
GARY, IN 1 $65,000 $65,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 36 $7,610,000 $211,389
3-4% 3,736 $867,170,000 $232,112
4-5% 3,232 $671,070,000 $207,633
5-6% 530 $87,720,000 $165,509
6-7% 39 $7,095,000 $181,923
7-8% 59 $11,225,000 $190,254
Over 8% 22 $3,070,000 $139,545

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 672 $53,480,000 $79,583
$100k-200k 3,182 $486,660,000 $152,942
$200k-400k 3,354 $906,850,000 $270,379
$400k-600k 420 $189,690,000 $451,643
$600k-1000k 26 $18,280,000 $703,077

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 87 $12,885,000 $148,103
40-60% 344 $68,330,000 $198,634
60-80% 1,536 $353,000,000 $229,818
80-100% 5,076 $1,075,100,000 $211,801
Over 100% 297 $66,175,000 $222,811
Under 20% 2 $110,000 $55,000

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,176 $327,540,000 $278,520
$150k-250k 529 $175,635,000 $332,013
$50k-75k 2,194 $430,470,000 $196,203
$50k-or less 1,941 $267,335,000 $137,731
$75k-100k 1,280 $302,720,000 $236,500
$Over $250k 157 $56,855,000 $362,134

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,580 $1,415,200,000 $215,076
Black 556 $116,770,000 $210,018
Not provided 392 $92,410,000 $235,740
Asian 106 $26,490,000 $249,906
American Indian 13 $2,465,000 $189,615
Native Hawaiian 7 $1,625,000 $232,143

Approval Rates

Total approvals of all applications
90.97%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
92.45%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 7,654 $1,654,960,000 $216,222

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,666 $362,710,000 $217,713
$1k-2k 2,709 $605,985,000 $223,693
$2k-3k 861 $169,315,000 $196,649
$3k-4k 901 $186,745,000 $207,264
$5k+ 247 $72,855,000 $294,960

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 98 $11,260,000 $114,898
Single Family (1-4 Units):Site-Built 7,556 $1,643,700,000 $217,536