Farmers And Mechanics Federal Savings Bank Mortgage Rates, Fees & Info
Bloomfield, INLEI: 549300TDS8QNL4IOOX73
Tax ID: 35-0303170
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Mortgage Data
Review & Overview
Farmers And Mechanics Federal Savings Bank is a smaller bank specializing in Home Purchase loans. Farmers And Mechanics Federal Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Bloomington, Bedford, Cape Coral, and Washington among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Farmers And Mechanics Federal Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Farmers And Mechanics Federal Savings Bank 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 relatively high rates.
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Originations
39Origination Dollar Volume (All Markets)
$6,695,000Awards
Farmers and Mechanics Federal Savings Bank - 2023
Farmers and Mechanics Federal Savings Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Farmers And Mechanics Federal Savings Bank's average 30 year fixed mortgage rate was
7.08%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.6%.
Relative Fees (Closing Costs)
Farmers And Mechanics Federal Savings Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,571.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 30 | $5,070,000 | $169,000 | $1,621 | 7.18% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $1,220 | 7.56% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $788 | 7.15% |
| Bedford, IN (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $1,536 | 6.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Washington, IN (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $750 | 7.88% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $6,695,000 | $171,667 | $1,501 | 7.17% |
For 2023, Farmers And Mechanics Federal Savings Bank's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
For 2023, Farmers And Mechanics Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 26 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
For 2023, Farmers And Mechanics Federal Savings Bank's most frequently cited loan duration was 30 Year, with 27 originations. The 2nd most popular length was 10 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 35 | $6,255,000 | $178,714 |
| $1k-2k | 1 | $175,000 | $175,000 |
Farmers And Mechanics Federal Savings Bank's average total fees were $1,571, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 35 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 20 | $3,190,000 | $159,500 |
| 6-7% | 14 | $2,860,000 | $204,286 |
| 5-6% | 2 | $400,000 | $200,000 |
| Over 8% | 1 | $25,000 | $25,000 |
During 2023, Farmers And Mechanics Federal Savings Bank's average interest rate for loans was 7.08%, while their most frequently originated rate bucket for loans was 7-8%, with 20 originations.
Loan Sizing
2023 saw Farmers And Mechanics Federal Savings Bank place emphasis on $100,000 or less loans with 13 originations, totaling $575,000 in origination value.
Applicant Income
Farmers And Mechanics Federal Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
Farmers And Mechanics Federal Savings Bank lent most frequently to those with DTI ratios of <20%, with 9 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.76%
Farmers And Mechanics Federal Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination58.97%
Farmers And Mechanics Federal Savings Bank 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 |
|---|---|---|---|
| NA | 39 | $6,695,000 | $171,667 |