Farmers And Mechanics Federal Savings Bank Mortgage Rates, Fees & Info

Bloomfield, IN

LEI: 549300TDS8QNL4IOOX73

Tax ID: 35-0303170

5 stars - Updated: 3/28/24 - out of 5 stars, based on 6 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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Originations

39

Origination Dollar Volume (All Markets)

$6,695,000

Awards

Farmers and Mechanics Federal Savings Bank 30 Year Conventional Loans gold Farmers and Mechanics Federal Savings Bank 30 Year Conventional Loans gold
Show all (2) awards

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%
Farmers And Mechanics Federal Savings Bank's top markets include Indianapolis, Bloomington, Bedford, Cape Coral, and Washington among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 26 $5,700,000 $219,231 $1,612 7.06%
    Home Improvement 4 $400,000 $100,000 $1,451 6.98%
    Other 3 $115,000 $38,333 $1,076 7.36%
    Cash Out Refi 3 $395,000 $131,667 $1,585 7.17%
    Refi 2 $70,000 $35,000 $1,541 8.56%
    NA 1 $15,000 $15,000 $0 7.13%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 27 $5,915,000 $219,074 $1,571 7.08%
    10 Year 8 $310,000 $38,750 $968 7.32%
    15 Year 1 $75,000 $75,000 $2,146 7.94%
    30+ year 1 $175,000 $175,000 $2,695 7.63%
    5 Year 1 $25,000 $25,000 $0 0.00%
    Other 1 $195,000 $195,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 13 $575,000 $44,231 $1,291 7.35%
    $200k-400k 13 $3,355,000 $258,077 $1,312 6.94%
    $100k-200k 11 $1,825,000 $165,909 $1,847 7.30%
    $400k-600k 2 $940,000 $470,000 $2,145 6.94%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 13 $3,195,000 $245,769 $1,415 7.02%
    $50k-75k 8 $1,070,000 $133,750 $1,488 6.91%
    $75k-100k 7 $855,000 $122,143 $1,631 7.22%
    $150k-250k 5 $1,045,000 $209,000 $1,980 7.23%
    $50k or less 5 $335,000 $67,000 $1,175 7.81%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 9 $915,000 $101,667 $1,592 6.89%
    20-30% 9 $1,485,000 $165,000 $1,669 7.14%
    30-36% 6 $650,000 $108,333 $999 7.24%
    39% 5 $995,000 $199,000 $1,517 7.62%
    38% 2 $730,000 $365,000 $1,875 6.63%
    36% 2 $590,000 $295,000 $1,389 6.29%
    37% 2 $430,000 $215,000 $1,514 7.56%
    43% 1 $255,000 $255,000 $1,918 6.88%
    47% 1 $425,000 $425,000 $1,348 7.38%
    >60% 1 $25,000 $25,000 $1,541 9.38%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 36 $6,280,000 $174,444 $1,488 7.15%
    Not applicable 1 $195,000 $195,000 $0 0.00%
    Not provided 1 $175,000 $175,000 $2,695 7.63%
    Black 1 $45,000 $45,000 $725 7.44%

    Approval Rates

    Total approvals of all applications
    88.76%

    Farmers And Mechanics Federal Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    58.97%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    39 $6,695,000 $171,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $380,000 $95,000 $1,003 6.94%
    40-60% 6 $1,050,000 $175,000 $1,210 7.27%
    60-80% 12 $2,490,000 $207,500 $1,885 6.92%
    80-100% 12 $2,640,000 $220,000 $1,666 7.23%
    Under 20% 5 $135,000 $27,000 $939 7.64%