First Farmers & Merchans Bank Mortgage Rates, Fees & Info

Cannon Falls, MN

LEI: 549300TIX8J3RRFKXZ81

Tax ID: 41-0610900

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Farmers & Merchans Bank is a smaller bank specializing in Refi loans. First Farmers & Merchans Bank has a high proportion of conventional loans. Their top (well, only) market is Minneapolis.

    First Farmers & Merchans 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.

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    Originations

    58

    Origination Dollar Volume (All Markets)

    $13,980,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 20 $10,410,000 $520,500 $0 0.00%
    Outside of Metro Areas 38 $3,570,000 $93,947 $0 0.00%
    First Farmers & Merchans Bank's top markets include and Minneapolis among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 58 $13,980,000 $241,034 $0 0.00%

    For 2024, First Farmers & Merchans Bank's most frequently originated type of loan was Conventional, with 58 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 27 $10,645,000 $394,259 $0 0.00%
    Home Improvement 13 $595,000 $45,769 $0 0.00%
    Home Purchase 12 $2,510,000 $209,167 $0 0.00%
    Other 6 $230,000 $38,333 $0 0.00%

    For 2024, First Farmers & Merchans Bank's most frequently cited loan purpose was Refi, with 27 originations. The 2nd most popular reason was Home Improvement, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 58 $13,980,000 $241,034 $0 0.00%

    For 2024, First Farmers & Merchans Bank's most frequently cited loan duration was Other, with 58 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 39 $1,775,000 $45,513 $0 0.00%
    $100k-200k 10 $1,210,000 $121,000 $0 0.00%
    $200k-400k 5 $1,335,000 $267,000 $0 0.00%
    $400k-600k 2 $980,000 $490,000 $0 0.00%
    $1MM+ 1 $8,075,000 $8,075,000 $0 0.00%
    $600k-1MM 1 $605,000 $605,000 $0 0.00%

    2024 saw First Farmers & Merchans Bank place emphasis on $100,000 or less loans with 39 originations, totaling $1,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 11 $645,000 $58,636 $0 0.00%
    $100k-150k 10 $1,260,000 $126,000 $0 0.00%
    $150k-250k 10 $440,000 $44,000 $0 0.00%
    $50k-75k 8 $610,000 $76,250 $0 0.00%
    $250k+ 3 $885,000 $295,000 $0 0.00%
    $50k or less 3 $55,000 $18,333 $0 0.00%

    First Farmers & Merchans Bank lent most frequently to those with incomes in the $75k-100k range, with 11 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 58 $13,980,000 $241,034 $0 0.00%

    First Farmers & Merchans Bank lent most frequently to those with DTI ratios of Exempt%, with 58 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 10 $9,940,000 $994,000 $0 0.00%
    White 47 $4,015,000 $85,426 $0 0.00%
    Asian 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.90%

    First Farmers & Merchans Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.48%

    First Farmers & Merchans Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 58 $13,980,000 $241,034

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    58 $13,980,000 $241,034