First Farmers & Merchans Bank Mortgage Rates, Fees & Info

Cannon Falls, MN

LEI: 549300TIX8J3RRFKXZ81

Tax ID: 41-0610900

Latest/2023 | 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 Home Purchase and 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

    60

    Origination Dollar Volume (All Markets)

    $8,230,000

    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
    Outside of Metro Areas 48 $5,740,000 $119,583 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 12 $2,490,000 $207,500 $0 0.00%
    First Farmers & Merchans Bank's top markets include and Minneapolis among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 60 $8,230,000 $137,167 $0 0.00%

    For 2023, First Farmers & Merchans Bank's most frequently originated type of loan was Conventional, with 60 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $5,345,000 $281,316 $0 0.00%
    Refi 18 $1,770,000 $98,333 $0 0.00%
    Other 13 $725,000 $55,769 $0 0.00%
    Home Improvement 10 $390,000 $39,000 $0 0.00%

    For 2023, First Farmers & Merchans Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 60 $8,230,000 $137,167 $0 0.00%

    For 2023, First Farmers & Merchans Bank's most frequently cited loan duration was Other, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $1,440,000 $40,000 $0 0.00%
    $200k-400k 13 $3,545,000 $272,692 $0 0.00%
    $100k-200k 8 $1,150,000 $143,750 $0 0.00%
    $400k-600k 2 $1,100,000 $550,000 $0 0.00%
    $600k-1MM 1 $995,000 $995,000 $0 0.00%

    2023 saw First Farmers & Merchans Bank place emphasis on $100,000 or less loans with 36 originations, totaling $1,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 15 $885,000 $59,000 $0 0.00%
    $150k-250k 12 $1,880,000 $156,667 $0 0.00%
    $50k-75k 7 $905,000 $129,286 $0 0.00%
    $75k-100k 7 $425,000 $60,714 $0 0.00%
    $50k or less 6 $120,000 $20,000 $0 0.00%
    $250k+ 2 $380,000 $190,000 $0 0.00%

    First Farmers & Merchans Bank lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $150k-250k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 60 $8,230,000 $137,167 $0 0.00%

    First Farmers & Merchans Bank lent most frequently to those with DTI ratios of Exempt%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 49 $4,595,000 $93,776 $0 0.00%
    Not applicable 11 $3,635,000 $330,455 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.36%

    First Farmers & Merchans Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.33%

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

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 60 $8,230,000 $137,167

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    60 $8,230,000 $137,167