First Farmers & Merchans Bank Mortgage Rates, Fees & Info
Cannon Falls, MNLEI: 549300TIX8J3RRFKXZ81
Tax ID: 41-0610900
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Review & Overview
First Farmers & Merchans Bank is a smaller bank specializing in Home Purchase loans. First Farmers & Merchans Bank has a high proportion of conventional loans. Their top markets by origination volume include: Red Wing, Minneapolis, Rochester, Faribault, and Alexandria among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)First Farmers & Merchans Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
237Origination Dollar Volume (All Markets)
$40,465,000Top 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 |
|---|---|---|---|---|---|
| Red Wing, MN (FHA|USDA|VA) | 117 | $19,645,000 | $167,906 | $0 | 0.00% |
| Outside of Metro Areas | 61 | $9,505,000 | $155,820 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 32 | $6,640,000 | $207,500 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 10 | $1,520,000 | $152,000 | $0 | 0.00% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 5 | $825,000 | $165,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Mason City, IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 206 | $34,580,000 | $167,864 | $0 | 0.00% |
| USDA | 22 | $3,380,000 | $153,636 | $0 | 0.00% |
| VA | 9 | $2,505,000 | $278,333 | $0 | 0.00% |
For 2018, First Farmers & Merchans Bank's most frequently originated type of loan was Conventional, with 206 originations. Their 2nd most popular type was USDA, with 22 originations.
Loan Reason
For 2018, First Farmers & Merchans Bank's most frequently cited loan purpose was Home Purchase, with 152 originations. The 2nd most popular reason was Refi, with 36 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 237 | $40,465,000 | $170,738 | $0 | 0.00% |
For 2018, First Farmers & Merchans Bank's most frequently cited loan duration was Other, with 237 originations.
Loan Sizing
2018 saw First Farmers & Merchans Bank place emphasis on $100k-200k loans with 83 originations, totaling $12,845,000 in origination value.
Applicant Income
First Farmers & Merchans Bank lent most frequently to those with incomes in the $50k-75k range, with 55 originations. The second most popular income band? $100k-150k, with 50 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 237 | $40,465,000 | $170,738 | $0 | 0.00% |
First Farmers & Merchans Bank lent most frequently to those with DTI ratios of Exempt%, with 237 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.77%
First Farmers & Merchans Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.03%
First Farmers & Merchans Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 237 | $40,465,000 | $170,738 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 5 | 35.7% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |