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
  • Complaints
  • 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 loans. First Farmers & Merchans Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top (well, only) market is Minneapolis.

    First Farmers & Merchans Bank has an above average approval rate when compared to the average across all lenders. They have an above 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.

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    Originations

    242

    Origination Dollar Volume (All Markets)

    $53,510,000

    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 198 $36,820,000 $185,960 $0 0.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 44 $16,690,000 $379,318 $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 222 $50,030,000 $225,360 $0 0.00%
    VA 11 $2,295,000 $208,636 $0 0.00%
    USDA 9 $1,185,000 $131,667 $0 0.00%

    For 2019, First Farmers & Merchans Bank's most frequently originated type of loan was Conventional, with 222 originations. Their 2nd most popular type was VA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 132 $36,540,000 $276,818 $0 0.00%
    Refi 46 $8,900,000 $193,478 $0 0.00%
    Cash Out Refi 35 $6,155,000 $175,857 $0 0.00%
    Home Improvement 21 $1,285,000 $61,190 $0 0.00%
    Other 8 $630,000 $78,750 $0 0.00%

    For 2019, First Farmers & Merchans Bank's most frequently cited loan purpose was Home Purchase, with 132 originations. The 2nd most popular reason was Refi, with 46 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 242 $53,510,000 $221,116 $0 0.00%

    For 2019, First Farmers & Merchans Bank's most frequently cited loan duration was Other, with 242 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 89 $13,235,000 $148,708 $0 0.00%
    $200k-400k 73 $19,765,000 $270,753 $0 0.00%
    $100,000 or less 71 $3,655,000 $51,479 $0 0.00%
    $600k-1MM 4 $2,820,000 $705,000 $0 0.00%
    $400k-600k 3 $1,425,000 $475,000 $0 0.00%
    $1MM+ 2 $12,610,000 $6,305,000 $0 0.00%

    2019 saw First Farmers & Merchans Bank place emphasis on $100k-200k loans with 89 originations, totaling $13,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 58 $8,910,000 $153,621 $0 0.00%
    $100k-150k 56 $11,100,000 $198,214 $0 0.00%
    $75k-100k 43 $7,215,000 $167,791 $0 0.00%
    $50k or less 41 $4,945,000 $120,610 $0 0.00%
    $150k-250k 23 $4,815,000 $209,348 $0 0.00%
    $250k+ 7 $2,105,000 $300,714 $0 0.00%

    First Farmers & Merchans Bank lent most frequently to those with incomes in the $50k-75k range, with 58 originations. The second most popular income band? $100k-150k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 242 $53,510,000 $221,116 $0 0.00%

    First Farmers & Merchans Bank lent most frequently to those with DTI ratios of Exempt%, with 242 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 228 $38,790,000 $170,132 $0 0.00%
    Not applicable 10 $14,160,000 $1,416,000 $0 0.00%
    Not provided 2 $440,000 $220,000 $0 0.00%
    Black 1 $85,000 $85,000 $0 0.00%
    Asian 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.57%

    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 origination
    92.98%

    First Farmers & Merchans Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 242 $53,510,000 $221,116

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $12,875,000 $2,575,000
    Single Family (1-4 Units):Manufactured 2 $140,000 $70,000
    Single Family (1-4 Units):Site-Built 235 $40,495,000 $172,319

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    FIRST HORIZON BANK Other type of mortgage Trouble during payment process 1 6.7%
    FIRST HORIZON BANK FHA mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 4 26.7%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 1 6.7%
    FIRST HORIZON BANK VA mortgage Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 3 20.0%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 6.7%
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 2 13.3%