First Metro Bank Mortgage Rates, Fees & Info

Muscle Shoals, AL

LEI: 549300W8Q4KZC8LMAV19

Tax ID: 63-0980487

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Mortgage Data

Review & Overview

First Metro Bank is a smaller bank specializing in Home Purchase loans. First Metro Bank has a high proportion of conventional loans. Their top markets by origination volume include: Florence, Huntsville, Daphne, Decatur, and Birmingham among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Metro 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.

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Originations

168

Origination Dollar Volume (All Markets)

$31,010,000

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
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 106 $16,400,000 $154,717 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 15 $7,185,000 $479,000 $0 0.00%
Outside of Metro Areas 33 $3,395,000 $102,879 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $1,140,000 $570,000 $0 0.00%
DECATUR, AL (FHA|USDA|VA) 4 $880,000 $220,000 $0 0.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $780,000 $390,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
MONTGOMERY, AL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Scottsboro, AL (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
First Metro Bank's top markets include Florence, Huntsville, Daphne, Decatur, and Birmingham among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 168 $31,010,000 $184,583 $0 0.00%

    For 2023, First Metro Bank's most frequently originated type of loan was Conventional, with 168 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 93 $24,385,000 $262,204 $0 0.00%
    Refi 37 $4,355,000 $117,703 $0 0.00%
    Home Improvement 23 $1,165,000 $50,652 $0 0.00%
    Other 15 $1,105,000 $73,667 $0 0.00%

    For 2023, First Metro Bank's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 168 $31,010,000 $184,583 $0 0.00%

    For 2023, First Metro Bank's most frequently cited loan duration was Other, with 168 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 91 $4,885,000 $53,681 $0 0.00%
    $100k-200k 32 $4,290,000 $134,063 $0 0.00%
    $200k-400k 23 $6,515,000 $283,261 $0 0.00%
    $400k-600k 10 $4,970,000 $497,000 $0 0.00%
    $600k-1MM 10 $7,690,000 $769,000 $0 0.00%
    $1MM+ 2 $2,660,000 $1,330,000 $0 0.00%

    2023 saw First Metro Bank place emphasis on $100,000 or less loans with 91 originations, totaling $4,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 43 $3,775,000 $87,791 $0 0.00%
    $50k-75k 31 $3,435,000 $110,806 $0 0.00%
    $100k-150k 21 $3,625,000 $172,619 $0 0.00%
    $150k-250k 18 $4,370,000 $242,778 $0 0.00%
    $75k-100k 18 $2,960,000 $164,444 $0 0.00%
    $250k+ 15 $8,205,000 $547,000 $0 0.00%

    First Metro Bank lent most frequently to those with incomes in the $50k or less range, with 43 originations. The second most popular income band? $50k-75k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 168 $31,010,000 $184,583 $0 0.00%

    First Metro Bank lent most frequently to those with DTI ratios of Exempt%, with 168 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 140 $25,600,000 $182,857 $0 0.00%
    Not applicable 17 $3,175,000 $186,765 $0 0.00%
    Black 11 $2,235,000 $203,182 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.50%

    First Metro Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.07%

    First Metro Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 168 $31,010,000 $184,583

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    168 $31,010,000 $184,583