First Metro Bank Mortgage Rates, Fees & Info

Muscle Shoals, AL

LEI: 549300W8Q4KZC8LMAV19

Tax ID: 63-0980487

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 Metro Bank is a smaller bank specializing in Home Purchase and Refi loans. First Metro Bank has a high proportion of conventional loans. Their top two markets are Florence and Huntsville .

    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.

    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

    297

    Origination Dollar Volume (All Markets)

    $59,035,000

    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) 212 $38,200,000 $180,189 $0 0.00%
    Outside of Metro Areas 72 $17,660,000 $245,278 $0 0.00%
    HUNTSVILLE, AL (FHA|USDA|VA) 13 $3,175,000 $244,231 $0 0.00%
    First Metro Bank's top markets include Florence and Huntsville among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 297 $59,035,000 $198,771 $0 0.00%

    For 2022, First Metro Bank's most frequently originated type of loan was Conventional, with 297 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 167 $41,265,000 $247,096 $0 0.00%
    Refi 101 $15,315,000 $151,634 $0 0.00%
    Home Improvement 21 $1,395,000 $66,429 $0 0.00%
    Other 8 $1,060,000 $132,500 $0 0.00%

    For 2022, First Metro Bank's most frequently cited loan purpose was Home Purchase, with 167 originations. The 2nd most popular reason was Refi, with 101 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 297 $59,035,000 $198,771 $0 0.00%

    For 2022, First Metro Bank's most frequently cited loan duration was Other, with 297 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 133 $7,545,000 $56,729 $0 0.00%
    $100k-200k 70 $9,670,000 $138,143 $0 0.00%
    $200k-400k 62 $17,390,000 $280,484 $0 0.00%
    $400k-600k 19 $9,465,000 $498,158 $0 0.00%
    $600k-1MM 11 $7,945,000 $722,273 $0 0.00%
    $1MM+ 2 $7,020,000 $3,510,000 $0 0.00%

    2022 saw First Metro Bank place emphasis on $100,000 or less loans with 133 originations, totaling $7,545,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 53 $7,595,000 $143,302 $0 0.00%
    $50k-75k 43 $5,075,000 $118,023 $0 0.00%
    $50k or less 43 $3,105,000 $72,209 $0 0.00%
    $150k-250k 31 $8,225,000 $265,323 $0 0.00%
    $75k-100k 27 $3,785,000 $140,185 $0 0.00%
    $250k+ 23 $8,105,000 $352,391 $0 0.00%

    First Metro Bank lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $50k-75k, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 297 $59,035,000 $198,771 $0 0.00%

    First Metro Bank lent most frequently to those with DTI ratios of Exempt%, with 297 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 219 $35,775,000 $163,356 $0 0.00%
    Not applicable 67 $21,655,000 $323,209 $0 0.00%
    Black 10 $1,060,000 $106,000 $0 0.00%
    Asian 1 $545,000 $545,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.87%

    First Metro 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
    98.32%

    First Metro Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 297 $59,035,000 $198,771

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    297 $59,035,000 $198,771

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%