First Federal Savings Bank Mortgage Rates, Fees & Info

Rochester, IN

LEI: 549300XUKQ6W1CY6QK47

Tax ID: 35-1116773

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Mortgage Data

Bank Data

Review & Overview

First Federal Savings Bank is a smaller bank specializing in Home Purchase loans. First Federal Savings Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: South Bend, Warsaw, Plymouth, Elkhart, and Indianapolis among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Federal Savings 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. First Federal Savings Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 7.33% 3/25/24
30 Year Conventional Purchase 6.73% 3/25/24
30 Year Conventional Refi 6.67% 3/25/24
30 Year Cash-out Refi 6.78% 3/25/24
30 Year FHA Purchase 8.21% 3/25/24
30 Year USDA Purchase 8.07% 3/25/24
15 Year Conventional Purchase 6.43% 3/25/24
15 Year Conventional Refi 6.21% 3/25/24
15 Year Cash-out Refi 6.21% 3/25/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Federal Savings Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Federal Savings Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,481

Origination Dollar Volume (All Markets)

$258,075,000

Employee count

143 Show all (5) awards

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
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 359 $68,405,000 $190,543 $3,071 4.82%
Warsaw, IN (FHA|USDA|VA) 211 $41,685,000 $197,559 $2,395 4.92%
Plymouth, IN (FHA|USDA|VA) 268 $36,630,000 $136,679 $1,979 4.97%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 212 $35,270,000 $166,368 $2,431 4.79%
Outside of Metro Areas 244 $29,500,000 $120,902 $2,083 4.98%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 76 $25,750,000 $338,816 $3,746 4.98%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 10 $2,880,000 $288,000 $3,236 4.85%
NILES, MI (FHA|USDA|VA) 15 $2,745,000 $183,000 $3,084 4.83%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 12 $2,470,000 $205,833 $3,224 5.01%
FORT WAYNE, IN (FHA|USDA|VA) 12 $2,300,000 $191,667 $2,474 4.85%
Wabash, IN (FHA|USDA|VA) 9 $1,315,000 $146,111 $2,448 4.89%
Peru, IN (FHA|USDA|VA) 8 $890,000 $111,250 $1,760 5.03%
Sturgis, MI (FHA|USDA|VA) 4 $880,000 $220,000 $3,267 4.75%
Kendallville, IN (FHA|USDA|VA) 7 $815,000 $116,429 $2,996 5.00%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $780,000 $390,000 $4,074 5.69%
Logansport, IN (FHA|USDA|VA) 5 $765,000 $153,000 $2,014 4.75%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $755,000 $755,000 $6,195 4.38%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 4 $670,000 $167,500 $2,101 4.56%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $605,000 $605,000 $18,495 3.88%
Angola, IN (FHA|USDA|VA) 2 $490,000 $245,000 $3,420 5.19%
Auburn, IN (FHA|USDA|VA) 4 $420,000 $105,000 $2,299 5.28%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $380,000 $190,000 $1,894 4.38%
DULUTH, MN-WI (FHA|USDA|VA) 2 $230,000 $115,000 $3,186 5.44%
KOKOMO, IN (FHA|USDA|VA) 1 $215,000 $215,000 $1,909 4.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $4,382 4.88%
COLUMBUS, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,821 4.75%
THE VILLAGES, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,174 4.75%
MUNCIE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,136 4.88%
Decatur, IN (FHA|USDA|VA) 1 $135,000 $135,000 $3,207 5.38%
Holland, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,291 5.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,721 4.75%
COLUMBUS, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,345 5.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $65,000 $65,000 $2,134 4.38%
OCALA, FL (FHA|USDA|VA) 1 $25,000 $25,000 $2,475 4.75%
First Federal Savings Bank's top markets include South Bend, Warsaw, Plymouth, Elkhart, and Indianapolis among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First Federal Savings Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    UNITED
    Similarity Rank: 28
    The Garrett State Bank
    Similarity Rank: 48
    Liberty Bank for Savings
    Similarity Rank: 104
    Greenfield Banking Company
    Similarity Rank: 255
    PACIFIC GLOBAL BANK
    Similarity Rank: 408
    INDIANA UNIVERSITY CREDIT UNION
    Similarity Rank: 450
    The Equitable Bank, S.S.B.
    Similarity Rank: 533
    INTERRA CREDIT UNION
    Similarity Rank: 544

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,430 $251,650,000 $175,979 $2,490 4.88%
    FHA 26 $3,760,000 $144,615 $5,248 5.36%
    USDA 25 $2,665,000 $106,600 $3,014 5.03%

    For 2018, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 1,430 originations. Their 2nd most popular type was FHA, with 26 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,091 $213,595,000 $195,779 $2,706 4.91%
    Refi 378 $42,990,000 $113,730 $2,114 4.83%
    Cash Out Refi 8 $1,170,000 $146,250 $1,699 4.87%
    Home Improvement 4 $320,000 $80,000 $1,664 6.09%

    For 2018, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 1,091 originations. The 2nd most popular reason was Refi, with 378 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,126 $215,970,000 $191,803 $2,728 4.95%
    15 Year 202 $26,610,000 $131,733 $2,089 4.47%
    10 Year 81 $3,985,000 $49,198 $1,365 5.39%
    20 Year 70 $9,710,000 $138,714 $2,303 4.63%
    1 Year 1 $75,000 $75,000 $0 6.25%
    Other 1 $1,725,000 $1,725,000 $0 5.75%

    For 2018, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 1,126 originations. The 2nd most popular length was 15 Year, with 202 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 654 $87,770,000 $134,205
    $1k-2k 613 $112,215,000 $183,059
    $2k-3k 154 $35,450,000 $230,195
    $3k-4k 29 $6,575,000 $226,724
    $5k+ 12 $10,130,000 $844,167
    $4k-5k 8 $1,810,000 $226,250

    First Federal Savings Bank's average total fees were $2,728, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 654 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,024 $184,130,000 $179,814
    5-6% 345 $62,585,000 $181,406
    6-7% 64 $4,190,000 $65,469
    3-4% 47 $7,135,000 $151,809
    7-8% 1 $35,000 $35,000

    During 2018, First Federal Savings Bank's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 4-5%, with 1,024 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 598 $86,350,000 $144,398 $2,612 4.85%
    $100,000 or less 477 $30,735,000 $64,434 $1,777 4.99%
    $200k-400k 320 $86,950,000 $271,719 $3,065 4.84%
    $400k-600k 62 $28,570,000 $460,806 $3,598 4.85%
    $600k-1MM 17 $11,705,000 $688,529 $5,914 4.78%
    $1MM+ 7 $13,765,000 $1,966,429 $10,102 5.14%

    2018 saw First Federal Savings Bank place emphasis on $100k-200k loans with 598 originations, totaling $86,350,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 432 $38,940,000 $90,139 $1,946 4.92%
    $50k-75k 373 $50,305,000 $134,866 $2,245 4.85%
    $75k-100k 257 $44,465,000 $173,016 $3,327 4.95%
    $100k-150k 245 $56,695,000 $231,408 $2,837 4.87%
    $150k-250k 121 $36,825,000 $304,339 $2,941 4.83%
    $250k+ 47 $27,315,000 $581,170 $3,687 4.95%

    First Federal Savings Bank lent most frequently to those with incomes in the $50k or less range, with 432 originations. The second most popular income band? $50k-75k, with 373 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 377 $56,425,000 $149,668 $2,248 4.85%
    30-36% 355 $61,825,000 $174,155 $2,314 4.91%
    <20% 149 $22,055,000 $148,020 $2,181 4.74%
    41% 63 $12,495,000 $198,333 $2,617 4.96%
    38% 62 $11,150,000 $179,839 $2,577 4.97%
    37% 61 $12,665,000 $207,623 $2,440 4.97%
    39% 61 $10,435,000 $171,066 $2,469 4.88%
    42% 59 $13,365,000 $226,525 $6,601 4.83%
    40% 55 $11,255,000 $204,636 $2,703 4.90%
    36% 53 $8,675,000 $163,679 $2,364 4.98%
    44% 51 $11,875,000 $232,843 $3,213 4.94%
    43% 48 $9,130,000 $190,208 $2,778 5.00%
    46% 23 $4,415,000 $191,957 $2,456 4.85%
    45% 16 $2,700,000 $168,750 $2,311 4.84%
    48% 14 $2,510,000 $179,286 $2,324 5.03%
    50-60% 9 $605,000 $67,222 $1,518 6.01%
    49% 7 $1,195,000 $170,714 $2,199 4.55%
    47% 6 $1,270,000 $211,667 $2,622 4.90%
    >60% 6 $500,000 $83,333 $1,253 5.73%

    First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 377 originations. The next most common DTI ratio? 30-36%, with 355 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,432 $244,670,000 $170,859 $2,531 4.89%
    Not applicable 6 $3,530,000 $588,333 $0 5.58%
    Asian 14 $3,050,000 $217,857 $2,747 4.64%
    Black 15 $2,935,000 $195,667 $2,911 4.91%
    Not provided 7 $2,415,000 $345,000 $3,838 5.20%
    American Indian 4 $720,000 $180,000 $4,199 4.94%
    Asian Indian 2 $720,000 $360,000 $2,706 4.94%
    Native Hawaiian or Islander 1 $35,000 $35,000 $1,875 4.75%

    Approval Rates

    Total approvals of all applications
    95.40%

    First Federal Savings 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
    90.75%

    First Federal Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,481 $258,075,000 $174,257

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $3,245,000 $1,081,667
    Single Family (1-4 Units):Manufactured 65 $5,125,000 $78,846
    Single Family (1-4 Units):Site-Built 1,413 $249,705,000 $176,720

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $4,025,000 $61,923 $1,624 5.01%
    40-60% 123 $17,595,000 $143,049 $2,088 4.61%
    60-80% 463 $88,795,000 $191,782 $2,639 4.83%
    80-100% 781 $145,265,000 $185,999 $2,722 4.92%
    Over 100% 3 $635,000 $211,667 $2,551 5.08%
    Under 20% 46 $1,760,000 $38,261 $1,136 5.77%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST HORIZON BANK FHA mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Struggling to pay mortgage 3 21.4%
    FIRST HORIZON BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 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 Other type of mortgage Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 7.1%
    FIRST HORIZON BANK Conventional home mortgage Trouble during payment process 5 35.7%
    FIRST HORIZON BANK Home equity loan or line of credit (HELOC) Incorrect information on your report 1 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    First Federal Savings Bank 206 West Plymouth Street Bremen, IN 46506 Full Service B&M $43,245
    First Federal Savings Bank 2113 North Michigan Plymouth, IN 46563 Full Service B&M $77,741
    First Federal Savings Bank 2926 South Main Elkhart, IN 46517 Full Service B&M $18,367
    First Federal Savings Bank 301 East 9th Street Rochester, IN 46975 Full Service B&M $106,416
    First Federal Savings Bank 814 U.S. 35 North Winamac, IN 46996 Full Service B&M $50,174
    First Federal Savings Bank 906 W Edison Road Mishawaka, IN 46545 Full Service B&M $21,237

    For 2018, First Federal Savings Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,344
    Net interest income $13,922
    Total noninterest income $8,695
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $769
    Trading account gains and fees $0
    Additional Noninterest Income $7,926
    Pre-tax net operating income $2,025
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,821
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,821
    Minority interest net income $0
    Net income $1,821
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,821

    First Federal Savings Bank's gross interest income from loans was $17,344,000.
    First Federal Savings Bank's net interest income from loans was $13,922,000.
    First Federal Savings Bank's fee based income from loans was $769,000.
    First Federal Savings Bank's net income from loans was $1,821,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,422
    Provision for credit losses $230
    Total noninterest expense $20,362
    Salaries and employee benefits $13,904
    Premises and equipment expense $937
    Additional noninterest expense $5,521
    Applicable income taxes $204
    Net charge-offs $368
    Cash dividends $1,170

    First Federal Savings Bank's interest expense for loans was $3,422,000.
    First Federal Savings Bank's payroll and benefits expense were $13,904,000.
    First Federal Savings Bank's property, plant and equipment expenses $937,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $331,974
    Deposits held in domestic offices $331,974
    Deposits by Individuals, partnerships, and corporations $314,899
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $17,075
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $191,864
    Demand deposits $191,864
    Nontransaction accounts $140,110
    Money market deposit accounts (MMDAs) $0
    Other savings deposits (excluding MMDAs) $850
    Total time deposits $139,260
    Total time and savings deposits $140,110
    Noninterest-bearing deposits $37,683
    Interest-bearing deposits $294,291
    Retail deposits $302,555
    IRAs and Keogh plan accounts $12,877
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $442,823
    Cash & Balances due from depository institutions $20,522
    Interest-bearing balances $11,928
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $379,659
    Loan and leases loss allowance $2,061
    Trading account assets $0
    Bank premises and fixed assets $7,873
    Other real estate owned $31
    Goodwill and other intangibles $6,133
    All other assets $28,605

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $442,823
    Total Liabilities $397,552
    Total deposits $331,974
    Interest-bearing deposits $294,291
    Deposits held in domestic offices $331,974
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $60,000
    Subordinated debt $0
    All other liabilities $5,578

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $379,659
    Loan and leases loss allowance $2,061
    Total loans and leases (domestic) $381,720
    All real estate loans $376,696
    Real estate loans in domestic offices $376,696
    Construction and development loans $5,724
    Residential 1-4 family construction $2,177
    Other construction, all land development and other land $3,547
    Loans secured by nonfarm nonresidential properties $4,129
    Nonfarm nonresidential secured by owner-occupied properties $3,341
    Commercial real estate & other non-farm, non-residential $788
    Multifamily residential real estate $6,583
    1-4 family residential loans $358,814
    Farmland loans $1,446
    Loans held in foreign offices $0
    Farm loans $1,087
    Commercial and industrial loans $2,472
    To non-U.S. addressees $0
    Loans to individuals $457
    Credit card loans $0
    Related Plans $116
    Consumer Auto Loans $2
    Other loans to individuals $339
    All other loans & leases $1,008
    Loans to foreign governments and official institutions $0
    Other loans $104
    Loans to depository institutions and acceptances of other banks $904
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $11,319
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    First Federal Savings Bank had $379,659,000 of loans outstanding in 2018. $376,696,000 of loans were in real estate loans. $5,724,000 of loans were in development loans. $6,583,000 of loans were in multifamily mortgage loans. $358,814,000 of loans were in 1-4 family mortgage loans. $1,087,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 20 $2,588 $129,400
    Nonfarm, nonresidential loans - <$100k 8 $320 $40,000
    Nonfarm, nonresidential loans - $100-250k 6 $758 $126,333
    Nonfarm, nonresidential loans - $250k-1MM 6 $1,510 $251,667
    Commercial & Industrial, US addressed loans - <$1MM 15 $2,472 $164,800
    Commercial & Industrial, US addressed loans - <$100k 8 $346 $43,250
    Commercial & Industrial, US addressed loans - $100-250k 4 $483 $120,750
    Commercial & Industrial, US addressed loans - $250k-1MM 3 $1,643 $547,667
    Farmland loans - <$1MM 3 $280 $93,333
    Farmland loans - <$100k 2 $137 $68,500
    Farmland loans - $100-250k 1 $143 $143,000
    Agriculture operations loans - <$1MM 1 $28 $28,000
    Agriculture operations loans - $100-250k 1 $28 $28,000