First Federal Savings Bank Mortgage Rates, Fees & Info
Rochester, INLEI: 549300XUKQ6W1CY6QK47
Tax ID: 35-1116773
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Mortgage 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, Elkhart, Plymouth, and Indianapolis among others. We have data for 30 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 relatively high 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% | 4/28/24 |
| 30 Year Conventional Purchase | 6.73% | 4/28/24 |
| 30 Year Conventional Refi | 6.67% | 4/28/24 |
| 30 Year Cash-out Refi | 6.78% | 4/28/24 |
| 30 Year FHA Purchase | 8.21% | 4/28/24 |
| 30 Year USDA Purchase | 8.07% | 4/28/24 |
| 15 Year Conventional Purchase | 6.43% | 4/28/24 |
| 15 Year Conventional Refi | 6.21% | 4/28/24 |
| 15 Year Cash-out Refi | 6.21% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,375Origination Dollar Volume (All Markets)
$283,085,000Awards
First Federal Savings Bank - 2022
First Federal Savings Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 356 | $90,870,000 | $255,253 | $3,505 | 5.04% |
| Warsaw, IN (FHA|USDA|VA) | 184 | $40,060,000 | $217,717 | $3,604 | 5.05% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 212 | $36,440,000 | $171,887 | $3,079 | 5.23% |
| Plymouth, IN (FHA|USDA|VA) | 239 | $33,225,000 | $139,017 | $2,722 | 5.31% |
| Outside of Metro Areas | 225 | $32,785,000 | $145,711 | $3,058 | 5.19% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 45 | $15,905,000 | $353,444 | $4,548 | 4.83% |
| NILES, MI (FHA|USDA|VA) | 17 | $7,375,000 | $433,824 | $5,903 | 5.24% |
| KOKOMO, IN (FHA|USDA|VA) | 8 | $5,880,000 | $735,000 | $2,678 | 5.13% |
| FORT WAYNE, IN (FHA|USDA|VA) | 18 | $4,420,000 | $245,556 | $2,851 | 5.13% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 19 | $4,165,000 | $219,211 | $3,423 | 4.88% |
| Logansport, IN (FHA|USDA|VA) | 6 | $3,030,000 | $505,000 | $2,071 | 5.05% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 8 | $3,010,000 | $376,250 | $4,883 | 4.89% |
| Sturgis, MI (FHA|USDA|VA) | 6 | $1,370,000 | $228,333 | $4,602 | 4.31% |
| Peru, IN (FHA|USDA|VA) | 9 | $995,000 | $110,556 | $2,893 | 5.28% |
| Kendallville, IN (FHA|USDA|VA) | 6 | $950,000 | $158,333 | $3,643 | 4.35% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,273 | 3.00% |
| Angola, IN (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,575 | 5.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,092 | 3.25% |
| AKRON, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,783 | 3.63% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 5.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,845 | 3.75% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,654 | 3.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,447 | 7.13% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,776 | 4.88% |
| Bluffton, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,885 | 2.50% |
| Auburn, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,230 | 6.00% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,938 | 5.13% |
| Wabash, IN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,150 | 6.63% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,868 | 7.00% |
| Huntington, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,373 | 5.25% |
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.
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Product Mix
For 2022, First Federal Savings Bank's most frequently originated type of loan was Conventional, with 1,085 originations. Their 2nd most popular type was HELOC, with 288 originations.
Loan Reason
For 2022, First Federal Savings Bank's most frequently cited loan purpose was Home Purchase, with 699 originations. The 2nd most popular reason was Cash Out Refi, with 261 originations.
Loan Duration/Length
For 2022, First Federal Savings Bank's most frequently cited loan duration was 30 Year, with 643 originations. The 2nd most popular length was 20 Year, with 358 originations.
Origination Fees/Closing Costs
First Federal Savings Bank's average total fees were $3,076, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 589 originations.
Interest Rates
During 2022, First Federal Savings Bank's average interest rate for loans was 5.28%, while their most frequently originated rate bucket for loans was 5-6%, with 336 originations.
Loan Sizing
2022 saw First Federal Savings Bank place emphasis on $100,000 or less loans with 492 originations, totaling $27,540,000 in origination value.
Applicant Income
First Federal Savings Bank lent most frequently to those with incomes in the $50k-75k range, with 298 originations. The second most popular income band? $100k-150k, with 286 originations.
Applicant Debt to Income Ratio
First Federal Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 347 originations. The next most common DTI ratio? 30-36%, with 284 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.72%
First Federal Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination90.11%
First Federal Savings Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,375 | $283,085,000 | $205,880 |
LTV Distribution
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% |