First Exchange Bank Mortgage Rates, Fees & Info
Fairmont, WVLEI: 549300ZOW5Z4AZ36M223
Tax ID: 55-0170680
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Mortgage Data
Review & Overview
First Exchange Bank is a smaller bank specializing in Home Purchase and Refi loans. First Exchange Bank has a high proportion of conventional loans. First Exchange Bank has a low ratio of conventional loans. Their top markets by origination volume include: Morgantown, Fairmont, Clarksburg, Pittsburgh, and Naples among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)First Exchange Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Exchange 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.
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Originations
201Origination Dollar Volume (All Markets)
$47,025,000Relative Rate
First Exchange Bank's average 30 year fixed mortgage rate was
5.75%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.73%.
Relative Fees (Closing Costs)
First Exchange Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,713.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| MORGANTOWN, WV (FHA|USDA|VA) | 67 | $18,145,000 | $270,821 | $0 | 0.00% |
| Fairmont, WV (FHA|USDA|VA) | 66 | $13,020,000 | $197,273 | $4,713 | 5.75% |
| Clarksburg, WV (FHA|USDA|VA) | 30 | $8,490,000 | $283,000 | $0 | 0.00% |
| Outside of Metro Areas | 23 | $3,705,000 | $161,087 | $4,801 | 5.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 9 | $2,185,000 | $242,778 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 0.00% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 0.00% |
| WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 0.00% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 199 | $46,635,000 | $234,347 | $0 | 0.00% |
| Conventional | 2 | $390,000 | $195,000 | $4,757 | 5.63% |
For 2023, First Exchange Bank's most frequently originated type of loan was Conventional, with 199 originations. Their 2nd most popular type was Conventional, with 2 originations.
Loan Reason
For 2023, First Exchange Bank's most frequently cited loan purpose was Home Purchase, with 144 originations. The 2nd most popular reason was Refi, with 49 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 199 | $46,635,000 | $234,347 | $0 | 0.00% |
| 20 Year | 1 | $165,000 | $165,000 | $4,801 | 5.50% |
| 30 Year | 1 | $225,000 | $225,000 | $4,713 | 5.75% |
For 2023, First Exchange Bank's most frequently cited loan duration was Other, with 199 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $165,000 | $165,000 |
| $2k-3k | 1 | $225,000 | $225,000 |
First Exchange Bank's average total fees were $4,713, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 2 | $390,000 | $195,000 |
During 2023, First Exchange Bank's average interest rate for loans was 5.75%, while their most frequently originated rate bucket for loans was 5-6%, with 2 originations.
Loan Sizing
2023 saw First Exchange Bank place emphasis on $100k-200k loans with 78 originations, totaling $11,790,000 in origination value.
Applicant Income
First Exchange Bank lent most frequently to those with incomes in the $50k-75k range, with 49 originations. The second most popular income band? $100k-150k, with 36 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 199 | $46,635,000 | $234,347 | $0 | 0.00% |
| 41% | 1 | $165,000 | $165,000 | $4,801 | 5.50% |
| 43% | 1 | $225,000 | $225,000 | $4,713 | 5.75% |
First Exchange Bank lent most frequently to those with DTI ratios of Exempt%, with 199 originations. The next most common DTI ratio? 41%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.84%
First Exchange Bank has a below average approval rate.
Pick Rate
Approvals leading to origination78.11%
First Exchange Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 199 | $46,635,000 | $234,347 |
| NA | 2 | $390,000 | $195,000 |