Independent Farmers Bank Mortgage Rates, Fees & Info

Maysville, MO

LEI: 894500L05PZK2V29V567

Tax ID: 44-0241245

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
  • 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

    Independent Farmers Bank is a smaller bank specializing in Home Purchase and Refi loans. Independent Farmers Bank has a high proportion of conventional loans. Their top markets by origination volume include: St. Joseph, Kansas City, and Warrensburg among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Independent Farmers Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Independent Farmers 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.

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    Originations

    32

    Origination Dollar Volume (All Markets)

    $2,780,000

    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
    ST. JOSEPH, MO-KS (FHA|USDA|VA) 19 $1,525,000 $80,263 $1,326 6.63%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 4 $610,000 $152,500 $1,594 6.78%
    Outside of Metro Areas 8 $390,000 $48,750 $1,529 7.03%
    Warrensburg, MO (FHA|USDA|VA) 1 $255,000 $255,000 $2,500 6.50%
    Independent Farmers Bank's top markets include St. Joseph, Kansas City, and Warrensburg among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 32 $2,780,000 $86,875 $1,443 6.74%

    For 2018, Independent Farmers Bank's most frequently originated type of loan was Conventional, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $1,550,000 $96,875 $1,638 6.95%
    Refi 9 $785,000 $87,222 $1,151 6.43%
    Home Improvement 7 $445,000 $63,571 $1,376 6.58%

    For 2018, Independent Farmers Bank's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 8 $1,430,000 $178,750 $2,122 6.42%
    15 Year 7 $375,000 $53,571 $1,133 7.00%
    10 Year 6 $200,000 $33,333 $943 6.49%
    20 Year 4 $430,000 $107,500 $1,629 6.79%
    Other 4 $90,000 $22,500 $695 7.01%
    5 Year 3 $255,000 $85,000 $1,778 6.87%

    For 2018, Independent Farmers Bank's most frequently cited loan duration was 30 Year, with 8 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 23 $1,305,000 $56,739
    $1k-2k 5 $1,355,000 $271,000

    Independent Farmers Bank's average total fees were $2,122, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 23 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 20 $1,860,000 $93,000
    7-8% 6 $380,000 $63,333
    5-6% 3 $465,000 $155,000
    Over 8% 1 $25,000 $25,000

    During 2018, Independent Farmers Bank's average interest rate for loans was 6.42%, while their most frequently originated rate bucket for loans was 6-7%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 24 $980,000 $40,833 $994 6.79%
    $200k-400k 5 $1,355,000 $271,000 $2,632 6.49%
    $100k-200k 3 $445,000 $148,333 $2,454 6.78%

    2018 saw Independent Farmers Bank place emphasis on $100,000 or less loans with 24 originations, totaling $980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 12 $550,000 $45,833 $1,076 6.73%
    $50k-75k 11 $645,000 $58,636 $1,148 6.87%
    $75k-100k 3 $525,000 $175,000 $1,802 6.80%
    $100k-150k 2 $620,000 $310,000 $2,707 6.38%
    $150k-250k 2 $250,000 $125,000 $2,751 6.80%
    $250k+ 2 $190,000 $95,000 $3,586 6.40%

    Independent Farmers Bank lent most frequently to those with incomes in the $50k or less range, with 12 originations. The second most popular income band? $50k-75k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 10 $620,000 $62,000 $1,308 6.60%
    20-30% 7 $385,000 $55,000 $1,178 6.58%
    30-36% 5 $615,000 $123,000 $1,589 6.62%
    36% 3 $315,000 $105,000 $1,948 7.16%
    41% 2 $280,000 $140,000 $1,984 6.63%
    38% 1 $5,000 $5,000 $806 7.00%
    42% 1 $25,000 $25,000 $412 7.30%
    43% 1 $225,000 $225,000 $2,348 7.00%
    44% 1 $125,000 $125,000 $1,683 7.80%
    46% 1 $185,000 $185,000 $2,093 6.25%

    Independent Farmers Bank lent most frequently to those with DTI ratios of <20%, with 10 originations. The next most common DTI ratio? 20-30%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $2,755,000 $88,871 $1,442 6.74%
    Native Hawaiian or Islander 1 $25,000 $25,000 $1,467 6.75%

    Approval Rates

    Total approvals of all applications
    90.24%

    Independent Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.50%

    Independent Farmers Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 32 $2,780,000 $86,875

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 6 $250,000 $41,667
    Single Family (1-4 Units):Site-Built 26 $2,530,000 $97,308

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $135,000 $27,000 $747 6.50%
    40-60% 7 $455,000 $65,000 $1,263 6.36%
    60-80% 11 $1,465,000 $133,182 $1,688 6.64%
    80-100% 7 $685,000 $97,857 $1,786 7.30%
    Under 20% 2 $40,000 $20,000 $384 6.98%