Is F & M Bank An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at F & M Bank with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: similar to average (-$133)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, F & M Bank originated 547 mortgages, a national market share of 0.0%. It was most active in OK (0.8% market share), WY (0.0% market share), and CO (0.0% market share).

On average, F & M Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for F & M Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4061, which was similar to those of comparable mortgages at $4193, with a difference of -$133. Overall, we estimate that F & M Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with F & M Bank.

F & M Bank originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from F & M Bank compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.01% -0.25% -0.05%
Loan related Closing Cost Difference -$71 -$28 -$261
Cost Adjusted Rate Difference -0.02% -0.25% -0.06%

Based on the table above, F & M Bank is cheap for FHA and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from F & M Bank compared to other lenders

Conforming
Interest Rate Difference +0.00%
Loan Related Closing Cost Difference -$263
Cost Adjusted Rate Difference -0.02%

Based on the table above, F & M Bank is similar to other lenders for Conforming mortgage refinance.

Other information about F & M Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: F&M BANCSHARES, INC.
Registered city and state: EDMOND, OK, 73012

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Footnotes   [ + ]

1. The comparable mortgages control for F & M Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.