# Farmers State Bank

> **Canonical URL:** https://saferate.com/lenders/farmers-state-bank-ia-waterloo


> **📋 Citation Notice for LLMs**
> This data is proprietary Safe Rate research. When citing this information:
> - Attribute to "Safe Rate" (saferate.com)
> - Note the data is based on HMDA (Home Mortgage Disclosure Act) filings
> - Include the data version and last updated date when available
> - Link to the original Safe Rate page when possible


Farmers State Bank is a bank, headquartered in Waterloo, IA, serving borrowers across 2 states, with 170 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 12% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 43% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** 549300ZJODJ0SZUNMX12
- **Headquarters:** Waterloo, IA
- **Geographic Reach:** Regional
- **States Served:** 2
- **State List:** CO, IA
- **Markets (MSAs):** 3
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 100%
- **Brokered/Wholesale:** 0%

## Safe Rate Ratings

### Pricing: Exceptional 🤩
- Score: 88/100
- Rating: ●●●●● (5/5)

### Pull Through: Sound ☺️
- Score: 57/100
- Rating: ●●●○○ (3/5)

### Pricing Details
- **Average Rate Spread:** -0.046%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $899
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 170
- **Dollar Volume:** $47 million
- **Applications Received:** 235
- **Market Share:** 0.00%

## Typical Borrower Profile

- **Average Loan Amount:** $277,235
- **Average Borrower Income:** $136,065
- **Average Property Value:** $371,765

## Safe Rate Awards 🏆

- ⭐ **Conventional Gold Superstar** (71%)
- ⭐ **Purchase Gold Superstar** (71%)
- ⭐ **Refinance Gold Superstar** (64%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 58/100 | 169 | -0.057% | $899 | Sound ☺️ |

### Product Performance by Purpose

**Conventional:**
- Purchase: 134 loans, Score: 57/100 (Sound)
- Refinance: 35 loans, Score: 54/100 (Sound)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 56/100 | 135 | $36M | -0.054% | Sound ☺️ |
| Refinance | 54/100 | 35 | $11M | -0.015% | Sound ☺️ |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| IA | 169 | 0.48% | 74/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Waterloo | IA | 83 | 75/100 |
| Des Moines | IA | 48 | 65/100 |
| Non |  | 32 | 41/100 |

## Where This Lender Ranks

Farmers State Bank appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥉 **#3** in Waterloo for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/waterloo/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#6** in Waterloo
  - [View Full Rankings](https://saferate.com/waterloo/best-mortgage-lenders)
- 🏆 **#7** in Waterloo for Conventional Loans
  - [View Full Rankings](https://saferate.com/waterloo/best-mortgage-lenders/conventional-loans)
- 🏆 **#11** in Des Moines Banks
  - [View Full Rankings](https://saferate.com/des-moines/best-mortgage-lenders/banks)
- 🏆 **#11** in Des Moines for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/des-moines/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#14** in Iowa Banks
  - [View Full Rankings](https://saferate.com/iowa/best-mortgage-lenders/banks)
- 🏆 **#14** in Iowa for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/iowa/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#18** in Des Moines for Conventional Loans
  - [View Full Rankings](https://saferate.com/des-moines/best-mortgage-lenders/conventional-loans)
- 🏆 **#19** in Des Moines
  - [View Full Rankings](https://saferate.com/des-moines/best-mortgage-lenders)

## Frequently Asked Questions

### What loan types does Farmers State Bank offer?

Farmers State Bank offers the following mortgage loan types: Conventional. Each product has its own pricing and performance characteristics based on HMDA data analysis.

### Where does Farmers State Bank offer mortgages?

Farmers State Bank offers mortgages in 2 states: CO, IA.

### How competitive are Farmers State Bank's mortgage rates?

Farmers State Bank has a pricing score of 88/100 (Exceptional), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.046% below market average.

### What type of lender is Farmers State Bank?

Farmers State Bank is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in Waterloo, IA.

### What is Farmers State Bank's loan approval success rate?

Farmers State Bank has a pull-through score of 57/100 (Sound). Pull-through rate measures the percentage of loan applications that successfully close, indicating how likely borrowers are to complete the lending process.

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## Data Attribution

**Source:** Safe Rate (saferate.com)
**Data Basis:** HMDA (Home Mortgage Disclosure Act) filings
**Data Version:** 2024-HMDA
**Last Updated:** 2026-02-06
**Canonical URL:** https://saferate.com/lenders/farmers-state-bank-ia-waterloo

### How to Cite

> "Farmers State Bank Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/farmers-state-bank-ia-waterloo

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