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Farmers State Bank

Waterloo, IA

Farmers State Bank processed 421 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 313 loans with a 5.2% denial rate. Home Purchase was the primary loan purpose. Based in Waterloo, IA. The approval rate of 74.3% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. Farmers State Bank processed 421 HMDA-reported mortgage applications in 2024, originating 313 loans and denying 22 for a denial rate of 5.2% (applicants themselves withdrew 14 files before a decision). The average loan amount was $287,898 at a 7.111% average note rate, and applicants self-reported an average income of $35,000. The lender reports under LEI 549300ZJODJ0SZUNMX12 from Waterloo, IA.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% — HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Farmers State Bank's 74.3% origination rate tells you how often an application turned into funded money; the 5.2% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Employment history, which together explain the majority of rejections. Most activity concentrated in Conventional loans (421 applications).

How to read this page. These figures are aggregate HMDA disclosures — they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting — it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

421
Applications
313
Originated
5.2%
Denial Rate
$287,898
Avg Loan Amount
Avg Interest Rate: 7.111% Avg Applicant Income: $35,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 421 313 22 $287,898

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for Farmers State Bank (LEI: 549300ZJODJ0SZUNMX12) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio
12
Credit history
10
Employment history
2
Collateral
1
Other
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 251 193 $305,000
Refinancing 58 38 $564,655
Cash-out Refinancing 40 24 $150,250
Other 37 28 $88,514
Home Improvement 35 30 $74,714

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 346 72.5% 6.1%
Asian 10 70.0% 0.0%
Joint 4 50.0% 0.0%
Black or African American 2 0.0% 0.0%
2 or more minority races 1 100.0% 0.0%

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 349 72.2% 5.4%
Hispanic or Latino 6 66.7% 33.3%
Joint 3 100.0% 0.0%

Nearby Lenders in IA

Other HMDA-reporting lenders in IA with similar activity. Compare any two side-by-side.

GREENSTATE CREDIT UNION

NORTH LIBERTY, IA

18,672 apps 12,784 originated 11.1% denied

VERIDIAN CREDIT UNION

WATERLOO, IA

11,053 apps 7,554 originated 12.1% denied

IOWA BANKERS MORTGAGE CORPORATION

JOHNSTON, IA

5,751 apps 2,402 originated 7.6% denied

DUPACO COMMUNITY CREDIT UNION

DUBUQUE, IA

3,587 apps 2,580 originated 19.3% denied

HILLS BANK AND TRUST COMPANY

HILLS, IA

2,597 apps 2,128 originated 7.0% denied
Compare Farmers State Bank vs GREENSTATE CREDIT UNION →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did Farmers State Bank process?
Farmers State Bank processed 421 mortgage applications in the 2023 HMDA reporting year. Of these, 313 were originated (approved and funded), 14 were withdrawn by the applicant, and 22 were denied.
What is Farmers State Bank's mortgage approval rate?
Farmers State Bank has an approval (origination) rate of 74.3%, meaning 74.3% of all applications resulted in a funded mortgage. The denial rate is 5.2%.
What is the average loan amount at Farmers State Bank?
The average mortgage loan amount at Farmers State Bank is $287,898. The average interest rate is 7.111%. The average applicant income is $35,000.
What are the most common reasons for mortgage denial at Farmers State Bank?
The most common reasons for mortgage denial at Farmers State Bank are: Debt-to-income ratio, Credit history, Employment history. In total, 22 applications were denied out of 421 total applications.
What types of mortgage loans does Farmers State Bank offer?
Farmers State Bank processes Conventional loans. The most common type is Conventional with 421 applications and an average loan amount of $287,898.
What loan purposes does Farmers State Bank serve?
Farmers State Bank serves the following loan purposes: Home Purchase (251 applications), Refinancing (58 applications), Cash-out Refinancing (40 applications), Other (37 applications), Home Improvement (35 applications). Home Purchase is the most common purpose.
Where is Farmers State Bank located?
Farmers State Bank is headquartered in Waterloo, IA. The lender is identified by LEI 549300ZJODJ0SZUNMX12 in HMDA data.
How does Farmers State Bank compare in lending across racial demographics?
Farmers State Bank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 72.5% and denial rate of 6.1%; Asian applicants have an approval rate of 70.0% and denial rate of 0.0%; Joint applicants have an approval rate of 50.0% and denial rate of 0.0%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology — how this data is sourced, computed, and verified.