Is CorTrust Bank National Association An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at CorTrust Bank National Association with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.04%)
Loan Related Closing Costs: higher than average (+$744)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, CorTrust Bank National Association originated 457 mortgages, a national market share of 0.0%. It was most active in SD (2.8% market share), NE (0.0% market share), and MN (0.0% market share).

On average, CorTrust Bank National Association’s interest rates were similar to those of comparable mortgages at other lenders (-0.04%).1The comparable mortgages control for CorTrust Bank National Association’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 $4375, which was higher than those of comparable mortgages at $3631, with a difference of +$744. Overall, we estimate that CorTrust Bank National Association tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 CorTrust Bank National Association.

CorTrust Bank National Association originated Conforming 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 CorTrust Bank National Association compared to other lenders

Conforming
Interest Rate Difference -0.01%
Loan related Closing Cost Difference +$896
Cost Adjusted Rate Difference +0.06%

Based on the table above, CorTrust Bank National Association is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from CorTrust Bank National Association compared to other lenders

Conforming
Interest Rate Difference -0.12%
Loan Related Closing Cost Difference +$408
Cost Adjusted Rate Difference -0.08%

Based on the table above, CorTrust Bank National Association is cheap for Conforming mortgage refinance.

Other information about CorTrust Bank National Association:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: HOPKINS FINANCIAL CORPORATION
Registered city and state: SIOUX FALLS, SD, 57105

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Footnotes   [ + ]

1. The comparable mortgages control for CorTrust Bank National Association’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.