Is Flanagan State Bank An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.10%)
Loan Related Closing Costs: higher than average (+$293)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Flanagan State Bank originated 1745 mortgages, a national market share of 0.0%. It was most active in SD (0.7% market share), MO (0.4% market share), and IL (0.2% market share).

On average, Flanagan State Bank’s interest rates were higher than those of comparable mortgages at other lenders (+0.10%).1The comparable mortgages control for Flanagan State 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 $4292, which was higher than those of comparable mortgages at $3999, with a difference of +$293. Overall, we estimate that Flanagan State Bank tends to be an expensive lender, with a cost-adjusted-rate difference of +0.15% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Flanagan State Bank.

Flanagan State Bank originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming and FHA 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 Flanagan State Bank compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.05% +0.16% +0.11% +0.15%
Loan related Closing Cost Difference +$21 +$669 +$541 -$487
Cost Adjusted Rate Difference +0.06% +0.26% +0.20% +0.09%

Based on the table above, Flanagan State Bank is more expensive than other lenders for Conforming, FHA, USDA and VA purchase mortgages.

Mortgage Refinancing from Flanagan State Bank compared to other lenders

Conforming FHA
Interest Rate Difference +0.01% +0.09%
Loan Related Closing Cost Difference -$162 +$3
Cost Adjusted Rate Difference -0.01% +0.11%

Based on the table above, Flanagan State Bank is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for FHA mortgage refinance.

Other information about Flanagan State Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: HOMETOWN FINANCIAL GROUP, INC.
Registered city and state: Flanagan, IL, 61740
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Footnotes   [ + ]

1. The comparable mortgages control for Flanagan State 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.