Is Queensborough National Bank & Trust Company An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Queensborough National Bank & Trust Company with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.19%)
Loan Related Closing Costs: lower than average (-$1771)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Queensborough National Bank & Trust Company originated 902 mortgages, a national market share of 0.0%. It was most active in GA (0.4% market share), SC (0.1% market share), and HI (0.0% market share).

On average, Queensborough National Bank & Trust Company’s interest rates were lower than those of comparable mortgages at other lenders (-0.19%).1The comparable mortgages control for Queensborough National Bank & Trust Company’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 $2653, which was lower than those of comparable mortgages at $4424, with a difference of -$1771. Overall, we estimate that Queensborough National Bank & Trust Company tends to be an cheap lender, with a cost-adjusted-rate difference of -0.37% 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 Queensborough National Bank & Trust Company.

Queensborough National Bank & Trust Company 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 Queensborough National Bank & Trust Company compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.09% -0.43% -0.21%
Loan related Closing Cost Difference -$1859 -$2932 -$1175
Cost Adjusted Rate Difference -0.27% -0.76% -0.30%

Based on the table above, Queensborough National Bank & Trust Company is cheap for Conforming, FHA and VA purchase mortgages.

Mortgage Refinancing from Queensborough National Bank & Trust Company compared to other lenders

Conforming
Interest Rate Difference -0.12%
Loan Related Closing Cost Difference -$44
Cost Adjusted Rate Difference -0.13%

Based on the table above, Queensborough National Bank & Trust Company is cheap for Conforming mortgage refinance.

Other information about Queensborough National Bank & Trust Company:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: QUEENSBOROUGH COMPANY, THE
Registered city and state: Louisville, GA, 30434
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Footnotes   [ + ]

1. The comparable mortgages control for Queensborough National Bank & Trust Company’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.