Is LA Financial Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at LA Financial Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.05%)
Loan Related Closing Costs: lower than average (-$323)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, LA Financial Credit Union originated 95 mortgages, a national market share of 0.0%. It was primarily active in AZ (0.0% market share) and CA (0.0% market share).

On average, LA Financial Credit Union’s interest rates were higher than those of comparable mortgages at other lenders (+0.05%).1The comparable mortgages control for LA Financial Credit Union’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 $3376, which was lower than those of comparable mortgages at $3699, with a difference of -$323. Overall, we estimate that LA Financial Credit Union 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 LA Financial Credit Union.

LA Financial Credit Union specialized in mortgage refinancing, and originated Conforming refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Mortgage Refinancing from LA Financial Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.05%
Loan Related Closing Cost Difference -$323
Cost Adjusted Rate Difference +0.02%

Based on the table above, LA Financial Credit Union is similar to other lenders for Conforming mortgage refinance.

Other information about LA Financial Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: PASADENA, CA, 91105
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Footnotes   [ + ]

1. The comparable mortgages control for LA Financial Credit Union’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.