Is Coastway Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: similar to average (-$130)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Coastway Bank originated 1089 mortgages, a national market share of 0.0%. It was most active in RI (4.1% market share), MA (0.1% market share), and NH (0.0% market share).

On average, Coastway Bank’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).1The comparable mortgages control for Coastway 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 $3878, which was similar to those of comparable mortgages at $4009, with a difference of -$130. Overall, we estimate that Coastway Bank 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 Coastway Bank.

Coastway Bank originated Conforming, FHA and Jumbo 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 Coastway Bank compared to other lenders

Conforming FHA Jumbo
Interest Rate Difference +0.03% +0.05% -0.04%
Loan related Closing Cost Difference -$173 -$72 +$463
Cost Adjusted Rate Difference +0.04% +0.04% -0.03%

Based on the table above, Coastway Bank is similar to other lenders for Conforming, FHA and Jumbo purchase mortgages.

Mortgage Refinancing from Coastway Bank compared to other lenders

Conforming
Interest Rate Difference -0.05%
Loan Related Closing Cost Difference -$557
Cost Adjusted Rate Difference -0.10%

Based on the table above, Coastway Bank is cheap for Conforming mortgage refinance.

Other information about Coastway Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: COASTWAY BANCORP, INC
Registered city and state: Manchester, NH, 03101
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Footnotes   [ + ]

1. The comparable mortgages control for Coastway 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.