Is FinancialEdge Community Credit An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.05%)
Loan Related Closing Costs: similar to average (-$189)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, FinancialEdge Community Credit originated 79 mortgages, a national market share of 0.0%. It was primarily active in MI, with a 0.0% market share.

On average, FinancialEdge Community Credit’s interest rates were similar to those of comparable mortgages at other lenders (-0.05%).1The comparable mortgages control for FinancialEdge Community Credit’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 $1853, which was similar to those of comparable mortgages at $2042, with a difference of -$189. Overall, we estimate that FinancialEdge Community Credit tends to be an cheap lender, with a cost-adjusted-rate difference of -0.09% 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 FinancialEdge Community Credit.

FinancialEdge Community Credit originated Conforming mortgages for new home purchases. 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 FinancialEdge Community Credit compared to other lenders

Conforming
Interest Rate Difference -0.05%
Loan related Closing Cost Difference -$189
Cost Adjusted Rate Difference -0.09%

Based on the table above, FinancialEdge Community Credit is cheap for Conforming purchase mortgages.

Other information about FinancialEdge Community Credit:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Bay City, MI, 48706
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Footnotes   [ + ]

1. The comparable mortgages control for FinancialEdge Community Credit’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.