Is Central National Bank An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.12%)
Loan Related Closing Costs: lower than average (-$773)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Central National Bank originated 490 mortgages, a national market share of 0.0%. It was most active in KS (0.7% market share), NE (0.4% market share), and MO (0.0% market share).

On average, Central National Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.12%).1The comparable mortgages control for Central National 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 $1897, which was lower than those of comparable mortgages at $2670, with a difference of -$773. Overall, we estimate that Central National Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.21% 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 Central National Bank.

Central National Bank 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 Central National Bank compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.10% -0.34% -0.17%
Loan related Closing Cost Difference -$726 -$919 -$1147
Cost Adjusted Rate Difference -0.18% -0.47% -0.26%

Based on the table above, Central National Bank is cheap for Conforming, FHA and VA purchase mortgages.

Mortgage Refinancing from Central National Bank compared to other lenders

Conforming
Interest Rate Difference -0.06%
Loan Related Closing Cost Difference -$662
Cost Adjusted Rate Difference -0.15%

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

Other information about Central National Bank:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: CENTRAL OF KANSAS, INC.
Registered city and state: JUNCTION CITY, KS, 66441
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Footnotes   [ + ]

1. The comparable mortgages control for Central National 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.