Is Citizens State Bank An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.06%)
Loan Related Closing Costs: lower than average (-$346)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Citizens State Bank originated 93 mortgages, a national market share of 0.0%. It was primarily active in IA, with a 0.1% market share.

On average, Citizens State Bank’s interest rates were higher than those of comparable mortgages at other lenders (+0.06%).1The comparable mortgages control for Citizens State 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 $1448, which was lower than those of comparable mortgages at $1794, with a difference of -$346. Overall, we estimate that Citizens State Bank tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Citizens State Bank.

Citizens State Bank 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 Citizens State Bank compared to other lenders

Conforming
Interest Rate Difference +0.06%
Loan related Closing Cost Difference -$346
Cost Adjusted Rate Difference -0.01%

Based on the table above, Citizens State Bank is similar to other lenders for Conforming purchase mortgages.

Other information about Citizens State Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: HERKY HAWK FINANCIAL CORP.
Registered city and state: MONTICELLO, IA, 52310
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Footnotes   [ + ]

1. The comparable mortgages control for Citizens State 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.