Is The Lyons National Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.04%)
Loan Related Closing Costs: higher than average (+$623)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, The Lyons National Bank originated 912 mortgages, a national market share of 0.0%. It was most active in NY (0.4% market share), RI (0.0% market share), and FL (0.0% market share).

On average, The Lyons National Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.04%).1The comparable mortgages control for The Lyons 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 $3830, which was higher than those of comparable mortgages at $3207, with a difference of +$623. Overall, we estimate that The Lyons National 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 The Lyons National Bank.

The Lyons National Bank originated Conforming 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 The Lyons National Bank compared to other lenders

Conforming
Interest Rate Difference -0.04%
Loan related Closing Cost Difference +$931
Cost Adjusted Rate Difference +0.05%

Based on the table above, The Lyons National Bank is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from The Lyons National Bank compared to other lenders

Conforming
Interest Rate Difference -0.05%
Loan Related Closing Cost Difference -$405
Cost Adjusted Rate Difference -0.15%

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

Other information about The Lyons National Bank:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: LYONS BANCORP, INC.
Registered city and state: LYONS, NY, 14489
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Footnotes

1 The comparable mortgages control for The Lyons 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.