Is Nations Lending Corporation An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.11%)
Loan Related Closing Costs: higher than average (+$386)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Nations Lending Corporation originated 7750 mortgages, a national market share of 0.1%. It was most active in LA (0.5% market share), OH (0.4% market share), and FL (0.3% market share).

On average, Nations Lending Corporation’s interest rates were higher than those of comparable mortgages at other lenders (+0.11%).1The comparable mortgages control for Nations Lending Corporation’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 $6117, which was higher than those of comparable mortgages at $5731, with a difference of +$386. Overall, we estimate that Nations Lending Corporation tends to be an expensive lender, with a cost-adjusted-rate difference of +0.15% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Nations Lending Corporation.

Nations Lending Corporation originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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 Nations Lending Corporation compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.10% +0.14% +0.11% +0.22%
Loan related Closing Cost Difference +$5 -$805 -$923 +$322
Cost Adjusted Rate Difference +0.10% +0.05% -0.00% +0.23%

Based on the table above, Nations Lending Corporation is similar to other lenders for FHA and USDA purchase mortgages. It is more expensive than other lenders for Conforming and VA purchase mortgages.

Mortgage Refinancing from Nations Lending Corporation compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.07% +0.09% +0.09%
Loan Related Closing Cost Difference +$1810 +$1687 +$732
Cost Adjusted Rate Difference +0.29% +0.27% +0.16%

Based on the table above, Nations Lending Corporation is more expensive than other lenders for Conforming, FHA and VA mortgage refinance.

Other information about Nations Lending Corporation:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: INDEPENDENCE, OH, 44131
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Footnotes   [ + ]

1. The comparable mortgages control for Nations Lending Corporation’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.