We compare mortgage interest rate and loan related closing costs at Mortgage Services III LLC with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.07%)
Loan Related Closing Costs: higher than average (+$282)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Mortgage Services III LLC originated 2054 mortgages, a national market share of 0.0%. It was most active in IL (0.8% market share), WI (0.1% market share), and NE (0.1% market share).
On average, Mortgage Services III LLC’s interest rates were higher than those of comparable mortgages at other lenders (+0.07%).1The comparable mortgages control for Mortgage Services III LLC’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 $4137, which was higher than those of comparable mortgages at $3855, with a difference of +$282. Overall, we estimate that Mortgage Services III LLC tends to be an expensive lender, with a cost-adjusted-rate difference of +0.10% 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 Mortgage Services III LLC.
Mortgage Services III LLC originated Conforming, FHA, USDA 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 Mortgage Services III LLC compared to other lenders
|Interest Rate Difference||+0.10%||+0.09%||-0.01%||+0.02%|
|Loan related Closing Cost Difference||+$473||+$99||-$35||+$241|
|Cost Adjusted Rate Difference||+0.14%||+0.10%||-0.02%||+0.04%|
Based on the table above, Mortgage Services III LLC is similar to other lenders for USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming and FHA purchase mortgages.
Mortgage Refinancing from Mortgage Services III LLC compared to other lenders
|Interest Rate Difference||-0.03%|
|Loan Related Closing Cost Difference||-$263|
|Cost Adjusted Rate Difference||-0.06%|
Based on the table above, Mortgage Services III LLC is cheap for Conforming mortgage refinance.
Other information about Mortgage Services III LLC:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: TRI-COUNTY FINANCIAL GROUP, INC.
Registered city and state: BLOOMINGTON, IL, 61704