Is Shelter Lending Services, Llc An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Shelter Lending Services, Llc with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: similar to average (-$120)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Shelter Lending Services, Llc originated 506 mortgages, a national market share of 0.0%. It was most active in GA (0.1% market share), SC (0.1% market share), and TN (0.1% market share).

On average, Shelter Lending Services, Llc’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for Shelter Lending Services, 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 $4074, which was similar to those of comparable mortgages at $4194, with a difference of -$120. Overall, we estimate that Shelter Lending Services, Llc tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% 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 Shelter Lending Services, Llc.

Shelter Lending Services, Llc originated Conforming and FHA 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 Shelter Lending Services, Llc compared to other lenders

Conforming FHA
Interest Rate Difference +0.03% +0.06%
Loan related Closing Cost Difference +$60 -$929
Cost Adjusted Rate Difference +0.03% -0.00%

Based on the table above, Shelter Lending Services, Llc is similar to other lenders for Conforming and FHA purchase mortgages.

Mortgage Refinancing from Shelter Lending Services, Llc compared to other lenders

Conforming
Interest Rate Difference +0.03%
Loan Related Closing Cost Difference -$336
Cost Adjusted Rate Difference +0.00%

Based on the table above, Shelter Lending Services, Llc is similar to other lenders for Conforming mortgage refinance.

Other information about Shelter Lending Services, Llc:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: PLYMOUTH MEETING, PA, 19462

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Footnotes   [ + ]

1. The comparable mortgages control for Shelter Lending Services, 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.
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.