Is Southern Bank and Trust Company An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: similar to average (-$210)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Southern Bank and Trust Company originated 792 mortgages, a national market share of 0.0%. It was most active in NC (0.3% market share), VA (0.0% market share), and SC (0.0% market share).

On average, Southern Bank and Trust Company’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Southern Bank and Trust Company’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 $2936, which was similar to those of comparable mortgages at $3146, with a difference of -$210. Overall, we estimate that Southern Bank and Trust Company tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% 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 Southern Bank and Trust Company.

Southern Bank and Trust Company 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 Southern Bank and Trust Company compared to other lenders

Conforming
Interest Rate Difference -0.07%
Loan related Closing Cost Difference -$354
Cost Adjusted Rate Difference -0.12%

Based on the table above, Southern Bank and Trust Company is cheap for Conforming purchase mortgages.

Mortgage Refinancing from Southern Bank and Trust Company compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan Related Closing Cost Difference +$80
Cost Adjusted Rate Difference -0.01%

Based on the table above, Southern Bank and Trust Company is similar to other lenders for Conforming mortgage refinance.

Other information about Southern Bank and Trust Company:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: SOUTHERN BANCSHARES (N.C.), INC.
Registered city and state: Mount Olive, NC, 28365

Footnotes   [ + ]

1. The comparable mortgages control for Southern Bank and Trust Company’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.

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