Is Ark-La-Tex Financial Services LLC An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Ark-La-Tex Financial Services LLC with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.07%)
Loan Related Closing Costs: lower than average (-$591)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Ark-La-Tex Financial Services LLC originated 12385 mortgages, a national market share of 0.2%. It was most active in ND (1.9% market share), KY (1.3% market share), and NE (1.2% market share).

On average, Ark-La-Tex Financial Services LLC’s interest rates were higher than those of comparable mortgages at other lenders (+0.07%).1The comparable mortgages control for Ark-La-Tex Financial 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 $4347, which was lower than those of comparable mortgages at $4938, with a difference of -$591. Overall, we estimate that Ark-La-Tex Financial Services LLC 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 Ark-La-Tex Financial Services LLC.

Ark-La-Tex Financial Services LLC originated Conforming, FHA, Jumbo, 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 Ark-La-Tex Financial Services LLC compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.06% +0.10% +0.17% +0.10% +0.07%
Loan related Closing Cost Difference -$446 -$1340 +$104 -$1034 -$341
Cost Adjusted Rate Difference +0.03% -0.05% +0.17% -0.04% +0.04%

Based on the table above, Ark-La-Tex Financial Services LLC is similar to other lenders for Conforming, FHA, USDA and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Ark-La-Tex Financial Services LLC compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.03% +0.16% -0.01%
Loan Related Closing Cost Difference +$267 +$641 +$188
Cost Adjusted Rate Difference +0.06% +0.19% +0.00%

Based on the table above, Ark-La-Tex Financial Services LLC is similar to other lenders for VA mortgage refinance. It is more expensive than other lenders for Conforming and FHA mortgage refinance.

Other information about Ark-La-Tex Financial Services LLC:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: PLANO, TX, 75024
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Footnotes   [ + ]

1. The comparable mortgages control for Ark-La-Tex Financial 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.