Is Corporate America Family CU An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Corporate America Family CU with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.17%)
Loan Related Closing Costs: similar to average (+$198)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Corporate America Family CU originated 170 mortgages, a national market share of 0.0%. It was most active in IL (0.0% market share), CT (0.0% market share), and KS (0.0% market share).

On average, Corporate America Family CU’s interest rates were lower than those of comparable mortgages at other lenders (-0.17%).1The comparable mortgages control for Corporate America Family CU’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 $3053, which was similar to those of comparable mortgages at $2855, with a difference of +$198. Overall, we estimate that Corporate America Family CU tends to be an cheap lender, with a cost-adjusted-rate difference of -0.20% 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 Corporate America Family CU.

Corporate America Family CU 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 Corporate America Family CU compared to other lenders

Conforming
Interest Rate Difference -0.25%
Loan related Closing Cost Difference +$1017
Cost Adjusted Rate Difference -0.16%

Based on the table above, Corporate America Family CU is cheap for Conforming purchase mortgages.

Mortgage Refinancing from Corporate America Family CU compared to other lenders

Conforming
Interest Rate Difference -0.11%
Loan Related Closing Cost Difference -$469
Cost Adjusted Rate Difference -0.22%

Based on the table above, Corporate America Family CU is cheap for Conforming mortgage refinance.

Other information about Corporate America Family CU:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: Elgin, IL, 60124
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Footnotes   [ + ]

1. The comparable mortgages control for Corporate America Family CU’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.