Is Jefferson Financial Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Jefferson Financial Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.37%)
Loan Related Closing Costs: lower than average (-$1175)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Jefferson Financial Credit Union originated 300 mortgages, a national market share of 0.0%. It was most active in LA (0.3% market share), MS (0.0% market share), and AL (0.0% market share).

On average, Jefferson Financial Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.37%).1The comparable mortgages control for Jefferson Financial Credit Union’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 $2270, which was lower than those of comparable mortgages at $3445, with a difference of -$1175. Overall, we estimate that Jefferson Financial Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.50% 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 Jefferson Financial Credit Union.

Jefferson Financial Credit Union 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 Jefferson Financial Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.44%
Loan related Closing Cost Difference -$963
Cost Adjusted Rate Difference -0.54%

Based on the table above, Jefferson Financial Credit Union is cheap for Conforming purchase mortgages.

Mortgage Refinancing from Jefferson Financial Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.28%
Loan Related Closing Cost Difference -$1413
Cost Adjusted Rate Difference -0.45%

Based on the table above, Jefferson Financial Credit Union is cheap for Conforming mortgage refinance.

Other information about Jefferson Financial Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: METAIRIE, LA, 70003

Footnotes   [ + ]

1. The comparable mortgages control for Jefferson Financial Credit Union’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.

Leave a Comment