Is Old Line Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: lower than average (-$294)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Old Line Bank originated 469 mortgages, a national market share of 0.0%. It was most active in MD (0.4% market share), DC (0.1% market share), and DE (0.0% market share).

On average, Old Line Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Old Line Bank’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 $5919, which was lower than those of comparable mortgages at $6213, with a difference of -$294. Overall, we estimate that Old Line Bank 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 Old Line Bank.

Old Line Bank 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 Old Line Bank compared to other lenders

Conforming FHA
Interest Rate Difference -0.03% +0.00%
Loan related Closing Cost Difference +$22 -$532
Cost Adjusted Rate Difference -0.04% -0.03%

Based on the table above, Old Line Bank is similar to other lenders for Conforming and FHA purchase mortgages.

Mortgage Refinancing from Old Line Bank compared to other lenders

Conforming
Interest Rate Difference +0.07%
Loan Related Closing Cost Difference -$1008
Cost Adjusted Rate Difference +0.01%

Based on the table above, Old Line Bank is similar to other lenders for Conforming mortgage refinance.

Other information about Old Line Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: OLD LINE BANCSHARES, INC.
Registered city and state: Bowie, MD, 20601

Footnotes   [ + ]

1. The comparable mortgages control for Old Line Bank’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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