Is Central Pacific Bank An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: lower than average (-$1500)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Central Pacific Bank originated 1665 mortgages, a national market share of 0.0%. It was primarily active in HI (7.1% market share) and CA (0.0% market share).

On average, Central Pacific Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Central Pacific 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 $6194, which was lower than those of comparable mortgages at $7694, with a difference of -$1500. Overall, we estimate that Central Pacific Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.13% 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 Central Pacific Bank.

Central Pacific Bank originated Conforming and Jumbo 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 Central Pacific Bank compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.08% -0.09%
Loan related Closing Cost Difference -$1676 -$2898
Cost Adjusted Rate Difference -0.15% -0.14%

Based on the table above, Central Pacific Bank is cheap for Conforming and Jumbo purchase mortgages.

Mortgage Refinancing from Central Pacific Bank compared to other lenders

Conforming
Interest Rate Difference -0.01%
Loan Related Closing Cost Difference -$266
Cost Adjusted Rate Difference -0.03%

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

Other information about Central Pacific Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: CENTRAL PACIFIC FINANCIAL CORP.
Registered city and state: Honolulu, HI, 96811
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Footnotes   [ + ]

1. The comparable mortgages control for Central Pacific 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.