Is First State Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$354)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First State Bank originated 532 mortgages, a national market share of 0.0%. It was most active in TX (0.1% market share), OK (0.0% market share), and NM (0.0% market share).

On average, First State Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for First State 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 $4734, which was lower than those of comparable mortgages at $5087, with a difference of -$354. Overall, we estimate that First State Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.05% 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 First State Bank.

First State 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 First State Bank compared to other lenders

Conforming FHA
Interest Rate Difference -0.01% -0.17%
Loan related Closing Cost Difference -$476 -$263
Cost Adjusted Rate Difference -0.04% -0.20%

Based on the table above, First State Bank is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from First State Bank compared to other lenders

Conforming
Interest Rate Difference -0.04%
Loan Related Closing Cost Difference -$58
Cost Adjusted Rate Difference -0.04%

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

Other information about First State Bank:

Regulator: Federal Reserve System (FRS) 
Top holder: RED RIVER BANCORP, INC.
Registered city and state: GAINESVILLE, TX, 76240
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Footnotes   [ + ]

1. The comparable mortgages control for First State 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.