Is West Penn Financial Service Center An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at West Penn Financial Service Center with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.12%)
Loan Related Closing Costs: similar to average (+$171)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, West Penn Financial Service Center originated 1112 mortgages, a national market share of 0.0%. It was primarily active in PA (0.4% market share) and OH (0.1% market share).

On average, West Penn Financial Service Center’s interest rates were lower than those of comparable mortgages at other lenders (-0.12%).1The comparable mortgages control for West Penn Financial Service Center’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 $4607, which was similar to those of comparable mortgages at $4436, with a difference of +$171. Overall, we estimate that West Penn Financial Service Center tends to be an cheap lender, with a cost-adjusted-rate difference of -0.09% 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 West Penn Financial Service Center.

West Penn Financial Service Center originated Conforming, FHA, USDA and VA mortgages for new home purchases. 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 West Penn Financial Service Center compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference -0.05% -0.23% -0.16% -0.12%
Loan related Closing Cost Difference +$146 +$178 +$6 +$508
Cost Adjusted Rate Difference -0.03% -0.22% -0.17% +0.04%

Based on the table above, West Penn Financial Service Center is cheap for FHA and USDA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages.

Other information about West Penn Financial Service Center:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Pittsburgh, PA, 15237

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Footnotes   [ + ]

1. The comparable mortgages control for West Penn Financial Service Center’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.