Is Security Home Mortgage An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Security Home Mortgage with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: higher than average (+$704)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Security Home Mortgage originated 1237 mortgages, a national market share of 0.0%. It was most active in UT (1.3% market share), ID (0.0% market share), and OR (0.0% market share).

On average, Security Home Mortgage’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Security Home Mortgage’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 $6372, which was higher than those of comparable mortgages at $5668, with a difference of +$704. Overall, we estimate that Security Home Mortgage tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Security Home Mortgage.

Security Home Mortgage 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 Security Home Mortgage compared to other lenders

Conforming FHA
Interest Rate Difference -0.03% -0.10%
Loan related Closing Cost Difference +$902 +$618
Cost Adjusted Rate Difference +0.02% -0.06%

Based on the table above, Security Home Mortgage is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Security Home Mortgage compared to other lenders

Conforming
Interest Rate Difference -0.06%
Loan Related Closing Cost Difference +$102
Cost Adjusted Rate Difference -0.05%

Based on the table above, Security Home Mortgage is similar to other lenders for Conforming mortgage refinance.

Other information about Security Home Mortgage:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: OREM, UT, 84058
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Footnotes   [ + ]

1. The comparable mortgages control for Security Home Mortgage’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.