Is TBI Mortgage Company An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: higher than average (+$912)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, TBI Mortgage Company originated 3063 mortgages, a national market share of 0.0%. It was most active in ID (0.4% market share), NV (0.3% market share), and VA (0.2% market share).

On average, TBI Mortgage Company’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for TBI Mortgage Company’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 $6952, which was higher than those of comparable mortgages at $6040, with a difference of +$912. Overall, we estimate that TBI Mortgage Company tends to be an average cost lender, with a cost-adjusted-rate difference of -0.04% 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 TBI Mortgage Company.

TBI Mortgage Company originated Conforming, FHA, Jumbo 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 TBI Mortgage Company compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference -0.06% -0.10% -0.12% -0.15%
Loan related Closing Cost Difference +$802 +$1145 +$1216 +$560
Cost Adjusted Rate Difference -0.02% -0.06% -0.09% -0.13%

Based on the table above, TBI Mortgage Company is cheap for FHA, Jumbo and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Other information about TBI Mortgage Company:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Horsham, PA, 19044
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Footnotes   [ + ]

1. The comparable mortgages control for TBI Mortgage Company’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.