Is Stanford Federal Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Stanford Federal Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: similar to average (+$239)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Stanford Federal Credit Union originated 502 mortgages, a national market share of 0.0%. It was most active in CA (0.1% market share), DC (0.0% market share), and MT (0.0% market share).

On average, Stanford Federal Credit Union’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for Stanford Federal Credit Union’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 $5613, which was similar to those of comparable mortgages at $5374, with a difference of +$239. Overall, we estimate that Stanford Federal Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.07% 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 Stanford Federal Credit Union.

Stanford Federal Credit Union originated Conforming and Jumbo 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 Stanford Federal Credit Union compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.16% +0.12%
Loan related Closing Cost Difference +$262 +$182
Cost Adjusted Rate Difference -0.14% +0.12%

Based on the table above, Stanford Federal Credit Union is cheap for Conforming purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Other information about Stanford Federal Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: PALO ALTO, CA, 94303

Footnotes   [ + ]

1. The comparable mortgages control for Stanford Federal Credit Union’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.

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