Is Bank Independent An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.10%)
Loan Related Closing Costs: higher than average (+$326)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Bank Independent originated 820 mortgages, a national market share of 0.0%. It was most active in AL (0.9% market share), MS (0.0% market share), and TN (0.0% market share).

On average, Bank Independent’s interest rates were lower than those of comparable mortgages at other lenders (-0.10%).1The comparable mortgages control for Bank Independent’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 $3362, which was higher than those of comparable mortgages at $3037, with a difference of +$326. Overall, we estimate that Bank Independent 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 Bank Independent.

Bank Independent originated Conforming 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 Bank Independent compared to other lenders

Conforming
Interest Rate Difference -0.10%
Loan related Closing Cost Difference +$443
Cost Adjusted Rate Difference -0.06%

Based on the table above, Bank Independent is cheap for Conforming purchase mortgages.

Mortgage Refinancing from Bank Independent compared to other lenders

Conforming
Interest Rate Difference -0.09%
Loan Related Closing Cost Difference +$98
Cost Adjusted Rate Difference -0.04%

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

Other information about Bank Independent:

Regulator: Federal Reserve System (FRS) 
Top holder: BANCINDEPENDENT, INCORPORATED
Registered city and state: Sheffield, AL, 35660
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Footnotes   [ + ]

1. The comparable mortgages control for Bank Independent’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.