Is PyraMax Bank FSB An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.10%)
Loan Related Closing Costs: lower than average (-$473)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, PyraMax Bank FSB originated 361 mortgages, a national market share of 0.0%. It was most active in WI (0.3% market share), IL (0.0% market share), and AZ (0.0% market share).

On average, PyraMax Bank FSB’s interest rates were lower than those of comparable mortgages at other lenders (-0.10%).1The comparable mortgages control for PyraMax Bank FSB’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 $1745, which was lower than those of comparable mortgages at $2219, with a difference of -$473. Overall, we estimate that PyraMax Bank FSB tends to be an cheap lender, with a cost-adjusted-rate difference of -0.17% 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 PyraMax Bank FSB.

PyraMax Bank FSB 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 PyraMax Bank FSB compared to other lenders

Conforming
Interest Rate Difference -0.08%
Loan related Closing Cost Difference -$473
Cost Adjusted Rate Difference -0.13%

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

Mortgage Refinancing from PyraMax Bank FSB compared to other lenders

Conforming
Interest Rate Difference -0.13%
Loan Related Closing Cost Difference -$475
Cost Adjusted Rate Difference -0.28%

Based on the table above, PyraMax Bank FSB is cheap for Conforming mortgage refinance.

Other information about PyraMax Bank FSB:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: 1895 BANCORP OF WISCONSIN, MHC
Registered city and state: Greenfield, WI, 53220
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Footnotes   [ + ]

1. The comparable mortgages control for PyraMax Bank FSB’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.