Is Community Banc Mortgage Corp An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: similar to average (-$25)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Community Banc Mortgage Corp originated 760 mortgages, a national market share of 0.0%. It was most active in IL (0.2% market share), MO (0.1% market share), and NE (0.1% market share).

On average, Community Banc Mortgage Corp’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for Community Banc Mortgage Corp’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 $2525, which was similar to those of comparable mortgages at $2550, with a difference of -$25. Overall, we estimate that Community Banc Mortgage Corp tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 Community Banc Mortgage Corp.

Community Banc Mortgage Corp originated Conforming and USDA 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 Community Banc Mortgage Corp compared to other lenders

Conforming USDA
Interest Rate Difference +0.05% -0.03%
Loan related Closing Cost Difference +$72 -$158
Cost Adjusted Rate Difference +0.06% -0.07%

Based on the table above, Community Banc Mortgage Corp is cheap for USDA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Community Banc Mortgage Corp compared to other lenders

Conforming
Interest Rate Difference +0.01%
Loan Related Closing Cost Difference -$177
Cost Adjusted Rate Difference -0.02%

Based on the table above, Community Banc Mortgage Corp is similar to other lenders for Conforming mortgage refinance.

Other information about Community Banc Mortgage Corp:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: UNITED COMMUNITY BANCORP, INC.
Registered city and state: CHATHAM, IL, 62629

Footnotes   [ + ]

1. The comparable mortgages control for Community Banc Mortgage Corp’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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