Is The Port Washington State Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: higher than average (+$380)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, The Port Washington State Bank originated 364 mortgages, a national market share of 0.0%. It was primarily active in WI, with a 0.3% market share.

On average, The Port Washington State Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).3The comparable mortgages control for The Port Washington State Bank’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 $2314, which was higher than those of comparable mortgages at $1934, with a difference of +$380. Overall, we estimate that The Port Washington State Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.00% compared to comparable mortgages at other lenders.4Cost 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 The Port Washington State Bank.

The Port Washington State Bank 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 The Port Washington State Bank compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan related Closing Cost Difference +$532
Cost Adjusted Rate Difference +0.02%

Based on the table above, The Port Washington State Bank is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from The Port Washington State Bank compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan Related Closing Cost Difference +$130
Cost Adjusted Rate Difference -0.02%

Based on the table above, The Port Washington State Bank is similar to other lenders for Conforming mortgage refinance.

Other information about The Port Washington State Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: PORT BANCSHARES, INC.
Registered city and state: PORT WASHINGTON, WI, 53074
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Footnotes

1, 3 The comparable mortgages control for The Port Washington State Bank’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, 4 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.