Is CNB Mortgage Company An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$307)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, CNB Mortgage Company originated 1178 mortgages, a national market share of 0.0%. It was most active in NY (0.5% market share), FL (0.0% market share), and TN (0.0% market share).

On average, CNB Mortgage Company’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for CNB Mortgage Company’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 $3404, which was lower than those of comparable mortgages at $3711, with a difference of -$307. Overall, we estimate that CNB Mortgage Company tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% 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 CNB Mortgage Company.

CNB Mortgage Company originated Conforming and FHA 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 CNB Mortgage Company compared to other lenders

Conforming FHA
Interest Rate Difference -0.01% -0.23%
Loan related Closing Cost Difference -$278 -$637
Cost Adjusted Rate Difference -0.04% -0.32%

Based on the table above, CNB Mortgage Company is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from CNB Mortgage Company compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan Related Closing Cost Difference -$239
Cost Adjusted Rate Difference -0.02%

Based on the table above, CNB Mortgage Company is similar to other lenders for Conforming mortgage refinance.

Other information about CNB Mortgage Company:

Regulator: Office of the Comptroller of the Currency (OCC) 
Registered city and state: PITTSFORD, NY, 14534
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Footnotes   [ + ]

1. The comparable mortgages control for CNB Mortgage Company’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.