Is Inland Bank and Trust An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: similar to average (+$73)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Inland Bank and Trust originated 1579 mortgages, a national market share of 0.0%. It was most active in IL (0.4% market share), MA (0.2% market share), and CT (0.1% market share).

On average, Inland Bank and Trust’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for Inland Bank and Trust’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 $4717, which was similar to those of comparable mortgages at $4643, with a difference of +$73. Overall, we estimate that Inland Bank and Trust tends to be an average cost lender, with a cost-adjusted-rate difference of +0.04% 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 Inland Bank and Trust.

Inland Bank and Trust originated Conforming, FHA and VA 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 Inland Bank and Trust compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.04% +0.01% +0.15%
Loan related Closing Cost Difference +$115 +$235 +$447
Cost Adjusted Rate Difference +0.05% +0.02% +0.20%

Based on the table above, Inland Bank and Trust is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming and VA purchase mortgages.

Mortgage Refinancing from Inland Bank and Trust compared to other lenders

Conforming
Interest Rate Difference +0.04%
Loan Related Closing Cost Difference -$400
Cost Adjusted Rate Difference +0.01%

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

Other information about Inland Bank and Trust:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: INLAND BANCORP, INC.
Registered city and state: Geneva, IL, 60134

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Footnotes   [ + ]

1. The comparable mortgages control for Inland Bank and Trust’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.