Is Savings Institute Bank and Trust Company An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: higher than average (+$347)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Savings Institute Bank and Trust Company originated 412 mortgages, a national market share of 0.0%. It was most active in CT (0.5% market share), RI (0.3% market share), and MA (0.0% market share).

On average, Savings Institute Bank and Trust Company’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).1The comparable mortgages control for Savings Institute Bank and Trust 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 $3726, which was higher than those of comparable mortgages at $3378, with a difference of +$347. Overall, we estimate that Savings Institute Bank and Trust Company 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 Savings Institute Bank and Trust Company.

Savings Institute Bank and Trust Company 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 Savings Institute Bank and Trust Company compared to other lenders

Conforming
Interest Rate Difference -0.04%
Loan related Closing Cost Difference +$255
Cost Adjusted Rate Difference -0.02%

Based on the table above, Savings Institute Bank and Trust Company is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Savings Institute Bank and Trust Company compared to other lenders

Conforming
Interest Rate Difference +0.08%
Loan Related Closing Cost Difference +$476
Cost Adjusted Rate Difference +0.14%

Based on the table above, Savings Institute Bank and Trust Company is more expensive than other lenders for Conforming mortgage refinance.

Other information about Savings Institute Bank and Trust Company:

Regulator: Federal Reserve System (FRS) 
Top holder: SI FINANCIAL GROUP INC
Registered city and state: Willimantic, CT, 06226
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Footnotes   [ + ]

1. The comparable mortgages control for Savings Institute Bank and Trust 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.