We compare mortgage interest rate and loan related closing costs at The Park National Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: lower than average (-$263)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, The Park National Bank originated 3386 mortgages, a national market share of 0.1%. It was most active in OH (1.4% market share), NC (0.0% market share), and KY (0.0% market share).
On average, The Park National Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for The Park National 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 $2200, which was lower than those of comparable mortgages at $2463, with a difference of -$263. Overall, we estimate that The Park National Bank tends to be an average cost lender, with a cost-adjusted-rate difference of -0.05% 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 The Park National Bank.
The Park National Bank 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 The Park National Bank compared to other lenders
|Interest Rate Difference||-0.01%||+0.17%|
|Loan related Closing Cost Difference||-$197||+$259|
|Cost Adjusted Rate Difference||-0.03%||+0.21%|
Based on the table above, The Park National Bank is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for FHA purchase mortgages.
Mortgage Refinancing from The Park National Bank compared to other lenders
|Interest Rate Difference||-0.03%|
|Loan Related Closing Cost Difference||-$378|
|Cost Adjusted Rate Difference||-0.09%|
Based on the table above, The Park National Bank is cheap for Conforming mortgage refinance.
Other information about The Park National Bank:
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: PARK NATIONAL CORPORATION
Registered city and state: Newark, OH, 43055