Is Premier Mortgage Services, Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Premier Mortgage Services, Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.09%)
Loan Related Closing Costs: higher than average (+$434)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Premier Mortgage Services, Inc. originated 210 mortgages, a national market share of 0.0%. It was primarily active in CO, with a 0.1% market share.

On average, Premier Mortgage Services, Inc.’s interest rates were lower than those of comparable mortgages at other lenders (-0.09%).1The comparable mortgages control for Premier Mortgage Services, Inc.’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 $4878, which was higher than those of comparable mortgages at $4445, with a difference of +$434. Overall, we estimate that Premier Mortgage Services, Inc. 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 Premier Mortgage Services, Inc..

Premier Mortgage Services, Inc. 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 Premier Mortgage Services, Inc. compared to other lenders

Conforming FHA
Interest Rate Difference -0.06% -0.19%
Loan related Closing Cost Difference +$579 +$279
Cost Adjusted Rate Difference -0.02% -0.19%

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

Mortgage Refinancing from Premier Mortgage Services, Inc. compared to other lenders

Conforming
Interest Rate Difference -0.05%
Loan Related Closing Cost Difference +$313
Cost Adjusted Rate Difference +0.00%

Based on the table above, Premier Mortgage Services, Inc. is similar to other lenders for Conforming mortgage refinance.

Other information about Premier Mortgage Services, Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Pueblo, CO, 81008
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Footnotes   [ + ]

1. The comparable mortgages control for Premier Mortgage Services, Inc.’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.