Is Somerset Trust Company An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.06%)
Loan Related Closing Costs: lower than average (-$297)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Somerset Trust Company originated 706 mortgages, a national market share of 0.0%. It was most active in PA (0.3% market share), WV (0.0% market share), and MD (0.0% market share).

On average, Somerset Trust Company’s interest rates were higher than those of comparable mortgages at other lenders (+0.06%).1The comparable mortgages control for Somerset 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 $2009, which was lower than those of comparable mortgages at $2306, with a difference of -$297. Overall, we estimate that Somerset Trust Company tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Somerset Trust Company.

Somerset Trust Company originated Conforming and USDA 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 Somerset Trust Company compared to other lenders

Conforming USDA
Interest Rate Difference +0.03% +0.08%
Loan related Closing Cost Difference -$273 -$74
Cost Adjusted Rate Difference -0.01% +0.05%

Based on the table above, Somerset Trust Company is similar to other lenders for Conforming and USDA purchase mortgages.

Mortgage Refinancing from Somerset Trust Company compared to other lenders

Conforming
Interest Rate Difference +0.08%
Loan Related Closing Cost Difference -$376
Cost Adjusted Rate Difference -0.03%

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

Other information about Somerset Trust Company:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: SOMERSET TRUST HOLDING COMPANY
Registered city and state: SOMERSET, PA, 15501
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Footnotes   [ + ]

1. The comparable mortgages control for Somerset 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.