Is First United Bank And Trust Co An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.03%)
Loan Related Closing Costs: similar to average (-$104)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, First United Bank And Trust Co originated 7146 mortgages, a national market share of 0.1%. It was most active in OK (5.6% market share), TX (0.7% market share), and KS (0.0% market share).

On average, First United Bank And Trust Co’s interest rates were similar to those of comparable mortgages at other lenders (+0.03%).1The comparable mortgages control for First United Bank And Trust Co’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 $4893, which was similar to those of comparable mortgages at $4997, with a difference of -$104. Overall, we estimate that First United Bank And Trust Co tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% 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 First United Bank And Trust Co.

First United Bank And Trust Co originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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 First United Bank And Trust Co compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.03% +0.04% +0.06% +0.04% +0.13%
Loan related Closing Cost Difference -$197 -$17 -$1045 +$308 +$772
Cost Adjusted Rate Difference +0.01% +0.03% +0.02% +0.07% +0.20%

Based on the table above, First United Bank And Trust Co is similar to other lenders for Conforming, FHA and Jumbo purchase mortgages. It is more expensive than other lenders for USDA and VA purchase mortgages.

Mortgage Refinancing from First United Bank And Trust Co compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.01% +0.10% +0.06%
Loan Related Closing Cost Difference -$295 -$343 +$82
Cost Adjusted Rate Difference -0.03% +0.06% +0.07%

Based on the table above, First United Bank And Trust Co is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for FHA and VA mortgage refinance.

Other information about First United Bank And Trust Co:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: DURANT BANCORP, INC.
Registered city and state: DURANT, OK, 74702
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Footnotes   [ + ]

1. The comparable mortgages control for First United Bank And Trust Co’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.