Is R P Funding An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at R P Funding with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.12%)
Loan Related Closing Costs: lower than average (-$1128)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, R P Funding originated 4803 mortgages, a national market share of 0.1%. It was most active in FL (1.0% market share), OK (0.0% market share), and NC (0.0% market share).

On average, R P Funding’s interest rates were higher than those of comparable mortgages at other lenders (+0.12%).1The comparable mortgages control for R P Funding’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 $3920, which was lower than those of comparable mortgages at $5048, with a difference of -$1128. Overall, we estimate that R P Funding 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 R P Funding.

R P Funding originated Conforming, FHA 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 R P Funding compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.16% -0.05% +0.02%
Loan related Closing Cost Difference -$920 -$1384 -$763
Cost Adjusted Rate Difference +0.06% -0.19% -0.04%

Based on the table above, R P Funding is cheap for FHA purchase mortgages. It is similar to other lenders for VA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from R P Funding compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.15% +0.11% +0.06%
Loan Related Closing Cost Difference -$1093 -$1345 -$963
Cost Adjusted Rate Difference +0.03% -0.05% -0.03%

Based on the table above, R P Funding is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming and VA mortgage refinance.

Other information about R P Funding:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: LAKE MARY, FL, 32746
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Footnotes   [ + ]

1. The comparable mortgages control for R P Funding’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.