Is First State Community Bank An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at First State Community Bank with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.09%)
Loan Related Closing Costs: similar to average (-$149)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First State Community Bank originated 1478 mortgages, a national market share of 0.0%. It was most active in MO (1.2% market share), IL (0.0% market share), and TN (0.0% market share).

On average, First State Community Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.09%).1The comparable mortgages control for First State Community 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 $2509, which was similar to those of comparable mortgages at $2657, with a difference of -$149. Overall, we estimate that First State Community Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.10% 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 State Community Bank.

First State Community Bank 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 First State Community Bank compared to other lenders

Conforming USDA
Interest Rate Difference -0.05% -0.26%
Loan related Closing Cost Difference -$103 -$149
Cost Adjusted Rate Difference -0.06% -0.29%

Based on the table above, First State Community Bank is cheap for Conforming and USDA purchase mortgages.

Mortgage Refinancing from First State Community Bank compared to other lenders

Conforming
Interest Rate Difference -0.07%
Loan Related Closing Cost Difference -$212
Cost Adjusted Rate Difference -0.09%

Based on the table above, First State Community Bank is cheap for Conforming mortgage refinance.

Other information about First State Community Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: FIRST STATE BANCSHARES, INC.
Registered city and state: FARMINGTON, MO, 63640
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Footnotes   [ + ]

1. The comparable mortgages control for First State Community 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.
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.