Is Perl Mortgage An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: similar to average (-$232)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Perl Mortgage originated 6830 mortgages, a national market share of 0.1%. It was most active in IL (1.6% market share), IA (0.7% market share), and MN (0.6% market share).

On average, Perl Mortgage’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).1The comparable mortgages control for Perl Mortgage’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 $4126, which was similar to those of comparable mortgages at $4358, with a difference of -$232. Overall, we estimate that Perl Mortgage tends to be an average cost lender, with a cost-adjusted-rate difference of +0.00% 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 Perl Mortgage.

Perl Mortgage originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming and Jumbo 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 Perl Mortgage compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.00% +0.26% +0.14% +0.01% +0.07%
Loan related Closing Cost Difference -$123 -$615 -$125 -$605 -$2811
Cost Adjusted Rate Difference -0.01% +0.18% +0.14% -0.06% -0.15%

Based on the table above, Perl Mortgage is cheap for USDA and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for FHA and Jumbo purchase mortgages.

Mortgage Refinancing from Perl Mortgage compared to other lenders

Conforming Jumbo
Interest Rate Difference +0.01% +0.19%
Loan Related Closing Cost Difference -$241 -$901
Cost Adjusted Rate Difference -0.00% +0.16%

Based on the table above, Perl Mortgage is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for Jumbo mortgage refinance.

Other information about Perl Mortgage:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: CHICAGO, IL, 60618
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Footnotes   [ + ]

1. The comparable mortgages control for Perl Mortgage’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.