Is TCF National Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.00%)
Loan Related Closing Costs: similar to average (+$245)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, TCF National Bank originated 12371 mortgages, a national market share of 0.2%. It was most active in ND (1.8% market share), MN (0.8% market share), and CA (0.6% market share).

On average, TCF National Bank’s interest rates were similar to those of comparable mortgages at other lenders (+0.00%).1The comparable mortgages control for TCF National 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 $4042, which was similar to those of comparable mortgages at $3797, with a difference of +$245. Overall, we estimate that TCF National Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 TCF National Bank.

TCF National Bank originated Conforming and FHA mortgages for new home purchases. It also originated Conforming and FHA 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 TCF National Bank compared to other lenders

Conforming FHA
Interest Rate Difference +0.03% +0.01%
Loan related Closing Cost Difference +$354 +$391
Cost Adjusted Rate Difference +0.06% +0.04%

Based on the table above, TCF National Bank is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from TCF National Bank compared to other lenders

Conforming FHA
Interest Rate Difference -0.01% -0.05%
Loan Related Closing Cost Difference +$146 +$44
Cost Adjusted Rate Difference +0.01% -0.07%

Based on the table above, TCF National Bank is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming mortgage refinance.

Other information about TCF National Bank:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Top holder: TCF FINANCIAL CORPORATION
Registered city and state: Plymouth, MN, 55441
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Footnotes   [ + ]

1. The comparable mortgages control for TCF National 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.