Is Morgan Stanley Private Bank NA An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Morgan Stanley Private Bank NA with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: lower than average (-$856)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Morgan Stanley Private Bank NA originated 3746 mortgages, a national market share of 0.1%. It was most active in DC (0.2% market share), CT (0.2% market share), and NY (0.1% market share).

On average, Morgan Stanley Private Bank NA’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for Morgan Stanley Private Bank NA’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 $4748, which was lower than those of comparable mortgages at $5603, with a difference of -$856. Overall, we estimate that Morgan Stanley Private Bank NA tends to be an cheap lender, with a cost-adjusted-rate difference of -0.11% 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 Morgan Stanley Private Bank NA.

Morgan Stanley Private Bank NA originated Conforming and Jumbo 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 Morgan Stanley Private Bank NA compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.02% -0.12%
Loan related Closing Cost Difference -$598 -$830
Cost Adjusted Rate Difference -0.05% -0.14%

Based on the table above, Morgan Stanley Private Bank NA is cheap for Jumbo purchase mortgages. It is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Morgan Stanley Private Bank NA compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.09% -0.13%
Loan Related Closing Cost Difference -$1148 -$1183
Cost Adjusted Rate Difference -0.14% -0.16%

Based on the table above, Morgan Stanley Private Bank NA is cheap for Conforming and Jumbo mortgage refinance.

Other information about Morgan Stanley Private Bank NA:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Top holder: MORGAN STANLEY
Registered city and state: Purchase, NY, 10577
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Footnotes   [ + ]

1. The comparable mortgages control for Morgan Stanley Private Bank NA’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.