Is United Shore Financial Services LLC An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at United Shore Financial Services LLC with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$271)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, United Shore Financial Services LLC originated 143193 mortgages, a national market share of 2.3%. It was most active in UT (5.8% market share), CA (4.4% market share), and FL (4.0% market share).

On average, United Shore Financial Services LLC’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for United Shore Financial Services LLC’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 $4886, which was lower than those of comparable mortgages at $5157, with a difference of -$271. Overall, we estimate that United Shore Financial Services LLC tends to be an cheap lender, with a cost-adjusted-rate difference of -0.05% 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 United Shore Financial Services LLC.

United Shore Financial Services LLC originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo 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 United Shore Financial Services LLC compared to other lenders

ConformingFHAJumboUSDAVA
Interest Rate Difference+0.01%-0.24%+0.17%+0.02%-0.08%
Loan related Closing Cost Difference-$128-$784+$612+$529-$1588
Cost Adjusted Rate Difference+0.00%-0.29%+0.19%+0.08%-0.18%

Based on the table above, United Shore Financial Services LLC is cheap for FHA and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for Jumbo and USDA purchase mortgages.

Mortgage Refinancing from United Shore Financial Services LLC compared to other lenders

ConformingFHAJumboVA
Interest Rate Difference-0.04%-0.15%+0.11%-0.08%
Loan Related Closing Cost Difference-$102-$916+$243-$1638
Cost Adjusted Rate Difference-0.04%-0.22%+0.11%-0.20%

Based on the table above, United Shore Financial Services LLC is cheap for FHA and VA mortgage refinance. It is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for Jumbo mortgage refinance.

Other information about United Shore Financial Services LLC:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Pontiac, MI, 48341

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Footnotes

Footnotes
1The comparable mortgages control for United Shore Financial Services LLC’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.
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.