Is Union Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (+$72)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Union Bank originated 747 mortgages, a national market share of 0.0%. It was most active in VT (6.3% market share), NH (0.1% market share), and CT (0.0% market share).

On average, Union Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for Union 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 $3754, which was similar to those of comparable mortgages at $3683, with a difference of +$72. Overall, we estimate that Union Bank tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Union Bank.

Union Bank originated Conforming, FHA 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 Union Bank compared to other lenders

Conforming FHA USDA
Interest Rate Difference +0.01% -0.24% -0.05%
Loan related Closing Cost Difference +$80 +$24 +$63
Cost Adjusted Rate Difference +0.02% -0.24% -0.04%

Based on the table above, Union Bank is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming and USDA purchase mortgages.

Mortgage Refinancing from Union Bank compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan Related Closing Cost Difference +$55
Cost Adjusted Rate Difference -0.02%

Based on the table above, Union Bank is similar to other lenders for Conforming mortgage refinance.

Other information about Union Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: UNION BANKSHARES, INC.
Registered city and state: Morrisville, VT, 05661
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Footnotes   [ + ]

1. The comparable mortgages control for Union 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.