Is Citizens First Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: similar to average (-$192)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Citizens First Bank originated 2162 mortgages, a national market share of 0.0%. It was primarily active in FL, with a 0.5% market share.

On average, Citizens First Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for Citizens First 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 $3329, which was similar to those of comparable mortgages at $3521, with a difference of -$192. Overall, we estimate that Citizens First Bank tends to be an average cost lender, with a cost-adjusted-rate difference of -0.04% 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 Citizens First Bank.

Citizens First Bank originated Conforming 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 Citizens First Bank compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan related Closing Cost Difference -$186
Cost Adjusted Rate Difference -0.04%

Based on the table above, Citizens First Bank is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Citizens First Bank compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan Related Closing Cost Difference -$271
Cost Adjusted Rate Difference -0.04%

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

Other information about Citizens First Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: VILLAGES BANCORPORATION, INC.
Registered city and state: THE VILLAGES, FL, 32162

Footnotes   [ + ]

1. The comparable mortgages control for Citizens First 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.

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