Is Luana Savings Bank An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: lower than average (-$813)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Luana Savings Bank originated 795 mortgages, a national market share of 0.0%. It was most active in IA (1.2% market share), WI (0.0% market share), and IL (0.0% market share).

On average, Luana Savings Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for Luana Savings 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 $968, which was lower than those of comparable mortgages at $1781, with a difference of -$813. Overall, we estimate that Luana Savings Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.23% 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 Luana Savings Bank.

Luana Savings 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 Luana Savings Bank compared to other lenders

Conforming
Interest Rate Difference -0.08%
Loan related Closing Cost Difference -$777
Cost Adjusted Rate Difference -0.19%

Based on the table above, Luana Savings Bank is cheap for Conforming purchase mortgages.

Mortgage Refinancing from Luana Savings Bank compared to other lenders

Conforming
Interest Rate Difference -0.08%
Loan Related Closing Cost Difference -$923
Cost Adjusted Rate Difference -0.33%

Based on the table above, Luana Savings Bank is cheap for Conforming mortgage refinance.

Other information about Luana Savings Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: LUANA BANCORPORATION
Registered city and state: Luana, IA, 52156

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Footnotes   [ + ]

1. The comparable mortgages control for Luana Savings 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.