Is Equity Prime Mortgage LLC An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Equity Prime Mortgage LLC with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.19%)
Loan Related Closing Costs: higher than average (+$617)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Equity Prime Mortgage LLC originated 3156 mortgages, a national market share of 0.1%. It was most active in NJ (0.3% market share), FL (0.2% market share), and GA (0.2% market share).

On average, Equity Prime Mortgage LLC’s interest rates were higher than those of comparable mortgages at other lenders (+0.19%).1The comparable mortgages control for Equity Prime Mortgage 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 $6929, which was higher than those of comparable mortgages at $6313, with a difference of +$617. Overall, we estimate that Equity Prime Mortgage LLC tends to be an expensive 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Equity Prime Mortgage LLC.

Equity Prime Mortgage LLC originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming and FHA 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 Equity Prime Mortgage LLC compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.19% +0.21% +0.32%
Loan related Closing Cost Difference +$654 +$790 -$225
Cost Adjusted Rate Difference +0.23% +0.24% +0.31%

Based on the table above, Equity Prime Mortgage LLC is more expensive than other lenders for Conforming, FHA and VA purchase mortgages.

Mortgage Refinancing from Equity Prime Mortgage LLC compared to other lenders

Conforming FHA
Interest Rate Difference +0.17% +0.10%
Loan Related Closing Cost Difference +$256 +$193
Cost Adjusted Rate Difference +0.22% +0.11%

Based on the table above, Equity Prime Mortgage LLC is more expensive than other lenders for Conforming and FHA mortgage refinance.

Other information about Equity Prime Mortgage LLC:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Atlanta, GA, 30328
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Footnotes   [ + ]

1. The comparable mortgages control for Equity Prime Mortgage 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.
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.