Is Happy State Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$315)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Happy State Bank originated 895 mortgages, a national market share of 0.0%. It was most active in TX (0.2% market share), NM (0.0% market share), and OK (0.0% market share).

On average, Happy State Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).3The comparable mortgages control for Happy State 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 $3807, which was lower than those of comparable mortgages at $4122, with a difference of -$315. Overall, we estimate that Happy State Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.07% compared to comparable mortgages at other lenders.4Cost 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 Happy State Bank.

Happy State Bank originated Conforming and FHA 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 Happy State Bank compared to other lenders

Conforming FHA
Interest Rate Difference -0.00% -0.13%
Loan related Closing Cost Difference -$334 -$222
Cost Adjusted Rate Difference -0.04% -0.15%

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

Mortgage Refinancing from Happy State Bank compared to other lenders

Conforming
Interest Rate Difference -0.09%
Loan Related Closing Cost Difference -$331
Cost Adjusted Rate Difference -0.13%

Based on the table above, Happy State Bank is cheap for Conforming mortgage refinance.

Other information about Happy State Bank:

Regulator: Federal Reserve System (FRS) 
Top holder: HAPPY BANCSHARES, INC.
Registered city and state: AMARILLO, TX, 79101
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Footnotes

1, 3 The comparable mortgages control for Happy State 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, 4 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.