We compare mortgage interest rate and loan related closing costs at Reliabank Dakota with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: higher than average (+$375)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Reliabank Dakota originated 415 mortgages, a national market share of 0.0%. It was most active in SD (2.4% market share), MN (0.0% market share), and IA (0.0% market share).
On average, Reliabank Dakota’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for Reliabank Dakota’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 $4487, which was higher than those of comparable mortgages at $4111, with a difference of +$375. Overall, we estimate that Reliabank Dakota tends to be an expensive lender, with a cost-adjusted-rate difference of +0.07% 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 Reliabank Dakota.
Reliabank Dakota 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 Reliabank Dakota compared to other lenders
|Interest Rate Difference||+0.02%||+0.10%|
|Loan related Closing Cost Difference||+$376||+$602|
|Cost Adjusted Rate Difference||+0.05%||+0.16%|
Based on the table above, Reliabank Dakota is more expensive than other lenders for Conforming and FHA purchase mortgages.
Mortgage Refinancing from Reliabank Dakota compared to other lenders
|Interest Rate Difference||-0.00%|
|Loan Related Closing Cost Difference||-$31|
|Cost Adjusted Rate Difference||-0.00%|
Based on the table above, Reliabank Dakota is similar to other lenders for Conforming mortgage refinance.
Other information about Reliabank Dakota:
Regulator: Federal Deposit Insurance Corporation (FDIC)
Top holder: BIG SIOUX FINANCIAL, INC.
Registered city and state: Estelline, SD, 57234