Is TLC Community Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at TLC Community Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.05%)
Loan Related Closing Costs: lower than average (-$431)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, TLC Community Credit Union originated 397 mortgages, a national market share of 0.0%. It was primarily active in MI (0.2% market share) and OH (0.0% market share).

On average, TLC Community Credit Union’s interest rates were higher than those of comparable mortgages at other lenders (+0.05%).1The comparable mortgages control for TLC Community Credit Union’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 $2213, which was lower than those of comparable mortgages at $2644, with a difference of -$431. Overall, we estimate that TLC Community Credit Union tends to be an average cost lender, with a cost-adjusted-rate difference of -0.03% 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 TLC Community Credit Union.

TLC Community Credit Union originated Conforming mortgages for new home purchases. 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 TLC Community Credit Union compared to other lenders

Conforming
Interest Rate Difference +0.05%
Loan related Closing Cost Difference -$431
Cost Adjusted Rate Difference -0.03%

Based on the table above, TLC Community Credit Union is similar to other lenders for Conforming purchase mortgages.

Other information about TLC Community Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: ADRIAN, MI, 49221
FB Comments

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for TLC Community Credit Union’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.