Is Southern Fidelity Mortgage An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.10%)
Loan Related Closing Costs: lower than average (-$712)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Southern Fidelity Mortgage originated 460 mortgages, a national market share of 0.0%. It was most active in NV (0.5% market share), OK (0.0% market share), and AZ (0.0% market share).

On average, Southern Fidelity Mortgage’s interest rates were higher than those of comparable mortgages at other lenders (+0.10%).1The comparable mortgages control for Southern Fidelity Mortgage’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 $5073, which was lower than those of comparable mortgages at $5785, with a difference of -$712. Overall, we estimate that Southern Fidelity Mortgage tends to be an average cost lender, with a cost-adjusted-rate difference of +0.05% 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 Southern Fidelity Mortgage.

Southern Fidelity Mortgage 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 Southern Fidelity Mortgage compared to other lenders

Conforming FHA
Interest Rate Difference +0.04% +0.16%
Loan related Closing Cost Difference -$933 -$263
Cost Adjusted Rate Difference -0.03% +0.14%

Based on the table above, Southern Fidelity Mortgage is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for FHA purchase mortgages.

Mortgage Refinancing from Southern Fidelity Mortgage compared to other lenders

Conforming
Interest Rate Difference +0.16%
Loan Related Closing Cost Difference -$1107
Cost Adjusted Rate Difference +0.07%

Based on the table above, Southern Fidelity Mortgage is more expensive than other lenders for Conforming mortgage refinance.

Other information about Southern Fidelity Mortgage:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Las Vegas, NV, 89148

Footnotes   [ + ]

1. The comparable mortgages control for Southern Fidelity Mortgage’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.

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