Is State Bank of De Kalb An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.13%)
Loan Related Closing Costs: similar to average (-$203)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, State Bank of De Kalb originated 216 mortgages, a national market share of 0.0%. It was most active in AR (0.1% market share), TX (0.0% market share), and OK (0.0% market share).

On average, State Bank of De Kalb’s interest rates were lower than those of comparable mortgages at other lenders (-0.13%).1The comparable mortgages control for State Bank of De Kalb’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 $4479, which was similar to those of comparable mortgages at $4682, with a difference of -$203. Overall, we estimate that State Bank of De Kalb tends to be an cheap lender, with a cost-adjusted-rate difference of -0.16% 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 State Bank of De Kalb.

State Bank of De Kalb originated Conforming and FHA 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 State Bank of De Kalb compared to other lenders

Conforming FHA
Interest Rate Difference -0.00% -0.29%
Loan related Closing Cost Difference -$230 -$170
Cost Adjusted Rate Difference -0.03% -0.33%

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

Other information about State Bank of De Kalb:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Registered city and state: De Kalb, TX, 75559
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Footnotes

1 The comparable mortgages control for State Bank of De Kalb’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.