Is First Utah Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: higher than average (+$251)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, First Utah Bank originated 541 mortgages, a national market share of 0.0%. It was most active in ID (0.8% market share), UT (0.1% market share), and CA (0.0% market share).

On average, First Utah Bank’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).1The comparable mortgages control for First Utah 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 $5385, which was higher than those of comparable mortgages at $5134, with a difference of +$251. Overall, we estimate that First Utah Bank tends to be an average cost lender, with a cost-adjusted-rate difference of +0.04% 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 First Utah Bank.

First Utah Bank originated Conforming, FHA and USDA 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 First Utah Bank compared to other lenders

Conforming FHA USDA
Interest Rate Difference +0.03% -0.05% +0.01%
Loan related Closing Cost Difference +$283 +$153 +$456
Cost Adjusted Rate Difference +0.05% -0.04% +0.04%

Based on the table above, First Utah Bank is similar to other lenders for Conforming, FHA and USDA purchase mortgages.

Mortgage Refinancing from First Utah Bank compared to other lenders

Conforming
Interest Rate Difference +0.16%
Loan Related Closing Cost Difference -$60
Cost Adjusted Rate Difference +0.16%

Based on the table above, First Utah Bank is more expensive than other lenders for Conforming mortgage refinance.

Other information about First Utah Bank:

Regulator: Federal Reserve System (FRS) 
Top holder: FIRST UTAH BANCORPORATION
Registered city and state: Salt Lake City, UT, 84109

Footnotes   [ + ]

1. The comparable mortgages control for First Utah 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. 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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