Is CNB Bank An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.05%)
Loan Related Closing Costs: lower than average (-$410)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, CNB Bank originated 1212 mortgages, a national market share of 0.0%. It was most active in PA (0.4% market share), OH (0.1% market share), and NY (0.0% market share).

On average, CNB Bank’s interest rates were similar to those of comparable mortgages at other lenders (-0.05%).1The comparable mortgages control for CNB 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 $1297, which was lower than those of comparable mortgages at $1707, with a difference of -$410. Overall, we estimate that CNB Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.13% 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 CNB Bank.

CNB Bank originated Conforming 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 CNB Bank compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan related Closing Cost Difference -$319
Cost Adjusted Rate Difference -0.09%

Based on the table above, CNB Bank is cheap for Conforming purchase mortgages.

Mortgage Refinancing from CNB Bank compared to other lenders

Conforming
Interest Rate Difference -0.06%
Loan Related Closing Cost Difference -$461
Cost Adjusted Rate Difference -0.15%

Based on the table above, CNB Bank is cheap for Conforming mortgage refinance.

Other information about CNB Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: CNB FINANCIAL CORPORATION
Registered city and state: CLEARFIELD, PA, 16830

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Footnotes   [ + ]

1. The comparable mortgages control for CNB 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.