Is CBM Mortgage, Inc An Expensive Mortgage Lender?

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

Interest Rate: higher than average (+0.07%)
Loan Related Closing Costs: lower than average (-$471)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, CBM Mortgage, Inc originated 437 mortgages, a national market share of 0.0%. It was most active in VA (0.2% market share), WV (0.1% market share), and MD (0.0% market share).

On average, CBM Mortgage, Inc’s interest rates were higher than those of comparable mortgages at other lenders (+0.07%).1The comparable mortgages control for CBM Mortgage, Inc’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 $4902, which was lower than those of comparable mortgages at $5373, with a difference of -$471. Overall, we estimate that CBM Mortgage, Inc tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 CBM Mortgage, Inc.

CBM Mortgage, Inc originated Conforming, FHA, USDA and VA 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 CBM Mortgage, Inc compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.10% +0.08% +0.04% +0.08%
Loan related Closing Cost Difference -$974 -$814 -$1052 +$1574
Cost Adjusted Rate Difference +0.03% -0.00% -0.07% +0.18%

Based on the table above, CBM Mortgage, Inc is cheap for USDA purchase mortgages. It is similar to other lenders for Conforming and FHA purchase mortgages. It is more expensive than other lenders for VA purchase mortgages.

Other information about CBM Mortgage, Inc:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Front Royal, VA, 22630

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Footnotes   [ + ]

1. The comparable mortgages control for CBM Mortgage, Inc’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.