Is Sandy Spring Bank An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: lower than average (-$364)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Sandy Spring Bank originated 2296 mortgages, a national market share of 0.0%. It was most active in DC (1.9% market share), MD (1.0% market share), and VA (0.4% market share).

On average, Sandy Spring Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Sandy Spring 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 $5669, which was lower than those of comparable mortgages at $6033, with a difference of -$364. Overall, we estimate that Sandy Spring Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% 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 Sandy Spring Bank.

Sandy Spring Bank originated Conforming, FHA, Jumbo and VA 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 Sandy Spring Bank compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference -0.08% -0.07% +0.13% -0.09%
Loan related Closing Cost Difference -$291 -$635 -$1099 +$222
Cost Adjusted Rate Difference -0.09% -0.10% +0.10% -0.06%

Based on the table above, Sandy Spring Bank is cheap for Conforming, FHA and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Sandy Spring Bank compared to other lenders

Conforming
Interest Rate Difference -0.05%
Loan Related Closing Cost Difference -$517
Cost Adjusted Rate Difference -0.07%

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

Other information about Sandy Spring Bank:

Regulator: Federal Reserve System (FRS) 
Top holder: SANDY SPRING BANCORP, INC.
Registered city and state: Columbia, MD, 21046
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Footnotes   [ + ]

1. The comparable mortgages control for Sandy Spring 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.