Is CIS Financial Services, Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at CIS Financial Services, Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.07%)
Loan Related Closing Costs: higher than average (+$1373)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, CIS Financial Services, Inc. originated 498 mortgages, a national market share of 0.0%. It was most active in AL (0.2% market share), MS (0.2% market share), and LA (0.1% market share).

On average, CIS Financial Services, Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.07%).3The comparable mortgages control for CIS Financial Services, 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 $6737, which was higher than those of comparable mortgages at $5364, with a difference of +$1373. Overall, we estimate that CIS Financial Services, Inc. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.25% compared to comparable mortgages at other lenders.4Cost 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with CIS Financial Services, Inc..

CIS Financial Services, Inc. originated Conforming, FHA and USDA 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 CIS Financial Services, Inc. compared to other lenders

Conforming FHA USDA
Interest Rate Difference -0.02% +0.09% +0.09%
Loan related Closing Cost Difference +$1285 +$1319 +$1795
Cost Adjusted Rate Difference +0.13% +0.25% +0.37%

Based on the table above, CIS Financial Services, Inc. is more expensive than other lenders for Conforming, FHA and USDA purchase mortgages.

Other information about CIS Financial Services, Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Hamilton, AL, 35570
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Footnotes

1, 3 The comparable mortgages control for CIS Financial Services, 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, 4 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.