Is First Community Mortgage Inc. An Expensive Mortgage Lender?

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

Interest Rate: similar to average (-0.02%)
Loan Related Closing Costs: similar to average (+$89)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, First Community Mortgage Inc. originated 7137 mortgages, a national market share of 0.1%. It was most active in TN (2.4% market share), AR (0.8% market share), and MO (0.6% market share).

On average, First Community Mortgage Inc.’s interest rates were similar to those of comparable mortgages at other lenders (-0.02%).1The comparable mortgages control for First Community 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 $4644, which was similar to those of comparable mortgages at $4554, with a difference of +$89. Overall, we estimate that First Community Mortgage Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of -0.01% 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 Community Mortgage Inc..

First Community Mortgage Inc. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA 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 Community Mortgage Inc. compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.02% -0.06% +0.19% -0.00% -0.01%
Loan related Closing Cost Difference +$148 +$290 -$96 +$266 -$432
Cost Adjusted Rate Difference +0.04% -0.03% +0.19% +0.03% -0.05%

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

Mortgage Refinancing from First Community Mortgage Inc. compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.07% -0.12% -0.14%
Loan Related Closing Cost Difference +$148 -$380 -$493
Cost Adjusted Rate Difference -0.04% -0.16% -0.18%

Based on the table above, First Community Mortgage Inc. is cheap for FHA and VA mortgage refinance. It is similar to other lenders for Conforming mortgage refinance.

Other information about First Community Mortgage Inc.:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: FIRST COMMUNITY BANCORP, INC.
Registered city and state: MURFREESBORO, TN, 37129

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Footnotes   [ + ]

1. The comparable mortgages control for First Community 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.