Is First Citizens National Bank An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.10%)
Loan Related Closing Costs: similar to average (-$124)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First Citizens National Bank originated 797 mortgages, a national market share of 0.0%. It was most active in TN (0.6% market share), MS (0.0% market share), and AR (0.0% market share).

On average, First Citizens National Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.10%).1The comparable mortgages control for First Citizens National 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 $3476, which was similar to those of comparable mortgages at $3600, with a difference of -$124. Overall, we estimate that First Citizens National Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.12% 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 Citizens National Bank.

First Citizens National Bank originated Conforming, FHA and USDA 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 First Citizens National Bank compared to other lenders

Conforming FHA USDA
Interest Rate Difference -0.06% -0.25% -0.05%
Loan related Closing Cost Difference -$130 +$41 -$2
Cost Adjusted Rate Difference -0.09% -0.25% -0.04%

Based on the table above, First Citizens National Bank is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for USDA purchase mortgages.

Mortgage Refinancing from First Citizens National Bank compared to other lenders

Conforming
Interest Rate Difference -0.09%
Loan Related Closing Cost Difference -$317
Cost Adjusted Rate Difference -0.12%

Based on the table above, First Citizens National Bank is cheap for Conforming mortgage refinance.

Other information about First Citizens National Bank:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: FIRST CITIZENS BANCSHARES, INC.
Registered city and state: DYERSBURG, TN, 38024
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Footnotes   [ + ]

1. The comparable mortgages control for First Citizens National 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.