Is Bath Savings Institution An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Bath Savings Institution with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.06%)
Loan Related Closing Costs: similar to average (-$43)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Bath Savings Institution originated 323 mortgages, a national market share of 0.0%. It was primarily active in ME, with a 1.3% market share.

On average, Bath Savings Institution’s interest rates were higher than those of comparable mortgages at other lenders (+0.06%).1The comparable mortgages control for Bath Savings Institution’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 $3007, which was similar to those of comparable mortgages at $3051, with a difference of -$43. Overall, we estimate that Bath Savings Institution tends to be an expensive lender, with a cost-adjusted-rate difference of +0.06% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Bath Savings Institution.

Bath Savings Institution originated Conforming 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 Bath Savings Institution compared to other lenders

Conforming
Interest Rate Difference +0.09%
Loan related Closing Cost Difference -$21
Cost Adjusted Rate Difference +0.08%

Based on the table above, Bath Savings Institution is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Bath Savings Institution compared to other lenders

Conforming
Interest Rate Difference -0.00%
Loan Related Closing Cost Difference -$92
Cost Adjusted Rate Difference +0.02%

Based on the table above, Bath Savings Institution is similar to other lenders for Conforming mortgage refinance.

Other information about Bath Savings Institution:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Registered city and state: Bath, ME, 04530

Footnotes   [ + ]

1. The comparable mortgages control for Bath Savings Institution’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.

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