Is Amplify Credit Union An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Amplify Credit Union with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$651)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Amplify Credit Union originated 664 mortgages, a national market share of 0.0%. It was primarily active in TX, with a 0.1% market share.

On average, Amplify Credit Union’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for Amplify Credit Union’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 $2464, which was lower than those of comparable mortgages at $3115, with a difference of -$651. Overall, we estimate that Amplify Credit Union tends to be an cheap lender, with a cost-adjusted-rate difference of -0.18% 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 Amplify Credit Union.

Amplify Credit Union 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 Amplify Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.05%
Loan related Closing Cost Difference +$185
Cost Adjusted Rate Difference -0.03%

Based on the table above, Amplify Credit Union is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Amplify Credit Union compared to other lenders

Conforming
Interest Rate Difference -0.02%
Loan Related Closing Cost Difference -$987
Cost Adjusted Rate Difference -0.24%

Based on the table above, Amplify Credit Union is cheap for Conforming mortgage refinance.

Other information about Amplify Credit Union:

Regulator: National Credit Union Administration (NCUA) 
Registered city and state: AUSTIN, TX, 78727

Footnotes   [ + ]

1. The comparable mortgages control for Amplify Credit Union’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.

Leave a Comment