Is The Cooperative Bank of Cape Cod An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at The Cooperative Bank of Cape Cod with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: lower than average (-$701)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, The Cooperative Bank of Cape Cod originated 392 mortgages, a national market share of 0.0%. It was primarily active in MA, with a 0.3% market share.

On average, The Cooperative Bank of Cape Cod’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for The Cooperative Bank of Cape Cod’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 $2105, which was lower than those of comparable mortgages at $2806, with a difference of -$701. Overall, we estimate that The Cooperative Bank of Cape Cod tends to be an cheap lender, with a cost-adjusted-rate difference of -0.15% 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 The Cooperative Bank of Cape Cod.

The Cooperative Bank of Cape Cod 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 The Cooperative Bank of Cape Cod compared to other lenders

Conforming
Interest Rate Difference +0.04%
Loan related Closing Cost Difference -$25
Cost Adjusted Rate Difference +0.04%

Based on the table above, The Cooperative Bank of Cape Cod is similar to other lenders for Conforming purchase mortgages.

Mortgage Refinancing from The Cooperative Bank of Cape Cod compared to other lenders

Conforming
Interest Rate Difference -0.06%
Loan Related Closing Cost Difference -$989
Cost Adjusted Rate Difference -0.23%

Based on the table above, The Cooperative Bank of Cape Cod is cheap for Conforming mortgage refinance.

Other information about The Cooperative Bank of Cape Cod:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: COASTAL AFFILIATES, MHC
Registered city and state: YARMOUTH PORT, MA, 02675

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Footnotes   [ + ]

1. The comparable mortgages control for The Cooperative Bank of Cape Cod’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.