We compare mortgage interest rate and loan related closing costs at Bank 34 with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.09%)
Loan Related Closing Costs: higher than average (+$581)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Bank 34 originated 1648 mortgages, a national market share of 0.0%. It was most active in NM (1.8% market share), AZ (0.2% market share), and OR (0.1% market share).
On average, Bank 34’s interest rates were higher than those of comparable mortgages at other lenders (+0.09%).1The comparable mortgages control for Bank 34’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 $5905, which was higher than those of comparable mortgages at $5324, with a difference of +$581. Overall, we estimate that Bank 34 tends to be an expensive lender, with a cost-adjusted-rate difference of +0.14% 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 Bank 34.
Bank 34 originated Conforming, FHA 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 Bank 34 compared to other lenders
|Interest Rate Difference||+0.07%||+0.07%||+0.12%|
|Loan related Closing Cost Difference||+$405||+$780||+$939|
|Cost Adjusted Rate Difference||+0.11%||+0.14%||+0.21%|
Based on the table above, Bank 34 is more expensive than other lenders for Conforming, FHA and VA purchase mortgages.
Mortgage Refinancing from Bank 34 compared to other lenders
|Interest Rate Difference||+0.11%||+0.19%||+0.02%|
|Loan Related Closing Cost Difference||+$387||+$447||+$493|
|Cost Adjusted Rate Difference||+0.13%||+0.23%||+0.08%|
Based on the table above, Bank 34 is more expensive than other lenders for Conforming, FHA and VA mortgage refinance.
Other information about Bank 34:
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: BANCORP 34, INC.
Registered city and state: ALAMOGORDO, NM, 88310