Is EverLEND Mortgage Company An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at EverLEND Mortgage Company with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.11%)
Loan Related Closing Costs: higher than average (+$1439)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, EverLEND Mortgage Company originated 170 mortgages, a national market share of 0.0%. It was primarily active in UT (0.2% market share) and CA (0.0% market share).

On average, EverLEND Mortgage Company’s interest rates were higher than those of comparable mortgages at other lenders (+0.11%).1The comparable mortgages control for EverLEND Mortgage Company’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 $5366, which was higher than those of comparable mortgages at $3927, with a difference of +$1439. Overall, we estimate that EverLEND Mortgage Company tends to be an expensive lender, with a cost-adjusted-rate difference of +0.21% 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 EverLEND Mortgage Company.

EverLEND Mortgage Company originated Conforming mortgages for new home purchases. 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 EverLEND Mortgage Company compared to other lenders

Conforming
Interest Rate Difference +0.11%
Loan related Closing Cost Difference +$1439
Cost Adjusted Rate Difference +0.21%

Based on the table above, EverLEND Mortgage Company is more expensive than other lenders for Conforming purchase mortgages.

Other information about EverLEND Mortgage Company:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: SALT LAKE CITY, UT, 84123
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Footnotes

1 The comparable mortgages control for EverLEND Mortgage Company’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.