Is Provident Savings Bank F.S.B. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Provident Savings Bank F.S.B. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.04%)
Loan Related Closing Costs: similar to average (-$190)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Provident Savings Bank F.S.B. originated 2416 mortgages, a national market share of 0.0%. It was primarily active in CA, with a 0.3% market share.

On average, Provident Savings Bank F.S.B.’s interest rates were similar to those of comparable mortgages at other lenders (-0.04%).1The comparable mortgages control for Provident Savings Bank F.S.B.’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 $6491, which was similar to those of comparable mortgages at $6681, with a difference of -$190. Overall, we estimate that Provident Savings Bank F.S.B. tends to be an average cost lender, with a cost-adjusted-rate difference of -0.05% 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 Provident Savings Bank F.S.B..

Provident Savings Bank F.S.B. originated Conforming, FHA, Jumbo 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 Provident Savings Bank F.S.B. compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference -0.01% -0.19% +0.12% -0.13%
Loan related Closing Cost Difference -$39 -$918 -$102 +$662
Cost Adjusted Rate Difference -0.01% -0.23% +0.11% -0.11%

Based on the table above, Provident Savings Bank F.S.B. is cheap for FHA and VA purchase mortgages. It is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Provident Savings Bank F.S.B. compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.04% -0.16% -0.12%
Loan Related Closing Cost Difference -$73 -$630 -$1084
Cost Adjusted Rate Difference +0.03% -0.19% -0.16%

Based on the table above, Provident Savings Bank F.S.B. is cheap for FHA and VA mortgage refinance. It is similar to other lenders for Conforming mortgage refinance.

Other information about Provident Savings Bank F.S.B.:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: PROVIDENT FINANCIAL HOLDINGS, INC.
Registered city and state: RIVERSIDE, CA, 92506
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Footnotes   [ + ]

1. The comparable mortgages control for Provident Savings Bank F.S.B.’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.