Is Tidewater Home Funding An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Tidewater Home Funding with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.02%)
Loan Related Closing Costs: lower than average (-$1123)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Tidewater Home Funding originated 903 mortgages, a national market share of 0.0%. It was most active in VA (0.5% market share), NC (0.0% market share), and FL (0.0% market share).

On average, Tidewater Home Funding’s interest rates were similar to those of comparable mortgages at other lenders (+0.02%).1The comparable mortgages control for Tidewater Home Funding’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 $3944, which was lower than those of comparable mortgages at $5067, with a difference of -$1123. Overall, we estimate that Tidewater Home Funding tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% 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 Tidewater Home Funding.

Tidewater Home Funding originated Conforming, FHA, USDA and VA 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 Tidewater Home Funding compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.02% +0.01% +0.03% -0.01%
Loan related Closing Cost Difference -$1073 -$2268 -$1318 -$306
Cost Adjusted Rate Difference -0.07% -0.21% -0.10% -0.03%

Based on the table above, Tidewater Home Funding is cheap for Conforming, FHA and USDA purchase mortgages. It is similar to other lenders for VA purchase mortgages.

Mortgage Refinancing from Tidewater Home Funding compared to other lenders

Conforming
Interest Rate Difference +0.12%
Loan Related Closing Cost Difference +$332
Cost Adjusted Rate Difference +0.13%

Based on the table above, Tidewater Home Funding is more expensive than other lenders for Conforming mortgage refinance.

Other information about Tidewater Home Funding:

Regulator: United States Department of Housing and Urban Development (HUD) 
Top holder: FARMERS BANKSHARES, INC.
Registered city and state: Chesapeake, VA, 23320
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Footnotes   [ + ]

1. The comparable mortgages control for Tidewater Home Funding’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.