We compare mortgage interest rate and loan related closing costs at MMS Mortgage Services, Ltd with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.06%)
Loan Related Closing Costs: similar to average (-$68)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, MMS Mortgage Services, Ltd originated 277 mortgages, a national market share of 0.0%. It was most active in MI (0.1% market share), OH (0.0% market share), and NH (0.0% market share).
On average, MMS Mortgage Services, Ltd’s interest rates were higher than those of comparable mortgages at other lenders (+0.06%).1The comparable mortgages control for MMS Mortgage Services, Ltd’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 $3261, which was similar to those of comparable mortgages at $3329, with a difference of -$68. Overall, we estimate that MMS Mortgage Services, Ltd 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 MMS Mortgage Services, Ltd.
MMS Mortgage Services, Ltd originated Conforming and FHA 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 MMS Mortgage Services, Ltd compared to other lenders
|Interest Rate Difference||-0.01%||+0.31%|
|Loan related Closing Cost Difference||+$220||-$1101|
|Cost Adjusted Rate Difference||+0.02%||+0.14%|
Based on the table above, MMS Mortgage Services, Ltd is similar to other lenders for Conforming purchase mortgages. It is more expensive than other lenders for FHA purchase mortgages.
Mortgage Refinancing from MMS Mortgage Services, Ltd compared to other lenders
|Interest Rate Difference||+0.02%|
|Loan Related Closing Cost Difference||+$112|
|Cost Adjusted Rate Difference||+0.04%|
Based on the table above, MMS Mortgage Services, Ltd is similar to other lenders for Conforming mortgage refinance.
Other information about MMS Mortgage Services, Ltd:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Farmington Hills, MI, 48331