Is Fifth Third Mortgage, MI LLC An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Fifth Third Mortgage, MI LLC with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.21%)
Loan Related Closing Costs: higher than average (+$279)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Fifth Third Mortgage, MI LLC originated 2305 mortgages, a national market share of 0.0%. It was primarily active in MI, with a 1.1% market share.

On average, Fifth Third Mortgage, MI LLC’s interest rates were lower than those of comparable mortgages at other lenders (-0.21%).1The comparable mortgages control for Fifth Third Mortgage, MI LLC’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 $3387, which was higher than those of comparable mortgages at $3108, with a difference of +$279. Overall, we estimate that Fifth Third Mortgage, MI LLC tends to be an cheap lender, with a cost-adjusted-rate difference of -0.17% 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 Fifth Third Mortgage, MI LLC.

Fifth Third Mortgage, MI LLC originated Conforming, FHA and VA mortgages for new home purchases. It also originated Conforming and FHA 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 Fifth Third Mortgage, MI LLC compared to other lenders

Conforming FHA VA
Interest Rate Difference -0.21% -0.31% -0.22%
Loan related Closing Cost Difference +$232 +$1036 -$81
Cost Adjusted Rate Difference -0.18% -0.18% -0.23%

Based on the table above, Fifth Third Mortgage, MI LLC is cheap for Conforming, FHA and VA purchase mortgages.

Mortgage Refinancing from Fifth Third Mortgage, MI LLC compared to other lenders

Conforming FHA
Interest Rate Difference -0.19% -0.01%
Loan Related Closing Cost Difference +$175 +$635
Cost Adjusted Rate Difference -0.16% +0.07%

Based on the table above, Fifth Third Mortgage, MI LLC is cheap for Conforming mortgage refinance. It is more expensive than other lenders for FHA mortgage refinance.

Other information about Fifth Third Mortgage, MI LLC:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Registered city and state: Cincinnati, OH, 45227
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Footnotes   [ + ]

1. The comparable mortgages control for Fifth Third Mortgage, MI LLC’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.