Is First State Bank of Middlebury An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at First State Bank of Middlebury with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.11%)
Loan Related Closing Costs: similar to average (+$79)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First State Bank of Middlebury originated 270 mortgages, a national market share of 0.0%. It was primarily active in IN (0.2% market share) and MI (0.0% market share).

On average, First State Bank of Middlebury’s interest rates were lower than those of comparable mortgages at other lenders (-0.11%).1The comparable mortgages control for First State Bank of Middlebury’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 $2564, which was similar to those of comparable mortgages at $2485, with a difference of +$79. Overall, we estimate that First State Bank of Middlebury tends to be an cheap lender, with a cost-adjusted-rate difference of -0.11% 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 First State Bank of Middlebury.

First State Bank of Middlebury originated Conforming 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 First State Bank of Middlebury compared to other lenders

Conforming
Interest Rate Difference -0.11%
Loan related Closing Cost Difference +$180
Cost Adjusted Rate Difference -0.09%

Based on the table above, First State Bank of Middlebury is cheap for Conforming purchase mortgages.

Mortgage Refinancing from First State Bank of Middlebury compared to other lenders

Conforming
Interest Rate Difference -0.13%
Loan Related Closing Cost Difference -$293
Cost Adjusted Rate Difference -0.17%

Based on the table above, First State Bank of Middlebury is cheap for Conforming mortgage refinance.

Other information about First State Bank of Middlebury:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: CRYSTAL VALLEY FINANCIAL CORPORATION
Registered city and state: Middlebury, IN, 46540-0069
FB Comments

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for First State Bank of Middlebury’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.