Is Banksouth Mortgage Company, Ll An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Banksouth Mortgage Company, Ll with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.09%)
Loan Related Closing Costs: higher than average (+$382)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Banksouth Mortgage Company, Ll originated 4454 mortgages, a national market share of 0.1%. It was most active in GA (2.0% market share), SC (0.1% market share), and AL (0.0% market share).

On average, Banksouth Mortgage Company, Ll’s interest rates were lower than those of comparable mortgages at other lenders (-0.09%).1The comparable mortgages control for Banksouth Mortgage Company, Ll’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 $5214, which was higher than those of comparable mortgages at $4832, with a difference of +$382. Overall, we estimate that Banksouth Mortgage Company, Ll tends to be an cheap lender, with a cost-adjusted-rate difference of -0.06% 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 Banksouth Mortgage Company, Ll.

Banksouth Mortgage Company, Ll originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming and Jumbo 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 Banksouth Mortgage Company, Ll compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.08% -0.16% +0.11% -0.12% -0.04%
Loan related Closing Cost Difference +$432 +$689 +$40 +$671 +$246
Cost Adjusted Rate Difference -0.05% -0.10% +0.11% -0.05% -0.02%

Based on the table above, Banksouth Mortgage Company, Ll is cheap for FHA and USDA purchase mortgages. It is similar to other lenders for Conforming and VA purchase mortgages. It is more expensive than other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Banksouth Mortgage Company, Ll compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.10% +0.16%
Loan Related Closing Cost Difference -$407 -$2162
Cost Adjusted Rate Difference -0.12% +0.10%

Based on the table above, Banksouth Mortgage Company, Ll is cheap for Conforming mortgage refinance. It is more expensive than other lenders for Jumbo mortgage refinance.

Other information about Banksouth Mortgage Company, Ll:

Regulator: Office of the Comptroller of the Currency (OCC) 
Registered city and state: ATLANTA, GA, 30027
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Footnotes   [ + ]

1. The comparable mortgages control for Banksouth Mortgage Company, Ll’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.