Is Fifth Third Mortgage Company An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.10%)
Loan Related Closing Costs: higher than average (+$252)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Fifth Third Mortgage Company originated 17966 mortgages, a national market share of 0.3%. It was most active in OH (2.8% market share), KY (2.2% market share), and IN (1.7% market share).

On average, Fifth Third Mortgage Company’s interest rates were lower than those of comparable mortgages at other lenders (-0.10%).1The comparable mortgages control for Fifth Third Mortgage Company’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 $3815, which was higher than those of comparable mortgages at $3562, with a difference of +$252. Overall, we estimate that Fifth Third Mortgage Company 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 Fifth Third Mortgage Company.

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

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.11% -0.20% -0.05% -0.18% -0.10%
Loan related Closing Cost Difference +$227 +$503 -$106 +$596 +$261
Cost Adjusted Rate Difference -0.07% -0.14% -0.05% -0.10% -0.10%

Based on the table above, Fifth Third Mortgage Company is cheap for Conforming, FHA, Jumbo, USDA and VA purchase mortgages.

Mortgage Refinancing from Fifth Third Mortgage Company compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference -0.06% -0.09% -0.05% +0.03%
Loan Related Closing Cost Difference +$327 +$69 +$57 -$398
Cost Adjusted Rate Difference -0.00% -0.09% -0.05% -0.02%

Based on the table above, Fifth Third Mortgage Company is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming, Jumbo and VA mortgage refinance.

Other information about Fifth Third Mortgage Company:

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 Company’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.