Is Iberiabank An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: lower than average (-$995)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Iberiabank originated 10546 mortgages, a national market share of 0.2%. It was most active in LA (4.8% market share), AR (3.5% market share), and TN (1.0% market share).

On average, Iberiabank’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Iberiabank’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 $3194, which was lower than those of comparable mortgages at $4189, with a difference of -$995. Overall, we estimate that Iberiabank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.15% 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 Iberiabank.

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

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.06% -0.13% -0.01% -0.13% -0.06%
Loan related Closing Cost Difference -$992 -$1197 -$1993 -$894 -$474
Cost Adjusted Rate Difference -0.14% -0.25% -0.06% -0.24% -0.09%

Based on the table above, Iberiabank is cheap for Conforming, FHA, Jumbo, USDA and VA purchase mortgages.

Mortgage Refinancing from Iberiabank compared to other lenders

Conforming FHA Jumbo
Interest Rate Difference -0.04% -0.04% -0.02%
Loan Related Closing Cost Difference -$767 -$1081 -$674
Cost Adjusted Rate Difference -0.13% -0.13% -0.04%

Based on the table above, Iberiabank is cheap for Conforming and FHA mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance.

Other information about Iberiabank:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Top holder: IBERIABANK CORPORATION
Registered city and state: Kenner, LA, 70065
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Footnotes   [ + ]

1. The comparable mortgages control for Iberiabank’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.