Is Associated Bank NA An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.13%)
Loan Related Closing Costs: lower than average (-$393)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Associated Bank NA originated 10919 mortgages, a national market share of 0.2%. It was most active in WI (5.8% market share), IL (1.0% market share), and MN (0.8% market share).

On average, Associated Bank NA’s interest rates were lower than those of comparable mortgages at other lenders (-0.13%).1The comparable mortgages control for Associated Bank NA’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 $2304, which was lower than those of comparable mortgages at $2698, with a difference of -$393. Overall, we estimate that Associated Bank NA 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 Associated Bank NA.

Associated Bank NA 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 Associated Bank NA compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference -0.13% -0.37% +0.04% -0.25% -0.15%
Loan related Closing Cost Difference -$414 -$584 -$771 -$317 -$939
Cost Adjusted Rate Difference -0.17% -0.45% +0.02% -0.30% -0.23%

Based on the table above, Associated Bank NA is cheap for Conforming, FHA, USDA and VA purchase mortgages. It is similar to other lenders for Jumbo purchase mortgages.

Mortgage Refinancing from Associated Bank NA compared to other lenders

Conforming Jumbo
Interest Rate Difference -0.13% +0.04%
Loan Related Closing Cost Difference -$253 +$58
Cost Adjusted Rate Difference -0.14% +0.04%

Based on the table above, Associated Bank NA is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance.

Other information about Associated Bank NA:

Regulator: Consumer Financial Protection Bureau (CFPB) 
Top holder: ASSOCIATED BANC-CORP
Registered city and state: Green Bay, WI, 54301
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Footnotes   [ + ]

1. The comparable mortgages control for Associated Bank NA’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.