We compare mortgage interest rate and loan related closing costs at Patriot Lending Services, Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.08%)
Loan Related Closing Costs: lower than average (-$438)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Patriot Lending Services, Inc. originated 722 mortgages, a national market share of 0.0%. It was primarily active in FL (0.1% market share) and PA (0.0% market share).
On average, Patriot Lending Services, Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.08%).1The comparable mortgages control for Patriot Lending Services, Inc.’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 $4272, which was lower than those of comparable mortgages at $4711, with a difference of -$438. Overall, we estimate that Patriot Lending Services, Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.02% 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 Patriot Lending Services, Inc..
Patriot Lending Services, Inc. originated Conforming, FHA and VA mortgages for new home purchases. 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 Patriot Lending Services, Inc. compared to other lenders
| Conforming | FHA | VA | |
|---|---|---|---|
| Interest Rate Difference | +0.06% | +0.07% | +0.18% |
| Loan related Closing Cost Difference | -$489 | -$488 | -$43 |
| Cost Adjusted Rate Difference | +0.00% | -0.00% | +0.14% |
Based on the table above, Patriot Lending Services, Inc. is similar to other lenders for Conforming and FHA purchase mortgages. It is more expensive than other lenders for VA purchase mortgages.
Other information about Patriot Lending Services, Inc.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Pittsburgh, PA, 15220