Is State Bank of Lincoln An Expensive Mortgage Lender?

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

Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: similar to average (+$155)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, State Bank of Lincoln originated 476 mortgages, a national market share of 0.0%. It was most active in IL (0.2% market share), IN (0.0% market share), and KY (0.0% market share).

On average, State Bank of Lincoln’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).¹The comparable mortgages control for State Bank of Lincoln’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 $2721, which was similar to those of comparable mortgages at $2566, with a difference of +$155. Overall, we estimate that State Bank of Lincoln tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% 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 State Bank of Lincoln.

State Bank of Lincoln originated Conforming and USDA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Based on the table above, State Bank of Lincoln is similar to other lenders for Conforming and USDA purchase mortgages.

Based on the table above, State Bank of Lincoln is similar to other lenders for Conforming mortgage refinance.

Other information about State Bank of Lincoln:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: HEARTLAND BANCORP, INC. 
Registered city and state: Lincoln, IL, 62656