Is Manufacturers Bank & Trust Co An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Manufacturers Bank & Trust Co with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.08%)
Loan Related Closing Costs: higher than average (+$487)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Manufacturers Bank & Trust Co originated 248 mortgages, a national market share of 0.0%. It was most active in IA (0.2% market share), MN (0.1% market share), and IL (0.0% market share).

On average, Manufacturers Bank & Trust Co’s interest rates were lower than those of comparable mortgages at other lenders (-0.08%).1The comparable mortgages control for Manufacturers Bank & Trust Co’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 $3823, which was higher than those of comparable mortgages at $3336, with a difference of +$487. Overall, we estimate that Manufacturers Bank & Trust Co tends to be an average cost lender, with a cost-adjusted-rate difference of -0.05% 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 Manufacturers Bank & Trust Co.

Manufacturers Bank & Trust Co originated Conforming 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 Manufacturers Bank & Trust Co compared to other lenders

Conforming
Interest Rate Difference-0.08%
Loan related Closing Cost Difference+$487
Cost Adjusted Rate Difference-0.05%

Based on the table above, Manufacturers Bank & Trust Co is similar to other lenders for Conforming purchase mortgages.

Other information about Manufacturers Bank & Trust Co:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: MBT CORP.
Registered city and state: Forest City, IA, 50436

Leave a Comment

Your email address will not be published. Required fields are marked *

Footnotes

Footnotes
1The comparable mortgages control for Manufacturers Bank & Trust Co’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.
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.