We compare mortgage interest rate and loan related closing costs at Bny Mellon, N.A. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.06%)
Loan Related Closing Costs: similar to average (-$125)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Bny Mellon, N.A. originated 663 mortgages, a national market share of 0.0%. It was most active in DC (0.1% market share), CT (0.0% market share), and MA (0.0% market share).
On average, Bny Mellon, N.A.’s interest rates were lower than those of comparable mortgages at other lenders (-0.06%).1The comparable mortgages control for Bny Mellon, N.A.’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 $6275, which was similar to those of comparable mortgages at $6400, with a difference of -$125. Overall, we estimate that Bny Mellon, N.A. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.07% 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 Bny Mellon, N.A..
Bny Mellon, N.A. originated Jumbo 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 Bny Mellon, N.A. compared to other lenders
| Jumbo | |
|---|---|
| Interest Rate Difference | -0.06% |
| Loan related Closing Cost Difference | -$125 |
| Cost Adjusted Rate Difference | -0.07% |
Based on the table above, Bny Mellon, N.A. is cheap for Jumbo purchase mortgages.
Other information about Bny Mellon, N.A.:
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: BANK OF NEW YORK MELLON CORPORATION, THE
Registered city and state: BOSTON, MA, 02108