Is First National Bank of Waterloo An Expensive Mortgage Lender?

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

Interest Rate: lower than average (-0.16%)
Loan Related Closing Costs: lower than average (-$666)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First National Bank of Waterloo originated 169 mortgages, a national market share of 0.0%. It was most active in IL (0.1% market share), MO (0.0% market share), and AL (0.0% market share).

On average, First National Bank of Waterloo’s interest rates were lower than those of comparable mortgages at other lenders (-0.16%).¹The comparable mortgages control for First National Bank of Waterloo’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 $1318, which was lower than those of comparable mortgages at $1985, with a difference of -$666. Overall, we estimate that First National Bank of Waterloo tends to be an cheap lender, with a cost-adjusted-rate difference of -0.25% 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 First National Bank of Waterloo.

First National Bank of Waterloo originated Conforming 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, First National Bank of Waterloo is cheap for Conforming purchase mortgages.

Based on the table above, First National Bank of Waterloo is cheap for Conforming mortgage refinance.

Other information about First National Bank of Waterloo:

Regulator: Office of the Comptroller of the Currency (OCC) 
Top holder: FIRST WATERLOO BANCSHARES, INC. 
Registered city and state: O'Fallon, IL, 62269