We compare mortgage interest rate and loan related closing costs at Envoy Mortgage Ltd. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.09%)
Loan Related Closing Costs: higher than average (+$286)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Envoy Mortgage Ltd. originated 12399 mortgages, a national market share of 0.2%. It was most active in CT (1.2% market share), NH (1.1% market share), and KY (0.5% market share).
On average, Envoy Mortgage Ltd.’s interest rates were higher than those of comparable mortgages at other lenders (+0.09%).1The comparable mortgages control for Envoy Mortgage Ltd.’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 $5548, which was higher than those of comparable mortgages at $5262, with a difference of +$286. Overall, we estimate that Envoy Mortgage Ltd. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.11% 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. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Envoy Mortgage Ltd..
Envoy Mortgage Ltd. originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. 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 Envoy Mortgage Ltd. compared to other lenders
| Conforming | FHA | Jumbo | USDA | VA | |
|---|---|---|---|---|---|
| Interest Rate Difference | +0.07% | +0.12% | +0.14% | +0.11% | +0.09% |
| Loan related Closing Cost Difference | +$337 | +$405 | +$128 | +$464 | -$214 |
| Cost Adjusted Rate Difference | +0.10% | +0.14% | +0.14% | +0.16% | +0.07% |
Based on the table above, Envoy Mortgage Ltd. is more expensive than other lenders for Conforming, FHA, Jumbo, USDA and VA purchase mortgages.
Mortgage Refinancing from Envoy Mortgage Ltd. compared to other lenders
| Conforming | FHA | VA | |
|---|---|---|---|
| Interest Rate Difference | +0.07% | +0.04% | +0.04% |
| Loan Related Closing Cost Difference | +$162 | +$93 | -$1078 |
| Cost Adjusted Rate Difference | +0.09% | +0.06% | -0.02% |
Based on the table above, Envoy Mortgage Ltd. is similar to other lenders for VA mortgage refinance. It is more expensive than other lenders for Conforming and FHA mortgage refinance.
Other information about Envoy Mortgage Ltd.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: HOUSTON, TX, 77043