JustFindMyLender | © 2024 ComplianceTech

Saving tens of thousands of dollars on your mortgage just got easier.

All lenders are not alike. Picking a mortgage lender before you've considered your options can cost you tens of thousands of dollars. Now, every borrower can be in the know.

Which mortgage lenders lend in an area?
Which lenders' rates tend to be lower than average?
How do rates and fees impact a consumer's bottom line, and ultimately, their long-term wealth?

Data from the Consumer Financial Protection Bureau (CFPB) is key. Their publicly available Home Mortgage Disclosure Act (HMDA) data is full of information about lenders. But using the HMDA data isn't easy. JustFindMyLender.com democratizes the HMDA data. We provide convenient access to its unbiased and informative facts about lenders' historical pricing tendencies (APR) and approval rates. By democratizing the HMDA data, we're improving transparency in the mortgage lending industry and helping address an "information desert" that's preventing many borrowers from saving.

Please read before proceeding...

JustFindMyLender.com is not affiliated with, associated with, authorized by, endorsed by, or in any way officially connected with the Consumer Financial Protection Bureau or any other government agency.

JustFindMyLender.com was created by ComplianceTech, a multidisciplinary team of seasoned professionals operating at the intersection of lending, fair lending, and information technology. For three decades we've been at the front-line of fair lending and financial inclusion; working with lenders, federal agencies, state and federal regulators, community groups, and other stakeholders. JustFindMyLender.com continues this tradition by democratizing information that allows home buyers to make enlightened borrowing decisions. We're convinced that democratizing the HMDA data can contribute to erasing inequality and disparity in mortgage lending, home ownership, and generational wealth.

JustFindMyLender.com uses the HMDA data to determine; 1) the lenders in an area, 2) a "ballpark" prediction for each lender's prices and how they compare to the industry average (i.e., its Pricing Difference), and 3) an estimate of the long-term savings between lenders. Our goal is to ensure that every borrower has an opportunity to maximize wealth built through home ownership.

The information that we're presenting here is based on lenders' historical pricing tendencies (e.g. rates and fees relative to the market) and approval tendencies. Consumers should keep in mind that historical tendencies provide only a "ballpark" prediction of what an individual consumer can expect, but they are useful for comparing lenders' general behavior.

All information and analysis provided here is based on data reported to the U.S. Government by the lenders themselves, and made publicly available by the Consumer Financial Protection Bureau, pursuant to the Home Mortgage Disclosure Act, as the CFPB's Snapshot National Loan-Level Dataset. 5

Our analysis is based on the 3 most recent years of publicly available HMDA data and is only as accurate as the underlying HMDA data itself. Despite regulatory requirements mandating data accuracy, and the CFPB's efforts, HMDA data can be inaccurate. Lenders' resubmissions (to correct errors and omissions) subsequent to the release of the Snapshot National Loan-Level Dataset are not included in this analysis. In addition, this analysis includes only lenders who reported HMDA data in each of the last 3 years for which public data are available, and only those with at least 30 loans in the area over that period.

Tell us about your loan. We'll show you the lenders in your area.

Zip Code

Loan Purpose

Purchase

Refinance

Cash out Refinance

Loan Type

Conventional

FHA

Down Payment (Equity)

20% or more

less than 20%

3% or less

How confident are you that you qualify for lenders' best/lowest rates?

Not Sure (Average)

Optimistic

Pessimistic

We'll show hypothetical savings based on each lender's average rates.

More about using JustFindMyLender.com to compare lenders...

We rank lenders using a ballpark estimate of their current APR based on area, loan type, down payment, loan purpose, the lender's HMDA data, and the current interest rate environment. The estimate is not the lender's actual APR but it does provide a simple, unbiased, fact-based metric for comparing lenders. It also provides a way to quantify the impact of different APR tendencies on a borrower's bottom line.

We estimate a lenders' current APR by first computing their historical Pricing Difference, per the HMDA data. Pricing Difference summarizes a lender's historical pricing tendencies (APR) relative to the market. The lender's Pricing Difference plus the current market rate (APOR) is our estimate of the lender's current APR. Note that the lender's historical APR data and the APOR are both based on data that lenders report to the CFPB.

JustFindMyLender.com can't predict the actual APR that a lender will offer a borrower. That will depend on the borrower's credit score and debt-to-income ratio, etc. JustFindMyLender.com can only compare lenders based on information about their general, historical APR tendencies found in the HMDA data.

Keep in mind that price isn't everything. Borrowers should also consider other factors when shopping for a lender. In particular, how easy is it to get a loan? A lender's Approval Rate can be an indicator of the flexibilty of their credit policy and/or the level of support they provide during the application process. Disparity Indices are indicators of a lender's success lending to all of the racial/ethnic and income groups in an area, which could affect the likelihood of approval for some borrowers.

Definitions: Pricing Difference, Approval Rate, Racial Diversity Index, Income Diversity Index, Compare Lenders, Average Prime Offer Rate (APOR)

More info...

-Results are based on the 3 most recent years of the publicly available Home Mortgage Disclosure Act (HMDA) data. Specifically, the 3 most recent years of the CFPB's Snapshot National Loan-Level Dataset.
-Lenders appearing in analysis have a minimum of 30 loans that match the Loan Purpose, Loan Type, and Down Payment/Equity filters, in the area.
-Results are based on a generalized zip code area. The area comprises all counties that contain any part of the zip code, per HUD's USPS ZIP Code Crosswalk files.
-Pricing Difference summarizes the "Spread" values that the lenders report in their HMDA data. Spread is the difference between a loan's APR and the industry Average Prime Offer Rate at the time the loan was made (APOR). When "Optimistic" is selected the lender's Pricing Difference is the difference between the lender's lowest APR and the APOR. When "Not Sure" is selected the lender's Pricing Difference is the difference between the lender's average APR and the APOR.
-Results are based on 30-year, conforming, fixed rate, 1st lien, single family, owner-occupied and second home, purchase and refinance applications submitted to the lender directly. Apps where reported Spread appears to be unreliable (i.e. greater than 15 or less than -15 percentage points) are excluded.
-Small lenders (not subject to HMDA reporting) and lenders who did not report HMDA data in the most recent public data are excluded.
-NA (in fields related to pricing) denotes lenders who did not report pricing information (Spread and Total Loan Costs).
-When possible, nontraditional mortgage products and features such as reverse and balloon mortgage loans, HELOCs, commercial purpose and investment properties are excluded.
-Lenders with * are smaller lenders who did not report information needed to isolate nontraditional mortgage products. Analysis for these lenders may include nontraditional mortgage products.
-The Racial Diversity Index applies the Census' Diversity Index (DI) formula to the CFPB Derived Race reported in the HMDA data. Under the CFPB Derived Race classification scheme applications are counted as either Hispanic, Non-Hispanic White, Non-Hispanic Black or African American, Non-Hispanic American Indian or Alaska Native, Non-Hispanic Asian, Non-Hispanic Native Hawaiian or Other Pacific Islander, or Non-Hispanic Joint. The scheme considers both applicant and co-applicant. Applications with unknown race/ethnicity are ignored when computing the Racial Diversity Index.
-The Income Diversity Index applies the Census' Diversity Index (DI) formula to categorized borrower income information reported in the HMDA data. The income categories used are the Community Reinvestment Act (CRA) income categories: Low (<50%), Moderate (<80%), Middle (<120%) and Upper (>=120%), based on a comparison of the borrower's income to the Area Median Income for the borrower's geography. Applications with unknown income are ignored when computing the Income Diversity Index.
-The Average Prime Offer Rate (APOR) is a week's average APR for a 80% loan-to-value, first-lien, 30-year, fixed-rate loan based on a survey of lenders performed by the Consumer Financial Protection Bureau.

Loan Term (years): Loan Amount ($):

Definitions

• Estimated Savings are hypothetical savings associated with a lender when comparing it to the most expensive lender in the comparison.
• An estimated APR is used to compute Monthly Payment, Total Interest and Savings Estimtae. The estimated APR = the current Average Prime Offer Rate + the lender's Pricing Difference (for the area, loan purpose, loan type and equity). Pricing Difference is the historical difference (per the HMDA data) between a lender's rates and the industry average rate.
• Total Loan Costs are estimated using the requested loan amount and the lender's average loan cost (i.e., fees and services) to loan amount ratio, per HMDA data.
• Total Loan Cost comprises Origination charges paid by borrower + Services borrower cannot shop for + Services borrower can shop for.
• Monthly Payment and Total Interest are based on an interest rate that assumes APR includes all charges appearing in Total Loan Cost.
• Results are based on the lenders' publicly available HMDA data published by the Consumer Financial Protection Bureau (CFPB).
• NA in fields related to pricing denotes lenders who did not report pricing information (Spread or Total Loan Costs).
• The cost of borrowing from a lender = Total Loan Cost + Total Interest.
• Results are based on a generalized zip code area. The area comprises all counties that contain any part of the zip code, per HUD's USPS ZIP Code Crosswalk files.

*All estimates are based on historical rates and prices reported by the lender in their HMDA data and may not reflect current rates that lenders will offer a specific borrower.

Lender	Savings (Over life of loan) Estimate*	Monthly Payment (Principal and Interest) Estimate*	Total Loan Cost (Paid at closing) Estimate*	Total Interest (Over life of loan) Estimate*	Compare