First Commerce Bank Mortgage Rates, Fees & Info
Lakewood, NJLEI: 254900433OUXXNWBRL57
Tax ID: 20-3528237
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Mortgage Data
Review & Overview
First Commerce Bank is a smaller bank specializing in Home Purchase and Refi loans. First Commerce Bank has a high proportion of conventional loans. Their top (well, only) market is New York.First Commerce Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
17Origination Dollar Volume (All Markets)
$9,845,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 17 | $9,845,000 | $579,118 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $9,845,000 | $579,118 | $0 | 0.00% |
For 2018, First Commerce Bank's most frequently originated type of loan was Conventional, with 17 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 11 | $6,005,000 | $545,909 | $0 | 0.00% |
| Refi | 6 | $3,840,000 | $640,000 | $0 | 0.00% |
For 2018, First Commerce Bank's most frequently cited loan purpose was Home Purchase, with 11 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 17 | $9,845,000 | $579,118 | $0 | 0.00% |
For 2018, First Commerce Bank's most frequently cited loan duration was Other, with 17 originations.
Loan Sizing
2018 saw First Commerce Bank place emphasis on $600k-1MM loans with 4 originations, totaling $3,180,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 2 | $1,680,000 | $840,000 | $0 | 0.00% |
First Commerce Bank lent most frequently to those with incomes in the $250k+ range, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 17 | $9,845,000 | $579,118 | $0 | 0.00% |
First Commerce Bank lent most frequently to those with DTI ratios of Exempt%, with 17 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 15 | $8,165,000 | $544,333 | $0 | 0.00% |
| White | 2 | $1,680,000 | $840,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications72.41%
First Commerce Bank has a below average approval rate.
Pick Rate
Approvals leading to origination76.47%
First Commerce Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 17 | $9,845,000 | $579,118 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 4 | $3,180,000 | $795,000 |
| Single Family (1-4 Units):Site-Built | 13 | $6,665,000 | $512,692 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 5 | 35.7% |