Contract Exchange Corporation Mortgage Rates, Fees & Info
Cedar Rapids, IALEI: 254900WRTMJD6GMNS670
Tax ID: 42-1161597
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Mortgage Data
Review & Overview
Contract Exchange Corporation is a smaller mortgage company specializing in Home Purchase loans. Contract Exchange Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Waterloo, Dubuque, and Pella among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Contract Exchange Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Contract Exchange Corporation is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 9.65% | 4/18/24 |
| 15 Year Conventional Purchase | 10.90% | 4/18/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Contract Exchange Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
46Origination Dollar Volume (All Markets)
$7,420,000Relative Rate
Contract Exchange Corporation's average 30 year fixed mortgage rate was
8.08%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.6%.
Relative Fees (Closing Costs)
Contract Exchange Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,163.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top 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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 37 | $5,785,000 | $156,351 | $3,186 | 9.76% |
| Outside of Metro Areas | 3 | $925,000 | $308,333 | $7,143 | 10.50% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $6,873 | 10.00% |
| DUBUQUE, IA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,414 | 10.25% |
| Pella, IA (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $3,219 | 10.67% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 46 | $7,420,000 | $161,304 | $3,681 | 9.90% |
For 2023, Contract Exchange Corporation's most frequently originated type of loan was Conventional, with 46 originations.
Loan Reason
For 2023, Contract Exchange Corporation's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Refi, with 4 originations.
Loan Duration/Length
For 2023, Contract Exchange Corporation's most frequently cited loan duration was Other, with 29 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
Contract Exchange Corporation's average total fees were $3,163, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 41 | $6,595,000 | $160,854 |
| 7-8% | 3 | $425,000 | $141,667 |
| 5-6% | 1 | $15,000 | $15,000 |
| 6-7% | 1 | $385,000 | $385,000 |
During 2023, Contract Exchange Corporation's average interest rate for loans was 8.08%, while their most frequently originated rate bucket for loans was Over 8%, with 41 originations.
Loan Sizing
2023 saw Contract Exchange Corporation place emphasis on $100k-200k loans with 20 originations, totaling $2,650,000 in origination value.
Applicant Income
Contract Exchange Corporation lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $75k-100k, with 10 originations.
Applicant Debt to Income Ratio
Contract Exchange Corporation lent most frequently to those with DTI ratios of 30-36%, with 9 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.40%
Contract Exchange Corporation has an average approval rate.
Pick Rate
Approvals leading to origination71.74%
Contract Exchange Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 46 | $7,420,000 | $161,304 |