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 two markets are Des Moines and Mason City .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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 9.65% | 6/17/24 |
| 15 Year Conventional Purchase | 10.90% | 6/17/24 |
| 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
21Origination Dollar Volume (All Markets)
$1,945,000Top 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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 16 | $1,700,000 | $106,250 | $1,082 | 7.98% |
| Mason City, IA (FHA|USDA|VA) | 4 | $220,000 | $55,000 | $94 | 9.13% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 9.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $1,945,000 | $92,619 | $917 | 8.25% |
For 2018, Contract Exchange Corporation's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 18 | $1,620,000 | $90,000 | $505 | 8.20% |
| Cash Out Refi | 2 | $280,000 | $140,000 | $3,538 | 8.00% |
| Refi | 1 | $45,000 | $45,000 | $1,864 | 9.50% |
For 2018, Contract Exchange Corporation's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
For 2018, Contract Exchange Corporation's most frequently cited loan duration was Other, with 10 originations. The 2nd most popular length was 20 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 14 | $1,340,000 | $95,714 |
| $2k-3k | 1 | $125,000 | $125,000 |
| $4k-5k | 1 | $235,000 | $235,000 |
Contract Exchange Corporation's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 10 | $720,000 | $72,000 |
| 7-8% | 9 | $1,015,000 | $112,778 |
| 6-7% | 2 | $210,000 | $105,000 |
During 2018, Contract Exchange Corporation's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 10 originations.
Loan Sizing
2018 saw Contract Exchange Corporation place emphasis on $100,000 or less loans with 12 originations, totaling $660,000 in origination value.
Applicant Income
Contract Exchange Corporation lent most frequently to those with incomes in the $50k or less range, with 11 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Contract Exchange Corporation lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.89%
Contract Exchange Corporation has an average approval rate.
Pick Rate
Approvals leading to origination71.43%
Contract Exchange Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 21 | $1,945,000 | $92,619 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 21 | $1,945,000 | $92,619 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTRAL BANC MORTGAGE CORPORATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |