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 and Refi loans. Contract Exchange Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Cedar Rapids, Mason City, 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 9.65% | 12/16/24 |
| 15 Year Conventional Purchase | 10.90% | 12/16/24 |
| 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
37Origination Dollar Volume (All Markets)
$3,755,000Top 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) | 28 | $2,900,000 | $103,571 | $1,486 | 8.11% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 4 | $430,000 | $107,500 | $3,467 | 9.19% |
| Outside of Metro Areas | 2 | $230,000 | $115,000 | $2,485 | 8.25% |
| Mason City, IA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $41 | 9.25% |
| Pella, IA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,226 | 8.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $3,755,000 | $101,486 | $1,789 | 8.31% |
For 2019, Contract Exchange Corporation's most frequently originated type of loan was Conventional, with 37 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 26 | $2,380,000 | $91,538 | $859 | 8.00% |
| Refi | 7 | $885,000 | $126,429 | $3,737 | 9.11% |
| Cash Out Refi | 4 | $490,000 | $122,500 | $3,133 | 8.94% |
For 2019, Contract Exchange Corporation's most frequently cited loan purpose was Home Purchase, with 26 originations. The 2nd most popular reason was Refi, with 7 originations.
Loan Duration/Length
For 2019, Contract Exchange Corporation's most frequently cited loan duration was Other, with 14 originations. The 2nd most popular length was 20 Year, with 13 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $1,285,000 | $98,846 |
| $2k-3k | 5 | $585,000 | $117,000 |
| $3k-4k | 5 | $865,000 | $173,000 |
| $1k-2k | 2 | $130,000 | $65,000 |
Contract Exchange Corporation's average total fees were $241, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 19 | $1,865,000 | $98,158 |
| 7-8% | 15 | $1,605,000 | $107,000 |
| 6-7% | 3 | $285,000 | $95,000 |
During 2019, Contract Exchange Corporation's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was Over 8%, with 19 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 20 | $1,410,000 | $70,500 | $922 | 8.28% |
| $100k-200k | 17 | $2,345,000 | $137,941 | $2,597 | 8.35% |
2019 saw Contract Exchange Corporation place emphasis on $100,000 or less loans with 20 originations, totaling $1,410,000 in origination value.
Applicant Income
Contract Exchange Corporation lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
Contract Exchange Corporation lent most frequently to those with DTI ratios of 30-36%, with 10 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.44%
Contract Exchange Corporation has an average approval rate.
Pick Rate
Approvals leading to origination75.68%
Contract Exchange Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 37 | $3,755,000 | $101,486 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 37 | $3,755,000 | $101,486 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 1 | $25,000 | $25,000 | $0 | 9.25% |
| 60-80% | 14 | $1,780,000 | $127,143 | $3,512 | 8.68% |
| 80-100% | 19 | $1,705,000 | $89,737 | $600 | 8.05% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CONTOUR MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| CONTOUR MORTGAGE CORPORATION | FHA mortgage | Closing on a mortgage | 1 | 50.0% |