Contract Exchange Corporation Mortgage Rates, Fees & Info
Cedar Rapids, IALEI: 254900WRTMJD6GMNS670
Tax ID: 42-1161597
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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.
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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 9.65% | 4/28/24 |
| 15 Year Conventional Purchase | 10.90% | 4/28/24 |
| 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
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Contract Exchange Corporation. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
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% |