Contract Exchange Corporation Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 254900WRTMJD6GMNS670

Tax ID: 42-1161597

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Cedar Rapids, and Dubuque among others. We have data for 4 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% 4/28/24
    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

    44

    Origination Dollar Volume (All Markets)

    $4,980,000

    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) 26 $3,110,000 $119,615 $2,667 8.00%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 15 $1,545,000 $103,000 $2,846 8.43%
    DUBUQUE, IA (FHA|USDA|VA) 1 $235,000 $235,000 $4,694 8.25%
    Outside of Metro Areas 2 $90,000 $45,000 $1,474 8.25%
    Contract Exchange Corporation's top markets include Des Moines, Cedar Rapids, and Dubuque among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $4,980,000 $113,182 $2,714 8.16%

    For 2021, Contract Exchange Corporation's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 38 $4,210,000 $110,789 $2,662 8.18%
    Refi 3 $245,000 $81,667 $2,122 7.83%
    Cash Out Refi 3 $525,000 $175,000 $4,452 8.25%

    For 2021, Contract Exchange Corporation's most frequently cited loan purpose was Home Purchase, with 38 originations. The 2nd most popular reason was Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 26 $3,720,000 $143,077 $3,578 8.16%
    20 Year 12 $920,000 $76,667 $1,555 8.08%
    10 Year 2 $70,000 $35,000 $1,937 9.00%
    15 Year 2 $90,000 $45,000 $1,368 8.50%
    30 Year 1 $155,000 $155,000 $195 7.00%
    5 Year 1 $25,000 $25,000 $223 8.00%

    For 2021, Contract Exchange Corporation's most frequently cited loan duration was Other, with 26 originations. The 2nd most popular length was 20 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 9 $675,000 $75,000
    $2k-3k 9 $1,235,000 $137,222
    $<1k 8 $520,000 $65,000
    $3k-4k 7 $1,345,000 $192,143
    $4k-5k 2 $480,000 $240,000

    Contract Exchange Corporation's average total fees were $195, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 23 $2,775,000 $120,652
    7-8% 19 $1,945,000 $102,368
    6-7% 2 $260,000 $130,000

    During 2021, Contract Exchange Corporation's average interest rate for loans was 7.00%, while their most frequently originated rate bucket for loans was Over 8%, with 23 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,150,000 $57,500 $1,562 8.29%
    $100k-200k 20 $2,890,000 $144,500 $3,103 8.01%
    $200k-400k 4 $940,000 $235,000 $5,184 8.31%

    2021 saw Contract Exchange Corporation place emphasis on $100,000 or less loans with 20 originations, totaling $1,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 17 $1,155,000 $67,941 $1,838 8.19%
    $50k-75k 13 $1,715,000 $131,923 $2,970 8.00%
    $75k-100k 10 $1,410,000 $141,000 $3,225 8.30%
    $100k-150k 2 $280,000 $140,000 $3,031 8.13%
    $150k-250k 1 $265,000 $265,000 $5,758 8.50%

    Contract Exchange Corporation lent most frequently to those with incomes in the $50k or less range, with 17 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 9 $1,015,000 $112,778 $2,708 8.11%
    20-30% 6 $470,000 $78,333 $1,059 8.00%
    50-60% 5 $675,000 $135,000 $2,702 7.90%
    >60% 3 $335,000 $111,667 $3,434 8.33%
    38% 3 $465,000 $155,000 $3,381 8.33%
    41% 3 $385,000 $128,333 $3,451 7.92%
    49% 3 $425,000 $141,667 $2,990 8.33%
    37% 2 $210,000 $105,000 $2,913 8.50%
    <20% 2 $90,000 $45,000 $1,368 8.13%
    36% 2 $310,000 $155,000 $3,737 8.13%
    45% 1 $225,000 $225,000 $5,020 8.50%
    48% 1 $55,000 $55,000 $1,937 9.00%
    40% 1 $55,000 $55,000 $240 8.00%
    43% 1 $65,000 $65,000 $1,929 7.75%
    44% 1 $45,000 $45,000 $0 9.00%

    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 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 26 $2,900,000 $111,538 $2,497 8.25%
    Not provided 17 $2,015,000 $118,529 $3,110 8.07%
    Black 1 $65,000 $65,000 $2,173 7.50%

    Approval Rates

    Total approvals of all applications
    96.47%

    Contract Exchange Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    68.18%

    Contract Exchange Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 44 $4,980,000 $113,182

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    44 $4,980,000 $113,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $155,000 $155,000 $3,884 8.25%
    40-60% 7 $515,000 $73,571 $1,446 7.96%
    60-80% 17 $2,255,000 $132,647 $3,490 8.07%
    80-100% 17 $1,985,000 $116,765 $2,342 8.24%
    Under 20% 2 $70,000 $35,000 $1,937 9.00%

    Complaints

    Bank Name Product Issue 2021 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%