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, Cedar Rapids, Pella, Dubuque, and Marshalltown among others. We have data for 6 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 an above 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% | 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
59Origination Dollar Volume (All Markets)
$7,055,000Top 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) | 48 | $6,030,000 | $125,625 | $2,440 | 8.52% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 7 | $665,000 | $95,000 | $2,709 | 8.32% |
| Pella, IA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,786 | 7.50% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,918 | 10.00% |
| Marshalltown, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,798 | 9.75% |
| Fairfield, IA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $1,155 | 10.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 59 | $7,055,000 | $119,576 | $2,471 | 8.55% |
For 2022, Contract Exchange Corporation's most frequently originated type of loan was Conventional, with 59 originations.
Loan Reason
For 2022, Contract Exchange Corporation's most frequently cited loan purpose was Home Purchase, with 49 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
For 2022, Contract Exchange Corporation's most frequently cited loan duration was Other, with 36 originations. The 2nd most popular length was 20 Year, with 11 originations.
Origination Fees/Closing Costs
Contract Exchange Corporation's average total fees were $641, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 37 | $4,325,000 | $116,892 |
| 7-8% | 20 | $2,540,000 | $127,000 |
| 6-7% | 2 | $190,000 | $95,000 |
During 2022, Contract Exchange Corporation's average interest rate for loans was 7.55%, while their most frequently originated rate bucket for loans was Over 8%, with 37 originations.
Loan Sizing
2022 saw Contract Exchange Corporation place emphasis on $100,000 or less loans with 28 originations, totaling $1,870,000 in origination value.
Applicant Income
Contract Exchange Corporation lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $75k-100k, with 16 originations.
Applicant Debt to Income Ratio
Contract Exchange Corporation lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.45%
Contract Exchange Corporation has an average approval rate.
Pick Rate
Approvals leading to origination91.53%
Contract Exchange Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 59 | $7,055,000 | $119,576 |