Commercial Lender Mortgage Rates, Fees & Info
Lewes, DE
LEI: 254900Y6EUNN0KGMJW67
Tax ID: 32-0541903
Overview
Commercial Lender is a
smaller
mortgage company
specializing in
Home Improvement
loans.
Commercial Lender has a high proportion of conventional loans.
Their top markets include Commercial Lender has
an above average
approval rate for mortages when compared nationally.
Originations
1,296
Origination Dollar Volume (All Markets)
$320,110,000
Relative Rate
Commercial Lender 's average 30 year fixed rate mortgage of loans were
5.64%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 2.49%.
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
Outside of Metro Areas
|
1,296 |
$320,110,000 |
$246,998 |
$0 |
8.46% |
Commercial Lender 's top markets include
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
1,296 |
$320,110,000 |
$246,998 |
$0 |
8.46% |
For the 2021 period, Commercial Lender 's most frequently
originated loan type
of loans were Conventional, with 1,296 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Improvement |
842 |
$220,110,000 |
$261,413 |
$0 |
9.64% |
| Cash Out Refi |
198 |
$40,630,000 |
$205,202 |
$0 |
5.65% |
| Home Purchase |
188 |
$46,790,000 |
$248,883 |
$0 |
7.20% |
| Refi |
61 |
$11,465,000 |
$187,951 |
$0 |
5.62% |
| Other |
7 |
$1,115,000 |
$159,286 |
$0 |
5.29% |
For the 2021, Commercial Lender 's most frequently cited loan
purpose
of loans were Home Improvement, with 842
originations.
The 2nd most popular reason of loans were Cash Out Refi,
with 198 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 1 Year |
890 |
$229,260,000 |
$257,596 |
$0 |
9.67% |
| 30 Year |
385 |
$77,905,000 |
$202,351 |
$0 |
5.64% |
| Other |
21 |
$12,945,000 |
$616,429 |
$0 |
8.92% |
For the 2021, Commercial Lender 's most frequently cited loan
length
of loans were 1 Year, with 890 originations.
The 2nd most popular length of loans were 30 Year,
with 385 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| Over 8% |
877 |
$211,685,000 |
$241,374 |
| 5-6% |
142 |
$24,710,000 |
$174,014 |
| 6-7% |
119 |
$20,635,000 |
$173,403 |
| 4-5% |
85 |
$20,945,000 |
$246,412 |
| 7-8% |
52 |
$34,470,000 |
$662,885 |
| 3-4% |
21 |
$7,665,000 |
$365,000 |
During 2021, Commercial Lender 's average interest
rate of loans were 5.64%, while their
most frequently originated rate bucket of loans were Over 8%,
with 877 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-200k |
614 |
$89,930,000 |
$146,466 |
$0 |
8.37% |
| $200k-400k |
382 |
$102,910,000 |
$269,398 |
$0 |
8.75% |
| $100,000 or less |
163 |
$13,545,000 |
$83,098 |
$0 |
8.30% |
| $400k-600k |
74 |
$35,750,000 |
$483,108 |
$0 |
8.65% |
| $600k-1MM |
34 |
$25,680,000 |
$755,294 |
$0 |
7.96% |
| $1MM+ |
29 |
$52,295,000 |
$1,803,276 |
$0 |
7.62% |
2021 saw Commercial Lender place emphasis on
$100k-200k loans
with 614 originations, totaling
$89,930,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Not applicable |
1,296 |
$320,110,000 |
$246,998 |
$0 |
8.46% |
Approval Rates
Total approvals of all applications
100.00%
Commercial Lender 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
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
1,296 |
$320,110,000 |
$246,998 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
1,296 |
$320,110,000 |
$246,998 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 40-60% |
22 |
$8,170,000 |
$371,364 |
$0 |
10.18% |
| 60-80% |
183 |
$45,165,000 |
$246,803 |
$0 |
8.29% |
| 80-100% |
276 |
$70,270,000 |
$254,601 |
$0 |
9.49% |
| Over 100% |
442 |
$119,420,000 |
$270,181 |
$0 |
9.51% |
| Under 20% |
1 |
$535,000 |
$535,000 |
$0 |
8.99% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| COMMERCE BANK |
Conventional home mortgage |
Closing on a mortgage |
1 |
33.3% |
| COMMERCE BANK |
Other type of mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
33.3% |
| COMMERCE BANK |
FHA mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
33.3% |
