Commercial Lender Mortgage Rates, Fees & Info
Lewes, DELEI: 254900Y6EUNN0KGMJW67
Tax ID: 32-0541903
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Mortgage Data
Review & Overview
Commercial Lender is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Commercial Lender has a high proportion of conventional loans.Commercial Lender has an above average approval rate when compared to the average across all lenders. They typically have relatively high rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 4/21/24 |
| 30 Year Conventional Refi | 6.27% | 4/21/24 |
| 30 Year Cash-out Refi | 6.27% | 4/21/24 |
| 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. | ||
Commercial Lender Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
739Origination Dollar Volume (All Markets)
$197,895,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 739 | $197,895,000 | $267,788 | $0 | 9.01% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 739 | $197,895,000 | $267,788 | $0 | 9.01% |
For 2019, Commercial Lender's most frequently originated type of loan was Conventional, with 739 originations.
Loan Reason
For 2019, Commercial Lender's most frequently cited loan purpose was Home Improvement, with 425 originations. The 2nd most popular reason was Home Purchase, with 177 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 1 Year | 495 | $148,345,000 | $299,687 | $0 | 10.14% |
| 30 Year | 228 | $42,460,000 | $186,228 | $0 | 6.51% |
| Other | 16 | $7,090,000 | $443,125 | $0 | 9.62% |
For 2019, Commercial Lender's most frequently cited loan duration was 1 Year, with 495 originations. The 2nd most popular length was 30 Year, with 228 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 483 | $140,825,000 | $291,563 |
| 6-7% | 177 | $33,925,000 | $191,667 |
| 7-8% | 50 | $18,540,000 | $370,800 |
| 5-6% | 29 | $4,605,000 | $158,793 |
During 2019, Commercial Lender's average interest rate for loans was 6.51%, while their most frequently originated rate bucket for loans was Over 8%, with 483 originations.
Loan Sizing
2019 saw Commercial Lender place emphasis on $100k-200k loans with 328 originations, totaling $47,270,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 739 | $197,895,000 | $267,788 | $0 | 9.01% |
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 739 | $197,895,000 | $267,788 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 739 | $197,895,000 | $267,788 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMERCE BANK | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| COMMERCE BANK | Other type of mortgage | Trouble during payment process | 1 | 50.0% |