Commonwealth Bank Mortgage Rates, Fees & Info

Hyde Park, MA

LEI: 54930036FSKC5R0ZBJ88

Tax ID: 04-1465980

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

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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

    Commonwealth Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Commonwealth Bank has a high proportion of conventional loans. Their top two markets are Boston and Providence .

    Commonwealth Bank 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.

    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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    Originations

    41

    Origination Dollar Volume (All Markets)

    $25,195,000

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 40 $24,910,000 $622,750 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
    Commonwealth Bank's top markets include Boston and Providence among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $25,195,000 $614,512 $0 0.00%

    For 2018, Commonwealth Bank's most frequently originated type of loan was Conventional, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $14,835,000 $780,789 $0 0.00%
    Cash Out Refi 14 $6,730,000 $480,714 $0 0.00%
    Home Improvement 4 $2,350,000 $587,500 $0 0.00%
    Refi 3 $1,025,000 $341,667 $0 0.00%
    Other 1 $255,000 $255,000 $0 0.00%

    For 2018, Commonwealth Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 41 $25,195,000 $614,512 $0 0.00%

    For 2018, Commonwealth Bank's most frequently cited loan duration was Other, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 12 $5,890,000 $490,833 $0 0.00%
    $600k-1MM 11 $8,955,000 $814,091 $0 0.00%
    $200k-400k 9 $2,645,000 $293,889 $0 0.00%
    $1MM+ 5 $7,085,000 $1,417,000 $0 0.00%
    $100k-200k 3 $535,000 $178,333 $0 0.00%
    $100,000 or less 1 $85,000 $85,000 $0 0.00%

    2018 saw Commonwealth Bank place emphasis on $400k-600k loans with 12 originations, totaling $5,890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $3,980,000 $398,000 $0 0.00%
    $150k-250k 5 $2,675,000 $535,000 $0 0.00%
    $75k-100k 4 $850,000 $212,500 $0 0.00%
    $250k+ 3 $3,155,000 $1,051,667 $0 0.00%
    $50k-75k 3 $875,000 $291,667 $0 0.00%

    Commonwealth Bank lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 41 $25,195,000 $614,512 $0 0.00%

    Commonwealth Bank lent most frequently to those with DTI ratios of Exempt%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 16 $13,660,000 $853,750 $0 0.00%
    White 21 $9,925,000 $472,619 $0 0.00%
    Not provided 3 $1,395,000 $465,000 $0 0.00%
    Black 1 $215,000 $215,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.45%

    Commonwealth Bank 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
    95.12%

    Commonwealth Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 41 $25,195,000 $614,512

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 41 $25,195,000 $614,512

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Common Wealth Mortgage Services VA mortgage Struggling to pay mortgage 1 100.0%