Commonwealth Mortgage Rates, Fees & Info

Frankfort, KY

LEI: 549300CUF3Q2PQGM9256

Tax ID: 61-0671028

5 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Commonwealth is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Commonwealth has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Lexington, Frankfort, Louisville/jefferson County, Richmond, and Cincinnati among others. Commonwealth has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Commonwealth is typically a low fee lendor.


Originations

2,162

Origination Dollar Volume (All Markets)

$242,520,000
Show all (10) awards

Relative Rate

Commonwealth's average 30 year fixed rate mortgage of loans were 2.89%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.26%.

Relative Fees

Commonwealth's average total fees for a 30 year fixed rate mortgage are $2,235.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 571 $69,825,000 $122,285 $1,989 3.41%
Frankfort, KY (FHA|USDA|VA) 616 $66,140,000 $107,370 $1,934 3.26%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 495 $57,495,000 $116,152 $2,002 3.45%
Outside of Metro Areas 254 $25,050,000 $98,622 $2,021 3.40%
Richmond-Berea, KY (FHA|USDA|VA) 48 $4,720,000 $98,333 $1,812 3.85%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 36 $4,270,000 $118,611 $1,985 3.36%
Danville, KY (FHA|USDA|VA) 38 $4,240,000 $111,579 $1,956 3.28%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 10 $1,550,000 $155,000 $1,803 3.51%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 17 $1,455,000 $85,588 $2,216 3.15%
Mount Sterling, KY (FHA|USDA|VA) 14 $1,370,000 $97,857 $1,970 3.21%
London, KY (FHA|USDA|VA) 14 $1,220,000 $87,143 $1,905 2.98%
Bardstown, KY (FHA|USDA|VA) 7 $945,000 $135,000 $2,891 3.32%
Somerset, KY (FHA|USDA|VA) 8 $910,000 $113,750 $1,790 3.61%
BOWLING GREEN, KY (FHA|USDA|VA) 6 $900,000 $150,000 $1,798 3.04%
Middlesborough, KY (FHA|USDA|VA) 5 $455,000 $91,000 $1,657 3.43%
Campbellsville, KY (FHA|USDA|VA) 4 $410,000 $102,500 $2,413 3.34%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $380,000 $95,000 $2,110 3.41%
Maysville, KY (FHA|USDA|VA) 3 $375,000 $125,000 $1,865 2.58%
Madisonville, KY (FHA|USDA|VA) 2 $300,000 $150,000 $2,182 2.38%
Central City, KY (FHA|USDA|VA) 3 $205,000 $68,333 $2,064 4.17%
OWENSBORO, KY (FHA|USDA|VA) 2 $100,000 $50,000 $0 3.13%
Mayfield, KY (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.00%
Murray, KY (FHA|USDA|VA) 1 $55,000 $55,000 $2,157 2.50%
EVANSVILLE, IN-KY (FHA|USDA|VA) 2 $40,000 $20,000 $0 3.50%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $25,000 $25,000 $1,711 2.88%

Commonwealth's top markets include Lexington, Frankfort, Louisville/jefferson County, Richmond, and Cincinnati among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,158 $241,690,000 $111,997 $1,961 3.37%
VA 2 $420,000 $210,000 $7,563 2.88%
USDA 2 $410,000 $205,000 $4,882 3.00%

For the 2021 period, Commonwealth's most frequently originated loan type of loans were Conventional, with 2,158 originations. Their 2nd most popular type is VA, with 2 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 604 $37,250,000 $61,672 $1,818 3.78%
Cash Out Refi 484 $73,660,000 $152,190 $1,874 3.01%
Refi 391 $54,805,000 $140,166 $1,974 2.79%
Home Purchase 342 $52,720,000 $154,152 $2,356 3.13%
Other 341 $24,085,000 $70,630 $1,596 4.09%

For the 2021, Commonwealth's most frequently cited loan purpose of loans were Home Improvement, with 604 originations. The 2nd most popular reason of loans were Cash Out Refi, with 484 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 948 $54,310,000 $57,289 $0 4.01%
30 Year 479 $90,405,000 $188,737 $2,235 2.89%
15 Year 372 $46,990,000 $126,317 $1,658 3.00%
20 Year 232 $37,410,000 $161,250 $2,131 2.70%
10 Year 122 $13,120,000 $107,541 $1,686 2.70%
5 Year 9 $285,000 $31,667 $0 4.49%

For the 2021, Commonwealth's most frequently cited loan length of loans were Other, with 948 originations. The 2nd most popular length of loans were 30 Year, with 479 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,181 $184,485,000 $156,211
$1k-2k 1 $245,000 $245,000

$2,235 of loans were Commonwealth's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,181 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 927 $125,405,000 $135,280
<2.5% 420 $62,530,000 $148,881
3-4% 336 $27,830,000 $82,827
4-5% 244 $14,720,000 $60,328
5-6% 185 $9,465,000 $51,162
6-7% 50 $2,570,000 $51,400

During 2021, Commonwealth's average interest rate of loans were 2.89%, while their most frequently originated rate bucket of loans were 2.5-3%, with 927 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,135 $55,195,000 $48,630 $1,404 3.82%
$100k-200k 709 $99,995,000 $141,037 $2,057 2.92%
$200k-400k 298 $77,920,000 $261,477 $2,403 2.79%
$400k-600k 19 $8,745,000 $460,263 $2,779 3.01%
$600k-1MM 1 $665,000 $665,000 $2,672 2.75%

2021 saw Commonwealth place emphasis on $100,000 or less loans with 1,135 originations, totaling $55,195,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 546 $71,020,000 $130,073 $1,998 3.34%
$50k-75k 527 $50,565,000 $95,949 $2,003 3.34%
$75k-100k 419 $47,055,000 $112,303 $1,988 3.41%
$50k or less 400 $31,090,000 $77,725 $1,867 3.37%
$150k-250k 238 $34,980,000 $146,975 $1,948 3.51%
$250k+ 32 $7,810,000 $244,063 $2,380 3.14%

Commonwealth lent most frequently to those with incomes in the $100k-150k range, with 546 originations. The second most popular income band? $50k-75k, with 527 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 630 $76,290,000 $121,095 $1,993 3.18%
30-36% 435 $49,655,000 $114,149 $2,001 3.39%
<20% 317 $37,005,000 $116,735 $2,005 2.86%
38% 77 $8,455,000 $109,805 $2,049 3.66%
36% 76 $7,570,000 $99,605 $1,892 3.55%
42% 75 $8,085,000 $107,800 $1,904 3.80%
41% 72 $8,260,000 $114,722 $1,956 3.62%
37% 67 $8,375,000 $125,000 $2,142 3.51%
43% 65 $6,185,000 $95,154 $1,861 3.81%
39% 63 $7,245,000 $115,000 $2,081 3.78%
40% 58 $5,910,000 $101,897 $1,962 3.80%
44% 56 $4,340,000 $77,500 $2,110 4.09%
47% 49 $3,745,000 $76,429 $2,286 3.93%
46% 34 $2,720,000 $80,000 $1,502 4.11%
45% 29 $2,495,000 $86,034 $1,271 3.75%
48% 10 $760,000 $76,000 $2,149 3.99%
50-60% 10 $1,310,000 $131,000 $299 4.35%
>60% 3 $285,000 $95,000 $1,323 3.33%
49% 2 $100,000 $50,000 $0 4.25%

Commonwealth lent most frequently to those with DTI ratios of 20-30%, with 630 originations. The next most common DTI ratio? 30-36%, with 435 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,858 $208,570,000 $112,255 $1,975 3.36%
Not provided 188 $21,790,000 $115,904 $1,958 3.32%
Black 95 $9,545,000 $100,474 $1,980 3.71%
Asian 9 $1,255,000 $139,444 $2,124 3.40%
American Indian 5 $515,000 $103,000 $2,211 2.88%
Native Hawaiian 4 $340,000 $85,000 $1,629 3.16%
Asian Indian 1 $255,000 $255,000 $2,489 2.88%
Other Pacific Islander 1 $145,000 $145,000 $2,149 2.38%
Korean 1 $105,000 $105,000 $0 3.00%

Approval Rates

Total approvals of all applications
79.50%

Commonwealth has a below average approval rate.

Pick Rate

Approvals leading to origination
78.86%

Commonwealth has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,162 $242,520,000 $112,174

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,162 $242,520,000 $112,174

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 427 $33,695,000 $78,911 $1,490 3.86%
40-60% 321 $41,565,000 $129,486 $1,978 2.89%
60-80% 534 $93,260,000 $174,644 $2,141 2.77%
80-100% 263 $51,685,000 $196,521 $2,301 2.90%
Over 100% 1 $245,000 $245,000 $12,448 2.63%
Under 20% 616 $22,070,000 $35,828 $283 4.02%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Common Wealth Mortgage Services Conventional home mortgage Incorrect information on your report 1 50.0%
Common Wealth Mortgage Services FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%