Commonwealth Mortgage Rates, Fees & Info
Frankfort, KYLEI: 549300CUF3Q2PQGM9256
Tax ID: 61-0671028
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Mortgage 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
2,162Origination Dollar Volume (All Markets)
$242,520,000Awards
COMMONWEALTH - 2021
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For 2021, less than of lenders were eligible for this award.
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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 applications79.50%
Commonwealth has a below average approval rate.
Pick Rate
Approvals leading to origination78.86%
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% |
