Commonwealth Mortgage Rates, Fees & Info

Frankfort, KY

LEI: 549300CUF3Q2PQGM9256

Tax ID: 61-0671028

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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 is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Commonwealth has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Frankfort, Lexington, Louisville, Richmond, and Danville among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Commonwealth has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Commonwealth is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 7.19% 12/16/24
    30 Year Conventional Purchase 6.88% 12/16/24
    30 Year Conventional Refi 6.83% 12/16/24
    30 Year Cash-out Refi 6.52% 12/16/24
    15 Year Conventional Purchase 6.25% 12/16/24
    15 Year Conventional Refi 5.73% 12/16/24
    15 Year Cash-out Refi 5.73% 12/16/24
    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.

    Commonwealth Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Commonwealth. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,985

    Origination Dollar Volume (All Markets)

    $129,665,000
    Show all (10) awards

    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
    Frankfort, KY (FHA|USDA|VA) 616 $39,560,000 $64,221 $1,788 5.60%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 505 $34,725,000 $68,762 $1,897 5.75%
    LOUISVILLE, KY (FHA|USDA|VA) 408 $27,530,000 $67,475 $1,723 5.70%
    Outside of Metro Areas 225 $14,705,000 $65,356 $1,613 5.55%
    Richmond-Berea, KY (FHA|USDA|VA) 54 $3,520,000 $65,185 $1,604 6.03%
    Danville, KY (FHA|USDA|VA) 27 $1,805,000 $66,852 $1,637 5.74%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 39 $1,565,000 $40,128 $1,690 5.95%
    HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 18 $1,120,000 $62,222 $1,854 5.22%
    Somerset, KY (FHA|USDA|VA) 9 $1,005,000 $111,667 $1,199 5.40%
    Mount Sterling, KY (FHA|USDA|VA) 21 $975,000 $46,429 $1,844 5.86%
    London, KY (FHA|USDA|VA) 15 $845,000 $56,333 $2,313 6.05%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 7 $385,000 $55,000 $1,869 4.88%
    Middlesborough, KY (FHA|USDA|VA) 6 $370,000 $61,667 $1,520 5.79%
    Bardstown, KY (FHA|USDA|VA) 6 $270,000 $45,000 $1,374 6.73%
    Central City, KY (FHA|USDA|VA) 3 $245,000 $81,667 $2,361 5.25%
    ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 6 $210,000 $35,000 $0 5.25%
    Campbellsville, KY (FHA|USDA|VA) 3 $175,000 $58,333 $1,401 4.38%
    Paducah, KY-IL (FHA|USDA|VA) 4 $150,000 $37,500 $0 5.63%
    BOWLING GREEN, KY (FHA|USDA|VA) 3 $145,000 $48,333 $1,218 7.00%
    Maysville, KY (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.25%
    OWENSBORO, KY (FHA|USDA|VA) 4 $100,000 $25,000 $0 6.75%
    Mayfield, KY (FHA|USDA|VA) 4 $100,000 $25,000 $2,058 6.50%
    Madisonville, KY (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.00%
    Commonwealth's top markets include Frankfort, Lexington, Louisville, Richmond, and Danville among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against COMMONWEALTH based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Town Square Bank
    Similarity Rank: 90
    MIAMI UNIVERSITY COMMUNITY
    Similarity Rank: 120
    The Peoples Bank
    Similarity Rank: 120
    CINCINNATI OHIO POLICE
    Similarity Rank: 172
    City National Bank of West Virginia
    Similarity Rank: 190
    Peoples Exchange Bank
    Similarity Rank: 315
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 324
    Bank of Lexington, Inc.
    Similarity Rank: 324
    First Harrison Bank
    Similarity Rank: 357
    CLASS ACT FEDERAL CREDIT UNION
    Similarity Rank: 357

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,965 $127,085,000 $64,674 $1,710 5.69%
    USDA 16 $1,880,000 $117,500 $4,001 4.55%
    VA 4 $700,000 $175,000 $5,246 4.56%

    For 2018, Commonwealth's most frequently originated type of loan was Conventional, with 1,965 originations. Their 2nd most popular type was USDA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 761 $36,025,000 $47,339 $615 5.90%
    Refi 434 $24,150,000 $55,645 $1,265 5.92%
    Cash Out Refi 283 $24,815,000 $87,686 $1,312 4.97%
    Other 265 $13,945,000 $52,623 $0 6.48%
    Home Purchase 242 $30,730,000 $126,983 $2,362 4.49%

    For 2018, Commonwealth's most frequently cited loan purpose was Home Improvement, with 761 originations. The 2nd most popular reason was Refi, with 434 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,503 $69,815,000 $46,450 $404 6.12%
    30 Year 229 $33,245,000 $145,175 $2,019 4.44%
    15 Year 199 $22,915,000 $115,151 $1,756 4.16%
    10 Year 48 $3,150,000 $65,625 $1,049 4.31%
    20 Year 4 $470,000 $117,500 $2,171 4.88%
    5 Year 2 $70,000 $35,000 $918 4.94%

    For 2018, Commonwealth's most frequently cited loan duration was Other, with 1,503 originations. The 2nd most popular length was 30 Year, with 229 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 446 $53,300,000 $119,507
    $1k-2k 17 $2,605,000 $153,235
    $3k-4k 3 $895,000 $298,333
    $2k-3k 1 $145,000 $145,000
    $4k-5k 1 $535,000 $535,000

    Commonwealth's average total fees were $2,019, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 446 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 775 $68,185,000 $87,981
    5-6% 406 $18,690,000 $46,034
    6-7% 298 $13,400,000 $44,966
    7-8% 237 $9,055,000 $38,207
    3-4% 133 $15,535,000 $116,805
    Over 8% 131 $4,195,000 $32,023
    2.5-3% 1 $25,000 $25,000

    During 2018, Commonwealth's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 4-5%, with 775 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,579 $65,875,000 $41,719 $1,395 5.95%
    $100k-200k 332 $44,220,000 $133,193 $1,958 4.64%
    $200k-400k 72 $18,590,000 $258,194 $2,342 4.56%
    $400k-600k 2 $980,000 $490,000 $4,058 4.38%

    2018 saw Commonwealth place emphasis on $100,000 or less loans with 1,579 originations, totaling $65,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 569 $32,825,000 $57,689 $1,725 5.78%
    $50k or less 415 $18,435,000 $44,422 $1,665 5.60%
    $100k-150k 395 $34,545,000 $87,456 $2,009 5.61%
    $75k-100k 387 $24,565,000 $63,475 $1,602 5.69%
    $150k-250k 193 $16,905,000 $87,591 $1,701 5.73%
    $250k+ 21 $1,725,000 $82,143 $2,953 5.25%

    Commonwealth lent most frequently to those with incomes in the $50k-75k range, with 569 originations. The second most popular income band? $50k or less, with 415 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 570 $37,770,000 $66,263 $1,711 5.47%
    30-36% 400 $27,390,000 $68,475 $1,857 5.67%
    <20% 293 $18,355,000 $62,645 $1,616 5.26%
    40% 84 $6,030,000 $71,786 $1,824 6.02%
    41% 84 $4,410,000 $52,500 $1,509 6.09%
    38% 79 $5,355,000 $67,785 $1,764 6.20%
    42% 76 $4,540,000 $59,737 $1,208 6.19%
    36% 73 $4,505,000 $61,712 $1,915 6.06%
    39% 65 $4,705,000 $72,385 $1,482 5.70%
    37% 65 $3,675,000 $56,538 $2,422 5.97%
    47% 35 $3,415,000 $97,571 $4,529 6.19%
    44% 30 $1,570,000 $52,333 $1,118 6.34%
    46% 28 $1,730,000 $61,786 $3,857 5.53%
    43% 27 $1,945,000 $72,037 $1,232 5.94%
    48% 19 $725,000 $38,158 $0 5.84%
    45% 17 $665,000 $39,118 $2,096 6.21%
    >60% 16 $980,000 $61,250 $0 6.07%
    49% 8 $560,000 $70,000 $3,617 5.97%
    50-60% 8 $360,000 $45,000 $99 6.34%

    Commonwealth lent most frequently to those with DTI ratios of 20-30%, with 570 originations. The next most common DTI ratio? 30-36%, with 400 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,834 $120,180,000 $65,529 $1,741 5.66%
    Not provided 58 $4,300,000 $74,138 $1,758 5.28%
    Black 72 $3,160,000 $43,889 $1,521 6.42%
    Asian 9 $835,000 $92,778 $3,976 5.64%
    Native Hawaiian or Islander 4 $690,000 $172,500 $3,030 5.16%
    American Indian 4 $180,000 $45,000 $0 7.13%
    Asian Indian 2 $150,000 $75,000 $0 5.25%
    Other Asian 1 $115,000 $115,000 $2,338 4.50%
    Not applicable 1 $55,000 $55,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    77.72%

    Commonwealth has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    84.84%

    Commonwealth has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,985 $129,665,000 $65,322

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 32 $1,680,000 $52,500
    Single Family (1-4 Units):Site-Built 1,953 $127,985,000 $65,533

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 592 $31,630,000 $53,429 $1,125 5.99%
    40-60% 219 $19,655,000 $89,749 $1,448 5.16%
    60-80% 246 $31,750,000 $129,065 $1,884 4.52%
    80-100% 176 $24,960,000 $141,818 $2,202 4.51%
    Over 100% 1 $125,000 $125,000 $1,317 4.38%
    Under 20% 740 $21,100,000 $28,514 $488 6.24%

    Complaints

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