Commonwealth Mortgage Rates, Fees & Info
Frankfort, KYLEI: 549300CUF3Q2PQGM9256
Tax ID: 61-0671028
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Mortgage Data
Review & 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 by origination volume include: Lexington, Frankfort, Louisville, Richmond, and Cincinnati among others. We have data for 25 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
---|---|---|
Home Equity Line of Credit (HELOC) | 7.19% | 9/1/24 |
30 Year Conventional Purchase | 6.88% | 9/1/24 |
30 Year Conventional Refi | 6.83% | 9/1/24 |
30 Year Cash-out Refi | 6.52% | 9/1/24 |
15 Year Conventional Purchase | 6.25% | 9/1/24 |
15 Year Conventional Refi | 5.73% | 9/1/24 |
15 Year Cash-out Refi | 5.73% | 9/1/24 |
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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,060Origination Dollar Volume (All Markets)
$236,500,000COMMONWEALTH - 2020
COMMONWEALTH is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
---|---|---|---|---|---|
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 501 | $66,555,000 | $132,844 | $1,865 | 3.62% |
Frankfort, KY (FHA|USDA|VA) | 587 | $60,805,000 | $103,586 | $1,794 | 3.60% |
LOUISVILLE, KY (FHA|USDA|VA) | 453 | $55,345,000 | $122,174 | $1,811 | 3.61% |
Outside of Metro Areas | 246 | $24,790,000 | $100,772 | $1,916 | 3.59% |
Richmond-Berea, KY (FHA|USDA|VA) | 49 | $6,295,000 | $128,469 | $1,896 | 3.54% |
CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 52 | $5,650,000 | $108,654 | $1,596 | 3.74% |
Danville, KY (FHA|USDA|VA) | 33 | $3,545,000 | $107,424 | $1,894 | 3.77% |
Somerset, KY (FHA|USDA|VA) | 20 | $2,400,000 | $120,000 | $2,072 | 3.28% |
London, KY (FHA|USDA|VA) | 17 | $1,985,000 | $116,765 | $1,860 | 3.57% |
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 15 | $1,515,000 | $101,000 | $1,259 | 3.85% |
Mount Sterling, KY (FHA|USDA|VA) | 19 | $1,495,000 | $78,684 | $2,074 | 3.72% |
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 14 | $1,290,000 | $92,143 | $1,104 | 4.10% |
BOWLING GREEN, KY (FHA|USDA|VA) | 8 | $890,000 | $111,250 | $1,538 | 3.98% |
Madisonville, KY (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $2,156 | 3.72% |
Bardstown, KY (FHA|USDA|VA) | 7 | $665,000 | $95,000 | $1,486 | 3.95% |
Central City, KY (FHA|USDA|VA) | 9 | $565,000 | $62,778 | $1,573 | 4.14% |
OWENSBORO, KY (FHA|USDA|VA) | 7 | $445,000 | $63,571 | $2,214 | 3.89% |
Campbellsville, KY (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $1,802 | 2.92% |
CLARKSVILLE, TN-KY (FHA|USDA|VA) | 4 | $350,000 | $87,500 | $2,038 | 4.06% |
Middlesborough, KY (FHA|USDA|VA) | 6 | $280,000 | $46,667 | $1,110 | 4.25% |
Paducah, KY-IL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,641 | 3.00% |
Maysville, KY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,344 | 2.75% |
EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 4.75% |
Glasgow, KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.00% |
Murray, KY (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 4.13% |
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.
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Product Mix
For 2020, Commonwealth's most frequently originated type of loan was Conventional, with 1,385 originations. Their 2nd most popular type was HELOC, with 671 originations.
Loan Reason
For 2020, Commonwealth's most frequently cited loan purpose was Cash Out Refi, with 660 originations. The 2nd most popular reason was Home Improvement, with 563 originations.
Loan Duration/Length
For 2020, Commonwealth's most frequently cited loan duration was Other, with 677 originations. The 2nd most popular length was 30 Year, with 659 originations.
Origination Fees/Closing Costs
Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 1,347 | $198,895,000 | $147,658 |
$1k-2k | 4 | $820,000 | $205,000 |
Commonwealth's average total fees were $2,158, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,347 originations.
Interest Rates
During 2020, Commonwealth's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 803 originations.
Loan Sizing
2020 saw Commonwealth place emphasis on $100,000 or less loans with 1,039 originations, totaling $50,045,000 in origination value.
Applicant Income
Commonwealth lent most frequently to those with incomes in the $100k-150k range, with 535 originations. The second most popular income band? $50k-75k, with 468 originations.
Applicant Debt to Income Ratio
Commonwealth lent most frequently to those with DTI ratios of 20-30%, with 633 originations. The next most common DTI ratio? 30-36%, with 401 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.10%
Commonwealth has a below average approval rate.
Pick Rate
Approvals leading to origination72.23%
Commonwealth has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 2,060 | $236,500,000 | $114,806 |
Occupancy Type Mix
LTV Distribution
Complaints
Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
Common Wealth Mortgage Services | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
Common Wealth Mortgage Services | VA mortgage | Credit monitoring or identity theft protection services | 1 | 50.0% |