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 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.

    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

    2,060

    Origination Dollar Volume (All Markets)

    $236,500,000
    Show all (12) 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
    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%
    Commonwealth's top markets include Lexington, Frankfort, Louisville, Richmond, and Cincinnati 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.

    The North Side Bank & Trust Company
    Similarity Rank: 350
    Peoples Exchange Bank
    Similarity Rank: 480
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 595
    CINFED Federal Credit Union
    Similarity Rank: 651
    First State Bank
    Similarity Rank: 770
    Traditional Bank, Inc.
    Similarity Rank: 828
    Sharefax Credit Union
    Similarity Rank: 936
    First Harrison Bank
    Similarity Rank: 980
    Somerville Bank
    Similarity Rank: 1152
    RIVER VALLEY CREDIT UNION, INC.
    Similarity Rank: 1323

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,385 $203,065,000 $146,617 $1,816 3.27%
    HELOC 671 $32,825,000 $48,920 n/a 4.35%
    USDA 3 $365,000 $121,667 $4,071 3.25%
    VA 1 $245,000 $245,000 $3,857 3.00%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 660 $90,710,000 $137,439 $1,616 3.44%
    Home Improvement 563 $29,795,000 $52,922 $1,275 4.27%
    Refi 423 $62,955,000 $148,830 $1,930 3.08%
    Home Purchase 305 $47,765,000 $156,607 $2,262 3.19%
    Other 109 $5,275,000 $48,394 $429 4.66%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 677 $33,615,000 $49,653 $0 4.34%
    30 Year 659 $117,785,000 $178,733 $2,158 3.11%
    15 Year 433 $51,875,000 $119,804 $1,473 3.45%
    10 Year 153 $14,325,000 $93,627 $1,260 3.46%
    20 Year 123 $18,415,000 $149,715 $2,080 3.11%
    5 Year 15 $485,000 $32,333 $46 4.11%

    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

    Loan Rate Originations Total Value Average Loan
    2.5-3% 803 $105,495,000 $131,376
    3-4% 718 $101,390,000 $141,212
    4-5% 238 $12,540,000 $52,689
    5-6% 185 $8,545,000 $46,189
    6-7% 67 $3,105,000 $46,343
    <2.5% 29 $4,675,000 $161,207
    7-8% 19 $725,000 $38,158
    Over 8% 1 $25,000 $25,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,039 $50,045,000 $48,167 $1,129 4.12%
    $100k-200k 694 $98,750,000 $142,291 $2,030 3.12%
    $200k-400k 306 $77,910,000 $254,608 $2,284 3.10%
    $400k-600k 19 $8,335,000 $438,684 $2,568 3.11%
    $600k-1MM 2 $1,460,000 $730,000 $3,611 3.63%

    2020 saw Commonwealth place emphasis on $100,000 or less loans with 1,039 originations, totaling $50,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 535 $69,905,000 $130,664 $1,821 3.61%
    $50k-75k 468 $44,370,000 $94,808 $1,821 3.65%
    $75k-100k 448 $53,120,000 $118,571 $1,780 3.64%
    $50k or less 373 $29,745,000 $79,745 $1,860 3.56%
    $150k-250k 192 $29,410,000 $153,177 $1,806 3.64%
    $250k+ 44 $9,950,000 $226,136 $2,065 3.67%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 633 $77,025,000 $121,682 $1,859 3.48%
    30-36% 401 $49,575,000 $123,628 $1,811 3.65%
    <20% 334 $38,300,000 $114,671 $1,911 3.28%
    36% 72 $8,510,000 $118,194 $1,916 3.63%
    40% 71 $6,545,000 $92,183 $1,548 3.86%
    42% 69 $7,795,000 $112,971 $1,698 3.68%
    41% 69 $7,315,000 $106,014 $1,681 4.05%
    38% 67 $8,335,000 $124,403 $1,844 3.55%
    39% 67 $7,785,000 $116,194 $1,907 3.78%
    37% 63 $6,465,000 $102,619 $1,982 3.90%
    43% 43 $4,345,000 $101,047 $1,536 4.12%
    44% 39 $3,505,000 $89,872 $1,518 4.50%
    47% 34 $2,380,000 $70,000 $876 4.41%
    46% 25 $1,675,000 $67,000 $1,107 4.21%
    45% 19 $1,745,000 $91,842 $1,555 4.67%
    48% 7 $305,000 $43,571 $0 4.02%
    50-60% 5 $445,000 $89,000 $1,109 4.33%
    49% 3 $245,000 $81,667 $2,173 3.21%
    >60% 1 $245,000 $245,000 $2,348 2.75%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,809 $206,205,000 $113,988 $1,819 3.63%
    Not provided 138 $18,560,000 $134,493 $1,964 3.39%
    Black 86 $7,920,000 $92,093 $1,584 3.76%
    Asian 15 $1,885,000 $125,667 $1,877 3.64%
    American Indian 8 $1,320,000 $165,000 $2,314 3.16%
    Native Hawaiian or Islander 3 $345,000 $115,000 $0 5.17%
    Other Pacific Islander 1 $265,000 $265,000 $2,417 2.75%

    Approval Rates

    Total approvals of all applications
    79.10%

    Commonwealth has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.23%

    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

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $245,000 $245,000
    Single Family (1-4 Units):Manufactured 31 $2,185,000 $70,484
    Single Family (1-4 Units):Site-Built 2,028 $234,070,000 $115,419

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 373 $25,415,000 $68,137 $1,034 4.23%
    40-60% 261 $32,825,000 $125,766 $1,904 3.15%
    60-80% 612 $105,340,000 $172,124 $2,086 3.06%
    80-100% 330 $57,270,000 $173,545 $2,210 3.17%
    Under 20% 484 $15,650,000 $32,335 $143 4.42%

    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%