Commonwealth Mortgage Rates, Fees & Info

Frankfort, KY

LEI: 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.

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% 3/28/24
30 Year Conventional Purchase 6.88% 3/28/24
30 Year Conventional Refi 6.83% 3/28/24
30 Year Cash-out Refi 6.52% 3/28/24
15 Year Conventional Purchase 6.25% 3/28/24
15 Year Conventional Refi 5.73% 3/28/24
15 Year Cash-out Refi 5.73% 3/28/24
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

2,162

Origination Dollar Volume (All Markets)

$242,520,000
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
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, KY (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, 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.

    CINFED Federal Credit Union
    Similarity Rank: 288
    Peoples Exchange Bank
    Similarity Rank: 432
    Sharefax Credit Union
    Similarity Rank: 505
    MORTGAGE SUPPLIERS, INC.
    Similarity Rank: 528
    INDIANA MEMBERS CREDIT UNION
    Similarity Rank: 810
    The Monticello Banking Company
    Similarity Rank: 817
    COMMONWEALTH
    Similarity Rank: 1050
    First Harrison Bank
    Similarity Rank: 1083
    Traditional Bank, Inc.
    Similarity Rank: 1128

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,212 $187,630,000 $154,810 $1,961 2.88%
    HELOC 946 $54,060,000 $57,146 n/a 4.01%
    VA 2 $420,000 $210,000 $7,563 2.88%
    USDA 2 $410,000 $205,000 $4,882 3.00%

    For 2021, Commonwealth's most frequently originated type of loan was Conventional, with 1,212 originations. Their 2nd most popular type was HELOC, with 946 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Commonwealth's most frequently cited loan purpose was Home Improvement, with 604 originations. The 2nd most popular reason was 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 2021, Commonwealth's most frequently cited loan duration was Other, with 948 originations. The 2nd most popular length was 30 Year, with 479 originations.

    Origination Fees/Closing Costs

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

    Commonwealth's average total fees were $2,235, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.89%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    80.50%

    Commonwealth has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.56%

    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%