Community Mortgage Corporation Rates, Fees & Info

CORDOVA, TN

LEI: 549300IJ8KTGYPKLXK63

Tax ID: 62-1344184

5 stars - Updated: 7/20/24 - out of 5 stars, based on 39 reviews

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

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Mortgage Data

Review & Overview

Community Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Community Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Little Rock, Nashville, Fayetteville, and Clarksville among others. We have data for 56 markets. (Some data included below & more in-depth data is available with an active subscription.)

Community Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Community Mortgage Corporation is typically an average 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 relatively high 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
30 Year Conventional Purchase 6.79% 7/20/24
30 Year Conventional Refi 6.53% 7/20/24
30 Year Cash-out Refi 6.87% 7/20/24
30 Year FHA Purchase 7.29% 7/20/24
30 Year FHA Refi 6.51% 7/20/24
30 Year VA Purchase 6.29% 7/20/24
30 Year USDA Purchase 6.71% 7/20/24
15 Year Conventional Purchase 6.05% 7/20/24
15 Year Conventional Refi 6.18% 7/20/24
15 Year Cash-out Refi 6.18% 7/20/24
15 Year VA Purchase 6.11% 7/20/24
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.

Community Mortgage Corporation Mortgage Calculator






Your Estimates

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

This is not an official calculator from Community Mortgage Corporation. 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

1,547

Origination Dollar Volume (All Markets)

$444,565,000
Show all (7) awards

Relative Rate

Community Mortgage Corporation's average 30 year fixed mortgage rate was 6.6%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.12%.

Relative Fees (Closing Costs)

Community Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $7,691.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1,049 $306,415,000 $292,102 $7,955 6.58%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 121 $29,545,000 $244,174 $6,231 6.61%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 69 $26,035,000 $377,319 $8,120 6.61%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 43 $12,105,000 $281,512 $4,985 6.81%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 38 $11,660,000 $306,842 $11,074 6.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 45 $11,655,000 $259,000 $6,091 6.68%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 32 $10,620,000 $331,875 $7,061 6.66%
Outside of Metro Areas 37 $9,485,000 $256,351 $7,317 6.86%
HOT SPRINGS, AR (FHA|USDA|VA) 22 $4,660,000 $211,818 $5,712 6.98%
Athens, TN (FHA|USDA|VA) 9 $2,285,000 $253,889 $9,275 6.49%
JACKSON, TN (FHA|USDA|VA) 6 $1,630,000 $271,667 $6,669 6.62%
Searcy, AR (FHA|USDA|VA) 5 $1,085,000 $217,000 $6,669 6.45%
SAVANNAH, GA (FHA|USDA|VA) 2 $1,000,000 $500,000 $9,103 7.38%
KNOXVILLE, TN (FHA|USDA|VA) 3 $865,000 $288,333 $9,731 6.29%
Dayton, TN (FHA|USDA|VA) 4 $850,000 $212,500 $4,332 6.62%
CLEVELAND, TN (FHA|USDA|VA) 3 $785,000 $261,667 $6,247 6.91%
Shelbyville, TN (FHA|USDA|VA) 3 $765,000 $255,000 $9,263 6.33%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $730,000 $365,000 $2,852 7.63%
HUNTSVILLE, AL (FHA|USDA|VA) 2 $660,000 $330,000 $9,105 6.94%
Oxford, MS (FHA|USDA|VA) 3 $625,000 $208,333 $4,691 6.50%
Lewisburg, TN (FHA|USDA|VA) 2 $610,000 $305,000 $8,364 6.00%
Russellville, AR (FHA|USDA|VA) 3 $595,000 $198,333 $6,709 6.50%
JACKSON, MS (FHA|USDA|VA) 4 $570,000 $142,500 $5,940 8.20%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $555,000 $555,000 $2,822 7.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $555,000 $555,000 $4,623 6.50%
GAINESVILLE, GA (FHA|USDA|VA) 2 $510,000 $255,000 $5,165 6.63%
Malvern, AR (FHA|USDA|VA) 3 $475,000 $158,333 $5,478 6.04%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $445,000 $445,000 $15,588 5.25%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $435,000 $435,000 $2,737 6.63%
Jefferson, GA (FHA|USDA|VA) 1 $435,000 $435,000 $19,163 7.12%
Greenville, MS (FHA|USDA|VA) 1 $405,000 $405,000 $14,747 6.38%
Scottsboro, AL (FHA|USDA|VA) 1 $365,000 $365,000 $10,484 6.75%
Paris, TN (FHA|USDA|VA) 2 $360,000 $180,000 $6,417 6.19%
Tupelo, MS (FHA|USDA|VA) 1 $355,000 $355,000 $3,737 6.50%
Greenwood, MS (FHA|USDA|VA) 2 $300,000 $150,000 $7,593 6.93%
Forrest City, AR (FHA|USDA|VA) 2 $290,000 $145,000 $6,670 7.43%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $275,000 $275,000 $6,040 6.99%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 2 $270,000 $135,000 $5,549 7.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $265,000 $265,000 $6,242 6.99%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $255,000 $255,000 $10,085 6.75%
HINESVILLE, GA (FHA|USDA|VA) 1 $245,000 $245,000 $11,490 6.38%
McMinnville, TN (FHA|USDA|VA) 1 $225,000 $225,000 $7,915 6.75%
Dyersburg, TN (FHA|USDA|VA) 1 $225,000 $225,000 $3,357 6.99%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $205,000 $205,000 $2,465 6.25%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $195,000 $195,000 $9,251 7.25%
MORRISTOWN, TN (FHA|USDA|VA) 1 $195,000 $195,000 $6,706 6.00%
JONESBORO, AR (FHA|USDA|VA) 1 $195,000 $195,000 $5,035 7.00%
DALTON, GA (FHA|USDA|VA) 1 $185,000 $185,000 $9,570 6.50%
Helena-West Helena, AR (FHA|USDA|VA) 1 $185,000 $185,000 $5,119 6.25%
Statesboro, GA (FHA|USDA|VA) 1 $185,000 $185,000 $9,824 6.38%
Cleveland, MS (FHA|USDA|VA) 1 $165,000 $165,000 $8,124 6.49%
Murray, KY (FHA|USDA|VA) 1 $155,000 $155,000 $3,006 7.63%
PINE BLUFF, AR (FHA|USDA|VA) 1 $155,000 $155,000 $7,254 5.99%
Corinth, MS (FHA|USDA|VA) 1 $135,000 $135,000 $5,466 6.75%
Madisonville, KY (FHA|USDA|VA) 1 $65,000 $65,000 $4,326 6.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $65,000 $65,000 $3,298 6.25%
Community Mortgage Corporation's top markets include Memphis, Little Rock, Nashville, Fayetteville, and Clarksville among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Similar Lenders

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

    First Farmers and Merchants Bank
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 920 $261,870,000 $284,641 $5,900 6.78%
    FHA 415 $108,925,000 $262,470 $10,039 6.39%
    VA 188 $68,920,000 $366,596 $10,976 6.23%
    USDA 24 $4,850,000 $202,083 $7,407 6.15%

    For 2023, Community Mortgage Corporation's most frequently originated type of loan was Conventional, with 920 originations. Their 2nd most popular type was FHA, with 415 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,472 $423,100,000 $287,432 $7,707 6.59%
    Refi 39 $12,625,000 $323,718 $6,467 6.47%
    Cash Out Refi 36 $8,840,000 $245,556 $6,706 6.92%

    For 2023, Community Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,472 originations. The 2nd most popular reason was Refi, with 39 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,523 $438,325,000 $287,804 $7,691 6.60%
    15 Year 22 $5,770,000 $262,273 $5,299 6.29%
    20 Year 1 $75,000 $75,000 $2,497 5.75%
    Other 1 $395,000 $395,000 $6,405 6.88%

    For 2023, Community Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,523 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 460 $126,780,000 $275,609
    $3k-4k 305 $75,065,000 $246,115
    $5k+ 277 $104,245,000 $376,336
    $2k-3k 208 $45,570,000 $219,087
    $4k-5k 196 $59,610,000 $304,133
    $<1k 101 $33,295,000 $329,653

    Community Mortgage Corporation's average total fees were $7,691, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 460 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 839 $240,215,000 $286,311
    5-6% 373 $108,975,000 $292,158
    7-8% 285 $83,515,000 $293,035
    Over 8% 46 $10,400,000 $226,087
    4-5% 4 $1,460,000 $365,000

    During 2023, Community Mortgage Corporation's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 6-7%, with 839 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 840 $242,590,000 $288,798 $8,030 6.58%
    $100k-200k 389 $60,795,000 $156,285 $5,635 6.71%
    $400k-600k 233 $110,475,000 $474,142 $10,133 6.46%
    $100,000 or less 46 $3,630,000 $78,913 $4,021 6.63%
    $600k-1MM 37 $24,875,000 $672,297 $9,190 6.56%
    $1MM+ 2 $2,200,000 $1,100,000 $6,744 8.00%

    2023 saw Community Mortgage Corporation place emphasis on $200k-400k loans with 840 originations, totaling $242,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 414 $137,010,000 $330,942 $8,793 6.58%
    $50k-75k 371 $78,905,000 $212,682 $6,915 6.55%
    $75k-100k 283 $79,795,000 $281,961 $7,940 6.52%
    $150k-250k 223 $86,035,000 $385,807 $7,738 6.66%
    $50k or less 169 $24,465,000 $144,763 $5,721 6.64%
    $250k+ 87 $38,355,000 $440,862 $7,978 6.90%

    Community Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 414 originations. The second most popular income band? $50k-75k, with 371 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 252 $72,260,000 $286,746 $7,651 6.54%
    20-30% 215 $58,465,000 $271,930 $6,490 6.63%
    50-60% 132 $44,610,000 $337,955 $10,618 6.54%
    43% 90 $23,120,000 $256,889 $6,898 6.61%
    40% 78 $19,990,000 $256,282 $7,248 6.63%
    42% 71 $18,395,000 $259,085 $7,813 6.42%
    44% 70 $20,050,000 $286,429 $8,268 6.42%
    36% 65 $17,185,000 $264,385 $6,430 6.68%
    49% 61 $17,955,000 $294,344 $6,920 6.87%
    37% 61 $19,045,000 $312,213 $7,630 6.56%
    41% 59 $17,875,000 $302,966 $9,216 6.40%
    <20% 57 $14,365,000 $252,018 $5,788 6.62%
    39% 57 $16,695,000 $292,895 $7,703 6.39%
    47% 56 $19,450,000 $347,321 $7,788 6.63%
    46% 55 $16,785,000 $305,182 $7,421 6.68%
    48% 54 $15,470,000 $286,481 $8,041 6.79%
    45% 50 $14,860,000 $297,200 $8,083 6.77%
    38% 48 $13,880,000 $289,167 $7,151 6.58%
    >60% 10 $3,350,000 $335,000 $10,600 6.75%

    Community Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 252 originations. The next most common DTI ratio? 20-30%, with 215 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,200 $335,980,000 $279,983 $7,294 6.63%
    Black 273 $83,675,000 $306,502 $8,895 6.49%
    Asian 47 $16,885,000 $359,255 $9,099 6.49%
    Not provided 15 $4,685,000 $312,333 $8,219 6.76%
    American Indian 11 $2,985,000 $271,364 $8,434 6.53%
    Native Hawaiian or Islander 1 $355,000 $355,000 $13,239 6.25%

    Approval Rates

    Total approvals of all applications
    95.79%

    Community Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.12%

    Community Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,547 $444,565,000 $287,372

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,547 $444,565,000 $287,372

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $6,685,000 $155,465 $3,909 6.50%
    40-60% 109 $25,885,000 $237,477 $5,196 6.55%
    60-80% 293 $83,775,000 $285,922 $6,336 6.94%
    80-100% 1,032 $304,430,000 $294,990 $7,936 6.54%
    Over 100% 65 $23,405,000 $360,077 $15,981 6.23%
    Under 20% 5 $385,000 $77,000 $3,002 6.23%