Community Powered Mortgage Rates, Fees & Info
Bear, DELEI: 549300N15SIAR55G5978
Tax ID: 51-0100640
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Mortgage Data
Review & Overview
Community Powered is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Community Powered has a high proportion of conventional loans. Their top two markets are Philadelphia and Salisbury .Community Powered 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. Community Powered 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Cash-out Refi | 6.82% | 12/2/24 |
| 15 Year Conventional Refi | 5.68% | 12/2/24 |
| 15 Year Cash-out Refi | 5.68% | 12/2/24 |
| 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 Powered Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
20Origination Dollar Volume (All Markets)
$1,410,000Relative Rate
Community Powered's average 30 year fixed mortgage rate was
6.5%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.02%.
Relative Fees (Closing Costs)
Community Powered's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,411.
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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 18 | $1,210,000 | $67,222 | $3,411 | 6.49% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 6.24% |
Similar Lenders
We use machine learning to identify the top lenders compared against COMMUNITY POWERED based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 21
Similarity Rank: 135
Similarity Rank: 156
Similarity Rank: 392
Similarity Rank: 438
Similarity Rank: 506
Similarity Rank: 549
Similarity Rank: 570
Similarity Rank: 900
Similarity Rank: 910
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 20 | $1,410,000 | $70,500 | $3,411 | 6.46% |
For 2023, Community Powered's most frequently originated type of loan was Conventional, with 20 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 19 | $1,105,000 | $58,158 | $0 | 6.46% |
| Home Purchase | 1 | $305,000 | $305,000 | $3,411 | 6.50% |
For 2023, Community Powered's most frequently cited loan purpose was Home Improvement, with 19 originations. The 2nd most popular reason was Home Purchase, with 1 originations.
Loan Duration/Length
For 2023, Community Powered's most frequently cited loan duration was 15 Year, with 8 originations. The 2nd most popular length was 5 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $1,410,000 | $70,500 |
Community Powered's average total fees were $3,411, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 10 | $750,000 | $75,000 |
| 5-6% | 7 | $295,000 | $42,143 |
| 7-8% | 3 | $365,000 | $121,667 |
During 2023, Community Powered's average interest rate for loans was 6.50%, while their most frequently originated rate bucket for loans was 6-7%, with 10 originations.
Loan Sizing
2023 saw Community Powered place emphasis on $100,000 or less loans with 16 originations, totaling $660,000 in origination value.
Applicant Income
Community Powered lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
Community Powered lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 10 | $950,000 | $95,000 | $3,411 | 6.41% |
| Black | 9 | $385,000 | $42,778 | $0 | 6.52% |
| Asian | 1 | $75,000 | $75,000 | $0 | 6.49% |
Approval Rates
Total approvals of all applications85.71%
Community Powered has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
Community Powered has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 20 | $1,410,000 | $70,500 |