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 Refi 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 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 |
|---|---|---|
| 30 Year Cash-out Refi | 6.82% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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. | ||
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Originations
21Origination Dollar Volume (All Markets)
$2,405,000Top 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) | 20 | $2,290,000 | $114,500 | $2,885 | 4.12% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.93% |
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: 410
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Similarity Rank: 2052
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Similarity Rank: 2431
Similarity Rank: 2450
Similarity Rank: 2603
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $2,405,000 | $114,524 | $2,885 | 4.11% |
For 2021, Community Powered's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 14 | $880,000 | $62,857 | $0 | 4.69% |
| Refi | 6 | $1,280,000 | $213,333 | $2,837 | 2.79% |
| Cash Out Refi | 1 | $245,000 | $245,000 | $3,175 | 3.87% |
For 2021, Community Powered's most frequently cited loan purpose was Home Improvement, with 14 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
For 2021, Community Powered's most frequently cited loan duration was 15 Year, with 11 originations. The 2nd most popular length was 30 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $1,525,000 | $217,857 |
Community Powered's average total fees were $3,233, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
During 2021, Community Powered's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 11 originations.
Loan Sizing
2021 saw Community Powered place emphasis on $100,000 or less loans with 10 originations, totaling $390,000 in origination value.
Applicant Income
Community Powered lent most frequently to those with incomes in the $100k-150k range, with 6 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 30-36%, with 5 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.21%
Community Powered has an average approval rate.
Pick Rate
Approvals leading to origination85.71%
Community Powered has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 21 | $2,405,000 | $114,524 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| COMMUNITY BANK SYSTEM, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| COMMUNITY BANK SYSTEM, INC. | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 50.0% |