Transcend Mortgage Rates, Fees & Info
Louisville, KYLEI: 549300OCBGBM6IS0J130
Tax ID: 61-0360420
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Mortgage Data
Review & Overview
Transcend is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Transcend has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Louisville, Lexington, Frankfort, Elizabethtown, and Owensboro among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Transcend 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. Transcend 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 Conventional Purchase | 6.41% | 4/28/24 |
| 30 Year Conventional Refi | 6.61% | 4/28/24 |
| 30 Year Cash-out Refi | 6.77% | 4/28/24 |
| 30 Year FHA Purchase | 7.62% | 4/28/24 |
| 30 Year VA Purchase | 6.78% | 4/28/24 |
| 30 Year USDA Purchase | 6.71% | 4/28/24 |
| 15 Year Conventional Purchase | 6.19% | 4/28/24 |
| 15 Year Conventional Refi | 5.91% | 4/28/24 |
| 15 Year Cash-out Refi | 5.91% | 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. | ||
Transcend Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
405Origination Dollar Volume (All Markets)
$71,215,000Awards
TRANSCEND - 2021
TRANSCEND is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| LOUISVILLE, KY (FHA|USDA|VA) | 358 | $63,030,000 | $176,061 | $1,116 | 2.82% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 22 | $4,170,000 | $189,545 | $761 | 2.74% |
| Outside of Metro Areas | 7 | $955,000 | $136,429 | $2,809 | 2.68% |
| Frankfort, KY (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $1,840 | 2.91% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $2,766 | 3.03% |
| OWENSBORO, KY (FHA|USDA|VA) | 6 | $710,000 | $118,333 | $1,333 | 2.94% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $2,161 | 2.44% |
| Danville, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,923 | 2.13% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,558 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against TRANSCEND based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 575
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 403 | $70,825,000 | $175,744 | $1,149 | 2.81% |
| USDA | 2 | $390,000 | $195,000 | $5,014 | 2.88% |
For 2021, Transcend's most frequently originated type of loan was Conventional, with 403 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2021, Transcend's most frequently cited loan purpose was Cash Out Refi, with 169 originations. The 2nd most popular reason was Refi, with 151 originations.
Loan Duration/Length
For 2021, Transcend's most frequently cited loan duration was 30 Year, with 161 originations. The 2nd most popular length was 15 Year, with 129 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 291 | $52,995,000 | $182,113 |
| $1k-2k | 111 | $17,695,000 | $159,414 |
| $2k-3k | 2 | $400,000 | $200,000 |
| $3k-4k | 1 | $125,000 | $125,000 |
Transcend's average total fees were $1,478, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 291 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 153 | $30,855,000 | $201,667 |
| <2.5% | 137 | $19,265,000 | $140,620 |
| 3-4% | 114 | $20,980,000 | $184,035 |
| 4-5% | 1 | $115,000 | $115,000 |
During 2021, Transcend's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 2.5-3%, with 153 originations.
Loan Sizing
2021 saw Transcend place emphasis on $100k-200k loans with 218 originations, totaling $30,270,000 in origination value.
Applicant Income
Transcend lent most frequently to those with incomes in the $50k-75k range, with 117 originations. The second most popular income band? $75k-100k, with 86 originations.
Applicant Debt to Income Ratio
Transcend lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? <20%, with 89 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.21%
Transcend has an average approval rate.
Pick Rate
Approvals leading to origination37.53%
Transcend has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 405 | $71,215,000 | $175,840 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TRANSWORLD SYSTEMS INC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 66.7% |
| TRANSWORLD SYSTEMS INC | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |