Chessie Mortgage Rates, Fees & Info
Cumberland, MDLEI: 549300T82SC9BPCIU410
Tax ID: 52-0580973
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Mortgage Data
Review & Overview
Chessie is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Chessie has a high proportion of conventional loans. Their top markets by origination volume include: Cumberland, Clarksburg, Hagerstown, Morgantown, and Pittsburgh among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Chessie 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. Chessie 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 | 6.26% | 12/16/24 |
| 30 Year Conventional Refi | 5.06% | 12/16/24 |
| 30 Year Cash-out Refi | 6.08% | 12/16/24 |
| 15 Year Conventional Purchase | 4.95% | 12/16/24 |
| 15 Year Conventional Refi | 4.67% | 12/16/24 |
| 15 Year Cash-out Refi | 4.67% | 12/16/24 |
| 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. | ||
Chessie Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
236Origination Dollar Volume (All Markets)
$27,560,000Awards
CHESSIE - 2020
CHESSIE is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 153 | $16,725,000 | $109,314 | $1,902 | 3.30% |
| Outside of Metro Areas | 46 | $5,990,000 | $130,217 | $2,319 | 3.22% |
| Clarksburg, WV (FHA|USDA|VA) | 13 | $1,125,000 | $86,538 | $1,777 | 3.05% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 4 | $980,000 | $245,000 | $2,683 | 3.31% |
| MORGANTOWN, WV (FHA|USDA|VA) | 6 | $950,000 | $158,333 | $2,649 | 3.35% |
| PITTSBURGH, PA (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $3,058 | 3.06% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $2,624 | 3.28% |
| Somerset, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,258 | 3.50% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,240 | 2.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,772 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $1,209 | 3.25% |
| Fairmont, WV (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,820 | 2.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against CHESSIE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 236 | $27,560,000 | $116,780 | $2,043 | 3.26% |
For 2020, Chessie's most frequently originated type of loan was Conventional, with 236 originations.
Loan Reason
For 2020, Chessie's most frequently cited loan purpose was Cash Out Refi, with 104 originations. The 2nd most popular reason was Home Purchase, with 88 originations.
Loan Duration/Length
For 2020, Chessie's most frequently cited loan duration was 30 Year, with 82 originations. The 2nd most popular length was 10 Year, with 78 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 193 | $18,675,000 | $96,762 |
| $1k-2k | 29 | $6,535,000 | $225,345 |
| $2k-3k | 4 | $1,590,000 | $397,500 |
| $3k-4k | 1 | $245,000 | $245,000 |
Chessie's average total fees were $2,655, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 193 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 137 | $17,625,000 | $128,650 |
| 2.5-3% | 58 | $7,140,000 | $123,103 |
| <2.5% | 21 | $935,000 | $44,524 |
| 4-5% | 17 | $1,615,000 | $95,000 |
| 5-6% | 1 | $25,000 | $25,000 |
During 2020, Chessie's average interest rate for loans was 3.36%, while their most frequently originated rate bucket for loans was 3-4%, with 137 originations.
Loan Sizing
2020 saw Chessie place emphasis on $100,000 or less loans with 141 originations, totaling $7,285,000 in origination value.
Applicant Income
Chessie lent most frequently to those with incomes in the $50k-75k range, with 58 originations. The second most popular income band? $50k or less, with 56 originations.
Applicant Debt to Income Ratio
Chessie lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 44 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.42%
Chessie has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination86.44%
Chessie has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 236 | $27,560,000 | $116,780 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 11 | $1,145,000 | $104,091 |
| Single Family (1-4 Units):Site-Built | 225 | $26,415,000 | $117,400 |