Department Of Commerce Mortgage Rates, Fees & Info
Washington, DCLEI: 549300U8E8RBG5YNMP39
Tax ID: 53-0056498
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Mortgage Data
Review & Overview
Department Of Commerce is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Department Of Commerce has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Richmond, Baltimore, Charlottesville, and Easton among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)Department Of Commerce has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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 | 6.36% | 4/18/24 |
| 30 Year Conventional Refi | 6.15% | 4/18/24 |
| 30 Year Cash-out Refi | 6.25% | 4/18/24 |
| 15 Year Conventional Purchase | 6.12% | 4/18/24 |
| 15 Year Conventional Refi | 5.71% | 4/18/24 |
| 15 Year Cash-out Refi | 5.71% | 4/18/24 |
| 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. | ||
Department Of Commerce Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
213Origination Dollar Volume (All Markets)
$70,855,000Top 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 98 | $36,750,000 | $375,000 | $0 | 0.00% |
| RICHMOND, VA (FHA|USDA|VA) | 50 | $13,360,000 | $267,200 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 23 | $8,145,000 | $354,130 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 7 | $3,015,000 | $430,714 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $1,370,000 | $342,500 | $0 | 0.00% |
| Easton, MD (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $0 | 0.00% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $0 | 0.00% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 0.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 0.00% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against DEPARTMENT OF COMMERCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
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Similarity Rank: 66
Similarity Rank: 80
Similarity Rank: 96
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 213 | $70,855,000 | $332,653 | $0 | 0.00% |
For 2018, Department Of Commerce's most frequently originated type of loan was Conventional, with 213 originations.
Loan Reason
For 2018, Department Of Commerce's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Cash Out Refi, with 53 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 213 | $70,855,000 | $332,653 | $0 | 0.00% |
For 2018, Department Of Commerce's most frequently cited loan duration was Other, with 213 originations.
Loan Sizing
2018 saw Department Of Commerce place emphasis on $200k-400k loans with 99 originations, totaling $27,675,000 in origination value.
Applicant Income
Department Of Commerce lent most frequently to those with incomes in the $100k-150k range, with 73 originations. The second most popular income band? $150k-250k, with 72 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 213 | $70,855,000 | $332,653 | $0 | 0.00% |
Department Of Commerce lent most frequently to those with DTI ratios of Exempt%, with 213 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.08%
Department Of Commerce has an average approval rate.
Pick Rate
Approvals leading to origination98.59%
Department Of Commerce has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 213 | $70,855,000 | $332,653 |