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 Refi and Home Purchase loans. Department Of Commerce has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Richmond, Baltimore, Charlottesville, and Virginia Beach among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)Department Of Commerce 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. Department Of Commerce is typically an average 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 | 6.36% | 4/21/24 |
| 30 Year Conventional Refi | 6.15% | 4/21/24 |
| 30 Year Cash-out Refi | 6.25% | 4/21/24 |
| 15 Year Conventional Purchase | 6.12% | 4/21/24 |
| 15 Year Conventional Refi | 5.71% | 4/21/24 |
| 15 Year Cash-out Refi | 5.71% | 4/21/24 |
| 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
404Origination Dollar Volume (All Markets)
$130,190,000Top 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) | 180 | $62,610,000 | $347,833 | $4,740 | 4.62% |
| RICHMOND, VA (FHA|USDA|VA) | 111 | $34,355,000 | $309,505 | $3,791 | 4.06% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 39 | $12,655,000 | $324,487 | $5,809 | 4.27% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 14 | $5,610,000 | $400,714 | $7,177 | 4.10% |
| Outside of Metro Areas | 14 | $2,610,000 | $186,429 | $3,159 | 4.91% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 5 | $1,375,000 | $275,000 | $3,553 | 3.73% |
| Easton, MD (FHA|USDA|VA) | 4 | $1,350,000 | $337,500 | $5,652 | 3.78% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $3,878 | 4.33% |
| Cambridge, MD (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $4,932 | 4.96% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $4,939 | 4.44% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $8,286 | 4.13% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $1,930 | 4.54% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $16,301 | 5.13% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,505 | 4.31% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,082 | 4.81% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $9,326 | 3.25% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,248 | 5.31% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,242 | 3.50% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,248 | 3.50% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $1,912 | 5.38% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,816 | 4.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,005 | 4.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,079 | 3.75% |
| RENO, NV (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,323 | 3.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,774 | 3.75% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,771 | 3.38% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.25% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,009 | 4.38% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,551 | 3.50% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.25% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.50% |
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: 56
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Similarity Rank: 246
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 348 | $125,210,000 | $359,799 | $4,545 | 4.18% |
| HELOC | 56 | $4,980,000 | $88,929 | n/a | 5.73% |
For 2019, Department Of Commerce's most frequently originated type of loan was Conventional, with 348 originations. Their 2nd most popular type was HELOC, with 56 originations.
Loan Reason
For 2019, Department Of Commerce's most frequently cited loan purpose was Refi, with 145 originations. The 2nd most popular reason was Home Purchase, with 107 originations.
Loan Duration/Length
For 2019, Department Of Commerce's most frequently cited loan duration was 30 Year, with 241 originations. The 2nd most popular length was Other, with 84 originations.
Origination Fees/Closing Costs
Department Of Commerce's average total fees were $5,273, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 178 originations.
Interest Rates
During 2019, Department Of Commerce's average interest rate for loans was 4.03%, while their most frequently originated rate bucket for loans was 3-4%, with 187 originations.
Loan Sizing
2019 saw Department Of Commerce place emphasis on $200k-400k loans with 169 originations, totaling $47,765,000 in origination value.
Applicant Income
Department Of Commerce lent most frequently to those with incomes in the $100k-150k range, with 123 originations. The second most popular income band? $150k-250k, with 109 originations.
Applicant Debt to Income Ratio
Department Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 52 originations. The next most common DTI ratio? 30-36%, with 46 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.21%
Department Of Commerce has an average approval rate.
Pick Rate
Approvals leading to origination68.56%
Department Of Commerce 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 |
|---|---|---|---|
| 0.0 | 1 | $255,000 | $255,000 |
| NA | 403 | $129,935,000 | $322,419 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 404 | $130,190,000 | $322,252 |