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, Cash Out Refi, and Refi loans. Department Of Commerce has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Los Angeles, New York, Richmond, and Baltimore among others. We have data for 39 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 a below average pick rate when compared to similar lenders. Department Of Commerce is typically a high 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% | 4/28/24 |
| 30 Year Conventional Refi | 6.15% | 4/28/24 |
| 30 Year Cash-out Refi | 6.25% | 4/28/24 |
| 15 Year Conventional Purchase | 6.12% | 4/28/24 |
| 15 Year Conventional Refi | 5.71% | 4/28/24 |
| 15 Year Cash-out Refi | 5.71% | 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. | ||
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
185Origination Dollar Volume (All Markets)
$108,285,000Awards
DEPARTMENT OF COMMERCE - 2022
DEPARTMENT OF COMMERCE is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 73 | $43,045,000 | $589,658 | $8,061 | 3.36% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 8 | $10,700,000 | $1,337,500 | $10,281 | 2.89% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 12 | $10,040,000 | $836,667 | $14,362 | 2.93% |
| RICHMOND, VA (FHA|USDA|VA) | 25 | $9,025,000 | $361,000 | $6,301 | 4.03% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 10 | $5,810,000 | $581,000 | $8,439 | 3.23% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 7 | $5,165,000 | $737,857 | $10,249 | 3.23% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 5 | $3,245,000 | $649,000 | $6,373 | 3.28% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 4 | $2,590,000 | $647,500 | $8,230 | 3.16% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $1,370,000 | $685,000 | $14,090 | 3.13% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $1,370,000 | $685,000 | $9,736 | 3.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,275,000 | $1,275,000 | $17,900 | 2.63% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $1,115,000 | $1,115,000 | $6,340 | 2.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $1,110,000 | $555,000 | $11,014 | 2.88% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $3,716 | 4.22% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $7,179 | 3.75% |
| Outside of Metro Areas | 4 | $860,000 | $215,000 | $2,708 | 3.69% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $795,000 | $795,000 | $3,075 | 2.88% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $15,027 | 2.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $745,000 | $745,000 | $9,873 | 2.75% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $5,075 | 3.25% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $6,808 | 3.75% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $12,448 | 3.00% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $16,162 | 3.00% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $4,368 | 3.38% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $11,465 | 2.88% |
| Torrington, CT (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $5,513 | 6.88% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,381 | 3.00% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,685 | 3.38% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,112 | 3.00% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,282 | 5.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,991 | 3.00% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,097 | 2.75% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,384 | 3.38% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,220 | 6.88% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,257 | 3.63% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,695 | 5.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,228 | 5.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,440 | 3.38% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,597 | 4.88% |
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: 16
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Similarity Rank: 142
Similarity Rank: 144
Similarity Rank: 156
Similarity Rank: 160
Similarity Rank: 201
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 185 | $108,285,000 | $585,324 | $8,100 | 3.45% |
For 2022, Department Of Commerce's most frequently originated type of loan was Conventional, with 185 originations.
Loan Reason
For 2022, Department Of Commerce's most frequently cited loan purpose was Home Purchase, with 82 originations. The 2nd most popular reason was Cash Out Refi, with 56 originations.
Loan Duration/Length
For 2022, Department Of Commerce's most frequently cited loan duration was 30 Year, with 161 originations. The 2nd most popular length was 15 Year, with 16 originations.
Origination Fees/Closing Costs
Department Of Commerce's average total fees were $8,533, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 73 originations.
Interest Rates
During 2022, Department Of Commerce's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 2.5-3%, with 88 originations.
Loan Sizing
2022 saw Department Of Commerce place emphasis on $600k-1MM loans with 66 originations, totaling $50,850,000 in origination value.
Applicant Income
Department Of Commerce lent most frequently to those with incomes in the $150k-250k range, with 59 originations. The second most popular income band? $250k+, with 51 originations.
Applicant Debt to Income Ratio
Department Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.94%
Department Of Commerce has an average approval rate.
Pick Rate
Approvals leading to origination76.22%
Department Of Commerce has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 185 | $108,285,000 | $585,324 |