Is Commerce Home Mortgage Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Commerce Home Mortgage Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.08%)
Loan Related Closing Costs: similar to average (+$100)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Commerce Home Mortgage Inc. originated 4283 mortgages, a national market share of 0.1%. It was most active in OR (0.7% market share), CA (0.3% market share), and CO (0.3% market share).

On average, Commerce Home Mortgage Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.08%).1The comparable mortgages control for Commerce Home Mortgage Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5905, which was similar to those of comparable mortgages at $5805, with a difference of +$100. Overall, we estimate that Commerce Home Mortgage Inc. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.07% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Commerce Home Mortgage Inc..

Commerce Home Mortgage Inc. originated Conforming, FHA, Jumbo and VA mortgages for new home purchases. It also originated Conforming, FHA and Jumbo mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Commerce Home Mortgage Inc. compared to other lenders

Conforming FHA Jumbo VA
Interest Rate Difference +0.06% +0.05% +0.21% +0.15%
Loan related Closing Cost Difference +$119 +$69 +$410 +$733
Cost Adjusted Rate Difference +0.05% +0.05% +0.22% +0.18%

Based on the table above, Commerce Home Mortgage Inc. is more expensive than other lenders for Conforming, FHA, Jumbo and VA purchase mortgages.

Mortgage Refinancing from Commerce Home Mortgage Inc. compared to other lenders

Conforming FHA Jumbo
Interest Rate Difference +0.12% +0.04% +0.18%
Loan Related Closing Cost Difference -$148 +$130 -$2022
Cost Adjusted Rate Difference +0.12% +0.04% +0.14%

Based on the table above, Commerce Home Mortgage Inc. is similar to other lenders for FHA mortgage refinance. It is more expensive than other lenders for Conforming and Jumbo mortgage refinance.

Other information about Commerce Home Mortgage Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: San Ramon, CA, 94583
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Footnotes   [ + ]

1. The comparable mortgages control for Commerce Home Mortgage Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.