Is Community Mortgage Corporation An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Community Mortgage Corporation with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: higher than average (+$445)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Community Mortgage Corporation originated 1611 mortgages, a national market share of 0.0%. It was most active in MS (1.1% market share), TN (0.8% market share), and AR (0.1% market share).

On average, Community Mortgage Corporation’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Community Mortgage Corporation’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 $4978, which was higher than those of comparable mortgages at $4533, with a difference of +$445. Overall, we estimate that Community Mortgage Corporation tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% 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. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Community Mortgage Corporation.

Community Mortgage Corporation originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming 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 Community Mortgage Corporation compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference -0.00% -0.06% +0.01% +0.06%
Loan related Closing Cost Difference +$375 +$595 +$792 +$479
Cost Adjusted Rate Difference +0.03% -0.01% +0.10% +0.09%

Based on the table above, Community Mortgage Corporation is similar to other lenders for Conforming and FHA purchase mortgages. It is more expensive than other lenders for USDA and VA purchase mortgages.

Mortgage Refinancing from Community Mortgage Corporation compared to other lenders

Conforming
Interest Rate Difference +0.01%
Loan Related Closing Cost Difference +$28
Cost Adjusted Rate Difference +0.01%

Based on the table above, Community Mortgage Corporation is similar to other lenders for Conforming mortgage refinance.

Other information about Community Mortgage Corporation:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Cordova, TN, 38018

Lender Reviews:

Subscribe
Notify of
guest
Closed on time?
Did the lender have difficulty closing the loan on time?
Rating
What's your rating for the lender
0 Reviews
Inline Feedbacks
View all comments

Footnotes   [ + ]

1. The comparable mortgages control for Community Mortgage Corporation’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.