Summit Credit Union Mortgage Rates, Fees & Info
Greensboro, NCLEI: 2549006CSAAG67CX8Z55
Tax ID: 56-0432082
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Mortgage Data
Review & Overview
Summit Credit Union is a smaller credit union specializing in Cash Out Refi and Home Improvement loans. Summit Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Greensboro, Hickory, Winston, Raleigh, and Charlotte among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Summit Credit Union 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.
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Originations
237Origination Dollar Volume (All Markets)
$14,155,000Top 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 |
|---|---|---|---|---|---|
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 76 | $4,850,000 | $63,816 | $0 | 0.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 57 | $3,045,000 | $53,421 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 46 | $2,530,000 | $55,000 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 20 | $1,130,000 | $56,500 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 9 | $935,000 | $103,889 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 7 | $605,000 | $86,429 | $0 | 0.00% |
| Outside of Metro Areas | 13 | $525,000 | $40,385 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 3 | $235,000 | $78,333 | $0 | 0.00% |
| North Wilkesboro, NC (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 0.00% |
| Marion, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| Henderson, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 237 | $14,155,000 | $59,726 | $0 | 0.00% |
For 2019, Summit Credit Union's most frequently originated type of loan was Conventional, with 237 originations.
Loan Reason
For 2019, Summit Credit Union's most frequently cited loan purpose was Cash Out Refi, with 115 originations. The 2nd most popular reason was Home Improvement, with 83 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 237 | $14,155,000 | $59,726 | $0 | 0.00% |
For 2019, Summit Credit Union's most frequently cited loan duration was Other, with 237 originations.
Loan Sizing
2019 saw Summit Credit Union place emphasis on $100,000 or less loans with 200 originations, totaling $8,090,000 in origination value.
Applicant Income
Summit Credit Union lent most frequently to those with incomes in the $50k-75k range, with 68 originations. The second most popular income band? $50k or less, with 68 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 237 | $14,155,000 | $59,726 | $0 | 0.00% |
Summit Credit Union lent most frequently to those with DTI ratios of Exempt%, with 237 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.50%
Summit Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination92.41%
Summit Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 237 | $14,155,000 | $59,726 |