Summit Credit Union Mortgage Rates, Fees & Info
Greensboro, NCLEI: 2549006CSAAG67CX8Z55
Tax ID: 56-0432082
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Summit Credit Union is a smaller credit union specializing in Home Improvement, Refi, and Cash Out Refi loans. Summit Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Greensboro, Winston, Hickory, Raleigh, and Durham among others. We have data for 15 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 a below average pick rate when compared to similar lenders.
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Originations
293Origination Dollar Volume (All Markets)
$23,575,000Top 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) | 99 | $7,195,000 | $72,677 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 69 | $6,075,000 | $88,043 | $0 | 0.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 63 | $4,985,000 | $79,127 | $0 | 0.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 20 | $1,340,000 | $67,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 14 | $1,270,000 | $90,714 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 9 | $695,000 | $77,222 | $0 | 0.00% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 0.00% |
| Outside of Metro Areas | 7 | $465,000 | $66,429 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 0.00% |
| Henderson, NC (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 0.00% |
| Boone, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Rockingham, NC (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-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 | 293 | $23,575,000 | $80,461 | $0 | 0.00% |
For 2021, Summit Credit Union's most frequently originated type of loan was Conventional, with 293 originations.
Loan Reason
For 2021, Summit Credit Union's most frequently cited loan purpose was Home Improvement, with 115 originations. The 2nd most popular reason was Refi, with 64 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 293 | $23,575,000 | $80,461 | $0 | 0.00% |
For 2021, Summit Credit Union's most frequently cited loan duration was Other, with 293 originations.
Loan Sizing
2021 saw Summit Credit Union place emphasis on $100,000 or less loans with 211 originations, totaling $10,325,000 in origination value.
Applicant Income
Summit Credit Union lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $50k or less, with 74 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 293 | $23,575,000 | $80,461 | $0 | 0.00% |
Summit Credit Union lent most frequently to those with DTI ratios of Exempt%, with 293 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 origination89.76%
Summit Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 293 | $23,575,000 | $80,461 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SANDY SPRING BANCORP, INC. | FHA mortgage | Closing on a mortgage | 1 | 20.0% |
| SANDY SPRING BANCORP, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| SANDY SPRING BANCORP, INC. | Home equity loan or line of credit (HELOC) | Problem with a credit reporting company's investigation into an existing problem | 1 | 20.0% |
| SANDY SPRING BANCORP, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| SANDY SPRING BANCORP, INC. | Other type of mortgage | Closing on a mortgage | 1 | 20.0% |