Cornerstone Community Federal Credit Union Mortgage Rates, Fees & Info

Lockport, NY

LEI: 254900LTYFDA8IOP9O78

Tax ID: 16-0817398

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Cornerstone Community Federal Credit Union is a smaller credit union specializing in Refi and Home Improvement loans. Cornerstone Community Federal Credit Union has a high proportion of conventional loans. Cornerstone Community Federal Credit Union has a high proportion of conventional loans. Their top two markets are Buffalo and Rochester .

    Cornerstone Community Federal 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.

    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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    Originations

    193

    Origination Dollar Volume (All Markets)

    $15,715,000

    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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 189 $15,375,000 $81,349 $0 3.59%
    ROCHESTER, NY (FHA|USDA|VA) 4 $340,000 $85,000 $0 3.50%
    Cornerstone Community Federal Credit Union's top markets include Buffalo and Rochester among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Cornerstone Community Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 33
    ONTARIO SHORES
    Similarity Rank: 52
    Moog Employees Federal Credit Union
    Similarity Rank: 130
    SEFCU SERVICES, LLC
    Similarity Rank: 312
    Fairport Savings Bank
    Similarity Rank: 336
    Five Star Bank
    Similarity Rank: 377
    Syracuse Securities, Inc.
    Similarity Rank: 1176
    OWNERSCHOICE FUNDING, INCORPORATED
    Similarity Rank: 1240
    Community Bank
    Similarity Rank: 1334
    1ST PRIORITY MORTGAGE, INC.
    Similarity Rank: 1575

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 129 $10,705,000 $82,984 $0 0.00%
    Conventional 64 $5,010,000 $78,281 $0 3.59%

    For 2018, Cornerstone Community Federal Credit Union's most frequently originated type of loan was Conventional, with 129 originations. Their 2nd most popular type was Conventional, with 64 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 136 $12,220,000 $89,853 $0 3.58%
    Home Improvement 57 $3,495,000 $61,316 $0 3.65%

    For 2018, Cornerstone Community Federal Credit Union's most frequently cited loan purpose was Refi, with 136 originations. The 2nd most popular reason was Home Improvement, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 132 $10,990,000 $83,258 $0 3.42%
    20 Year 32 $3,270,000 $102,188 $0 3.43%
    15 Year 22 $1,190,000 $54,091 $0 3.75%
    10 Year 6 $240,000 $40,000 $0 3.67%
    5 Year 1 $25,000 $25,000 $0 5.25%

    For 2018, Cornerstone Community Federal Credit Union's most frequently cited loan duration was Other, with 132 originations. The 2nd most popular length was 20 Year, with 32 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 57 $4,775,000 $83,772
    5-6% 7 $235,000 $33,571

    During 2018, Cornerstone Community Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 148 $8,100,000 $54,730 $0 3.61%
    $100k-200k 33 $4,415,000 $133,788 $0 3.52%
    $200k-400k 12 $3,200,000 $266,667 $0 3.56%

    2018 saw Cornerstone Community Federal Credit Union place emphasis on $100,000 or less loans with 148 originations, totaling $8,100,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 46 $4,310,000 $93,696 $0 3.61%
    $50k or less 43 $2,535,000 $58,953 $0 3.33%
    $50k-75k 41 $2,445,000 $59,634 $0 3.83%
    $75k-100k 36 $2,840,000 $78,889 $0 3.63%
    $150k-250k 23 $2,725,000 $118,478 $0 3.60%
    $250k+ 4 $860,000 $215,000 $0 3.25%

    Cornerstone Community Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 46 originations. The second most popular income band? $50k or less, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 129 $10,705,000 $82,984 $0 0.00%
    <20% 28 $2,230,000 $79,643 $0 3.43%
    20-30% 14 $780,000 $55,714 $0 3.54%
    30-36% 12 $1,140,000 $95,000 $0 3.69%
    38% 3 $315,000 $105,000 $0 3.92%
    50-60% 2 $60,000 $30,000 $0 4.38%
    43% 1 $45,000 $45,000 $0 3.25%
    >60% 1 $75,000 $75,000 $0 3.50%
    37% 1 $135,000 $135,000 $0 4.00%
    48% 1 $25,000 $25,000 $0 5.25%
    41% 1 $205,000 $205,000 $0 3.50%

    Cornerstone Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 129 originations. The next most common DTI ratio? <20%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 191 $15,395,000 $80,602 $0 3.58%
    Black 1 $225,000 $225,000 $0 4.00%
    Asian 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.52%

    Cornerstone Community Federal 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 origination
    96.37%

    Cornerstone Community Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 129 $10,705,000 $82,984
    NA 64 $5,010,000 $78,281

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 193 $15,715,000 $81,425

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $695,000 $40,882 $0 3.75%
    40-60% 11 $885,000 $80,455 $0 3.41%
    60-80% 21 $2,265,000 $107,857 $0 3.44%
    80-100% 8 $970,000 $121,250 $0 3.38%
    Under 20% 7 $195,000 $27,857 $0 4.18%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Cornerstone Home Lending Inc. Conventional home mortgage Closing on a mortgage 2 12.5%
    Cornerstone Home Lending Inc. Conventional home mortgage Struggling to pay mortgage 1 6.3%
    Cornerstone Home Lending Inc. Conventional home mortgage Trouble during payment process 9 56.3%
    Cornerstone Home Lending Inc. FHA mortgage Closing on a mortgage 1 6.3%
    Cornerstone Home Lending Inc. FHA mortgage Struggling to pay mortgage 1 6.3%
    Cornerstone Home Lending Inc. FHA mortgage Trouble during payment process 2 12.5%