Cornerstone Community Federal Credit Union Mortgage Rates, Fees & Info
Lockport, NYLEI: 254900LTYFDA8IOP9O78
Tax ID: 16-0817398
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Mortgage Data
Review & Overview
Cornerstone Community Federal Credit Union is a smaller credit union specializing in Home Improvement and Refi loans. Cornerstone Community Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Buffalo, Olean, and Rochester among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)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.
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Originations
139Origination Dollar Volume (All Markets)
$7,805,000Top 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 |
|---|---|---|---|---|---|
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 137 | $7,735,000 | $56,460 | $0 | 0.00% |
| Olean, NY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
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.
Similarity Rank: 12
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Similarity Rank: 390
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 139 | $7,805,000 | $56,151 | $0 | 0.00% |
For 2019, Cornerstone Community Federal Credit Union's most frequently originated type of loan was Conventional, with 139 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 90 | $3,900,000 | $43,333 | $0 | 0.00% |
| Refi | 49 | $3,905,000 | $79,694 | $0 | 0.00% |
For 2019, Cornerstone Community Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 90 originations. The 2nd most popular reason was Refi, with 49 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 139 | $7,805,000 | $56,151 | $0 | 0.00% |
For 2019, Cornerstone Community Federal Credit Union's most frequently cited loan duration was Other, with 139 originations.
Loan Sizing
2019 saw Cornerstone Community Federal Credit Union place emphasis on $100,000 or less loans with 124 originations, totaling $5,630,000 in origination value.
Applicant Income
Cornerstone Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 38 originations. The second most popular income band? $75k-100k, with 34 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 139 | $7,805,000 | $56,151 | $0 | 0.00% |
Cornerstone Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 139 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 138 | $7,780,000 | $56,377 | $0 | 0.00% |
| Black | 1 | $25,000 | $25,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
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 origination97.84%
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 | 139 | $7,805,000 | $56,151 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 139 | $7,805,000 | $56,151 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CORNERSTONE MORTGAGE, INC. | FHA mortgage | Trouble during payment process | 1 | 100.0% |