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. Their top markets by origination volume include: Buffalo, Rochester, and Olean 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 average approval rate when compared to the average across all lenders. They have a below 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

    270

    Origination Dollar Volume (All Markets)

    $15,420,000

    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) 266 $15,250,000 $57,331 $0 0.00%
    ROCHESTER, NY (FHA|USDA|VA) 3 $125,000 $41,667 $0 0.00%
    Olean, NY (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
    Cornerstone Community Federal Credit Union's top markets include Buffalo, Rochester, and Olean 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.

    ONTARIO SHORES
    Similarity Rank: 111
    Bank of Akron
    Similarity Rank: 114
    RIVERSIDE
    Similarity Rank: 128
    Moog Employees Federal Credit Union
    Similarity Rank: 192
    THE SUMMIT Federal Credit Union
    Similarity Rank: 224
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 228
    Fairport Savings Bank
    Similarity Rank: 448
    SEFCU SERVICES, LLC
    Similarity Rank: 540
    Genesee Regional Bank
    Similarity Rank: 957
    Five Star Bank
    Similarity Rank: 1026

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 270 $15,420,000 $57,111 $0 0.00%

    For 2020, Cornerstone Community Federal Credit Union's most frequently originated type of loan was Conventional, with 270 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 117 $8,275,000 $70,726 $0 0.00%
    Home Improvement 99 $4,035,000 $40,758 $0 0.00%
    Other 51 $2,805,000 $55,000 $0 0.00%
    Home Purchase 3 $305,000 $101,667 $0 0.00%

    For 2020, Cornerstone Community Federal Credit Union's most frequently cited loan purpose was Refi, with 117 originations. The 2nd most popular reason was Home Improvement, with 99 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 270 $15,420,000 $57,111 $0 0.00%

    For 2020, Cornerstone Community Federal Credit Union's most frequently cited loan duration was Other, with 270 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 245 $11,595,000 $47,327 $0 0.00%
    $100k-200k 21 $2,755,000 $131,190 $0 0.00%
    $200k-400k 3 $665,000 $221,667 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2020 saw Cornerstone Community Federal Credit Union place emphasis on $100,000 or less loans with 245 originations, totaling $11,595,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 76 $4,110,000 $54,079 $0 0.00%
    $100k-150k 59 $3,445,000 $58,390 $0 0.00%
    $75k-100k 59 $2,955,000 $50,085 $0 0.00%
    $50k or less 48 $2,300,000 $47,917 $0 0.00%
    $150k-250k 24 $1,830,000 $76,250 $0 0.00%
    $250k+ 2 $610,000 $305,000 $0 0.00%

    Cornerstone Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 76 originations. The second most popular income band? $100k-150k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 270 $15,420,000 $57,111 $0 0.00%

    Cornerstone Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 270 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 210 $12,180,000 $58,000 $0 0.00%
    Not provided 57 $2,985,000 $52,368 $0 0.00%
    Black 2 $240,000 $120,000 $0 0.00%
    Filipino 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.47%

    Cornerstone Community Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.89%

    Cornerstone Community Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 270 $15,420,000 $57,111

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 270 $15,420,000 $57,111

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    CORNERSTONE MORTGAGE, INC. Conventional home mortgage Incorrect information on your report 1 100.0%