Cornerstone Community Federal Credit Union Mortgage Rates, Fees & Info
Lockport, NYLEI: 254900LTYFDA8IOP9O78
Tax ID: 16-0817398
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Cornerstone Community Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi 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 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
15Origination Dollar Volume (All Markets)
$2,225,000Top 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) | 14 | $2,050,000 | $146,429 | $0 | 0.00% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 15 | $2,225,000 | $148,333 | $0 | 0.00% |
For 2021, Cornerstone Community Federal Credit Union's most frequently originated type of loan was Conventional, with 15 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 9 | $1,375,000 | $152,778 | $0 | 0.00% |
| Refi | 3 | $385,000 | $128,333 | $0 | 0.00% |
| Cash Out Refi | 3 | $465,000 | $155,000 | $0 | 0.00% |
For 2021, Cornerstone Community Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 15 | $2,225,000 | $148,333 | $0 | 0.00% |
For 2021, Cornerstone Community Federal Credit Union's most frequently cited loan duration was Other, with 15 originations.
Loan Sizing
2021 saw Cornerstone Community Federal Credit Union place emphasis on $100k-200k loans with 12 originations, totaling $1,640,000 in origination value.
Applicant Income
Cornerstone Community Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $50k or less, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 15 | $2,225,000 | $148,333 | $0 | 0.00% |
Cornerstone Community Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.89%
Cornerstone Community Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination-66.67%
Cornerstone Community Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 15 | $2,225,000 | $148,333 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CORNERSTONE MORTGAGE, INC. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |