Summit Credit Union Mortgage Rates, Fees & Info
Cottage Grove, WILEI: 254900NTAC4H10MGSU23
Tax ID: 39-0230585
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Summit Credit Union is a small credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Summit Credit Union has a high proportion of conventional loans. Their top markets include Madison, Milwaukee, Watertown, Janesville, and Baraboo among others. Summit Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Summit Credit Union is typically a low fee lendor.Originations
17,971Origination Dollar Volume (All Markets)
$2,676,935,000Relative Rate
Summit Credit Union's average 30 year fixed rate mortgage of loans were
2.31%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.84%.
Relative Fees
Summit Credit Union's average total fees for a 30 year fixed rate
mortgage are $2,606.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
MADISON, WI (FHA|USDA|VA) | 9,760 | $1,575,910,000 | $161,466 | $1,824 | 2.36% |
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 3,596 | $523,510,000 | $145,581 | $1,521 | 2.42% |
Outside of Metro Areas | 904 | $110,890,000 | $122,666 | $1,586 | 2.49% |
Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 695 | $96,615,000 | $139,014 | $1,695 | 2.47% |
JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 771 | $93,535,000 | $121,316 | $1,731 | 2.56% |
Baraboo, WI (FHA|USDA|VA) | 717 | $88,795,000 | $123,842 | $1,701 | 2.38% |
Beaver Dam, WI (FHA|USDA|VA) | 609 | $64,955,000 | $106,658 | $1,488 | 2.53% |
RACINE, WI (FHA|USDA|VA) | 245 | $32,665,000 | $133,327 | $1,361 | 2.44% |
Whitewater, WI (FHA|USDA|VA) | 146 | $18,250,000 | $125,000 | $1,551 | 2.41% |
FOND DU LAC, WI (FHA|USDA|VA) | 87 | $8,765,000 | $100,747 | $1,374 | 2.57% |
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 63 | $8,385,000 | $133,095 | $1,736 | 2.56% |
GREEN BAY, WI (FHA|USDA|VA) | 40 | $6,750,000 | $168,750 | $1,776 | 2.49% |
OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 33 | $5,095,000 | $154,394 | $2,241 | 2.61% |
APPLETON, WI (FHA|USDA|VA) | 32 | $4,050,000 | $126,563 | $1,880 | 2.48% |
WAUSAU-WESTON, WI (FHA|USDA|VA) | 31 | $3,785,000 | $122,097 | $1,933 | 2.42% |
Platteville, WI (FHA|USDA|VA) | 29 | $3,505,000 | $120,862 | $1,407 | 2.35% |
SHEBOYGAN, WI (FHA|USDA|VA) | 36 | $3,450,000 | $95,833 | $1,885 | 1.90% |
Stevens Point, WI (FHA|USDA|VA) | 22 | $2,930,000 | $133,182 | $2,100 | 1.99% |
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 23 | $2,165,000 | $94,130 | $2,326 | 2.44% |
EAU CLAIRE, WI (FHA|USDA|VA) | 15 | $2,055,000 | $137,000 | $1,537 | 2.46% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 7 | $1,905,000 | $272,143 | $3,218 | 2.80% |
DULUTH, MN-WI (FHA|USDA|VA) | 9 | $1,865,000 | $207,222 | $1,041 | 2.04% |
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 11 | $1,765,000 | $160,455 | $1,761 | 2.09% |
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 17 | $1,675,000 | $98,529 | $1,015 | 2.69% |
Manitowoc, WI (FHA|USDA|VA) | 11 | $1,605,000 | $145,909 | $1,539 | 2.68% |
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 7 | $1,545,000 | $220,714 | $2,819 | 2.84% |
JACKSONVILLE, FL (FHA|USDA|VA) | 5 | $1,205,000 | $241,000 | $3,659 | 2.88% |
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $6,448 | 2.88% |
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $7,160 | 2.81% |
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $4,685 | 1.87% |
Menomonie, WI (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $1,369 | 2.92% |
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $2,742 | 2.96% |
Shawano, WI (FHA|USDA|VA) | 7 | $725,000 | $103,571 | $1,697 | 1.96% |
ROCKFORD, IL (FHA|USDA|VA) | 5 | $585,000 | $117,000 | $2,163 | 2.88% |
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $4,304 | 3.00% |
Marinette, WI-MI (FHA|USDA|VA) | 5 | $505,000 | $101,000 | $833 | 2.68% |
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $2,352 | 2.63% |
BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $1,677 | 2.68% |
THE VILLAGES, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $2,264 | 2.19% |
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $1,174 | 2.25% |
TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,348 | 2.75% |
Iron Mountain, MI-WI (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $2,262 | 1.81% |
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,550 | 2.63% |
Arcadia, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,693 | 2.63% |
OCALA, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.38% |
PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,008 | 2.25% |
Ottawa, IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.38% |
Summit Credit Union's top markets include Madison, Milwaukee, Watertown, Janesville, and Baraboo among others.
Product Mix
Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Conventional | 17,971 | $2,676,935,000 | $148,959 | $1,731 | 2.40% |
For the 2021 period, Summit Credit Union's most frequently originated loan type of loans were Conventional, with 17,971 originations.
Loan Reason
Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Refi | 7,029 | $1,104,845,000 | $157,184 | $1,167 | 2.44% |
Other | 3,344 | $200,100,000 | $59,839 | $290 | 1.94% |
Cash Out Refi | 3,248 | $620,120,000 | $190,924 | $1,868 | 2.73% |
Home Purchase | 2,602 | $650,500,000 | $250,000 | $2,991 | 2.82% |
Home Improvement | 1,748 | $101,370,000 | $57,992 | $693 | 1.93% |
For the 2021, Summit Credit Union's most frequently cited loan purpose of loans were Refi, with 7,029 originations. The 2nd most popular reason of loans were Other, with 3,344 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 12,308 | $1,744,890,000 | $141,769 | $2,606 | 2.31% |
20 Year | 1,906 | $351,930,000 | $184,643 | $842 | 2.89% |
Other | 1,814 | $224,930,000 | $123,997 | $45 | 2.55% |
15 Year | 1,692 | $311,630,000 | $184,178 | $1,925 | 2.30% |
10 Year | 225 | $38,755,000 | $172,244 | $1,659 | 2.46% |
5 Year | 25 | $4,545,000 | $181,800 | $70 | 3.88% |
3 Year | 1 | $255,000 | $255,000 | $0 | 3.35% |
For the 2021, Summit Credit Union's most frequently cited loan length of loans were 30 Year, with 12,308 originations. The 2nd most popular length of loans were 20 Year, with 1,906 originations.
Origination Fees
Origination Fee | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 7,145 | $1,291,765,000 | $180,793 |
$1k-2k | 1,831 | $413,665,000 | $225,923 |
$2k-3k | 765 | $181,265,000 | $236,948 |
$3k-4k | 567 | $156,215,000 | $275,511 |
$5k+ | 226 | $77,820,000 | $344,336 |
$2,606 of loans were Summit Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 7,145 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
<2.5% | 8,261 | $935,235,000 | $113,211 |
2.5-3% | 7,571 | $1,355,945,000 | $179,097 |
3-4% | 1,536 | $343,650,000 | $223,730 |
5-6% | 447 | $23,855,000 | $53,367 |
4-5% | 71 | $9,295,000 | $130,915 |
6-7% | 40 | $1,590,000 | $39,750 |
7-8% | 13 | $665,000 | $51,154 |
Over 8% | 5 | $105,000 | $21,000 |
During 2021, Summit Credit Union's average interest rate of loans were 2.31%, while their most frequently originated rate bucket of loans were <2.5%, with 8,261 originations.
Loan Sizing
Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$100,000 or less | 7,258 | $372,520,000 | $51,325 | $506 | 2.08% |
$100k-200k | 5,755 | $839,985,000 | $145,957 | $1,348 | 2.53% |
$200k-400k | 4,389 | $1,175,695,000 | $267,873 | $2,378 | 2.72% |
$400k-600k | 515 | $244,075,000 | $473,932 | $3,677 | 2.77% |
$600k-1MM | 47 | $34,605,000 | $736,277 | $2,408 | 2.83% |
$1MM+ | 7 | $10,055,000 | $1,436,429 | $3,431 | 3.02% |
2021 saw Summit Credit Union place emphasis on $100,000 or less loans with 7,258 originations, totaling $372,520,000 in origination value.
Applicant Income
Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
$100k-150k | 5,215 | $819,455,000 | $157,134 | $1,824 | 2.41% |
$50k-75k | 3,687 | $453,125,000 | $122,898 | $1,581 | 2.46% |
$75k-100k | 3,631 | $499,875,000 | $137,669 | $1,680 | 2.44% |
$150k-250k | 2,821 | $525,585,000 | $186,312 | $2,060 | 2.24% |
$50k or less | 1,739 | $175,185,000 | $100,739 | $1,360 | 2.46% |
$250k+ | 625 | $153,485,000 | $245,576 | $2,420 | 2.14% |
Summit Credit Union lent most frequently to those with incomes in the $100k-150k range, with 5,215 originations. The second most popular income band? $50k-75k, with 3,687 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-30% | 4,960 | $735,980,000 | $148,383 | $1,725 | 2.36% |
30-36% | 3,422 | $496,640,000 | $145,132 | $1,753 | 2.42% |
<20% | 2,066 | $307,930,000 | $149,046 | $1,536 | 2.29% |
50-60% | 744 | $81,540,000 | $109,597 | $880 | 1.99% |
42% | 681 | $104,155,000 | $152,944 | $1,457 | 2.52% |
41% | 621 | $92,895,000 | $149,589 | $1,479 | 2.48% |
39% | 600 | $89,220,000 | $148,700 | $1,772 | 2.50% |
36% | 593 | $92,045,000 | $155,219 | $1,768 | 2.57% |
40% | 580 | $88,470,000 | $152,534 | $1,716 | 2.62% |
37% | 553 | $91,535,000 | $165,524 | $1,745 | 2.52% |
38% | 515 | $79,795,000 | $154,942 | $1,702 | 2.48% |
43% | 435 | $69,965,000 | $160,839 | $2,252 | 2.53% |
44% | 407 | $62,865,000 | $154,459 | $2,164 | 2.60% |
45% | 325 | $49,725,000 | $153,000 | $2,337 | 2.47% |
46% | 288 | $43,420,000 | $150,764 | $2,213 | 2.51% |
48% | 284 | $42,910,000 | $151,092 | $2,222 | 2.42% |
>60% | 278 | $40,870,000 | $147,014 | $501 | 1.92% |
49% | 275 | $42,635,000 | $155,036 | $2,391 | 2.39% |
47% | 265 | $41,065,000 | $154,962 | $2,207 | 2.47% |
Summit Credit Union lent most frequently to those with DTI ratios of 20-30%, with 4,960 originations. The next most common DTI ratio? 30-36%, with 3,422 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
White | 15,171 | $2,207,805,000 | $145,528 | $1,695 | 2.39% |
Not provided | 1,890 | $315,190,000 | $166,767 | $1,953 | 2.40% |
Asian | 347 | $63,825,000 | $183,934 | $1,846 | 2.40% |
Black | 370 | $46,550,000 | $125,811 | $1,714 | 2.69% |
Not applicable | 76 | $22,810,000 | $300,132 | $0 | 3.78% |
American Indian | 70 | $10,260,000 | $146,571 | $2,050 | 2.62% |
Asian Indian | 19 | $5,535,000 | $291,316 | $2,147 | 2.51% |
Native Hawaiian | 13 | $2,035,000 | $156,538 | $1,185 | 2.47% |
Other Asian | 4 | $920,000 | $230,000 | $2,199 | 2.72% |
Chinese | 4 | $870,000 | $217,500 | $2,622 | 2.97% |
Vietnamese | 2 | $490,000 | $245,000 | $1,829 | 2.38% |
Korean | 1 | $155,000 | $155,000 | $1,675 | 2.00% |
Other Pacific Islander | 1 | $155,000 | $155,000 | $1,667 | 2.25% |
Guamanian | 1 | $135,000 | $135,000 | $1,234 | 3.25% |
Japanese | 1 | $135,000 | $135,000 | $1,549 | 2.50% |
Filipino | 1 | $65,000 | $65,000 | $1,349 | 2.50% |
Approval Rates
Total approvals of all applications92.21%
Summit Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination85.48%
Summit Credit Union has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 17,971 | $2,676,935,000 | $148,959 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
17,971 | $2,676,935,000 | $148,959 |
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
20-40% | 3,336 | $329,510,000 | $98,774 | $530 | 2.10% |
40-60% | 3,055 | $509,965,000 | $166,928 | $1,088 | 2.52% |
60-80% | 4,364 | $980,500,000 | $224,679 | $2,092 | 2.75% |
80-100% | 2,490 | $642,140,000 | $257,888 | $2,648 | 2.92% |
Over 100% | 3 | $1,105,000 | $368,333 | $1,527 | 3.42% |
Under 20% | 4,688 | $203,910,000 | $43,496 | $130 | 1.93% |
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% |