Summit Credit Union Mortgage Rates, Fees & Info

Cottage Grove, WI

LEI: 254900NTAC4H10MGSU23

Tax ID: 39-0230585

5 stars - out of 5 stars, based on 134 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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Mortgage Data

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

    • 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

    17,971

    Origination Dollar Volume (All Markets)

    $2,676,935,000
    Show all (17) awards

    Relative 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 applications
    92.21%

    Summit Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.48%

    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%