Summit Mortgage Corporation Rates, Fees & Info

Plymouth, MN

LEI: 5493001YIUWLFRXQUO81

Tax ID: 41-1726353

4.6 stars - out of 5 stars, based on 76 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Summit Mortgage Corporation is a small mortgage company specializing in loans. Summit Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Naples, Orlando, Philadelphia, and Denver among others. We have data for 122 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Summit Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Summit Mortgage Corporation is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.00% 11/26/22
    30 Year Conventional Refi 6.88% 11/26/22
    30 Year Cash-out Refi 7.10% 11/26/22
    30 Year FHA Purchase 7.77% 11/26/22
    30 Year FHA Refi 7.44% 11/26/22
    30 Year VA Purchase 6.61% 11/26/22
    30 Year VA Refi 6.31% 11/26/22
    30 Year USDA Purchase 7.01% 11/26/22
    30 Year USDA Refi 6.93% 11/26/22
    15 Year Conventional Purchase 6.29% 11/26/22
    15 Year Conventional Refi 6.26% 11/26/22
    15 Year Cash-out Refi 6.26% 11/26/22
    15 Year FHA Refi 5.90% 11/26/22
    15 Year VA Refi 5.90% 11/26/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    5,793

    Origination Dollar Volume (All Markets)

    $1,527,445,000
    Show all (5) awards

    Relative Rate

    Summit Mortgage Corporation's average 30 year fixed mortgage rate was 3.06%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.09%.

    Relative Fees (Closing Costs)

    Summit Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,425.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2,326 $602,710,000 $259,119 $4,379 2.97%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 410 $126,080,000 $307,512 $5,367 3.09%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 458 $118,550,000 $258,843 $6,146 3.15%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 359 $92,135,000 $256,643 $6,494 2.87%
    Outside of Metro Areas 402 $88,190,000 $219,378 $5,640 3.02%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 250 $77,320,000 $309,280 $4,897 2.99%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 218 $57,420,000 $263,394 $4,969 3.11%
    BOISE CITY, ID (FHA|USDA|VA) 113 $36,605,000 $323,938 $7,934 3.10%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 151 $32,585,000 $215,795 $5,680 3.08%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 80 $27,280,000 $341,000 $5,261 2.88%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 79 $24,995,000 $316,392 $7,385 3.07%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 51 $22,535,000 $441,863 $6,456 3.07%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 42 $18,000,000 $428,571 $6,557 3.01%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 32 $12,570,000 $392,813 $6,131 3.03%
    DULUTH, MN-WI (FHA|USDA|VA) 72 $12,250,000 $170,139 $4,087 2.97%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 57 $12,075,000 $211,842 $7,060 3.03%
    JACKSONVILLE, FL (FHA|USDA|VA) 54 $11,090,000 $205,370 $4,864 3.02%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 45 $10,195,000 $226,556 $6,372 3.15%
    SALEM, OR (FHA|USDA|VA) 38 $10,040,000 $264,211 $7,460 3.21%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 31 $7,515,000 $242,419 $5,771 3.05%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 38 $7,200,000 $189,474 $5,331 3.00%
    ST. CLOUD, MN (FHA|USDA|VA) 35 $6,465,000 $184,714 $4,728 3.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 30 $6,380,000 $212,667 $6,327 3.11%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 21 $6,075,000 $289,286 $5,928 3.07%
    BOULDER, CO (FHA|USDA|VA) 19 $5,625,000 $296,053 $3,493 3.14%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 25 $5,545,000 $221,800 $5,011 3.15%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 20 $5,190,000 $259,500 $5,484 2.93%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 19 $4,965,000 $261,316 $5,736 2.75%
    OCALA, FL (FHA|USDA|VA) 23 $4,445,000 $193,261 $5,020 3.39%
    Brainerd, MN (FHA|USDA|VA) 16 $3,960,000 $247,500 $4,145 3.09%
    Hutchinson, MN (FHA|USDA|VA) 19 $3,335,000 $175,526 $4,797 2.64%
    ROCHESTER, MN (FHA|USDA|VA) 12 $2,980,000 $248,333 $5,317 2.63%
    Faribault-Northfield, MN (FHA|USDA|VA) 12 $2,880,000 $240,000 $5,299 3.02%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 10 $2,480,000 $248,000 $8,239 3.09%
    FORT COLLINS, CO (FHA|USDA|VA) 6 $2,420,000 $403,333 $4,397 3.10%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 9 $2,295,000 $255,000 $5,754 3.06%
    GREELEY, CO (FHA|USDA|VA) 7 $2,115,000 $302,143 $5,272 2.96%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 5 $1,655,000 $331,000 $6,377 3.25%
    THE VILLAGES, FL (FHA|USDA|VA) 9 $1,635,000 $181,667 $6,484 3.40%
    OCEAN CITY, NJ (FHA|USDA|VA) 5 $1,515,000 $303,000 $4,575 2.93%
    PUNTA GORDA, FL (FHA|USDA|VA) 6 $1,480,000 $246,667 $5,907 2.69%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 6 $1,450,000 $241,667 $4,782 2.90%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 4 $1,370,000 $342,500 $5,337 3.34%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $1,365,000 $455,000 $4,567 3.38%
    TALLAHASSEE, FL (FHA|USDA|VA) 7 $1,305,000 $186,429 $6,672 2.96%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 4 $1,270,000 $317,500 $8,308 2.53%
    Newport, OR (FHA|USDA|VA) 4 $1,250,000 $312,500 $7,451 3.22%
    Ontario, OR-ID (FHA|USDA|VA) 3 $1,195,000 $398,333 $9,975 3.00%
    CHEYENNE, WY (FHA|USDA|VA) 3 $1,145,000 $381,667 $9,269 3.46%
    Owatonna, MN (FHA|USDA|VA) 4 $1,120,000 $280,000 $2,957 2.62%
    Coos Bay, OR (FHA|USDA|VA) 3 $1,105,000 $368,333 $8,575 2.92%
    Red Wing, MN (FHA|USDA|VA) 6 $1,070,000 $178,333 $4,066 3.27%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $1,065,000 $355,000 $6,191 3.33%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $1,040,000 $260,000 $5,132 3.41%
    MADISON, WI (FHA|USDA|VA) 3 $975,000 $325,000 $4,078 3.41%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $950,000 $475,000 $9,049 2.31%
    Alexandria, MN (FHA|USDA|VA) 3 $875,000 $291,667 $4,329 3.21%
    PITTSBURGH, PA (FHA|USDA|VA) 4 $850,000 $212,500 $6,250 3.53%
    Fergus Falls, MN (FHA|USDA|VA) 4 $830,000 $207,500 $5,350 2.28%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $780,000 $390,000 $2,803 2.81%
    READING, PA (FHA|USDA|VA) 4 $780,000 $195,000 $4,697 2.97%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 5 $775,000 $155,000 $6,886 3.15%
    HARRISONBURG, VA (FHA|USDA|VA) 3 $765,000 $255,000 $7,145 2.67%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 3 $755,000 $251,667 $4,599 2.96%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $740,000 $370,000 $10,191 2.75%
    RICHMOND, VA (FHA|USDA|VA) 4 $700,000 $175,000 $4,277 3.09%
    BEND, OR (FHA|USDA|VA) 2 $700,000 $350,000 $4,954 3.00%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $700,000 $175,000 $4,593 3.12%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $670,000 $335,000 $10,363 3.75%
    SHEBOYGAN, WI (FHA|USDA|VA) 2 $650,000 $325,000 $4,604 4.00%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 4 $630,000 $157,500 $5,043 3.19%
    GRAND JUNCTION, CO (FHA|USDA|VA) 2 $630,000 $315,000 $2,723 3.06%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $615,000 $615,000 $3,954 3.75%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $610,000 $305,000 $2,665 3.44%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $570,000 $285,000 $3,326 3.19%
    Grand Rapids, MN (FHA|USDA|VA) 3 $565,000 $188,333 $3,476 3.25%
    PUEBLO, CO (FHA|USDA|VA) 2 $540,000 $270,000 $4,032 3.06%
    Palatka, FL (FHA|USDA|VA) 3 $535,000 $178,333 $5,486 2.75%
    LEBANON, PA (FHA|USDA|VA) 3 $525,000 $175,000 $5,118 3.08%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1 $525,000 $525,000 $9,655 3.38%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $515,000 $515,000 $3,876 2.88%
    Clewiston, FL (FHA|USDA|VA) 1 $515,000 $515,000 $8,173 2.88%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $490,000 $245,000 $3,489 3.31%
    Lake City, FL (FHA|USDA|VA) 1 $485,000 $485,000 $4,094 2.50%
    Baraboo, WI (FHA|USDA|VA) 1 $465,000 $465,000 $2,992 2.99%
    WALLA WALLA, WA (FHA|USDA|VA) 2 $450,000 $225,000 $7,244 3.00%
    POCATELLO, ID (FHA|USDA|VA) 2 $410,000 $205,000 $10,882 3.25%
    Klamath Falls, OR (FHA|USDA|VA) 1 $405,000 $405,000 $5,339 2.75%
    CORVALLIS, OR (FHA|USDA|VA) 1 $395,000 $395,000 $10,788 3.13%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $390,000 $195,000 $7,960 2.94%
    MANKATO, MN (FHA|USDA|VA) 2 $380,000 $190,000 $4,595 2.56%
    Watertown, SD (FHA|USDA|VA) 2 $380,000 $190,000 $3,638 3.13%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $375,000 $375,000 $4,414 3.13%
    Brookings, OR (FHA|USDA|VA) 1 $355,000 $355,000 $11,877 3.00%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $355,000 $355,000 $2,642 2.63%
    RACINE, WI (FHA|USDA|VA) 1 $345,000 $345,000 $2,887 3.13%
    Sayre, PA (FHA|USDA|VA) 2 $330,000 $165,000 $6,225 3.19%
    STAUNTON, VA (FHA|USDA|VA) 3 $325,000 $108,333 $5,298 2.71%
    TWIN FALLS, ID (FHA|USDA|VA) 1 $325,000 $325,000 $11,922 3.13%
    FRESNO, CA (FHA|USDA|VA) 1 $325,000 $325,000 $5,021 2.88%
    Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $305,000 $305,000 $7,511 3.25%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $305,000 $305,000 $10,478 3.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,776 3.38%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $285,000 $285,000 $5,211 2.75%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $265,000 $265,000 $5,241 2.63%
    Willmar, MN (FHA|USDA|VA) 3 $265,000 $88,333 $2,990 3.21%
    Mountain Home, ID (FHA|USDA|VA) 1 $245,000 $245,000 $7,109 3.63%
    Outside of Metro Areas 1 $245,000 $245,000 $7,585 3.63%
    Fort Morgan, CO (FHA|USDA|VA) 1 $245,000 $245,000 $7,583 2.25%
    VISALIA, CA (FHA|USDA|VA) 1 $225,000 $225,000 $3,721 3.00%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $215,000 $215,000 $2,801 3.38%
    The Dalles, OR (FHA|USDA|VA) 1 $205,000 $205,000 $3,275 2.88%
    Aberdeen, SD (FHA|USDA|VA) 1 $195,000 $195,000 $3,531 3.63%
    Winona, MN (FHA|USDA|VA) 1 $195,000 $195,000 $3,589 3.00%
    Granbury, TX (FHA|USDA|VA) 1 $185,000 $185,000 $4,597 3.25%
    Prineville, OR (FHA|USDA|VA) 1 $185,000 $185,000 $3,928 3.00%
    Brookings, SD (FHA|USDA|VA) 1 $175,000 $175,000 $9,993 3.00%
    Price, UT (FHA|USDA|VA) 1 $145,000 $145,000 $6,014 3.13%
    Bemidji, MN (FHA|USDA|VA) 1 $145,000 $145,000 $1,945 2.50%
    ERIE, PA (FHA|USDA|VA) 1 $135,000 $135,000 $4,173 3.38%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $115,000 $115,000 $4,061 3.25%
    EL PASO, TX (FHA|USDA|VA) 1 $95,000 $95,000 $3,506 2.88%
    Summit Mortgage Corporation's top markets include Minneapolis, Naples, Orlando, Philadelphia, and Denver among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • California (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,756 $1,244,830,000 $261,739 $4,432 3.02%
    FHA 684 $176,090,000 $257,442 $9,374 3.06%
    VA 231 $81,285,000 $351,883 $7,919 2.75%
    USDA 122 $25,240,000 $206,885 $6,392 2.80%

    For 2021, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 4,756 originations. Their 2nd most popular type was FHA, with 684 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,855 $1,021,255,000 $264,917 $5,803 3.00%
    Refi 1,135 $291,785,000 $257,079 $3,729 2.91%
    Cash Out Refi 803 $214,405,000 $267,005 $4,741 3.21%

    For 2021, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,855 originations. The 2nd most popular reason was Refi, with 1,135 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,057 $1,380,025,000 $272,894 $5,425 3.06%
    15 Year 411 $95,725,000 $232,908 $3,599 2.57%
    20 Year 149 $38,375,000 $257,550 $3,831 2.90%
    10 Year 131 $6,025,000 $45,992 $2,551 2.77%
    Other 33 $7,185,000 $217,727 $4,551 3.09%
    5 Year 12 $110,000 $9,167 $0 0.00%

    For 2021, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 5,057 originations. The 2nd most popular length was 15 Year, with 411 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 3,754 $989,380,000 $263,554
    $2k-3k 686 $187,010,000 $272,609
    $<1k 567 $100,875,000 $177,910
    $3k-4k 337 $93,675,000 $277,967
    $5k+ 260 $97,810,000 $376,192
    $4k-5k 183 $57,705,000 $315,328

    Summit Mortgage Corporation's average total fees were $5,425, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 3,754 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 2,999 $791,885,000 $264,050
    2.5-3% 2,074 $580,400,000 $279,846
    <2.5% 637 $135,375,000 $212,520
    4-5% 82 $19,770,000 $241,098
    7-8% 1 $15,000 $15,000

    During 2021, Summit Mortgage Corporation's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 3-4%, with 2,999 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 3,061 $864,735,000 $282,501 $5,540 3.10%
    $100k-200k 1,459 $226,105,000 $154,973 $4,121 3.08%
    $400k-600k 818 $392,490,000 $479,817 $6,319 3.05%
    $100,000 or less 417 $16,425,000 $39,388 $2,941 2.04%
    $600k-1MM 36 $25,510,000 $708,611 $10,555 3.07%
    $1MM+ 2 $2,180,000 $1,090,000 $7,652 3.69%

    2021 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 3,061 originations, totaling $864,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,606 $347,560,000 $216,413 $5,284 2.93%
    $100k-150k 1,154 $350,780,000 $303,969 $5,217 3.10%
    $75k-100k 1,081 $285,845,000 $264,426 $5,535 3.07%
    $50k or less 821 $135,145,000 $164,610 $4,775 2.87%
    $150k-250k 812 $287,970,000 $354,643 $5,225 3.09%
    $250k+ 316 $119,340,000 $377,658 $5,099 3.08%

    Summit Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,606 originations. The second most popular income band? $100k-150k, with 1,154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,097 $293,655,000 $267,689 $4,574 3.04%
    30-36% 1,054 $278,270,000 $264,013 $5,012 3.00%
    <20% 440 $125,680,000 $285,636 $4,332 2.95%
    44% 288 $73,370,000 $254,757 $5,563 3.07%
    43% 269 $69,915,000 $259,907 $5,399 3.05%
    42% 267 $65,655,000 $245,899 $5,029 2.96%
    41% 232 $57,450,000 $247,629 $5,284 2.97%
    39% 228 $60,650,000 $266,009 $5,243 2.94%
    37% 226 $59,580,000 $263,628 $5,110 3.01%
    40% 223 $57,615,000 $258,363 $5,489 2.90%
    49% 210 $56,380,000 $268,476 $5,734 3.14%
    38% 208 $54,440,000 $261,731 $5,043 2.95%
    36% 204 $50,330,000 $246,716 $5,033 3.06%
    45% 187 $46,075,000 $246,390 $5,430 3.05%
    50-60% 175 $48,485,000 $277,057 $9,144 2.98%
    47% 164 $41,270,000 $251,646 $6,007 3.00%
    46% 160 $43,560,000 $272,250 $6,024 3.03%
    48% 156 $42,590,000 $273,013 $6,266 3.14%
    >60% 3 $1,675,000 $558,333 $12,898 2.71%

    Summit Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,097 originations. The next most common DTI ratio? 30-36%, with 1,054 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,617 $1,228,445,000 $266,070 $5,138 3.01%
    Not provided 591 $148,975,000 $252,073 $5,375 3.07%
    Black 323 $79,415,000 $245,867 $6,376 2.88%
    Asian 209 $57,015,000 $272,799 $5,146 3.02%
    American Indian 33 $8,855,000 $268,333 $5,164 2.90%
    Native Hawaiian or Islander 13 $2,905,000 $223,462 $5,434 2.86%
    Asian Indian 2 $620,000 $310,000 $4,968 3.19%
    Other Asian 2 $560,000 $280,000 $6,689 3.00%
    Filipino 1 $315,000 $315,000 $4,952 3.75%
    Vietnamese 1 $225,000 $225,000 $2,959 3.25%
    Other Pacific Islander 1 $115,000 $115,000 $3,604 3.25%

    Approval Rates

    Total approvals of all applications
    95.36%

    Summit Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    77.92%

    Summit Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,793 $1,527,445,000 $263,671

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,793 $1,527,445,000 $263,671

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 215 $38,995,000 $181,372 $3,802 2.85%
    40-60% 686 $164,740,000 $240,146 $3,753 2.94%
    60-80% 1,798 $515,200,000 $286,541 $4,637 3.15%
    80-100% 2,769 $785,185,000 $283,563 $5,995 3.11%
    Over 100% 50 $17,120,000 $342,400 $13,870 2.88%
    Under 20% 275 $6,205,000 $22,564 $1,552 1.46%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SENTE MORTGAGE Conventional home mortgage Trouble during payment process 1 100.0%