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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Summit Mortgage Corporation is a small mortgage company specializing in Home Purchase 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 include Minneapolis, Naples, Orlando, Philadelphia, and Denver among others. Summit Mortgage Corporation 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 Mortgage Corporation is typically an average fee lendor.


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 rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

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

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
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.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average 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 the 2021 period, Summit Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 4,756 originations. Their 2nd most popular type is FHA, with 684 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average 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 the 2021, Summit Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 3,855 originations. The 2nd most popular reason of loans were 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 the 2021, Summit Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 5,057 originations. The 2nd most popular length of loans were 15 Year, with 411 originations.

Origination Fees

Origination Fee 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 520 $151,380,000 $291,115
$5k+ 260 $97,810,000 $376,192

$5,425 of loans were Summit Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.06%, while their most frequently originated rate bucket of loans were 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 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
94.88%

Summit Mortgage Corporation has an average approval rate.

Pick Rate

Approvals leading to origination
78.92%

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%