Summit Mortgage Corporation Rates, Fees & Info

Plymouth, MN

LEI: 5493001YIUWLFRXQUO81

Tax ID: 41-1726353

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Mortgage Data

Review & Overview

Summit Mortgage Corporation is a small mortgage company specializing in Home Purchase and Refi 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, Denver, Orlando, and Philadelphia among others. We have data for 130 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 6.74% 4/22/24
30 Year Conventional Refi 6.61% 4/22/24
30 Year Cash-out Refi 6.86% 4/22/24
30 Year FHA Purchase 7.56% 4/22/24
30 Year FHA Refi 7.69% 4/22/24
30 Year VA Purchase 6.41% 4/22/24
30 Year VA Refi 6.68% 4/22/24
30 Year USDA Purchase 6.80% 4/22/24
30 Year USDA Refi 6.57% 4/22/24
15 Year Conventional Purchase 6.43% 4/22/24
15 Year Conventional Refi 6.21% 4/22/24
15 Year Cash-out Refi 6.21% 4/22/24
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.

Summit Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Summit Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

7,281

Origination Dollar Volume (All Markets)

$1,853,075,000
Show all (33) awards

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) 3,253 $823,175,000 $253,051 $3,975 2.99%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 445 $126,035,000 $283,225 $4,815 3.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 456 $125,750,000 $275,768 $4,083 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 327 $82,305,000 $251,697 $5,545 3.11%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 309 $79,855,000 $258,430 $6,049 3.05%
Outside of Metro Areas 401 $78,915,000 $196,796 $5,285 2.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 198 $48,870,000 $246,818 $4,801 3.13%
BOISE CITY, ID (FHA|USDA|VA) 175 $48,395,000 $276,543 $6,510 3.11%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 145 $46,045,000 $317,552 $4,619 2.93%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 100 $42,060,000 $420,600 $5,475 2.95%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 95 $39,135,000 $411,947 $5,654 3.14%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 148 $30,150,000 $203,716 $5,307 3.02%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 84 $30,030,000 $357,500 $7,291 2.92%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 62 $20,730,000 $334,355 $6,079 2.91%
SALEM, OR (FHA|USDA|VA) 54 $15,310,000 $283,519 $5,965 3.11%
DULUTH, MN-WI (FHA|USDA|VA) 90 $14,800,000 $164,444 $3,817 2.81%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 60 $13,490,000 $224,833 $5,527 3.34%
JACKSONVILLE, FL (FHA|USDA|VA) 70 $13,320,000 $190,286 $5,591 2.99%
HARRISONBURG, VA (FHA|USDA|VA) 65 $12,735,000 $195,923 $5,399 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 48 $9,840,000 $205,000 $6,025 3.20%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 54 $8,650,000 $160,185 $5,823 3.23%
BOULDER, CO (FHA|USDA|VA) 25 $8,285,000 $331,400 $4,064 3.06%
EAST STROUDSBURG, PA (FHA|USDA|VA) 37 $7,525,000 $203,378 $6,276 3.15%
Brainerd, MN (FHA|USDA|VA) 30 $7,270,000 $242,333 $4,011 2.86%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 42 $7,230,000 $172,143 $6,280 3.02%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 29 $6,785,000 $233,966 $4,607 3.13%
READING, PA (FHA|USDA|VA) 50 $6,580,000 $131,600 $5,283 3.45%
GREELEY, CO (FHA|USDA|VA) 20 $6,130,000 $306,500 $4,194 2.90%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 30 $5,860,000 $195,333 $6,329 2.98%
Faribault-Northfield, MN (FHA|USDA|VA) 21 $4,335,000 $206,429 $3,578 3.07%
ROCHESTER, MN (FHA|USDA|VA) 17 $4,285,000 $252,059 $3,704 2.98%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 12 $3,680,000 $306,667 $8,103 2.82%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 11 $3,575,000 $325,000 $5,141 3.08%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 16 $3,410,000 $213,125 $6,078 2.78%
OCALA, FL (FHA|USDA|VA) 17 $2,985,000 $175,588 $5,418 3.12%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 10 $2,820,000 $282,000 $4,560 2.80%
COLORADO SPRINGS, CO (FHA|USDA|VA) 13 $2,775,000 $213,462 $3,356 3.21%
Hutchinson, MN (FHA|USDA|VA) 16 $2,400,000 $150,000 $4,129 2.80%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 7 $2,355,000 $336,429 $7,138 2.84%
ST. CLOUD, MN (FHA|USDA|VA) 13 $2,165,000 $166,538 $3,989 2.97%
PUNTA GORDA, FL (FHA|USDA|VA) 8 $1,900,000 $237,500 $4,012 2.97%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 5 $1,865,000 $373,000 $3,525 2.98%
Red Wing, MN (FHA|USDA|VA) 9 $1,775,000 $197,222 $4,107 3.17%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 8 $1,760,000 $220,000 $4,052 2.98%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 5 $1,545,000 $309,000 $4,764 2.98%
Breckenridge, CO (FHA|USDA|VA) 5 $1,495,000 $299,000 $3,343 2.98%
Willmar, MN (FHA|USDA|VA) 9 $1,485,000 $165,000 $3,530 2.86%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 5 $1,435,000 $287,000 $8,348 3.15%
Alexandria, MN (FHA|USDA|VA) 5 $1,345,000 $269,000 $3,575 2.78%
Pottsville, PA (FHA|USDA|VA) 15 $1,315,000 $87,667 $5,126 2.95%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $1,290,000 $215,000 $5,338 3.06%
OCEAN CITY, NJ (FHA|USDA|VA) 4 $1,200,000 $300,000 $4,543 3.00%
SALINAS, CA (FHA|USDA|VA) 2 $1,170,000 $585,000 $3,794 3.19%
FORT COLLINS, CO (FHA|USDA|VA) 4 $1,120,000 $280,000 $3,253 3.16%
Outside of Metro Areas 4 $1,120,000 $280,000 $8,263 3.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 3 $1,105,000 $368,333 $4,694 3.50%
Ontario, OR-ID (FHA|USDA|VA) 4 $1,080,000 $270,000 $8,459 3.37%
WINCHESTER, VA-WV (FHA|USDA|VA) 3 $1,055,000 $351,667 $6,333 2.96%
Fergus Falls, MN (FHA|USDA|VA) 4 $980,000 $245,000 $3,097 2.91%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 5 $975,000 $195,000 $4,389 3.08%
STAUNTON, VA (FHA|USDA|VA) 5 $945,000 $189,000 $5,666 2.63%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 3 $915,000 $305,000 $3,826 3.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $895,000 $298,333 $5,759 2.63%
LANCASTER, PA (FHA|USDA|VA) 6 $870,000 $145,000 $4,008 3.08%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 3 $865,000 $288,333 $5,438 3.33%
BEND, OR (FHA|USDA|VA) 3 $855,000 $285,000 $3,761 2.96%
Newport, OR (FHA|USDA|VA) 4 $850,000 $212,500 $4,209 2.91%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $735,000 $735,000 $26,085 2.50%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 3 $675,000 $225,000 $3,896 2.71%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $650,000 $325,000 $5,877 3.06%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $640,000 $320,000 $3,235 3.06%
YAKIMA, WA (FHA|USDA|VA) 3 $635,000 $211,667 $4,613 2.79%
Fort Morgan, CO (FHA|USDA|VA) 3 $615,000 $205,000 $3,952 2.79%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $605,000 $605,000 $20,779 2.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $590,000 $295,000 $4,628 3.06%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $570,000 $285,000 $9,523 3.19%
EAU CLAIRE, WI (FHA|USDA|VA) 3 $525,000 $175,000 $3,173 2.67%
Hailey, ID (FHA|USDA|VA) 1 $515,000 $515,000 $4,746 3.00%
STOCKTON, CA (FHA|USDA|VA) 1 $515,000 $515,000 $4,412 2.88%
Hood River, OR (FHA|USDA|VA) 1 $515,000 $515,000 $4,330 2.50%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $425,000 $425,000 $3,270 2.75%
REDDING, CA (FHA|USDA|VA) 2 $390,000 $195,000 $2,925 2.94%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $385,000 $385,000 $3,672 3.50%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $380,000 $190,000 $3,747 2.94%
ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $375,000 $375,000 $6,630 3.38%
Menomonie, WI (FHA|USDA|VA) 2 $370,000 $185,000 $3,211 3.25%
WILLIAMSPORT, PA (FHA|USDA|VA) 2 $350,000 $175,000 $2,729 2.75%
Grand Rapids, MN (FHA|USDA|VA) 3 $345,000 $115,000 $3,823 2.00%
Austin, MN (FHA|USDA|VA) 1 $345,000 $345,000 $3,140 3.00%
TWIN FALLS, ID (FHA|USDA|VA) 1 $345,000 $345,000 $5,227 3.38%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $335,000 $335,000 $2,694 3.25%
RACINE, WI (FHA|USDA|VA) 1 $325,000 $325,000 $5,840 2.50%
MEDFORD, OR (FHA|USDA|VA) 1 $325,000 $325,000 $6,765 3.50%
PITTSBURGH, PA (FHA|USDA|VA) 2 $320,000 $160,000 $5,462 2.94%
WENATCHEE, WA (FHA|USDA|VA) 1 $315,000 $315,000 $6,257 2.88%
THE VILLAGES, FL (FHA|USDA|VA) 2 $300,000 $150,000 $5,495 3.81%
Owatonna, MN (FHA|USDA|VA) 2 $290,000 $145,000 $2,535 2.94%
YUBA CITY, CA (FHA|USDA|VA) 1 $275,000 $275,000 $3,068 3.63%
GAINESVILLE, FL (FHA|USDA|VA) 2 $270,000 $135,000 $3,241 2.75%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 2 $270,000 $135,000 $3,403 2.75%
VICTORIA, TX (FHA|USDA|VA) 1 $265,000 $265,000 $4,850 3.50%
Paris, TX (FHA|USDA|VA) 1 $255,000 $255,000 $9,019 2.63%
Prineville, OR (FHA|USDA|VA) 1 $255,000 $255,000 $3,376 3.38%
Beaver Dam, WI (FHA|USDA|VA) 1 $235,000 $235,000 $7,233 2.63%
Fairmont, MN (FHA|USDA|VA) 1 $225,000 $225,000 $2,136 3.13%
PUEBLO, CO (FHA|USDA|VA) 1 $225,000 $225,000 $3,908 2.88%
Marinette, WI-MI (FHA|USDA|VA) 1 $205,000 $205,000 $4,321 3.63%
Roseburg, OR (FHA|USDA|VA) 1 $205,000 $205,000 $5,423 2.38%
Durango, CO (FHA|USDA|VA) 1 $205,000 $205,000 $2,911 3.13%
FARGO, ND-MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,318 3.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $195,000 $195,000 $4,380 2.50%
BELLINGHAM, WA (FHA|USDA|VA) 1 $195,000 $195,000 $2,500 2.88%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $195,000 $195,000 $11,948 2.88%
Rexburg, ID (FHA|USDA|VA) 1 $185,000 $185,000 $5,465 2.38%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $175,000 $175,000 $3,125 3.25%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $175,000 $175,000 $3,193 3.13%
MANKATO, MN (FHA|USDA|VA) 1 $175,000 $175,000 $2,894 2.63%
Martinsville, VA (FHA|USDA|VA) 1 $155,000 $155,000 $5,695 2.50%
Coos Bay, OR (FHA|USDA|VA) 1 $155,000 $155,000 $6,586 2.63%
PANAMA CITY, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,582 3.25%
MADISON, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,839 3.50%
The Dalles, OR (FHA|USDA|VA) 1 $145,000 $145,000 $5,127 2.88%
Steamboat Springs, CO (FHA|USDA|VA) 1 $135,000 $135,000 $3,334 4.13%
Sandpoint, ID (FHA|USDA|VA) 1 $135,000 $135,000 $4,197 2.75%
POCATELLO, ID (FHA|USDA|VA) 1 $135,000 $135,000 $5,576 3.25%
Sayre, PA (FHA|USDA|VA) 1 $125,000 $125,000 $4,885 2.75%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,561 2.75%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $105,000 $105,000 $5,564 2.75%
Mountain Home, ID (FHA|USDA|VA) 1 $105,000 $105,000 $4,518 2.63%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,934 2.75%
Summit Mortgage Corporation's top markets include Minneapolis, Naples, Denver, Orlando, and Philadelphia 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 6,001 $1,532,955,000 $255,450 $4,039 3.04%
    FHA 761 $178,415,000 $234,448 $8,684 3.08%
    VA 364 $113,070,000 $310,632 $5,740 2.68%
    USDA 155 $28,635,000 $184,742 $5,947 2.86%

    For 2020, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 6,001 originations. Their 2nd most popular type was FHA, with 761 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,451 $831,605,000 $240,975 $5,721 3.03%
    Refi 2,819 $757,645,000 $268,764 $3,595 2.97%
    Cash Out Refi 1,011 $263,825,000 $260,955 $4,279 3.16%

    For 2020, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,451 originations. The 2nd most popular reason was Refi, with 2,819 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 6,141 $1,599,025,000 $260,385 $4,886 3.07%
    15 Year 732 $166,440,000 $227,377 $3,426 2.69%
    20 Year 208 $55,210,000 $265,433 $3,608 3.04%
    10 Year 109 $7,255,000 $66,560 $2,902 2.84%
    Other 91 $25,145,000 $276,319 $3,407 2.96%

    For 2020, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 6,141 originations. The 2nd most popular length was 15 Year, with 732 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4,618 $1,135,770,000 $245,944
    $<1k 882 $186,540,000 $211,497
    $2k-3k 859 $239,135,000 $278,388
    $3k-4k 436 $121,210,000 $278,005
    $5k+ 248 $93,890,000 $378,589
    $4k-5k 238 $76,530,000 $321,555

    Summit Mortgage Corporation's average total fees were $4,886, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,618 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 3,083 $798,745,000 $259,080
    2.5-3% 3,013 $791,175,000 $262,587
    <2.5% 987 $221,125,000 $224,037
    4-5% 193 $40,495,000 $209,819
    5-6% 5 $1,535,000 $307,000

    During 2020, Summit Mortgage Corporation's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 3-4%, with 3,083 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 3,958 $1,107,170,000 $279,730 $4,930 3.09%
    $100k-200k 2,050 $324,810,000 $158,444 $3,885 3.05%
    $400k-600k 807 $376,775,000 $466,884 $5,526 3.04%
    $100,000 or less 431 $19,305,000 $44,791 $3,179 2.20%
    $600k-1MM 33 $22,815,000 $691,364 $11,101 3.01%
    $1MM+ 2 $2,200,000 $1,100,000 $5,080 3.44%

    2020 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 3,958 originations, totaling $1,107,170,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,706 $353,710,000 $207,333 $4,908 3.00%
    $100k-150k 1,608 $461,620,000 $287,077 $4,570 3.09%
    $75k-100k 1,431 $357,215,000 $249,626 $4,762 3.08%
    $150k-250k 1,084 $354,660,000 $327,177 $4,533 3.07%
    $50k or less 1,068 $187,380,000 $175,449 $4,445 2.82%
    $250k+ 379 $137,365,000 $362,441 $4,677 3.07%

    Summit Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,706 originations. The second most popular income band? $100k-150k, with 1,608 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,682 $438,010,000 $260,410 $4,122 3.03%
    30-36% 1,295 $332,595,000 $256,830 $4,529 3.04%
    <20% 801 $220,355,000 $275,100 $3,662 2.86%
    44% 346 $84,770,000 $245,000 $5,203 3.12%
    43% 299 $72,405,000 $242,157 $4,871 3.10%
    42% 292 $70,660,000 $241,986 $5,106 3.01%
    40% 271 $63,775,000 $235,332 $4,762 2.96%
    41% 270 $63,940,000 $236,815 $4,896 3.02%
    39% 267 $63,285,000 $237,022 $4,591 3.00%
    38% 263 $66,615,000 $253,289 $4,898 3.00%
    36% 245 $61,315,000 $250,265 $4,726 3.08%
    37% 212 $53,760,000 $253,585 $4,824 3.04%
    49% 195 $49,175,000 $252,179 $5,805 3.11%
    45% 179 $44,055,000 $246,117 $5,481 3.04%
    47% 169 $41,095,000 $243,166 $4,974 3.14%
    46% 167 $42,575,000 $254,940 $5,625 3.06%
    48% 166 $43,420,000 $261,566 $5,750 3.18%
    50-60% 158 $40,400,000 $255,696 $8,609 2.93%
    >60% 3 $745,000 $248,333 $8,296 2.83%

    Summit Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,682 originations. The next most common DTI ratio? 30-36%, with 1,295 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 5,963 $1,541,895,000 $258,577 $4,564 3.02%
    Not provided 760 $179,750,000 $236,513 $5,083 3.08%
    Black 256 $55,460,000 $216,641 $6,082 2.92%
    Asian 203 $50,655,000 $249,532 $4,382 3.09%
    American Indian 44 $10,390,000 $236,136 $5,227 2.96%
    Native Hawaiian or Islander 36 $9,950,000 $276,389 $5,216 2.93%
    Asian Indian 10 $3,190,000 $319,000 $4,059 2.85%
    Other Asian 5 $925,000 $185,000 $3,593 2.73%
    Other Pacific Islander 2 $410,000 $205,000 $4,236 2.63%
    Filipino 1 $225,000 $225,000 $9,315 3.13%
    Chinese 1 $225,000 $225,000 $3,847 3.00%

    Approval Rates

    Total approvals of all applications
    95.82%

    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
    82.19%

    Summit Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 7,281 $1,853,075,000 $254,508

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 44 $7,330,000 $166,591
    Single Family (1-4 Units):Site-Built 7,237 $1,845,745,000 $255,043

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 240 $46,420,000 $193,417 $3,431 2.86%
    40-60% 1,039 $250,305,000 $240,910 $3,418 2.90%
    60-80% 2,577 $712,745,000 $276,579 $4,001 3.11%
    80-100% 3,126 $819,710,000 $262,223 $5,636 3.14%
    Over 100% 61 $19,235,000 $315,328 $11,101 2.87%
    Under 20% 238 $4,660,000 $19,580 $1,563 1.32%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Summit Mortgage Group, LLC Other type of mortgage Closing on a mortgage 1 100.0%