Cornerstone Bank Mortgage Rates, Fees & Info
Fargo, NDLEI: 5493003LIT6MPMIF5W07
Tax ID: 45-0117720
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Mortgage Data
Review & Overview
Cornerstone Bank is a smaller bank specializing in Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Fargo, Bismarck, Mitchell, and Williston among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
149Origination Dollar Volume (All Markets)
$95,685,000Top 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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 18 | $36,680,000 | $2,037,778 | $1,836 | 7.51% |
| FARGO, ND-MN (FHA|USDA|VA) | 56 | $36,350,000 | $649,107 | $1,179 | 7.22% |
| BISMARCK, ND (FHA|USDA|VA) | 21 | $5,115,000 | $243,571 | $1,552 | 7.70% |
| Outside of Metro Areas | 29 | $4,585,000 | $158,103 | $1,217 | 7.51% |
| Mitchell, SD (FHA|USDA|VA) | 2 | $3,710,000 | $1,855,000 | $3,947 | 7.76% |
| Williston, ND (FHA|USDA|VA) | 2 | $2,990,000 | $1,495,000 | $1,075 | 7.29% |
| Fergus Falls, MN (FHA|USDA|VA) | 2 | $1,580,000 | $790,000 | $4,183 | 6.63% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $1,285,000 | $1,285,000 | $17,197 | 6.95% |
| Dickinson, ND (FHA|USDA|VA) | 9 | $1,225,000 | $136,111 | $1,074 | 8.31% |
| Minot, ND (FHA|USDA|VA) | 5 | $715,000 | $143,000 | $3,887 | 7.49% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 7.75% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $1,951 | 7.29% |
| Brookings, SD (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,563 | 7.60% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,271 | 7.60% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 149 | $95,685,000 | $642,181 | $1,741 | 7.46% |
For 2024, Cornerstone Bank's most frequently originated type of loan was Conventional, with 149 originations.
Loan Reason
For 2024, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 63 originations. The 2nd most popular reason was Refi, with 59 originations.
Loan Duration/Length
For 2024, Cornerstone Bank's most frequently cited loan duration was Other, with 75 originations. The 2nd most popular length was 5 Year, with 55 originations.
Origination Fees/Closing Costs
Cornerstone Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 83 | $61,195,000 | $737,289 |
| 6-7% | 46 | $13,650,000 | $296,739 |
| Over 8% | 19 | $20,665,000 | $1,087,632 |
| 4-5% | 1 | $175,000 | $175,000 |
During 2024, Cornerstone Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 83 originations.
Loan Sizing
2024 saw Cornerstone Bank place emphasis on $100,000 or less loans with 43 originations, totaling $2,495,000 in origination value.
Applicant Income
Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $250k+, with 20 originations.
Applicant Debt to Income Ratio
Cornerstone Bank lent most frequently to those with DTI ratios of 30-36%, with 17 originations. The next most common DTI ratio? <20%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.83%
Cornerstone Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.95%
Cornerstone Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 207.0 | 1 | $85,000 | $85,000 |
| 22.3 | 1 | $45,000 | $45,000 |
| 332.6 | 1 | $25,000 | $25,000 |
| 421.3 | 1 | $25,000 | $25,000 |
| 467.3 | 1 | $45,000 | $45,000 |
| 472.3 | 1 | $45,000 | $45,000 |
| 676.5 | 1 | $125,000 | $125,000 |
| NA | 142 | $95,290,000 | $671,056 |