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 Refi and Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Minot, Fargo, Phoenix, and Bismarck 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/30/23 |
| 30 Year Conventional Refi | 6.27% | 11/30/23 |
| 30 Year Cash-out Refi | 6.27% | 11/30/23 |
| 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. | ||
Cornerstone Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
159Origination Dollar Volume (All Markets)
$67,735,000Top 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) | 21 | $23,745,000 | $1,130,714 | $1,777 | 5.56% |
| Outside of Metro Areas | 45 | $15,385,000 | $341,889 | $1,668 | 5.28% |
| Minot, ND (FHA|USDA|VA) | 8 | $8,720,000 | $1,090,000 | $900 | 4.89% |
| FARGO, ND-MN (FHA|USDA|VA) | 36 | $5,660,000 | $157,222 | $404 | 5.23% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 6 | $4,700,000 | $783,333 | $7,387 | 5.11% |
| BISMARCK, ND (FHA|USDA|VA) | 22 | $3,390,000 | $154,091 | $1,359 | 5.11% |
| Dickinson, ND (FHA|USDA|VA) | 12 | $2,170,000 | $180,833 | $1,826 | 5.62% |
| Williston, ND (FHA|USDA|VA) | 1 | $1,515,000 | $1,515,000 | $0 | 6.75% |
| Fergus Falls, MN (FHA|USDA|VA) | 2 | $1,010,000 | $505,000 | $3,737 | 5.00% |
| Spearfish, SD (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $2,503 | 5.40% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $2,626 | 4.94% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $565 | 4.04% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,097 | 3.85% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $632 | 6.26% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 159 | $67,735,000 | $426,006 | $1,710 | 5.28% |
For 2022, Cornerstone Bank's most frequently originated type of loan was Conventional, with 159 originations.
Loan Reason
For 2022, Cornerstone Bank's most frequently cited loan purpose was Refi, with 74 originations. The 2nd most popular reason was Home Purchase, with 60 originations.
Loan Duration/Length
For 2022, Cornerstone Bank's most frequently cited loan duration was Other, with 91 originations. The 2nd most popular length was 5 Year, with 46 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 70 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 52 | $16,590,000 | $319,038 |
| 5-6% | 43 | $9,895,000 | $230,116 |
| 6-7% | 33 | $12,515,000 | $379,242 |
| 3-4% | 22 | $25,270,000 | $1,148,636 |
| 7-8% | 9 | $3,465,000 | $385,000 |
During 2022, Cornerstone Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 52 originations.
Loan Sizing
2022 saw Cornerstone Bank place emphasis on $100,000 or less loans with 54 originations, totaling $2,960,000 in origination value.
Applicant Income
Cornerstone Bank lent most frequently to those with incomes in the $250k+ range, with 28 originations. The second most popular income band? $100k-150k, with 26 originations.
Applicant Debt to Income Ratio
Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? >60%, with 18 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.52%
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 origination94.97%
Cornerstone Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 12.0 | 1 | $15,000 | $15,000 |
| 162.0 | 2 | $160,000 | $80,000 |
| 807.0 | 1 | $75,000 | $75,000 |
| NA | 155 | $67,485,000 | $435,387 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Cornerstone Home Lending Inc. | VA mortgage | Trouble during payment process | 1 | 100.0% |