Cornerstone Bank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 5493003LIT6MPMIF5W07

Tax ID: 45-0117720

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Cornerstone Bank is a smaller bank specializing in Home Purchase and Refi loans. Cornerstone Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Fargo, Sioux Falls, Bismarck, Dickinson, and Alexandria 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 a below average pick rate when compared to similar lenders. Cornerstone Bank 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.27% 11/21/24
    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.

    Cornerstone Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Cornerstone Bank. 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

    224

    Origination Dollar Volume (All Markets)

    $50,520,000

    Employee count

    156

    Awards

    Cornerstone Bank 30 Year Conventional Loans gold Cornerstone Bank FHA Loans gold
    Show all (2) 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
    FARGO, ND-MN (FHA|USDA|VA) 64 $18,390,000 $287,344 $603 5.30%
    SIOUX FALLS, SD (FHA|USDA|VA) 26 $11,040,000 $424,615 $1,609 5.43%
    Outside of Metro Areas 49 $7,885,000 $160,918 $1,886 5.02%
    BISMARCK, ND (FHA|USDA|VA) 37 $4,755,000 $128,514 $1,716 4.89%
    Dickinson, ND (FHA|USDA|VA) 19 $2,255,000 $118,684 $2,490 5.18%
    Alexandria, MN (FHA|USDA|VA) 2 $1,580,000 $790,000 $0 5.28%
    Aberdeen, SD (FHA|USDA|VA) 8 $1,480,000 $185,000 $5,245 4.37%
    Minot, ND (FHA|USDA|VA) 9 $1,315,000 $146,111 $3,553 4.71%
    Fergus Falls, MN (FHA|USDA|VA) 3 $575,000 $191,667 $3,592 5.67%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 3 $455,000 $151,667 $11,859 4.28%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $425,000 $425,000 $6,263 4.13%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $496 5.15%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $85,000 $85,000 $481 4.95%
    Wahpeton, ND-MN (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.19%
    Cornerstone Bank's top markets include Fargo, Sioux Falls, Bismarck, Dickinson, and Alexandria among others.

    Their top states include:
  • North Dakota (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 210 $48,150,000 $229,286 $1,366 5.17%
    FHA 11 $1,625,000 $147,727 $5,725 4.11%
    VA 2 $620,000 $310,000 $10,573 3.94%
    USDA 1 $125,000 $125,000 $5,374 4.00%

    For 2018, Cornerstone Bank's most frequently originated type of loan was Conventional, with 210 originations. Their 2nd most popular type was FHA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 97 $22,025,000 $227,062 $3,609 5.06%
    Refi 75 $22,925,000 $305,667 $693 4.98%
    Other 29 $1,885,000 $65,000 $405 5.40%
    Home Improvement 20 $2,920,000 $146,000 $478 5.51%
    Cash Out Refi 3 $765,000 $255,000 $7,280 4.17%

    For 2018, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 97 originations. The 2nd most popular reason was Refi, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 84 $17,540,000 $208,810 $1,105 5.11%
    5 Year 56 $13,340,000 $238,214 $359 5.28%
    10 Year 42 $11,880,000 $282,857 $541 5.31%
    30 Year 28 $5,960,000 $212,857 $5,390 4.12%
    1 Year 7 $655,000 $93,571 $0 6.04%
    3 Year 5 $675,000 $135,000 $0 5.99%
    20 Year 1 $185,000 $185,000 $4,840 3.63%
    15 Year 1 $285,000 $285,000 $9,288 4.13%

    For 2018, Cornerstone Bank's most frequently cited loan duration was Other, with 84 originations. The 2nd most popular length was 5 Year, with 56 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 95 $9,495,000 $99,947
    $1k-2k 19 $2,985,000 $157,105
    $2k-3k 10 $2,250,000 $225,000
    $3k-4k 3 $875,000 $291,667
    $4k-5k 3 $1,175,000 $391,667

    Cornerstone Bank's average total fees were $5,390, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 95 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 88 $25,420,000 $288,864
    5-6% 88 $20,100,000 $228,409
    6-7% 25 $1,785,000 $71,400
    3-4% 21 $3,135,000 $149,286
    7-8% 2 $80,000 $40,000

    During 2018, Cornerstone Bank's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 4-5%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 112 $5,820,000 $51,964 $573 5.32%
    $100k-200k 59 $8,575,000 $145,339 $2,674 5.00%
    $200k-400k 33 $9,375,000 $284,091 $4,465 4.70%
    $400k-600k 10 $4,780,000 $478,000 $4,049 4.77%
    $600k-1MM 7 $5,125,000 $732,143 $0 5.08%
    $1MM+ 3 $16,845,000 $5,615,000 $0 4.95%

    2018 saw Cornerstone Bank place emphasis on $100,000 or less loans with 112 originations, totaling $5,820,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 38 $5,130,000 $135,000 $1,104 5.27%
    $100k-150k 32 $3,810,000 $119,063 $1,747 5.17%
    $50k-75k 28 $3,020,000 $107,857 $2,392 4.72%
    $75k-100k 23 $2,755,000 $119,783 $2,541 5.15%
    $250k+ 17 $2,685,000 $157,941 $1,541 4.94%
    $50k or less 17 $1,395,000 $82,059 $2,755 4.68%

    Cornerstone Bank lent most frequently to those with incomes in the $150k-250k range, with 38 originations. The second most popular income band? $100k-150k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $4,425,000 $102,907 $1,104 5.07%
    30-36% 26 $3,780,000 $145,385 $1,728 4.91%
    <20% 18 $1,760,000 $97,778 $983 4.99%
    50-60% 9 $835,000 $92,778 $2,443 5.21%
    >60% 8 $800,000 $100,000 $1,138 5.06%
    37% 8 $920,000 $115,000 $2,086 5.15%
    36% 7 $645,000 $92,143 $636 5.75%
    40% 6 $560,000 $93,333 $1,450 5.42%
    39% 5 $1,605,000 $321,000 $7,222 4.13%
    44% 4 $750,000 $187,500 $6,496 4.20%
    41% 4 $120,000 $30,000 $475 5.46%
    49% 3 $715,000 $238,333 $5,930 4.03%
    38% 3 $265,000 $88,333 $205 5.74%
    47% 3 $575,000 $191,667 $5,717 4.17%
    45% 3 $625,000 $208,333 $5,077 4.77%
    42% 2 $280,000 $140,000 $720 5.40%

    Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 62 $29,790,000 $480,484 $0 5.34%
    White 151 $19,535,000 $129,371 $1,928 4.99%
    American Indian 7 $655,000 $93,571 $1,061 5.58%
    Not provided 1 $325,000 $325,000 $2,720 4.13%
    Black 2 $140,000 $70,000 $0 5.53%
    Asian 1 $75,000 $75,000 $200 4.25%

    Approval Rates

    Total approvals of all applications
    97.65%

    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 origination
    88.84%

    Cornerstone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    112.0 6 $280,000 $46,667
    NA 218 $50,240,000 $230,459

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 21 $23,415,000 $1,115,000
    Single Family (1-4 Units):Manufactured 21 $1,455,000 $69,286
    Single Family (1-4 Units):Site-Built 182 $25,650,000 $140,934

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $3,190,000 $106,333 $540 4.89%
    40-60% 30 $5,190,000 $173,000 $1,718 4.95%
    60-80% 73 $22,655,000 $310,342 $2,741 5.22%
    80-100% 42 $15,570,000 $370,714 $4,099 4.81%
    Over 100% 1 $335,000 $335,000 $11,859 3.75%
    Under 20% 48 $3,580,000 $74,583 $311 5.46%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Cornerstone Home Lending Inc. Conventional home mortgage Closing on a mortgage 2 12.5%
    Cornerstone Home Lending Inc. Conventional home mortgage Struggling to pay mortgage 1 6.3%
    Cornerstone Home Lending Inc. Conventional home mortgage Trouble during payment process 9 56.3%
    Cornerstone Home Lending Inc. FHA mortgage Closing on a mortgage 1 6.3%
    Cornerstone Home Lending Inc. FHA mortgage Struggling to pay mortgage 1 6.3%
    Cornerstone Home Lending Inc. FHA mortgage Trouble during payment process 2 12.5%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Cornerstone Bank 106 8th Avenue Se Watford City, ND 58854 Full Service B&M $170,985
    Cornerstone Bank 11 S Main Street Parshall, ND 58770 Full Service B&M $101,719
    Cornerstone Bank 2112 North 12th Street Bismarck, ND 58504 Full Service B&M $66,280
    Cornerstone Bank 221 Main Street North Makoti, ND 58756 Full Service B&M $0
    Cornerstone Bank 2280 45th Street South Fargo, ND 58104 Full Service B&M $87,501
    Cornerstone Bank 2627 South University Drive Fargo, ND 58103 Full Service B&M $21,941
    Cornerstone Bank 3095 15th Street West Dickinson, ND 58601 Full Service B&M $15,399
    Cornerstone Bank 323 Main Street New Town, ND 58763 Limited, Drive-thru $0
    Cornerstone Bank 323 Main Street New Town, ND 58763 Full Service B&M $289,753
    Cornerstone Bank 402 Main Street Plaza, ND 58771 Full Service B&M $0
    Cornerstone Bank 4930 South Western Avesnue Sioux Falls, SD 57105 Full Service B&M $9,607
    Cornerstone Bank 600 South 2nd Street Bismarck, ND 58504 Full Service B&M $21,537

    For 2018, Cornerstone Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $35,411
    Net interest income $32,340
    Total noninterest income $3,094
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $399
    Trading account gains and fees $0
    Additional Noninterest Income $2,695
    Pre-tax net operating income $10,952
    Securities gains (or losses, -) $0
    Income before extraordinary items $10,949
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,949
    Minority interest net income $0
    Net income $10,949
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,949

    Cornerstone Bank's gross interest income from loans was $35,411,000.
    Cornerstone Bank's net interest income from loans was $32,340,000.
    Cornerstone Bank's fee based income from loans was $399,000.
    Cornerstone Bank's net income from loans was $10,949,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,071
    Provision for credit losses $100
    Total noninterest expense $24,382
    Salaries and employee benefits $15,011
    Premises and equipment expense $2,430
    Additional noninterest expense $6,941
    Applicable income taxes $3
    Net charge-offs $-770
    Cash dividends $8,541

    Cornerstone Bank's interest expense for loans was $3,071,000.
    Cornerstone Bank's payroll and benefits expense were $15,011,000.
    Cornerstone Bank's property, plant and equipment expenses $2,430,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $856,527
    Deposits held in domestic offices $856,527
    Deposits by Individuals, partnerships, and corporations $694,090
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $162,192
    Deposits by Commercial banks and other depository institutions in U.S. $245
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $413,803
    Demand deposits $413,803
    Nontransaction accounts $442,724
    Money market deposit accounts (MMDAs) $98,766
    Other savings deposits (excluding MMDAs) $174,189
    Total time deposits $169,769
    Total time and savings deposits $442,724
    Noninterest-bearing deposits $256,493
    Interest-bearing deposits $600,034
    Retail deposits $780,467
    IRAs and Keogh plan accounts $10,728
    Brokered deposits $19,243
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $940,029
    Cash & Balances due from depository institutions $76,875
    Interest-bearing balances $61,426
    Total securities $163,044
    Federal funds sold & reverse repurchase $0
    Net loans and leases $647,306
    Loan and leases loss allowance $10,210
    Trading account assets $0
    Bank premises and fixed assets $32,204
    Other real estate owned $2,198
    Goodwill and other intangibles $1,651
    All other assets $16,751

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $940,029
    Total Liabilities $862,121
    Total deposits $856,527
    Interest-bearing deposits $600,034
    Deposits held in domestic offices $856,527
    % insured (estimated) $53
    Federal funds purchased and repurchase agreements $1,000
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $4,594

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $647,306
    Loan and leases loss allowance $10,210
    Total loans and leases (domestic) $657,516
    All real estate loans $472,693
    Real estate loans in domestic offices $472,693
    Construction and development loans $53,089
    Residential 1-4 family construction $13,734
    Other construction, all land development and other land $39,355
    Loans secured by nonfarm nonresidential properties $193,338
    Nonfarm nonresidential secured by owner-occupied properties $85,158
    Commercial real estate & other non-farm, non-residential $108,180
    Multifamily residential real estate $73,012
    1-4 family residential loans $110,770
    Farmland loans $42,484
    Loans held in foreign offices $0
    Farm loans $50,086
    Commercial and industrial loans $100,875
    To non-U.S. addressees $0
    Loans to individuals $21,819
    Credit card loans $0
    Related Plans $689
    Consumer Auto Loans $5,359
    Other loans to individuals $15,771
    All other loans & leases $12,043
    Loans to foreign governments and official institutions $0
    Other loans $902
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $612
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $13,644
    Non 1-4 family restructured loans & leases $11,871
    Total loans and leases (foreign) $0

    Cornerstone Bank had $647,306,000 of loans outstanding in 2018. $472,693,000 of loans were in real estate loans. $53,089,000 of loans were in development loans. $73,012,000 of loans were in multifamily mortgage loans. $110,770,000 of loans were in 1-4 family mortgage loans. $50,086,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,359,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 236 $66,935 $283,623
    Nonfarm, nonresidential loans - <$100k 33 $1,737 $52,636
    Nonfarm, nonresidential loans - $100-250k 77 $11,057 $143,597
    Nonfarm, nonresidential loans - $250k-1MM 126 $54,141 $429,690
    Commercial & Industrial, US addressed loans - <$1MM 498 $58,543 $117,556
    Commercial & Industrial, US addressed loans - <$100k 277 $8,567 $30,928
    Commercial & Industrial, US addressed loans - $100-250k 100 $10,932 $109,320
    Commercial & Industrial, US addressed loans - $250k-1MM 121 $39,044 $322,678
    Farmland loans - <$1MM 97 $16,931 $174,546
    Farmland loans - <$100k 18 $967 $53,722
    Farmland loans - $100-250k 56 $8,865 $158,304
    Farmland loans - $250k-1MM 23 $7,099 $308,652
    Agriculture operations loans - <$1MM 356 $30,325 $85,183
    Agriculture operations loans - <$100k 217 $6,821 $31,433
    Agriculture operations loans - $100-250k 81 $9,635 $118,951
    Agriculture operations loans - $250k-1MM 58 $13,869 $239,121