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 Refi and Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fargo, Bismarck, Phoenix, Sioux Falls, and St. Cloud among others. We have data for 15 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.

    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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.27% 4/21/24
    30 Year Conventional Refi 6.27% 4/21/24
    30 Year Cash-out Refi 6.27% 4/21/24
    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

    217

    Origination Dollar Volume (All Markets)

    $79,605,000

    Employee count

    164

    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) 69 $39,355,000 $570,362 $450 5.09%
    Outside of Metro Areas 59 $17,235,000 $292,119 $1,155 5.11%
    BISMARCK, ND (FHA|USDA|VA) 36 $6,260,000 $173,889 $731 5.43%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $4,995,000 $1,665,000 $0 4.67%
    SIOUX FALLS, SD (FHA|USDA|VA) 20 $3,580,000 $179,000 $2,220 5.84%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $2,685,000 $2,685,000 $0 4.10%
    Dickinson, ND (FHA|USDA|VA) 13 $2,575,000 $198,077 $2,213 5.78%
    Williston, ND (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 5.91%
    Wahpeton, ND-MN (FHA|USDA|VA) 5 $305,000 $61,000 $891 5.56%
    Minot, ND (FHA|USDA|VA) 4 $290,000 $72,500 $862 4.70%
    Jamestown, ND (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.55%
    Fergus Falls, MN (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.95%
    MISSOULA, MT (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.25%
    RAPID CITY, SD (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.75%
    Aberdeen, SD (FHA|USDA|VA) 2 $80,000 $40,000 $419 5.64%
    Cornerstone Bank's top markets include Fargo, Bismarck, Phoenix, Sioux Falls, and St. Cloud among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 217 $79,605,000 $366,843 $937 5.26%

    For 2019, Cornerstone Bank's most frequently originated type of loan was Conventional, with 217 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 106 $58,080,000 $547,925 $443 5.24%
    Home Purchase 78 $19,160,000 $245,641 $2,460 5.19%
    Home Improvement 20 $1,350,000 $67,500 $495 5.29%
    Other 13 $1,015,000 $78,077 $442 5.73%

    For 2019, Cornerstone Bank's most frequently cited loan purpose was Refi, with 106 originations. The 2nd most popular reason was Home Purchase, with 78 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 86 $46,420,000 $539,767 $569 5.19%
    Other 86 $22,390,000 $260,349 $1,215 5.15%
    10 Year 29 $5,225,000 $180,172 $301 5.40%
    1 Year 9 $1,175,000 $130,556 $500 6.25%
    3 Year 7 $4,395,000 $627,857 $0 5.61%

    For 2019, Cornerstone Bank's most frequently cited loan duration was 5 Year, with 86 originations. The 2nd most popular length was Other, with 86 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 86 $9,620,000 $111,860
    $1k-2k 4 $880,000 $220,000
    $2k-3k 4 $900,000 $225,000
    $3k-4k 2 $630,000 $315,000
    $4k-5k 2 $920,000 $460,000

    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 86 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 94 $41,800,000 $444,681
    5-6% 86 $18,660,000 $216,977
    6-7% 25 $2,315,000 $92,600
    3-4% 7 $16,535,000 $2,362,143
    7-8% 4 $270,000 $67,500
    <2.5% 1 $25,000 $25,000

    During 2019, Cornerstone Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 94 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 86 $4,540,000 $52,791 $495 5.39%
    $100k-200k 75 $10,715,000 $142,867 $852 5.35%
    $200k-400k 28 $7,120,000 $254,286 $2,074 5.15%
    $1MM+ 14 $49,380,000 $3,527,143 $0 4.68%
    $400k-600k 12 $6,000,000 $500,000 $2,234 4.71%
    $600k-1MM 2 $1,850,000 $925,000 $0 5.15%

    2019 saw Cornerstone Bank place emphasis on $100,000 or less loans with 86 originations, totaling $4,540,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 37 $6,835,000 $184,730 $543 5.33%
    $100k-150k 35 $3,905,000 $111,571 $1,144 5.13%
    $75k-100k 17 $1,605,000 $94,412 $730 5.54%
    $50k-75k 15 $1,665,000 $111,000 $1,197 5.40%
    $50k or less 15 $1,225,000 $81,667 $853 5.17%
    $250k+ 11 $1,755,000 $159,545 $1,865 5.23%

    Cornerstone Bank lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $5,175,000 $147,857 $732 5.01%
    <20% 22 $2,450,000 $111,364 $1,290 5.06%
    30-36% 18 $2,300,000 $127,778 $1,324 5.31%
    50-60% 10 $1,470,000 $147,000 $764 5.60%
    >60% 8 $1,980,000 $247,500 $3,569 4.83%
    38% 7 $1,275,000 $182,143 $827 5.11%
    39% 5 $505,000 $101,000 $277 5.57%
    36% 5 $315,000 $63,000 $392 5.44%
    37% 5 $445,000 $89,000 $461 5.75%
    44% 1 $245,000 $245,000 $255 4.98%
    45% 1 $25,000 $25,000 $398 5.99%
    46% 1 $5,000 $5,000 $243 7.21%
    48% 1 $115,000 $115,000 $162 3.96%
    49% 1 $45,000 $45,000 $900 6.24%
    41% 1 $35,000 $35,000 $405 6.45%
    43% 1 $65,000 $65,000 $225 7.27%

    Cornerstone Bank lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? <20%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 75 $60,125,000 $801,667 $0 5.27%
    White 135 $18,525,000 $137,222 $873 5.26%
    American Indian 4 $630,000 $157,500 $2,770 5.04%
    Not provided 2 $220,000 $110,000 $550 5.03%
    Asian 1 $105,000 $105,000 $2,098 4.90%

    Approval Rates

    Total approvals of all applications
    98.28%

    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
    94.47%

    Cornerstone Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    112.0 7 $325,000 $46,429
    12.0 1 $75,000 $75,000
    262.0 1 $65,000 $65,000
    304.8 1 $65,000 $65,000
    327.0 1 $35,000 $35,000
    362.0 2 $70,000 $35,000
    NA 204 $78,970,000 $387,108

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 17 $46,925,000 $2,760,294
    Single Family (1-4 Units):Manufactured 30 $2,680,000 $89,333
    Single Family (1-4 Units):Site-Built 170 $30,000,000 $176,471

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $12,060,000 $402,000 $393 5.46%
    40-60% 25 $7,995,000 $319,800 $1,203 5.46%
    60-80% 96 $39,230,000 $408,646 $1,537 5.18%
    80-100% 34 $15,470,000 $455,000 $1,220 4.95%
    Under 20% 32 $4,850,000 $151,563 $380 5.48%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    CORNERSTONE MORTGAGE, INC. FHA mortgage Trouble during payment process 1 100.0%

    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 $186,763
    Cornerstone Bank 11 S Main Street Parshall, ND 58770 Full Service B&M $100,612
    Cornerstone Bank 2112 North 12th Street Bismarck, ND 58501 Full Service B&M $64,935
    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 $77,808
    Cornerstone Bank 2627 South University Drive Fargo, ND 58103 Full Service B&M $16,383
    Cornerstone Bank 3095 15th Street West Dickinson, ND 58601 Full Service B&M $13,911
    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 $331,176
    Cornerstone Bank 402 Main Street Plaza, ND 58771 Full Service B&M $0
    Cornerstone Bank 600 South 2nd Street Bismarck, ND 58504 Full Service B&M $16,939
    Cornerstone Bank 6045 South Louise Avenue Sioux Falls, SD 57108 Full Service B&M $23,032

    For 2019, Cornerstone Bank had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $38,466
    Net interest income $33,053
    Total noninterest income $5,109
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $480
    Trading account gains and fees $0
    Additional Noninterest Income $4,629
    Pre-tax net operating income $10,787
    Securities gains (or losses, -) $240
    Income before extraordinary items $10,989
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $10,989
    Minority interest net income $0
    Net income $10,989
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $10,749

    Cornerstone Bank's gross interest income from loans was $38,466,000.
    Cornerstone Bank's net interest income from loans was $33,053,000.
    Cornerstone Bank's fee based income from loans was $480,000.
    Cornerstone Bank's net income from loans was $10,989,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $5,413
    Provision for credit losses $653
    Total noninterest expense $26,722
    Salaries and employee benefits $16,179
    Premises and equipment expense $2,599
    Additional noninterest expense $7,944
    Applicable income taxes $38
    Net charge-offs $1,418
    Cash dividends $6,078

    Cornerstone Bank's interest expense for loans was $5,413,000.
    Cornerstone Bank's payroll and benefits expense were $16,179,000.
    Cornerstone Bank's property, plant and equipment expenses $2,599,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 2.0%
    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 $891,107
    Deposits held in domestic offices $891,107
    Deposits by Individuals, partnerships, and corporations $764,277
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $125,846
    Deposits by Commercial banks and other depository institutions in U.S. $981
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $25,098
    Demand deposits $25,098
    Nontransaction accounts $866,009
    Money market deposit accounts (MMDAs) $102,002
    Other savings deposits (excluding MMDAs) $568,343
    Total time deposits $195,665
    Total time and savings deposits $866,009
    Noninterest-bearing deposits $237,779
    Interest-bearing deposits $653,328
    Retail deposits $808,596
    IRAs and Keogh plan accounts $9,636
    Brokered deposits $1,987
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $983,657
    Cash & Balances due from depository institutions $84,233
    Interest-bearing balances $65,844
    Total securities $185,348
    Federal funds sold & reverse repurchase $0
    Net loans and leases $660,796
    Loan and leases loss allowance $9,445
    Trading account assets $0
    Bank premises and fixed assets $31,255
    Other real estate owned $2,324
    Goodwill and other intangibles $1,278
    All other assets $18,423

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $983,657
    Total Liabilities $897,931
    Total deposits $891,107
    Interest-bearing deposits $653,328
    Deposits held in domestic offices $891,107
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $6,824

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $660,796
    Loan and leases loss allowance $9,445
    Total loans and leases (domestic) $670,241
    All real estate loans $496,962
    Real estate loans in domestic offices $496,962
    Construction and development loans $50,243
    Residential 1-4 family construction $14,589
    Other construction, all land development and other land $35,654
    Loans secured by nonfarm nonresidential properties $224,778
    Nonfarm nonresidential secured by owner-occupied properties $104,185
    Commercial real estate & other non-farm, non-residential $120,593
    Multifamily residential real estate $68,533
    1-4 family residential loans $116,185
    Farmland loans $37,223
    Loans held in foreign offices $0
    Farm loans $44,391
    Commercial and industrial loans $94,359
    To non-U.S. addressees $0
    Loans to individuals $22,300
    Credit card loans $0
    Related Plans $679
    Consumer Auto Loans $6,102
    Other loans to individuals $15,519
    All other loans & leases $12,229
    Loans to foreign governments and official institutions $0
    Other loans $248
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $600
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $18,363
    Non 1-4 family restructured loans & leases $16,118
    Total loans and leases (foreign) $0

    Cornerstone Bank had $660,796,000 of loans outstanding in 2019. $496,962,000 of loans were in real estate loans. $50,243,000 of loans were in development loans. $68,533,000 of loans were in multifamily mortgage loans. $116,185,000 of loans were in 1-4 family mortgage loans. $44,391,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,102,000 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 239 $71,753 $300,222
    Nonfarm, nonresidential loans - <$100k 26 $1,401 $53,885
    Nonfarm, nonresidential loans - $100-250k 77 $10,612 $137,818
    Nonfarm, nonresidential loans - $250k-1MM 136 $59,740 $439,265
    Commercial & Industrial, US addressed loans - <$1MM 463 $51,602 $111,451
    Commercial & Industrial, US addressed loans - <$100k 251 $7,949 $31,669
    Commercial & Industrial, US addressed loans - $100-250k 109 $11,388 $104,477
    Commercial & Industrial, US addressed loans - $250k-1MM 103 $32,265 $313,252
    Farmland loans - <$1MM 89 $14,645 $164,551
    Farmland loans - <$100k 19 $1,131 $59,526
    Farmland loans - $100-250k 45 $6,618 $147,067
    Farmland loans - $250k-1MM 25 $6,896 $275,840
    Agriculture operations loans - <$1MM 303 $28,333 $93,508
    Agriculture operations loans - <$100k 179 $6,082 $33,978
    Agriculture operations loans - $100-250k 75 $9,211 $122,813
    Agriculture operations loans - $250k-1MM 49 $13,040 $266,122