Cornerstone Bank Mortgage Rates, Fees & Info
Spencer, MA
LEI: 5493005DJAOTPGS83Z81
Tax ID: 04-1856390
5 stars
-
out of 5 stars, based on 29 reviews
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Mortgage Data
Bank Data
Overview
Cornerstone Bank is a
smaller
bank
specializing in
Home Purchase, Refi, and Cash Out Refi loans.
Cornerstone Bank has a high proportion of conventional loans.
Their top markets include Worcester, Boston, Springfield, Barnstable Town, and Providence among others. Cornerstone Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Cornerstone Bank is typically
an average fee
lendor.
Originations
831
Origination Dollar Volume (All Markets)
$232,095,000
Employee count
169
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Cornerstone Bank - 2021
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Relative Rate
Cornerstone Bank's average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
Cornerstone Bank's average total fees for a 30 year fixed rate
mortgage are $3,358.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
WORCESTER, MA-CT (FHA|USDA|VA)
|
667
|
$162,365,000 |
$243,426 |
$2,782 |
2.94% |
|
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)
|
66
|
$34,960,000 |
$529,697 |
$3,660 |
2.97% |
|
SPRINGFIELD, MA (FHA|USDA|VA)
|
48
|
$10,120,000 |
$210,833 |
$3,175 |
2.87% |
|
BARNSTABLE TOWN, MA (FHA|USDA|VA)
|
14
|
$7,910,000 |
$565,000 |
$4,323 |
2.79% |
|
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA)
|
11
|
$4,575,000 |
$415,909 |
$3,498 |
3.30% |
|
Laconia, NH (FHA|USDA|VA)
|
1
|
$2,455,000 |
$2,455,000 |
$5,535 |
2.63% |
|
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA)
|
1
|
$2,175,000 |
$2,175,000 |
$0 |
3.88% |
|
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA)
|
9
|
$1,855,000 |
$206,111 |
$4,100 |
3.11% |
|
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)
|
2
|
$1,430,000 |
$715,000 |
$6,412 |
2.94% |
|
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA)
|
1
|
$1,245,000 |
$1,245,000 |
$7,696 |
3.00% |
|
Outside of Metro Areas
|
2 |
$780,000 |
$390,000 |
$2,955 |
3.00% |
|
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA)
|
1
|
$525,000 |
$525,000 |
$6,253 |
3.50% |
|
MANCHESTER-NASHUA, NH (FHA|USDA|VA)
|
1
|
$365,000 |
$365,000 |
$3,019 |
2.88% |
|
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA)
|
1
|
$345,000 |
$345,000 |
$3,211 |
3.00% |
|
NORWICH-NEW LONDON, CT (FHA|USDA|VA)
|
2
|
$340,000 |
$170,000 |
$3,408 |
2.56% |
|
PITTSFIELD, MA (FHA|USDA|VA)
|
1
|
$285,000 |
$285,000 |
$3,361 |
2.88% |
|
Berlin, NH (FHA|USDA|VA)
|
1
|
$235,000 |
$235,000 |
$3,378 |
3.00% |
|
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA)
|
1
|
$115,000 |
$115,000 |
$3,303 |
2.88% |
|
Keene, NH (FHA|USDA|VA)
|
1
|
$15,000 |
$15,000 |
$0 |
1.99% |
Cornerstone Bank's top markets include Worcester, Boston, Springfield, Barnstable Town, and Providence among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
831 |
$232,095,000 |
$279,296 |
$2,979 |
2.94% |
For the 2021 period, Cornerstone Bank's most frequently
originated loan type
of loans were Conventional, with 831 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Purchase |
223 |
$89,825,000 |
$402,803 |
$3,997 |
3.18% |
| Refi |
216 |
$70,390,000 |
$325,880 |
$2,875 |
2.81% |
| Cash Out Refi |
187 |
$51,445,000 |
$275,107 |
$2,981 |
3.04% |
| Home Improvement |
128 |
$10,900,000 |
$85,156 |
$402 |
2.57% |
| Other |
77 |
$9,535,000 |
$123,831 |
$865 |
3.04% |
For the 2021, Cornerstone Bank's most frequently cited loan
purpose
of loans were Home Purchase, with 223
originations.
The 2nd most popular reason of loans were Refi,
with 216 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
340 |
$110,090,000 |
$323,794 |
$3,358 |
3.14% |
| 20 Year |
257 |
$45,025,000 |
$175,195 |
$2,643 |
2.57% |
| 15 Year |
137 |
$50,535,000 |
$368,869 |
$2,819 |
2.84% |
| 10 Year |
61 |
$6,985,000 |
$114,508 |
$1,110 |
3.35% |
| Other |
15 |
$12,065,000 |
$804,333 |
$3,202 |
3.51% |
| 30+ year |
14 |
$6,900,000 |
$492,857 |
$6,535 |
3.21% |
| 5 Year |
6 |
$290,000 |
$48,333 |
$0 |
3.75% |
| 1 Year |
1 |
$205,000 |
$205,000 |
$0 |
4.75% |
For the 2021, Cornerstone Bank's most frequently cited loan
length
of loans were 30 Year, with 340 originations.
The 2nd most popular length of loans were 20 Year,
with 257 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
437 |
$119,205,000 |
$272,780 |
| $1k-2k |
86 |
$28,610,000 |
$332,674 |
| $2k-3k |
23 |
$6,365,000 |
$276,739 |
| $3k-4k |
22 |
$6,940,000 |
$315,455 |
| $5k+ |
8 |
$3,630,000 |
$453,750 |
$3,358 of loans were Cornerstone Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 437 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
283 |
$98,485,000 |
$348,004 |
| 3-4% |
261 |
$88,615,000 |
$339,521 |
| <2.5% |
235 |
$36,615,000 |
$155,809 |
| 4-5% |
40 |
$7,550,000 |
$188,750 |
| 5-6% |
12 |
$830,000 |
$69,167 |
During 2021, Cornerstone Bank's average interest
rate of loans were 3.14%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 283 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $200k-400k |
301 |
$82,675,000 |
$274,668 |
$3,247 |
3.03% |
| $100k-200k |
216 |
$32,840,000 |
$152,037 |
$2,547 |
2.84% |
| $100,000 or less |
175 |
$8,875,000 |
$50,714 |
$712 |
2.82% |
| $400k-600k |
82 |
$39,450,000 |
$481,098 |
$3,782 |
3.12% |
| $600k-1MM |
41 |
$30,515,000 |
$744,268 |
$5,033 |
3.01% |
| $1MM+ |
16 |
$37,740,000 |
$2,358,750 |
$6,369 |
3.23% |
2021 saw Cornerstone Bank place emphasis on
$200k-400k loans
with 301 originations, totaling
$82,675,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
215 |
$47,885,000 |
$222,721 |
$2,592 |
3.00% |
| $150k-250k |
168 |
$51,420,000 |
$306,071 |
$3,640 |
2.84% |
| $75k-100k |
153 |
$28,645,000 |
$187,222 |
$2,739 |
2.86% |
| $50k-75k |
133 |
$21,345,000 |
$160,489 |
$2,731 |
2.83% |
| $250k+ |
73 |
$38,925,000 |
$533,219 |
$4,314 |
2.75% |
| $50k or less |
47 |
$5,595,000 |
$119,043 |
$2,273 |
3.00% |
Cornerstone Bank lent most frequently to those with incomes in the
$100k-150k range, with
215 originations.
The second most popular income band? $150k-250k,
with 168 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
213 |
$51,435,000 |
$241,479 |
$2,982 |
2.80% |
| 30-36% |
145 |
$34,715,000 |
$239,414 |
$2,772 |
3.01% |
| <20% |
76 |
$20,820,000 |
$273,947 |
$3,204 |
2.85% |
| 38% |
33 |
$6,515,000 |
$197,424 |
$3,083 |
2.65% |
| 41% |
32 |
$7,970,000 |
$249,063 |
$3,658 |
2.79% |
| 44% |
31 |
$6,165,000 |
$198,871 |
$2,802 |
2.95% |
| 42% |
30 |
$5,410,000 |
$180,333 |
$2,883 |
2.72% |
| 36% |
29 |
$7,335,000 |
$252,931 |
$2,686 |
3.17% |
| 37% |
28 |
$7,110,000 |
$253,929 |
$2,329 |
3.12% |
| 40% |
26 |
$6,120,000 |
$235,385 |
$2,842 |
3.14% |
| 49% |
25 |
$6,665,000 |
$266,600 |
$3,091 |
2.73% |
| 47% |
25 |
$8,745,000 |
$349,800 |
$4,134 |
2.80% |
| 43% |
24 |
$6,280,000 |
$261,667 |
$3,394 |
2.94% |
| 39% |
21 |
$5,055,000 |
$240,714 |
$2,350 |
2.95% |
| 45% |
18 |
$4,510,000 |
$250,556 |
$2,844 |
2.78% |
| 48% |
12 |
$3,640,000 |
$303,333 |
$3,285 |
2.84% |
| 46% |
12 |
$3,390,000 |
$282,500 |
$3,080 |
2.69% |
| 50-60% |
2 |
$290,000 |
$145,000 |
$2,229 |
2.62% |
Cornerstone Bank lent most frequently to those with DTI ratios
of 20-30%, with
213 originations.
The next most common DTI ratio? 30-36%,
with 145 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
632 |
$170,390,000 |
$269,604 |
$2,940 |
2.95% |
| Not provided |
132 |
$27,030,000 |
$204,773 |
$3,315 |
2.57% |
| Not applicable |
37 |
$24,485,000 |
$661,757 |
$0 |
3.98% |
| Asian |
13 |
$5,395,000 |
$415,000 |
$4,100 |
3.26% |
| Black |
10 |
$3,110,000 |
$311,000 |
$3,337 |
3.11% |
| American Indian |
6 |
$1,400,000 |
$233,333 |
$2,452 |
3.15% |
| Korean |
1 |
$285,000 |
$285,000 |
$0 |
3.75% |
Approval Rates
Total approvals of all applications
90.48%
Cornerstone Bank has an average approval rate.
Pick Rate
Approvals leading to origination
81.26%
Cornerstone Bank has a below average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
831 |
$232,095,000 |
$279,296 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
831 |
$232,095,000 |
$279,296 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
109 |
$24,045,000 |
$220,596 |
$2,205 |
2.72% |
| 40-60% |
201 |
$48,295,000 |
$240,274 |
$2,859 |
2.82% |
| 60-80% |
263 |
$102,315,000 |
$389,030 |
$3,481 |
3.17% |
| 80-100% |
110 |
$46,930,000 |
$426,636 |
$3,881 |
3.04% |
| Under 20% |
148 |
$10,510,000 |
$71,014 |
$279 |
2.79% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| CORNERSTONE MORTGAGE, INC. |
Conventional home mortgage |
Struggling to pay mortgage |
1 |
100.0% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Cornerstone Bank |
93 Main St. Rutland, MA 1543 |
Full Service B&M
|
$83,209 |
| Cornerstone Bank |
1073 Main Street Holden, MA 1520 |
Full Service B&M
|
$47,699 |
| Cornerstone Bank |
121 South Main Street Leicester, MA 1524 |
Full Service B&M
|
$58,182 |
| Cornerstone Bank |
176 Main St Spencer, MA 1562 |
Full Service B&M
|
$197,280 |
| Cornerstone Bank |
2 Center Depot Road Charlton, MA 1507 |
Full Service B&M
|
$106,898 |
| Cornerstone Bank |
200 Charlton Road Sturbridge, MA 1566 |
Full Service B&M
|
$96,592 |
| Cornerstone Bank |
230 Park Ave. Worcester, MA 1609 |
Full Service B&M
|
$100,659 |
| Cornerstone Bank |
253 Main Street # 257 Southbridge, MA 1550 |
Full Service B&M
|
$183,976 |
| Cornerstone Bank |
495 East Main Street Southbridge, MA 1550 |
Full Service Retail
|
$0 |
| Cornerstone Bank |
70 West Boylston Street Worcester, MA 1606 |
Full Service B&M
|
$95,863 |
| Cornerstone Bank |
86 Worcester Road Webster, MA 1570 |
Full Service B&M
|
$60,022 |
| Cornerstone Bank |
968 Main St. Warren, MA 1083 |
Full Service B&M
|
$49,127 |
| Cornerstone Bank |
Fair Shopping Center, Route 9 Spencer, MA 1562 |
Full Service B&M
|
$71,312 |
For 2021, Cornerstone Bank had 13 branches.
Yearly Performance Overview
Bank Income
Cornerstone Bank's gross interest income from loans was $45,895,000.
Cornerstone Bank's net interest income from loans was $39,913,000.
Cornerstone Bank's fee based income from loans was $2,040,000.
Cornerstone Bank's net income from loans was $7,973,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$5,982 |
| Provision for credit losses |
$957 |
| Total noninterest expense |
$37,709 |
| Salaries and employee benefits |
$22,346 |
| Premises and equipment expense |
$2,768 |
| Additional noninterest expense |
$12,595 |
| Applicable income taxes |
$2,485 |
| Net charge-offs |
$704 |
| Cash dividends |
$0 |
Cornerstone Bank's interest expense for loans was $5,982,000.
Cornerstone Bank's payroll and benefits expense were $22,346,000.
Cornerstone Bank's property, plant and equipment expenses $2,768,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$1,220,155 |
| Deposits held in domestic offices |
$1,220,155 |
| Deposits by Individuals, partnerships, and corporations |
$1,211,727 |
| Deposits by U.S. Government |
$61 |
| Deposits by States and political subdivisions in the U.S. |
$4,772 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$3,595 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$471,222 |
| Demand deposits |
$221,254 |
| Nontransaction accounts |
$748,933 |
| Money market deposit accounts (MMDAs) |
$216,046 |
| Other savings deposits (excluding MMDAs) |
$282,722 |
| Total time deposits |
$250,165 |
| Total time and savings deposits |
$998,901 |
| Noninterest-bearing deposits |
$221,865 |
| Interest-bearing deposits |
$998,290 |
| Retail deposits |
$1,153,253 |
| IRAs and Keogh plan accounts |
$48,175 |
| Brokered deposits |
$597 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$1,449,179 |
| Cash & Balances due from depository institutions |
$111,158 |
| Interest-bearing balances |
$94,967 |
| Total securities |
$101,110 |
| Federal funds sold & reverse repurchase |
$23,347 |
| Net loans and leases |
$1,144,725 |
| Loan and leases loss allowance |
$11,531 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$16,019 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$1,137 |
| All other assets |
$51,683 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$1,449,179 |
| Total Liabilities |
$1,327,559 |
| Total deposits |
$1,220,155 |
| Interest-bearing deposits |
$998,290 |
| Deposits held in domestic offices |
$1,220,155 |
| % insured (estimated) |
$74 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$79,389 |
| Subordinated debt |
$0 |
| All other liabilities |
$28,015 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$1,144,725 |
| Loan and leases loss allowance |
$11,531 |
| Total loans and leases (domestic) |
$1,156,256 |
| All real estate loans |
$1,103,756 |
| Real estate loans in domestic offices |
$1,103,756 |
| Construction and development loans |
$14,190 |
| Residential 1-4 family construction |
$7,944 |
| Other construction, all land development and other land |
$6,246 |
| Loans secured by nonfarm nonresidential properties |
$392,322 |
| Nonfarm nonresidential secured by owner-occupied properties |
$118,399 |
| Commercial real estate & other non-farm, non-residential |
$273,923 |
| Multifamily residential real estate |
$59,292 |
| 1-4 family residential loans |
$637,940 |
| Farmland loans |
$12 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$0 |
| Commercial and industrial loans |
$43,950 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$8,029 |
| Credit card loans |
$0 |
| Related Plans |
$84 |
| Consumer Auto Loans |
$1,984 |
| Other loans to individuals |
$5,961 |
| All other loans & leases |
$522 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$522 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$0 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$2,330 |
| Non 1-4 family restructured loans & leases |
$42 |
| Total loans and leases (foreign) |
$0 |
Cornerstone Bank had $1,144,725,000 of loans outstanding in 2021. $1,103,756,000 of loans were in real estate loans.
$14,190,000 of loans were in development loans. $59,292,000 of loans were in multifamily mortgage loans.
$637,940,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0
of loans were in credit card loans. $1,984,000 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 |
333 |
$85,532 |
$256,853 |
| Nonfarm, nonresidential loans - <$100k |
47 |
$2,052 |
$43,660 |
| Nonfarm, nonresidential loans - $100-250k |
118 |
$14,786 |
$125,305 |
| Nonfarm, nonresidential loans - $250k-1MM |
168 |
$68,694 |
$408,893 |
| Commercial & Industrial, US addressed loans - <$1MM |
403 |
$24,825 |
$61,600 |
| Commercial & Industrial, US addressed loans - <$100k |
256 |
$5,529 |
$21,598 |
| Commercial & Industrial, US addressed loans - $100-250k |
89 |
$7,278 |
$81,775 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
58 |
$12,018 |
$207,207 |
| Farmland loans - <$1MM |
2 |
$12 |
$6,000 |
| Farmland loans - $100-250k |
2 |
$12 |
$6,000 |
