Cornerstone Bank Mortgage Rates, Fees & Info

Spencer, MA

LEI: 5493005DJAOTPGS83Z81

Tax ID: 04-1856390

5 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

Awards

Cornerstone Bank 30 Year Conventional Loans silver Cornerstone Bank 30 Year Conventional Loans bronze Cornerstone Bank 30 Year Conventional Loans bronze
Show all (3) awards

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

Item Value (in 000's)
Total interest income $45,895
Net interest income $39,913
Total noninterest income $9,284
Gross Fiduciary activities income $0
Service charges on deposit accounts $2,040
Trading account gains and fees $0
Additional Noninterest Income $7,244
Pre-tax net operating income $10,531
Securities gains (or losses, -) $-73
Income before extraordinary items $7,973
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $7,973
Minority interest net income $0
Net income $7,973
Sale, conversion, retirement of capital stock, net $0
Net operating income $8,030

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.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 3.0%
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 $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