Cornerstone Bank Mortgage Rates, Fees & Info

Spencer, MA

LEI: 5493005DJAOTPGS83Z81

Tax ID: 04-1856390

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Mortgage Data

Bank Data

Review & Overview

Cornerstone Bank is a smaller bank specializing in Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Springfield, Providence, and Barnstable Town among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cornerstone Bank has an average approval rate when compared to the average across all lenders. They have a below 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 3/24/24
30 Year Conventional Purchase 5.88% 3/24/24
30 Year Conventional Refi 6.48% 3/24/24
30 Year Cash-out Refi 6.23% 3/24/24
30 Year FHA Purchase 6.27% 3/24/24
15 Year Conventional Purchase 5.60% 3/24/24
15 Year Conventional Refi 5.80% 3/24/24
15 Year Cash-out Refi 5.80% 3/24/24
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

366

Origination Dollar Volume (All Markets)

$86,410,000

Employee count

174

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
WORCESTER, MA-CT (FHA|USDA|VA) 317 $64,685,000 $204,054 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 19 $12,535,000 $659,737 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 14 $3,080,000 $220,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $1,995,000 $665,000 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $1,625,000 $232,143 $0 0.00%
Outside of Metro Areas 2 $1,350,000 $675,000 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $425,000 $425,000 $0 0.00%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $350,000 $175,000 $0 0.00%
Cornerstone Bank's top markets include Worcester, Boston, Springfield, Providence, and Barnstable Town among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 366 $86,410,000 $236,093 $0 0.00%

    For 2018, Cornerstone Bank's most frequently originated type of loan was Conventional, with 366 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 211 $63,915,000 $302,915 $0 0.00%
    Refi 70 $12,120,000 $173,143 $0 0.00%
    Cash Out Refi 38 $6,510,000 $171,316 $0 0.00%
    Home Improvement 29 $2,065,000 $71,207 $0 0.00%
    Other 18 $1,800,000 $100,000 $0 0.00%

    For 2018, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 211 originations. The 2nd most popular reason was Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 366 $86,410,000 $236,093 $0 0.00%

    For 2018, Cornerstone Bank's most frequently cited loan duration was Other, with 366 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 130 $19,950,000 $153,462 $0 0.00%
    $200k-400k 120 $32,150,000 $267,917 $0 0.00%
    $100,000 or less 74 $4,130,000 $55,811 $0 0.00%
    $400k-600k 29 $13,715,000 $472,931 $0 0.00%
    $1MM+ 7 $12,035,000 $1,719,286 $0 0.00%
    $600k-1MM 6 $4,430,000 $738,333 $0 0.00%

    2018 saw Cornerstone Bank place emphasis on $100k-200k loans with 130 originations, totaling $19,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 80 $17,400,000 $217,500 $0 0.00%
    $50k-75k 74 $12,000,000 $162,162 $0 0.00%
    $75k-100k 59 $11,015,000 $186,695 $0 0.00%
    $150k-250k 56 $14,290,000 $255,179 $0 0.00%
    $50k or less 47 $5,225,000 $111,170 $0 0.00%
    $250k+ 18 $9,050,000 $502,778 $0 0.00%

    Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $50k-75k, with 74 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 366 $86,410,000 $236,093 $0 0.00%

    Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 366 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 279 $56,095,000 $201,057 $0 0.00%
    Not applicable 27 $16,465,000 $609,815 $0 0.00%
    Not provided 49 $11,615,000 $237,041 $0 0.00%
    Asian 5 $1,085,000 $217,000 $0 0.00%
    Black 3 $655,000 $218,333 $0 0.00%
    American Indian 3 $495,000 $165,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.57%

    Cornerstone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.14%

    Cornerstone Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 366 $86,410,000 $236,093

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $6,165,000 $560,455
    Single Family (1-4 Units):Site-Built 355 $80,245,000 $226,042

    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 200 Charlton Road Sturbridge, MA 1566 Full Service B&M $63,615
    Cornerstone Bank 230 Park Ave. Worcester, MA 1609 Full Service B&M $62,939
    Cornerstone Bank 253 Main Street # 257 Southbridge, MA 1550 Full Service B&M $166,794
    Cornerstone Bank 1073 Main Street Holden, MA 1520 Full Service B&M $29,599
    Cornerstone Bank 121 South Main Street Leicester, MA 1524 Full Service B&M $34,909
    Cornerstone Bank 130 West Main Street Spencer, MA 1562 Full Service Retail $24,566
    Cornerstone Bank 176 Main Street Spencer, MA 1562 Full Service B&M $200,042
    Cornerstone Bank 2 Center Depot Road Charlton, MA 1507 Full Service B&M $55,662
    Cornerstone Bank 495 East Main Street Southbridge, MA 1550 Full Service Retail $20,328
    Cornerstone Bank 64 Leicester Street North Oxford, MA 1537 Full Service B&M $23,520
    Cornerstone Bank 70 West Boylston Street Worcester, MA 1606 Full Service B&M $54,080
    Cornerstone Bank 86 Worcester Road Webster, MA 1570 Full Service B&M $38,519
    Cornerstone Bank 93 Main St. Rutland, MA 1543 Full Service B&M $62,298
    Cornerstone Bank 968 Main St. Warren, MA 1083 Full Service B&M $34,331
    Cornerstone Bank Fair Shopping Center, Route 9 Spencer, MA 1562 Full Service B&M $29,142

    For 2018, Cornerstone Bank had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $42,013
    Net interest income $32,485
    Total noninterest income $7,352
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,542
    Trading account gains and fees $0
    Additional Noninterest Income $4,810
    Pre-tax net operating income $4,640
    Securities gains (or losses, -) $-47
    Income before extraordinary items $3,824
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,824
    Minority interest net income $0
    Net income $3,824
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,863

    Cornerstone Bank's gross interest income from loans was $42,013,000.
    Cornerstone Bank's net interest income from loans was $32,485,000.
    Cornerstone Bank's fee based income from loans was $2,542,000.
    Cornerstone Bank's net income from loans was $3,824,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,528
    Provision for credit losses $1,328
    Total noninterest expense $33,869
    Salaries and employee benefits $19,211
    Premises and equipment expense $3,042
    Additional noninterest expense $11,616
    Applicable income taxes $769
    Net charge-offs $1,149
    Cash dividends $0

    Cornerstone Bank's interest expense for loans was $9,528,000.
    Cornerstone Bank's payroll and benefits expense were $19,211,000.
    Cornerstone Bank's property, plant and equipment expenses $3,042,000.

    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 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 1.0%
    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 $908,499
    Deposits held in domestic offices $908,499
    Deposits by Individuals, partnerships, and corporations $821,049
    Deposits by U.S. Government $4
    Deposits by States and political subdivisions in the U.S. $14,306
    Deposits by Commercial banks and other depository institutions in U.S. $73,140
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $91,769
    Demand deposits $25,879
    Nontransaction accounts $816,730
    Money market deposit accounts (MMDAs) $176,239
    Other savings deposits (excluding MMDAs) $334,693
    Total time deposits $305,798
    Total time and savings deposits $882,620
    Noninterest-bearing deposits $25,879
    Interest-bearing deposits $882,620
    Retail deposits $813,928
    IRAs and Keogh plan accounts $48,888
    Brokered deposits $53,918
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,158,222
    Cash & Balances due from depository institutions $18,153
    Interest-bearing balances $5,020
    Total securities $48,819
    Federal funds sold & reverse repurchase $29,464
    Net loans and leases $994,808
    Loan and leases loss allowance $5,364
    Trading account assets $0
    Bank premises and fixed assets $16,071
    Other real estate owned $69
    Goodwill and other intangibles $2,916
    All other assets $47,922

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,158,222
    Total Liabilities $1,043,771
    Total deposits $908,499
    Interest-bearing deposits $882,620
    Deposits held in domestic offices $908,499
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $122,938
    Subordinated debt $0
    All other liabilities $12,334

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $994,808
    Loan and leases loss allowance $5,364
    Total loans and leases (domestic) $1,000,172
    All real estate loans $950,843
    Real estate loans in domestic offices $950,843
    Construction and development loans $25,346
    Residential 1-4 family construction $15,777
    Other construction, all land development and other land $9,569
    Loans secured by nonfarm nonresidential properties $317,913
    Nonfarm nonresidential secured by owner-occupied properties $118,612
    Commercial real estate & other non-farm, non-residential $199,301
    Multifamily residential real estate $35,511
    1-4 family residential loans $571,853
    Farmland loans $220
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $38,670
    To non-U.S. addressees $0
    Loans to individuals $9,568
    Credit card loans $0
    Related Plans $198
    Consumer Auto Loans $6,241
    Other loans to individuals $3,129
    All other loans & leases $1,091
    Loans to foreign governments and official institutions $0
    Other loans $1,091
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $251
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $3,302
    Non 1-4 family restructured loans & leases $314
    Total loans and leases (foreign) $0

    Cornerstone Bank had $994,808,000 of loans outstanding in 2018. $950,843,000 of loans were in real estate loans. $25,346,000 of loans were in development loans. $35,511,000 of loans were in multifamily mortgage loans. $571,853,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $6,241,000 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 332 $84,222 $253,681
    Nonfarm, nonresidential loans - <$100k 60 $2,378 $39,633
    Nonfarm, nonresidential loans - $100-250k 117 $16,419 $140,333
    Nonfarm, nonresidential loans - $250k-1MM 155 $65,425 $422,097
    Commercial & Industrial, US addressed loans - <$1MM 373 $22,986 $61,625
    Commercial & Industrial, US addressed loans - <$100k 256 $5,014 $19,586
    Commercial & Industrial, US addressed loans - $100-250k 68 $6,439 $94,691
    Commercial & Industrial, US addressed loans - $250k-1MM 49 $11,533 $235,367
    Farmland loans - <$1MM 4 $219 $54,750
    Farmland loans - <$100k 1 $49 $49,000
    Farmland loans - $100-250k 3 $170 $56,667