Cornerstone Bank Mortgage Rates, Fees & Info
Spencer, MALEI: 5493005DJAOTPGS83Z81
Tax ID: 04-1856390
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Bank Data
Review & Overview
Cornerstone Bank is a smaller bank specializing in Home Purchase and Refi loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Boston, Providence, Laconia, and Springfield among others. We have data for 12 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% | 11/17/24 |
| 30 Year Conventional Purchase | 5.88% | 11/17/24 |
| 30 Year Conventional Refi | 6.48% | 11/17/24 |
| 30 Year Cash-out Refi | 6.23% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.60% | 11/17/24 |
| 15 Year Conventional Refi | 5.80% | 11/17/24 |
| 15 Year Cash-out Refi | 5.80% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
421Origination Dollar Volume (All Markets)
$109,595,000Employee count
169Top 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) | 351 | $77,845,000 | $221,781 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 26 | $13,790,000 | $530,385 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 8 | $3,990,000 | $498,750 | $0 | 0.00% |
| Laconia, NH (FHA|USDA|VA) | 2 | $3,630,000 | $1,815,000 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 17 | $3,515,000 | $206,765 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 8 | $3,250,000 | $406,250 | $0 | 0.00% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $1,255,000 | $1,255,000 | $0 | 0.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $0 | 0.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $565,000 | $565,000 | $0 | 0.00% |
| Keene, NH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Cornerstone Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 421 | $109,595,000 | $260,321 | $0 | 0.00% |
For 2019, Cornerstone Bank's most frequently originated type of loan was Conventional, with 421 originations.
Loan Reason
For 2019, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 184 originations. The 2nd most popular reason was Refi, with 100 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 421 | $109,595,000 | $260,321 | $0 | 0.00% |
For 2019, Cornerstone Bank's most frequently cited loan duration was Other, with 421 originations.
Loan Sizing
2019 saw Cornerstone Bank place emphasis on $200k-400k loans with 157 originations, totaling $42,535,000 in origination value.
Applicant Income
Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 85 originations. The second most popular income band? $150k-250k, with 85 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 421 | $109,595,000 | $260,321 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 421 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.04%
Cornerstone Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.47%
Cornerstone Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 421 | $109,595,000 | $260,321 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 20 | $10,770,000 | $538,500 |
| Single Family (1-4 Units):Site-Built | 401 | $98,825,000 | $246,446 |
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 | 1073 Main Street Holden, MA 1520 | Full Service B&M | $33,595 |
| Cornerstone Bank | 121 South Main Street Leicester, MA 1524 | Full Service B&M | $40,998 |
| Cornerstone Bank | 176 Main Street Spencer, MA 1562 | Full Service B&M | $175,158 |
| Cornerstone Bank | 2 Center Depot Road Charlton, MA 1507 | Full Service B&M | $84,079 |
| Cornerstone Bank | 200 Charlton Road Sturbridge, MA 1566 | Full Service B&M | $67,805 |
| Cornerstone Bank | 230 Park Ave. Worcester, MA 1609 | Full Service B&M | $57,855 |
| Cornerstone Bank | 253 Main Street # 257 Southbridge, MA 1550 | Full Service B&M | $148,063 |
| Cornerstone Bank | 495 East Main Street Southbridge, MA 1550 | Full Service Retail | $22,047 |
| Cornerstone Bank | 70 West Boylston Street Worcester, MA 1606 | Full Service B&M | $55,145 |
| Cornerstone Bank | 86 Worcester Road Webster, MA 1570 | Full Service B&M | $40,825 |
| Cornerstone Bank | 93 Main St. Rutland, MA 1543 | Full Service B&M | $64,456 |
| Cornerstone Bank | 968 Main St. Warren, MA 1083 | Full Service B&M | $31,894 |
| Cornerstone Bank | Fair Shopping Center, Route 9 Spencer, MA 1562 | Full Service B&M | $56,644 |
For 2019, Cornerstone Bank had 13 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $44,051 |
| Net interest income | $32,170 |
| Total noninterest income | $8,228 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $2,490 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,738 |
| Pre-tax net operating income | $6,969 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $5,560 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,560 |
| Minority interest net income | $0 |
| Net income | $5,560 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,560 |
Cornerstone Bank's gross interest income from loans was $44,051,000.
Cornerstone Bank's net interest income from loans was $32,170,000.
Cornerstone Bank's fee based income from loans was $2,490,000.
Cornerstone Bank's net income from loans was $5,560,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $11,881 |
| Provision for credit losses | $288 |
| Total noninterest expense | $33,141 |
| Salaries and employee benefits | $19,818 |
| Premises and equipment expense | $2,875 |
| Additional noninterest expense | $10,448 |
| Applicable income taxes | $1,409 |
| Net charge-offs | $-528 |
| Cash dividends | $0 |
Cornerstone Bank's interest expense for loans was $11,881,000.
Cornerstone Bank's payroll and benefits expense were $19,818,000.
Cornerstone Bank's property, plant and equipment expenses $2,875,000.
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 | 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 | $916,122 |
| Deposits held in domestic offices | $916,122 |
| Deposits by Individuals, partnerships, and corporations | $859,167 |
| Deposits by U.S. Government | $20 |
| Deposits by States and political subdivisions in the U.S. | $10,868 |
| Deposits by Commercial banks and other depository institutions in U.S. | $46,067 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $94,222 |
| Demand deposits | $26,739 |
| Nontransaction accounts | $821,900 |
| Money market deposit accounts (MMDAs) | $165,152 |
| Other savings deposits (excluding MMDAs) | $344,668 |
| Total time deposits | $312,080 |
| Total time and savings deposits | $889,383 |
| Noninterest-bearing deposits | $102,186 |
| Interest-bearing deposits | $813,936 |
| Retail deposits | $805,650 |
| IRAs and Keogh plan accounts | $50,215 |
| Brokered deposits | $38,384 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,166,320 |
| Cash & Balances due from depository institutions | $20,857 |
| Interest-bearing balances | $4,575 |
| Total securities | $52,713 |
| Federal funds sold & reverse repurchase | $20,571 |
| Net loans and leases | $1,007,572 |
| Loan and leases loss allowance | $6,179 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $14,364 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $2,319 |
| All other assets | $47,924 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,166,320 |
| Total Liabilities | $1,046,919 |
| Total deposits | $916,122 |
| Interest-bearing deposits | $813,936 |
| Deposits held in domestic offices | $916,122 |
| % insured (estimated) | $81 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $112,922 |
| Subordinated debt | $0 |
| All other liabilities | $17,875 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,007,572 |
| Loan and leases loss allowance | $6,179 |
| Total loans and leases (domestic) | $1,013,751 |
| All real estate loans | $956,167 |
| Real estate loans in domestic offices | $956,167 |
| Construction and development loans | $25,210 |
| Residential 1-4 family construction | $15,742 |
| Other construction, all land development and other land | $9,468 |
| Loans secured by nonfarm nonresidential properties | $346,586 |
| Nonfarm nonresidential secured by owner-occupied properties | $111,848 |
| Commercial real estate & other non-farm, non-residential | $234,738 |
| Multifamily residential real estate | $47,205 |
| 1-4 family residential loans | $537,051 |
| Farmland loans | $115 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $48,592 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,203 |
| Credit card loans | $0 |
| Related Plans | $166 |
| Consumer Auto Loans | $4,373 |
| Other loans to individuals | $3,664 |
| All other loans & leases | $789 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $789 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $910 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $3,377 |
| Non 1-4 family restructured loans & leases | $273 |
| Total loans and leases (foreign) | $0 |
Cornerstone Bank had $1,007,572,000 of loans outstanding in 2019. $956,167,000 of loans were in real estate loans. $25,210,000 of loans were in development loans. $47,205,000 of loans were in multifamily mortgage loans. $537,051,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,373,000 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 | 329 | $82,591 | $251,036 |
| Nonfarm, nonresidential loans - <$100k | 56 | $2,491 | $44,482 |
| Nonfarm, nonresidential loans - $100-250k | 109 | $14,380 | $131,927 |
| Nonfarm, nonresidential loans - $250k-1MM | 164 | $65,720 | $400,732 |
| Commercial & Industrial, US addressed loans - <$1MM | 338 | $23,575 | $69,749 |
| Commercial & Industrial, US addressed loans - <$100k | 213 | $4,991 | $23,432 |
| Commercial & Industrial, US addressed loans - $100-250k | 69 | $6,519 | $94,478 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 56 | $12,065 | $215,446 |
| Farmland loans - <$1MM | 2 | $115 | $57,500 |
| Farmland loans - $100-250k | 2 | $115 | $57,500 |