Summit Funding Mortgage Rates, Fees & Info

Sacramento, CA

LEI: 5493008VVXQIDO1EZ460

Tax ID: 91-1780488

2020 Data | 2019 Data | 2018 Data


Overview

Summit Funding is a large mortgage company specializing in Home Purchase and Refi loans. Summit Funding has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Sacramento, Oakland, San Diego, Stockton, and Eugene among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Summit Funding is typically a high fee lendor.


Originations

25,437

Origination Dollar Volume (All Markets)

$7,709,485,000

Relative Rate

Summit Funding 's average 30 year fixed rate mortgage was 3.22%.

The 2020 average 30 year fixed rate mortgage across all markets was 3.36%.

This yields a difference of -0.14%.

Relative Fees

Summit Funding 's average total fees for a 30 year fixed rate mortgage are $6,535.

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 $5,021.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 19,668 $6,016,900,000 $305,923 $5,383 3.11%
FHA 3,699 $989,765,000 $267,576 $10,568 3.47%
VA 1,701 $630,325,000 $370,561 $7,937 3.08%
USDA 369 $72,495,000 $196,463 $7,101 3.33%

For the 2020 period, Summit Funding 's most frequently originated loan type was Conventional, with 19,668 originations. Their 2nd most popular type is FHA, with 3,699 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 14,091 $4,105,075,000 $291,326 $7,399 3.15%
Refi 8,111 $2,621,435,000 $323,195 $4,865 3.14%
Cash Out Refi 3,188 $970,700,000 $304,486 $5,984 3.30%
Other 47 $12,275,000 $261,170 $5,177 3.47%

For the 2020, Summit Funding 's most frequently cited loan purpose was Home Purchase, with 14,091 originations. The 2nd most popular reason was Refi, with 8,111 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 23,054 $7,195,750,000 $312,126 $6,536 3.22%
15 Year 1,280 $317,960,000 $248,406 $4,476 2.83%
20 Year 446 $121,410,000 $272,220 $4,511 3.17%
Other 230 $56,280,000 $244,696 $5,068 2.47%
3 Year 216 $1,920,000 $8,889 $0 0.08%
10 Year 205 $15,975,000 $77,927 $3,571 3.64%
5 Year 6 $190,000 $31,667 $0 1.50%

For the 2020, Summit Funding 's most frequently cited loan length was 30 Year, with 23,054 originations. The 2nd most popular length was 15 Year, with 1,280 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 8,035 $2,592,855,000 $322,695
$3k-4k 6,037 $1,786,745,000 $295,966
$2k-3k 4,421 $1,219,565,000 $275,857
$5k+ 3,571 $1,454,855,000 $407,408
$<1k 2,452 $422,760,000 $172,414

$6,535 was Summit Funding 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 8,035 originations.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1,810 $597,690,000 $330,215 $5,928 3.07%
Outside of Metro Areas 2,275 $563,135,000 $247,532 $6,437 3.21%
OAKLAND-BERKELEY-LIVERMORE, CA 1,092 $542,730,000 $497,005 $7,350 3.14%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 951 $451,435,000 $474,695 $6,378 3.12%
STOCKTON, CA 1,339 $420,915,000 $314,350 $7,336 3.04%
EUGENE-SPRINGFIELD, OR 1,213 $362,775,000 $299,073 $6,883 3.26%
CHICAGO-NAPERVILLE-EVANSTON, IL 878 $315,280,000 $359,089 $5,211 3.22%
DALLAS-PLANO-IRVING, TX 900 $293,690,000 $326,322 $8,000 3.22%
WARREN-TROY-FARMINGTON HILLS, MI 1,244 $288,340,000 $231,785 $4,531 3.36%
CHICO, CA 905 $283,175,000 $312,901 $4,712 3.28%
SANTA ROSA-PETALUMA, CA 557 $260,925,000 $468,447 $8,925 3.08%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 752 $224,300,000 $298,271 $6,559 3.08%
PHOENIX-MESA-CHANDLER, AZ 821 $211,855,000 $258,045 $5,728 3.20%
RENO, NV 681 $192,405,000 $282,533 $6,337 3.09%
CHARLOTTE-CONCORD-GASTONIA, NC-SC 760 $192,300,000 $253,026 $6,019 3.32%
TUCSON, AZ 827 $168,955,000 $204,299 $6,593 3.10%
SALINAS, CA 393 $166,385,000 $423,372 $5,963 3.10%
KENNEWICK-RICHLAND, WA 682 $148,050,000 $217,082 $6,721 2.73%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 434 $119,160,000 $274,562 $5,728 3.30%
LOS ANGELES-LONG BEACH-GLENDALE, CA 257 $114,725,000 $446,401 $7,051 3.13%
BOISE CITY, ID 442 $111,670,000 $252,647 $7,763 3.24%
VALLEJO, CA 299 $108,105,000 $361,555 $6,357 3.17%
CINCINNATI, OH-KY-IN 468 $83,780,000 $179,017 $7,113 3.43%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 244 $82,270,000 $337,172 $6,337 3.20%
DENVER-AURORA-LAKEWOOD, CO 243 $74,435,000 $306,317 $6,922 2.80%
KANSAS CITY, MO-KS 358 $73,820,000 $206,201 $4,988 3.04%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 140 $70,890,000 $506,357 $6,402 3.28%
MODESTO, CA 278 $69,380,000 $249,568 $7,048 2.92%
DETROIT-DEARBORN-LIVONIA, MI 358 $63,360,000 $176,983 $4,725 3.39%
BEND, OR 174 $59,770,000 $343,506 $7,417 3.22%
REDDING, CA 200 $52,850,000 $264,250 $6,305 3.28%
MERCED, CA 184 $50,880,000 $276,522 $6,992 3.12%
ANAHEIM-SANTA ANA-IRVINE, CA 91 $44,705,000 $491,264 $7,035 3.10%
SPOKANE-SPOKANE VALLEY, WA 194 $43,390,000 $223,660 $6,181 2.98%
CHATTANOOGA, TN-GA 210 $42,170,000 $200,810 $5,230 3.48%
AUSTIN-ROUND ROCK-GEORGETOWN, TX 130 $40,620,000 $312,462 $5,668 2.93%
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 69 $40,375,000 $585,145 $7,445 3.15%
FRESNO, CA 132 $37,270,000 $282,348 $4,265 3.00%
SAN RAFAEL, CA 54 $32,970,000 $610,556 $8,840 3.07%
SANTA CRUZ-WATSONVILLE, CA 64 $31,860,000 $497,813 $6,149 3.17%
BATON ROUGE, LA 165 $31,555,000 $191,242 $7,117 3.35%
BAKERSFIELD, CA 143 $30,775,000 $215,210 $6,780 2.84%
COEUR D'ALENE, ID 98 $28,890,000 $294,796 $6,890 3.16%
NEW ORLEANS-METAIRIE, LA 139 $27,855,000 $200,396 $7,013 3.27%
URBAN HONOLULU, HI 55 $27,585,000 $501,545 $8,253 3.13%
FORT WORTH-ARLINGTON-GRAPEVINE, TX 106 $27,560,000 $260,000 $7,380 3.13%
YUBA CITY, CA 105 $26,145,000 $249,000 $6,636 2.93%
LEWISTON, ID-WA 117 $23,335,000 $199,444 $7,378 3.30%
ALBANY-LEBANON, OR 59 $16,875,000 $286,017 $7,439 3.23%
NAPA, CA 35 $16,685,000 $476,714 $8,664 3.07%
MEDFORD, OR 52 $14,870,000 $285,962 $6,977 3.22%
LAKE COUNTY-KENOSHA COUNTY, IL-WI 40 $13,200,000 $330,000 $4,925 3.07%
FLINT, MI 77 $12,985,000 $168,636 $5,380 3.57%
SAN LUIS OBISPO-PASO ROBLES, CA 29 $11,955,000 $412,241 $5,552 3.20%
OXNARD-THOUSAND OAKS-VENTURA, CA 28 $11,920,000 $425,714 $5,784 3.13%
POCATELLO, ID 77 $11,895,000 $154,481 $8,023 3.36%
ANN ARBOR, MI 47 $11,825,000 $251,596 $4,532 3.40%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 45 $11,645,000 $258,778 $7,344 3.13%
IDAHO FALLS, ID 62 $11,310,000 $182,419 $9,153 3.04%
HICKORY-LENOIR-MORGANTON, NC 48 $10,620,000 $221,250 $5,299 3.47%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 44 $9,410,000 $213,864 $7,294 3.25%
SALEM, OR 27 $8,805,000 $326,111 $7,035 3.12%
LAS VEGAS-HENDERSON-PARADISE, NV 26 $7,750,000 $298,077 $5,903 3.33%
HAMMOND, LA 38 $7,090,000 $186,579 $6,053 3.40%
SEATTLE-BELLEVUE-KENT, WA 17 $7,005,000 $412,059 $6,015 3.27%
MADERA, CA 21 $5,795,000 $275,952 $5,277 3.25%
OLYMPIA-LACEY-TUMWATER, WA 23 $5,665,000 $246,304 $5,630 2.88%
VISALIA, CA 24 $5,500,000 $229,167 $4,819 3.20%
CORVALLIS, OR 16 $4,710,000 $294,375 $7,562 3.15%
CARSON CITY, NV 18 $4,680,000 $260,000 $6,421 2.87%
SANTA MARIA-SANTA BARBARA, CA 11 $4,535,000 $412,273 $4,202 3.36%
RALEIGH-CARY, NC 13 $4,275,000 $328,846 $6,653 3.23%
YAKIMA, WA 26 $4,260,000 $163,846 $7,838 2.48%
GRANTS PASS, OR 16 $4,230,000 $264,375 $7,496 3.15%
CLEVELAND, TN 23 $4,225,000 $183,696 $6,115 3.51%
MONROE, MI 23 $3,955,000 $171,957 $4,413 3.31%
DAYTON-KETTERING, OH 21 $3,815,000 $181,667 $5,870 3.38%
PRESCOTT VALLEY-PRESCOTT, AZ 13 $3,675,000 $282,692 $6,869 3.31%
GREELEY, CO 14 $3,670,000 $262,143 $7,726 3.04%
SAN ANTONIO-NEW BRAUNFELS, TX 13 $3,665,000 $281,923 $7,389 3.10%
CLARKSVILLE, TN-KY 18 $3,470,000 $192,778 $6,443 3.37%
SPARTANBURG, SC 17 $3,285,000 $193,235 $4,284 3.04%
TACOMA-LAKEWOOD, WA 11 $3,205,000 $291,364 $7,986 3.36%
ELGIN, IL 9 $3,005,000 $333,889 $5,060 3.07%
WALLA WALLA, WA 16 $3,000,000 $187,500 $6,626 3.03%
LAKE HAVASU CITY-KINGMAN, AZ 14 $2,840,000 $202,857 $4,882 3.34%
FLAGSTAFF, AZ 9 $2,835,000 $315,000 $7,455 3.18%
COLORADO SPRINGS, CO 8 $2,780,000 $347,500 $4,512 3.30%
TAMPA-ST. PETERSBURG-CLEARWATER, FL 9 $2,685,000 $298,333 $7,774 3.26%
KNOXVILLE, TN 10 $2,490,000 $249,000 $5,504 3.32%
BOULDER, CO 5 $2,305,000 $461,000 $8,538 2.65%
LANSING-EAST LANSING, MI 12 $2,270,000 $189,167 $5,945 3.46%
GREENVILLE-ANDERSON, SC 9 $2,195,000 $243,889 $5,151 2.90%
HANFORD-CORCORAN, CA 7 $2,145,000 $306,429 $4,319 3.32%
INDIANAPOLIS-CARMEL-ANDERSON, IN 6 $2,120,000 $353,333 $5,947 3.08%
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 3 $1,985,000 $661,667 $12,106 2.79%
GRAND RAPIDS-KENTWOOD, MI 7 $1,915,000 $273,571 $3,075 3.39%
GARY, IN 7 $1,885,000 $269,286 $4,623 3.30%
WINSTON-SALEM, NC 9 $1,845,000 $205,000 $5,592 3.30%
ST. LOUIS, MO-IL 5 $1,765,000 $353,000 $4,039 3.20%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 8 $1,710,000 $213,750 $3,813 3.36%
MOUNT VERNON-ANACORTES, WA 6 $1,710,000 $285,000 $8,291 2.56%
SIERRA VISTA-DOUGLAS, AZ 11 $1,675,000 $152,273 $6,995 2.99%
DALTON, GA 7 $1,595,000 $227,857 $6,419 3.55%
AKRON, OH 5 $1,595,000 $319,000 $3,891 3.35%
BELLINGHAM, WA 5 $1,575,000 $315,000 $7,942 3.48%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 9 $1,435,000 $159,444 $6,431 5.12%
HUNTSVILLE, AL 6 $1,400,000 $233,333 $5,372 3.46%
ASHEVILLE, NC 4 $1,350,000 $337,500 $4,677 3.47%
KILLEEN-TEMPLE, TX 8 $1,310,000 $163,750 $4,881 3.44%
TYLER, TX 5 $1,195,000 $239,000 $5,641 3.02%
WILMINGTON, NC 3 $1,175,000 $391,667 $9,781 3.21%
HILTON HEAD ISLAND-BLUFFTON, SC 4 $1,160,000 $290,000 $5,368 3.12%
COLLEGE STATION-BRYAN, TX 4 $1,140,000 $285,000 $6,136 3.03%
SAGINAW, MI 6 $1,080,000 $180,000 $4,297 3.52%
EL CENTRO, CA 4 $1,060,000 $265,000 $3,815 3.15%
LONGVIEW, WA 4 $1,060,000 $265,000 $5,672 3.09%
WACO, TX 4 $1,010,000 $252,500 $5,435 3.22%
TULSA, OK 4 $1,000,000 $250,000 $6,502 3.72%
SALT LAKE CITY, UT 3 $975,000 $325,000 $9,218 3.04%
JACKSON, MI 5 $965,000 $193,000 $5,446 3.40%
COLUMBUS, OH 5 $915,000 $183,000 $5,553 3.55%
MANKATO, MN 2 $890,000 $445,000 $6,747 3.75%
LUBBOCK, TX 4 $860,000 $215,000 $5,938 3.37%
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $840,000 $420,000 $6,509 3.06%
MADISON, WI 2 $830,000 $415,000 $8,507 3.50%
GREENSBORO-HIGH POINT, NC 3 $795,000 $265,000 $5,825 3.25%
LOGAN, UT-ID 4 $740,000 $185,000 $9,816 3.63%
SHERMAN-DENISON, TX 3 $705,000 $235,000 $11,487 3.21%
MIDLAND, MI 2 $670,000 $335,000 $2,913 3.18%
JACKSON, TN 3 $655,000 $218,333 $4,173 3.21%
TUSCALOOSA, AL 3 $605,000 $201,667 $7,386 4.42%
ORLANDO-KISSIMMEE-SANFORD, FL 2 $560,000 $280,000 $7,544 2.81%
KAHULUI-WAILUKU-LAHAINA, HI 1 $545,000 $545,000 $6,845 2.88%
MEMPHIS, TN-MS-AR 3 $525,000 $175,000 $5,715 3.63%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 2 $520,000 $260,000 $7,839 3.13%
MIAMI-MIAMI BEACH-KENDALL, FL 1 $515,000 $515,000 $7,667 2.88%
CHARLOTTESVILLE, VA 2 $510,000 $255,000 $4,443 2.56%
ST. JOSEPH, MO-KS 2 $500,000 $250,000 $4,447 3.25%
NORTH PORT-SARASOTA-BRADENTON, FL 2 $490,000 $245,000 $3,821 3.50%
CHARLESTON-NORTH CHARLESTON, SC 1 $485,000 $485,000 $17,985 2.88%
FORT COLLINS, CO 1 $475,000 $475,000 $5,317 2.88%
BEAUMONT-PORT ARTHUR, TX 3 $475,000 $158,333 $7,186 3.21%
FAYETTEVILLE, NC 2 $470,000 $235,000 $9,988 3.44%
BAY CITY, MI 4 $460,000 $115,000 $4,094 3.40%
OGDEN-CLEARFIELD, UT 1 $455,000 $455,000 $4,982 2.88%
WENATCHEE, WA 1 $415,000 $415,000 $6,539 3.50%
KINGSPORT-BRISTOL, TN-VA 1 $415,000 $415,000 $14,521 2.75%
HOUMA-THIBODAUX, LA 2 $410,000 $205,000 $5,269 3.31%
TOLEDO, OH 3 $405,000 $135,000 $4,150 3.37%
PEORIA, IL 1 $395,000 $395,000 $1,460 2.75%
DES MOINES-WEST DES MOINES, IA 3 $385,000 $128,333 $2,295 4.08%
COLUMBIA, SC 3 $375,000 $125,000 $4,558 4.25%
ALBANY, GA 1 $365,000 $365,000 $2,407 2.88%
OMAHA-COUNCIL BLUFFS, NE-IA 1 $365,000 $365,000 $4,511 2.99%
EL PASO, TX 2 $350,000 $175,000 $5,431 3.06%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 2 $310,000 $155,000 $2,841 3.63%
GRAND JUNCTION, CO 1 $305,000 $305,000 $0 2.75%
LEXINGTON-FAYETTE, KY 1 $305,000 $305,000 $3,799 2.99%
LAKELAND-WINTER HAVEN, FL 1 $285,000 $285,000 $5,162 2.75%
ATHENS-CLARKE COUNTY, GA 1 $275,000 $275,000 $3,733 4.00%
PENSACOLA-FERRY PASS-BRENT, FL 1 $275,000 $275,000 $7,016 2.88%
LOUISVILLE/JEFFERSON COUNTY, KY-IN 1 $275,000 $275,000 $3,645 3.50%
BIRMINGHAM-HOOVER, AL 1 $275,000 $275,000 $2,949 2.88%
MUSKEGON, MI 1 $265,000 $265,000 $3,815 3.38%
MICHIGAN CITY-LA PORTE, IN 1 $255,000 $255,000 $3,047 2.99%
SANTA FE, NM 1 $255,000 $255,000 $5,267 2.99%
CAPE CORAL-FORT MYERS, FL 2 $250,000 $125,000 $5,266 3.19%
KALAMAZOO-PORTAGE, MI 1 $245,000 $245,000 $0 4.25%
PROVO-OREM, UT 1 $245,000 $245,000 $7,504 2.99%
RICHMOND, VA 1 $235,000 $235,000 $3,529 4.38%
ALBUQUERQUE, NM 1 $235,000 $235,000 $3,702 3.50%
TOPEKA, KS 1 $235,000 $235,000 $6,129 3.99%
STAUNTON, VA 1 $215,000 $215,000 $2,869 2.88%
DURHAM-CHAPEL HILL, NC 1 $205,000 $205,000 $4,134 3.88%
NILES, MI 1 $205,000 $205,000 $3,224 2.99%
PUNTA GORDA, FL 1 $205,000 $205,000 $8,015 2.75%
MACON-BIBB COUNTY, GA 1 $205,000 $205,000 $4,028 2.99%
ABILENE, TX 1 $195,000 $195,000 $7,385 2.99%
AMARILLO, TX 1 $185,000 $185,000 $7,772 3.63%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 1 $185,000 $185,000 $3,829 3.00%
AMES, IA 1 $175,000 $175,000 $3,599 2.99%
CORPUS CHRISTI, TX 1 $175,000 $175,000 $5,072 3.13%
SPRINGFIELD, MO 1 $175,000 $175,000 $4,677 2.88%
ENID, OK 1 $175,000 $175,000 $10,433 3.13%
GAINESVILLE, GA 1 $165,000 $165,000 $3,179 2.88%
SAVANNAH, GA 1 $165,000 $165,000 $5,763 3.75%
CHAMPAIGN-URBANA, IL 1 $155,000 $155,000 $6,634 3.50%
NEW BERN, NC 1 $155,000 $155,000 $6,505 3.13%
MCALLEN-EDINBURG-MISSION, TX 1 $155,000 $155,000 $0 2.88%
BATTLE CREEK, MI 1 $155,000 $155,000 $8,478 3.75%
TWIN FALLS, ID 1 $145,000 $145,000 $6,090 3.50%
YUMA, AZ 1 $145,000 $145,000 $7,803 3.75%
LAFAYETTE-WEST LAFAYETTE, IN 1 $85,000 $85,000 $3,561 3.25%
DOTHAN, AL 1 $75,000 $75,000 $3,132 3.75%
SOUTH BEND-MISHAWAKA, IN-MI 1 $75,000 $75,000 $3,147 3.88%
LAFAYETTE, LA 2 $60,000 $30,000 $4,077 5.50%
Outside of Metro Areas 1 $5,000 $5,000 $0 0.00%

Summit Funding 's top markets include Sacramento, Oakland, San Diego, Stockton, and Eugene among others.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 12,250 $3,758,240,000 $306,795
2.5-3% 9,555 $3,206,265,000 $335,559
<2.5% 1,887 $328,805,000 $174,247
4-5% 1,544 $379,100,000 $245,531
5-6% 180 $36,810,000 $204,500
7-8% 20 $170,000 $8,500
Over 8% 1 $95,000 $95,000

During 2020, Summit Funding 's average interest rate was 3.22%, while their most frequently originated rate bucket was 3-4%, with 12,250 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 12,964 $3,767,440,000 $290,608 $6,320 3.26%
$100k-200k 4,952 $785,750,000 $158,673 $5,017 3.38%
$400k-600k 4,851 $2,306,255,000 $475,418 $7,182 3.18%
$100,000 or less 1,593 $48,225,000 $30,273 $3,851 1.75%
$600k-1MM 1,002 $704,550,000 $703,144 $9,589 3.15%
$1MM+ 75 $97,265,000 $1,296,867 $16,110 3.25%

2020 saw Summit Funding place emphasis on $200k-400k loans with 12,964 originations, totaling $3,767,440,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 5,807 $1,318,855,000 $227,115 $6,416 3.15%
$100k-150k 5,713 $1,973,595,000 $345,457 $6,517 3.18%
$75k-100k 4,935 $1,400,925,000 $283,875 $6,553 3.15%
$150k-250k 3,649 $1,561,655,000 $427,968 $6,573 3.21%
$50k or less 3,171 $517,075,000 $163,064 $5,606 3.20%
$250k+ 1,157 $588,555,000 $508,691 $6,958 3.24%

Summit Funding lent most frequently to those with incomes in the $50k-75k range, with 5,807 originations. The second most popular income band? $100k-150k, with 5,713 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 4,676 $1,404,490,000 $300,361 $5,439 3.12%
30-36% 4,502 $1,370,970,000 $304,525 $6,055 3.15%
<20% 1,568 $454,570,000 $289,904 $4,785 2.99%
44% 1,302 $381,390,000 $292,926 $6,826 3.28%
50-60% 1,275 $383,675,000 $300,922 $10,550 3.24%
43% 1,141 $334,495,000 $293,160 $6,689 3.25%
42% 1,061 $319,005,000 $300,664 $6,613 3.21%
41% 1,025 $310,845,000 $303,263 $6,831 3.22%
40% 990 $301,730,000 $304,778 $6,522 3.20%
38% 946 $282,990,000 $299,144 $6,288 3.14%
39% 925 $276,405,000 $298,816 $6,433 3.14%
37% 882 $265,440,000 $300,952 $6,167 3.18%
49% 849 $264,205,000 $311,196 $7,068 3.26%
36% 821 $250,795,000 $305,475 $6,449 3.17%
45% 707 $217,115,000 $307,093 $6,698 3.24%
48% 688 $214,220,000 $311,366 $6,850 3.29%
47% 652 $196,460,000 $301,319 $6,755 3.26%
46% 636 $201,960,000 $317,547 $6,657 3.18%
>60% 37 $12,795,000 $345,811 $7,619 3.24%

Summit Funding lent most frequently to those with DTI ratios of 20-30%, with 4,676 originations. The next most common DTI ratio? 30-36%, with 4,502 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 20,522 $6,145,170,000 $299,443 $6,204 3.17%
Not provided 2,313 $762,135,000 $329,501 $7,121 3.07%
Asian 1,025 $377,635,000 $368,424 $6,633 3.13%
Black 1,244 $315,530,000 $253,641 $7,263 3.29%
American Indian 171 $48,545,000 $283,889 $7,517 3.10%
Native Hawaiian 78 $28,090,000 $360,128 $7,692 3.04%
Asian Indian 26 $11,200,000 $430,769 $7,419 3.20%
Other Asian 18 $6,980,000 $387,778 $7,327 3.43%
Filipino 17 $6,345,000 $373,235 $6,939 3.11%
Chinese 7 $2,395,000 $342,143 $6,627 3.18%
Japanese 6 $1,960,000 $326,667 $5,357 3.27%
Vietnamese 3 $1,255,000 $418,333 $6,656 2.96%
Korean 2 $710,000 $355,000 $3,269 2.88%
Native Hawiian 2 $670,000 $335,000 $2,623 3.12%
Samoan 1 $455,000 $455,000 $4,761 2.99%
Other Pacific Islander 2 $410,000 $205,000 $3,094 3.31%

Approval Rates

Total approvals of all applications
96.23%

Summit Funding 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
74.94%

Summit Funding has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 25,437 $7,709,485,000 $303,082

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 473 $91,405,000 $193,245
Single Family (1-4 Units):Site-Built 24,964 $7,618,080,000 $305,163

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 902 $202,560,000 $224,568 $4,289 3.04%
40-60% 2,967 $909,895,000 $306,672 $4,631 3.09%
60-80% 7,615 $2,577,245,000 $338,443 $5,450 3.26%
80-100% 11,887 $3,660,725,000 $307,960 $7,310 3.36%
Over 100% 331 $129,885,000 $392,402 $14,278 3.16%
Under 20% 1,173 $19,935,000 $16,995 $3,084 1.05%