Summit Funding Mortgage Rates, Fees & Info

Sacramento, CA

LEI: 5493008VVXQIDO1EZ460

Tax ID: 91-1780488

1 stars - out of 5 stars, based on 100 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Summit Funding is a mid-sized mortgage company specializing in Home Purchase 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 by origination volume include: Sacramento, Eugene, San Diego, Stockton, and Kansas City among others. We have data for 282 markets. (Some data included below & more in-depth data is available with an active subscription.)

Summit Funding has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Summit Funding is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 5/28/23
30 Year Conventional Purchase 6.65% 5/28/23
30 Year Conventional Refi 6.71% 5/28/23
30 Year Cash-out Refi 6.97% 5/28/23
30 Year FHA Purchase 7.77% 5/28/23
30 Year FHA Refi 7.48% 5/28/23
30 Year VA Purchase 6.56% 5/28/23
30 Year VA Refi 6.23% 5/28/23
30 Year USDA Purchase 7.01% 5/28/23
15 Year Conventional Purchase 6.57% 5/28/23
15 Year Conventional Refi 6.31% 5/28/23
15 Year Cash-out Refi 6.31% 5/28/23
15 Year FHA Purchase 5.68% 5/28/23
15 Year VA Purchase 5.68% 5/28/23
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.

Summit Funding Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Summit Funding. 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

10,045

Origination Dollar Volume (All Markets)

$3,447,465,000

Awards

SUMMIT FUNDING FHA Loans gold SUMMIT FUNDING FHA Loans gold SUMMIT FUNDING 30 Year Conventional Loans bronze SUMMIT FUNDING 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Summit Funding's average 30 year fixed mortgage rate was 4.9%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.14%.

Relative Fees (Closing Costs)

Summit Funding's average total fees/closing costs for a 30 year fixed rate mortgage were $10,093.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 689 $262,265,000 $380,646 $9,814 4.46%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 666 $244,750,000 $367,492 $10,359 5.16%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 313 $198,545,000 $634,329 $13,126 4.76%
STOCKTON, CA (FHA|USDA|VA) 522 $190,350,000 $364,655 $11,073 4.54%
KANSAS CITY, MO-KS (FHA|USDA|VA) 653 $173,435,000 $265,597 $5,473 5.46%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 181 $115,925,000 $640,470 $11,873 4.54%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 285 $102,195,000 $358,579 $10,763 4.74%
RENO, NV (FHA|USDA|VA) 254 $94,840,000 $373,386 $10,876 4.85%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 218 $91,920,000 $421,651 $12,586 4.39%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 160 $91,500,000 $571,875 $12,949 4.90%
Outside of Metro Areas 340 $86,550,000 $254,559 $9,081 5.03%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 229 $86,345,000 $377,052 $7,993 5.13%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 314 $82,440,000 $262,548 $9,552 4.29%
BOISE CITY, ID (FHA|USDA|VA) 220 $79,880,000 $363,091 $11,780 4.92%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 211 $76,725,000 $363,626 $11,320 4.44%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 233 $75,715,000 $324,957 $10,611 4.13%
BAKERSFIELD, CA (FHA|USDA|VA) 232 $58,260,000 $251,121 $10,489 4.07%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 238 $54,480,000 $228,908 $7,758 5.30%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 125 $51,275,000 $410,200 $10,703 4.92%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 86 $49,660,000 $577,442 $12,487 4.59%
REDDING, CA (FHA|USDA|VA) 150 $44,320,000 $295,467 $9,158 4.84%
Klamath Falls, OR (FHA|USDA|VA) 153 $43,195,000 $282,320 $9,121 5.02%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 139 $42,665,000 $306,942 $9,670 4.92%
SALINAS, CA (FHA|USDA|VA) 79 $42,255,000 $534,873 $10,927 4.86%
CHICO, CA (FHA|USDA|VA) 120 $42,010,000 $350,083 $7,656 3.89%
MODESTO, CA (FHA|USDA|VA) 126 $41,900,000 $332,540 $9,922 4.39%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 98 $41,500,000 $423,469 $11,042 5.05%
BEND, OR (FHA|USDA|VA) 72 $40,670,000 $564,861 $12,280 4.98%
ALBANY-LEBANON, OR (FHA|USDA|VA) 104 $33,610,000 $323,173 $12,033 5.23%
Centralia, WA (FHA|USDA|VA) 114 $32,880,000 $288,421 $9,437 4.92%
LEWISTON, ID-WA (FHA|USDA|VA) 125 $31,435,000 $251,480 $10,211 4.86%
Fernley, NV (FHA|USDA|VA) 97 $28,835,000 $297,268 $11,435 4.68%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 102 $28,310,000 $277,549 $11,884 5.14%
VALLEJO, CA (FHA|USDA|VA) 53 $25,965,000 $489,906 $13,734 5.04%
MERCED, CA (FHA|USDA|VA) 78 $25,130,000 $322,179 $10,522 4.47%
Eureka-Arcata, CA (FHA|USDA|VA) 66 $25,120,000 $380,606 $10,438 5.28%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 139 $24,845,000 $178,741 $9,652 3.84%
Roseburg, OR (FHA|USDA|VA) 83 $23,365,000 $281,506 $9,777 5.00%
Red Bluff, CA (FHA|USDA|VA) 87 $23,225,000 $266,954 $9,050 4.81%
BATON ROUGE, LA (FHA|USDA|VA) 141 $22,475,000 $159,397 $10,434 3.72%
FRESNO, CA (FHA|USDA|VA) 63 $21,805,000 $346,111 $8,149 4.06%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 51 $16,245,000 $318,529 $9,051 4.96%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 28 $15,020,000 $536,429 $12,623 4.53%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 23 $14,555,000 $632,826 $10,625 5.10%
YUBA CITY, CA (FHA|USDA|VA) 39 $12,695,000 $325,513 $12,636 4.44%
SALEM, OR (FHA|USDA|VA) 35 $11,755,000 $335,857 $10,666 4.88%
MEDFORD, OR (FHA|USDA|VA) 35 $11,595,000 $331,286 $10,736 4.57%
YAKIMA, WA (FHA|USDA|VA) 48 $11,460,000 $238,750 $9,504 4.60%
HUNTSVILLE, AL (FHA|USDA|VA) 37 $10,875,000 $293,919 $8,096 5.29%
GREELEY, CO (FHA|USDA|VA) 43 $10,815,000 $251,512 $11,299 3.52%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 23 $10,465,000 $455,000 $12,086 4.57%
POCATELLO, ID (FHA|USDA|VA) 51 $9,945,000 $195,000 $8,698 4.65%
TUCSON, AZ (FHA|USDA|VA) 36 $9,920,000 $275,556 $8,243 4.81%
FLORENCE, SC (FHA|USDA|VA) 60 $9,810,000 $163,500 $9,855 3.54%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 27 $9,085,000 $336,481 $7,388 5.27%
IDAHO FALLS, ID (FHA|USDA|VA) 35 $8,975,000 $256,429 $12,082 5.20%
Susanville, CA (FHA|USDA|VA) 40 $8,750,000 $218,750 $9,479 4.60%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 25 $8,225,000 $329,000 $9,930 4.02%
Crescent City, CA (FHA|USDA|VA) 31 $8,145,000 $262,742 $9,289 4.68%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 39 $8,055,000 $206,538 $8,318 4.95%
MADERA, CA (FHA|USDA|VA) 17 $7,565,000 $445,000 $7,338 4.59%
URBAN HONOLULU, HI (FHA|USDA|VA) 10 $7,530,000 $753,000 $12,783 4.55%
Outside of Metro Areas 19 $7,005,000 $368,684 $11,246 5.72%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 22 $6,890,000 $313,182 $10,539 5.04%
Fallon, NV (FHA|USDA|VA) 26 $6,810,000 $261,923 $10,070 5.05%
CARSON CITY, NV (FHA|USDA|VA) 18 $6,710,000 $372,778 $12,005 5.39%
Astoria, OR (FHA|USDA|VA) 15 $6,535,000 $435,667 $9,975 4.77%
SPARTANBURG, SC (FHA|USDA|VA) 26 $6,420,000 $246,923 $6,545 4.93%
HAMMOND, LA (FHA|USDA|VA) 31 $6,115,000 $197,258 $9,419 4.20%
CORVALLIS, OR (FHA|USDA|VA) 14 $5,040,000 $360,000 $9,743 4.76%
Clearlake, CA (FHA|USDA|VA) 23 $5,025,000 $218,478 $10,536 4.67%
NAPA, CA (FHA|USDA|VA) 7 $4,985,000 $712,143 $13,263 4.80%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 18 $4,980,000 $276,667 $8,404 4.83%
Moscow, ID (FHA|USDA|VA) 16 $4,810,000 $300,625 $9,647 5.36%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 7 $4,375,000 $625,000 $13,738 5.16%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 7 $4,215,000 $602,143 $10,948 5.18%
COLORADO SPRINGS, CO (FHA|USDA|VA) 11 $4,155,000 $377,727 $11,020 4.59%
COLUMBUS, OH (FHA|USDA|VA) 13 $4,065,000 $312,692 $8,953 6.89%
DALTON, GA (FHA|USDA|VA) 19 $3,985,000 $209,737 $8,674 5.85%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 19 $3,975,000 $209,211 $8,812 5.03%
GRANTS PASS, OR (FHA|USDA|VA) 12 $3,760,000 $313,333 $9,820 5.30%
Newport, OR (FHA|USDA|VA) 11 $3,645,000 $331,364 $9,932 5.10%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 22 $3,520,000 $160,000 $6,184 4.01%
FORT COLLINS, CO (FHA|USDA|VA) 9 $3,265,000 $362,778 $11,097 5.08%
Gardnerville Ranchos, NV (FHA|USDA|VA) 4 $3,160,000 $790,000 $10,040 5.69%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 12 $3,080,000 $256,667 $8,961 4.50%
SHERMAN-DENISON, TX (FHA|USDA|VA) 9 $3,025,000 $336,111 $12,992 5.04%
Winnemucca, NV (FHA|USDA|VA) 12 $3,020,000 $251,667 $11,294 4.10%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $2,840,000 $473,333 $7,007 4.77%
BELLINGHAM, WA (FHA|USDA|VA) 9 $2,775,000 $308,333 $12,044 4.96%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 8 $2,610,000 $326,250 $11,991 4.98%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 8 $2,560,000 $320,000 $9,638 4.33%
ALBUQUERQUE, NM (FHA|USDA|VA) 7 $2,535,000 $362,143 $9,061 6.38%
Moses Lake, WA (FHA|USDA|VA) 16 $2,500,000 $156,250 $9,668 3.41%
ST. JOSEPH, MO-KS (FHA|USDA|VA) 9 $2,405,000 $267,222 $4,799 5.82%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 7 $2,355,000 $336,429 $13,821 4.77%
Heber, UT (FHA|USDA|VA) 2 $2,350,000 $1,175,000 $16,868 4.19%
VISALIA, CA (FHA|USDA|VA) 9 $2,245,000 $249,444 $8,954 3.65%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 4 $2,220,000 $555,000 $14,141 5.06%
Oak Harbor, WA (FHA|USDA|VA) 9 $2,195,000 $243,889 $8,230 4.55%
KNOXVILLE, TN (FHA|USDA|VA) 10 $2,190,000 $219,000 $8,002 4.80%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $2,190,000 $365,000 $4,855 6.00%
SALT LAKE CITY, UT (FHA|USDA|VA) 4 $2,180,000 $545,000 $12,245 5.25%
Ukiah, CA (FHA|USDA|VA) 6 $2,090,000 $348,333 $21,229 4.17%
CLEVELAND, TN (FHA|USDA|VA) 10 $2,070,000 $207,000 $7,631 4.95%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 7 $2,045,000 $292,143 $4,528 5.36%
CORPUS CHRISTI, TX (FHA|USDA|VA) 4 $2,040,000 $510,000 $12,419 4.53%
Brookings, OR (FHA|USDA|VA) 5 $2,005,000 $401,000 $8,463 4.33%
Warrensburg, MO (FHA|USDA|VA) 8 $2,000,000 $250,000 $6,870 5.56%
TWIN FALLS, ID (FHA|USDA|VA) 10 $1,970,000 $197,000 $8,657 5.56%
Aberdeen, WA (FHA|USDA|VA) 8 $1,860,000 $232,500 $10,576 4.42%
BOULDER, CO (FHA|USDA|VA) 4 $1,830,000 $457,500 $6,912 5.50%
Coos Bay, OR (FHA|USDA|VA) 5 $1,785,000 $357,000 $7,412 5.37%
Shelton, WA (FHA|USDA|VA) 6 $1,760,000 $293,333 $8,197 4.52%
Truckee-Grass Valley, CA (FHA|USDA|VA) 5 $1,745,000 $349,000 $8,403 5.05%
YUMA, AZ (FHA|USDA|VA) 6 $1,740,000 $290,000 $11,433 5.19%
LONGVIEW, WA (FHA|USDA|VA) 8 $1,680,000 $210,000 $7,285 4.84%
WACO, TX (FHA|USDA|VA) 4 $1,650,000 $412,500 $17,057 4.75%
Pullman, WA (FHA|USDA|VA) 9 $1,585,000 $176,111 $6,427 4.54%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $1,515,000 $303,000 $9,412 5.30%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,450,000 $362,500 $8,474 4.97%
WENATCHEE, WA (FHA|USDA|VA) 5 $1,425,000 $285,000 $7,252 3.35%
COLUMBIA, SC (FHA|USDA|VA) 7 $1,415,000 $202,143 $8,830 4.84%
GAINESVILLE, GA (FHA|USDA|VA) 5 $1,405,000 $281,000 $10,024 5.20%
Kapaa, HI (FHA|USDA|VA) 3 $1,365,000 $455,000 $4,191 5.25%
Mountain Home, ID (FHA|USDA|VA) 5 $1,345,000 $269,000 $9,568 5.70%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 9 $1,315,000 $146,111 $6,619 5.12%
Ontario, OR-ID (FHA|USDA|VA) 4 $1,280,000 $320,000 $11,314 5.47%
Jackson, WY-ID (FHA|USDA|VA) 4 $1,270,000 $317,500 $11,381 5.91%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $1,200,000 $600,000 $17,595 5.00%
Prineville, OR (FHA|USDA|VA) 4 $1,180,000 $295,000 $5,045 6.16%
SALISBURY, MD-DE (FHA|USDA|VA) 4 $1,170,000 $292,500 $8,887 4.47%
WALLA WALLA, WA (FHA|USDA|VA) 3 $1,155,000 $385,000 $11,922 5.67%
SPRINGFIELD, MO (FHA|USDA|VA) 4 $1,120,000 $280,000 $6,795 5.75%
La Grande, OR (FHA|USDA|VA) 4 $1,110,000 $277,500 $9,685 5.22%
WICHITA, KS (FHA|USDA|VA) 3 $1,105,000 $368,333 $15,896 5.21%
SAVANNAH, GA (FHA|USDA|VA) 3 $1,105,000 $368,333 $13,350 5.29%
FLAGSTAFF, AZ (FHA|USDA|VA) 4 $1,090,000 $272,500 $8,902 4.94%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $1,060,000 $265,000 $11,337 4.75%
Gillette, WY (FHA|USDA|VA) 2 $1,050,000 $525,000 $15,096 7.19%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 2 $1,040,000 $520,000 $4,142 5.31%
WILMINGTON, NC (FHA|USDA|VA) 2 $980,000 $490,000 $4,954 4.31%
LAWRENCE, KS (FHA|USDA|VA) 5 $955,000 $191,000 $4,990 5.28%
Dublin, GA (FHA|USDA|VA) 5 $955,000 $191,000 $8,932 5.15%
LOGAN, UT-ID (FHA|USDA|VA) 4 $950,000 $237,500 $0 4.47%
Rexburg, ID (FHA|USDA|VA) 5 $945,000 $189,000 $8,825 4.68%
Jefferson, GA (FHA|USDA|VA) 2 $940,000 $470,000 $2,813 4.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $925,000 $308,333 $5,290 4.83%
Summerville, GA (FHA|USDA|VA) 6 $870,000 $145,000 $6,848 5.90%
Fort Morgan, CO (FHA|USDA|VA) 6 $860,000 $143,333 $0 3.02%
Payson, AZ (FHA|USDA|VA) 3 $835,000 $278,333 $8,676 5.00%
Hilo, HI (FHA|USDA|VA) 1 $805,000 $805,000 $37,075 2.75%
CHEYENNE, WY (FHA|USDA|VA) 1 $795,000 $795,000 $32,872 4.75%
Sandpoint, ID (FHA|USDA|VA) 3 $795,000 $265,000 $19,225 6.21%
LAFAYETTE, LA (FHA|USDA|VA) 5 $785,000 $157,000 $9,970 2.90%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $780,000 $390,000 $13,084 4.63%
LUBBOCK, TX (FHA|USDA|VA) 2 $770,000 $385,000 $8,951 4.50%
OCALA, FL (FHA|USDA|VA) 2 $740,000 $370,000 $13,958 4.31%
PROVO-OREM, UT (FHA|USDA|VA) 2 $730,000 $365,000 $9,321 5.37%
Bozeman, MT (FHA|USDA|VA) 1 $725,000 $725,000 $13,368 4.25%
Hermiston-Pendleton, OR (FHA|USDA|VA) 3 $715,000 $238,333 $9,284 5.29%
FLINT, MI (FHA|USDA|VA) 5 $705,000 $141,000 $7,029 4.60%
Elko, NV (FHA|USDA|VA) 2 $680,000 $340,000 $5,296 5.50%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 3 $675,000 $225,000 $5,276 4.58%
Blackfoot, ID (FHA|USDA|VA) 4 $670,000 $167,500 $5,769 6.13%
Ottawa, KS (FHA|USDA|VA) 3 $665,000 $221,667 $8,726 6.08%
Cañon City, CO (FHA|USDA|VA) 1 $665,000 $665,000 $36,987 5.00%
EL CENTRO, CA (FHA|USDA|VA) 2 $660,000 $330,000 $6,454 4.93%
Picayune, MS (FHA|USDA|VA) 3 $655,000 $218,333 $9,746 5.29%
Othello, WA (FHA|USDA|VA) 5 $655,000 $131,000 $8,962 3.25%
Craig, CO (FHA|USDA|VA) 3 $645,000 $215,000 $6,326 3.67%
Key West, FL (FHA|USDA|VA) 1 $645,000 $645,000 $16,994 5.99%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $640,000 $320,000 $8,060 4.81%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $635,000 $635,000 $6,782 5.75%
Stephenville, TX (FHA|USDA|VA) 2 $630,000 $315,000 $11,525 6.81%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 5 $625,000 $125,000 $8,046 5.58%
The Dalles, OR (FHA|USDA|VA) 2 $590,000 $295,000 $11,074 3.81%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $580,000 $290,000 $7,530 4.38%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $550,000 $275,000 $3,937 5.69%
TULSA, OK (FHA|USDA|VA) 2 $530,000 $265,000 $8,023 5.68%
COLUMBUS, IN (FHA|USDA|VA) 1 $525,000 $525,000 $13,862 3.63%
SUMTER, SC (FHA|USDA|VA) 3 $525,000 $175,000 $5,825 3.67%
Scottsboro, AL (FHA|USDA|VA) 2 $520,000 $260,000 $6,075 4.69%
TYLER, TX (FHA|USDA|VA) 1 $505,000 $505,000 $20,228 2.88%
Silver City, NM (FHA|USDA|VA) 1 $505,000 $505,000 $25,815 5.99%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $495,000 $495,000 $21,700 6.00%
JACKSON, MS (FHA|USDA|VA) 2 $490,000 $245,000 $12,786 5.94%
Port Angeles, WA (FHA|USDA|VA) 1 $465,000 $465,000 $9,510 3.38%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $445,000 $445,000 $2,880 3.75%
Kearney, NE (FHA|USDA|VA) 1 $445,000 $445,000 $3,061 3.38%
COLUMBIA, MO (FHA|USDA|VA) 2 $440,000 $220,000 $7,749 4.50%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $435,000 $435,000 $19,030 4.38%
Del Rio, TX (FHA|USDA|VA) 2 $430,000 $215,000 $7,638 5.06%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $430,000 $215,000 $8,783 5.19%
DECATUR, AL (FHA|USDA|VA) 2 $430,000 $215,000 $9,292 7.25%
Bonham, TX (FHA|USDA|VA) 2 $430,000 $215,000 $7,119 5.18%
ROANOKE, VA (FHA|USDA|VA) 1 $425,000 $425,000 $4,104 3.88%
Breckenridge, CO (FHA|USDA|VA) 1 $425,000 $425,000 $7,555 5.88%
PUEBLO, CO (FHA|USDA|VA) 3 $415,000 $138,333 $6,525 3.96%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 2 $400,000 $200,000 $4,995 4.63%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $395,000 $395,000 $4,373 5.88%
WARNER ROBINS, GA (FHA|USDA|VA) 3 $395,000 $131,667 $7,365 5.29%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $390,000 $195,000 $6,722 5.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 4 $390,000 $97,500 $6,806 4.59%
Crossville, TN (FHA|USDA|VA) 2 $390,000 $195,000 $10,769 5.00%
COLUMBUS, GA-AL (FHA|USDA|VA) 2 $370,000 $185,000 $11,096 4.69%
Nogales, AZ (FHA|USDA|VA) 2 $360,000 $180,000 $0 6.56%
ODESSA, TX (FHA|USDA|VA) 1 $355,000 $355,000 $8,611 5.99%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 2 $350,000 $175,000 $6,717 6.19%
MANHATTAN, KS (FHA|USDA|VA) 1 $345,000 $345,000 $3,170 4.88%
Laurinburg, NC (FHA|USDA|VA) 2 $340,000 $170,000 $9,327 5.00%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $315,000 $315,000 $8,941 5.75%
Rockport, TX (FHA|USDA|VA) 1 $315,000 $315,000 $7,263 3.99%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $305,000 $305,000 $3,727 6.38%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $305,000 $305,000 $3,042 5.38%
Montrose, CO (FHA|USDA|VA) 1 $305,000 $305,000 $6,124 5.75%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $295,000 $295,000 $10,381 6.50%
Natchez, MS-LA (FHA|USDA|VA) 1 $295,000 $295,000 $12,755 4.75%
DOVER, DE (FHA|USDA|VA) 1 $295,000 $295,000 $14,702 5.63%
Albertville, AL (FHA|USDA|VA) 2 $290,000 $145,000 $6,108 5.81%
ROME, GA (FHA|USDA|VA) 2 $290,000 $145,000 $6,139 5.88%
Urbana, OH (FHA|USDA|VA) 1 $285,000 $285,000 $12,068 4.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $285,000 $285,000 $14,095 6.13%
Granbury, TX (FHA|USDA|VA) 1 $285,000 $285,000 $4,449 2.99%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 5.99%
Bartlesville, OK (FHA|USDA|VA) 1 $285,000 $285,000 $2,696 4.88%
ROCHESTER, MN (FHA|USDA|VA) 1 $275,000 $275,000 $7,917 4.99%
MIDLAND, TX (FHA|USDA|VA) 1 $275,000 $275,000 $6,133 3.25%
MONROE, MI (FHA|USDA|VA) 1 $275,000 $275,000 $6,183 2.88%
Dayton, TN (FHA|USDA|VA) 2 $270,000 $135,000 $8,513 5.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $265,000 $265,000 $9,286 4.99%
PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 6.38%
Sulphur Springs, TX (FHA|USDA|VA) 1 $265,000 $265,000 $14,449 3.38%
Sonora, CA (FHA|USDA|VA) 1 $255,000 $255,000 $5,754 4.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $7,670 5.88%
JOPLIN, MO (FHA|USDA|VA) 1 $255,000 $255,000 $3,466 5.25%
ALBANY, GA (FHA|USDA|VA) 1 $245,000 $245,000 $12,387 6.25%
Ardmore, OK (FHA|USDA|VA) 1 $245,000 $245,000 $4,183 3.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $240,000 $120,000 $13,500 3.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.99%
HINESVILLE, GA (FHA|USDA|VA) 1 $235,000 $235,000 $12,728 7.25%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,811 3.50%
GREAT FALLS, MT (FHA|USDA|VA) 1 $225,000 $225,000 $6,052 3.50%
VICTORIA, TX (FHA|USDA|VA) 1 $225,000 $225,000 $2,977 6.63%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.63%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $7,846 5.99%
WHEELING, WV-OH (FHA|USDA|VA) 1 $215,000 $215,000 $10,667 4.38%
PITTSBURGH, PA (FHA|USDA|VA) 1 $215,000 $215,000 $6,607 5.00%
Sedalia, MO (FHA|USDA|VA) 1 $215,000 $215,000 $9,774 3.75%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $205,000 $205,000 $7,093 2.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $5,061 3.13%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $205,000 $205,000 $5,277 6.38%
Cedartown, GA (FHA|USDA|VA) 1 $205,000 $205,000 $11,295 4.50%
Show Low, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $9,136 4.25%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $205,000 $205,000 $13,638 5.75%
VALDOSTA, GA (FHA|USDA|VA) 1 $205,000 $205,000 $11,931 5.50%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $205,000 $205,000 $5,101 5.99%
Athens, TN (FHA|USDA|VA) 1 $205,000 $205,000 $4,670 5.63%
Whitewater, WI (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.88%
BRUNSWICK, GA (FHA|USDA|VA) 1 $195,000 $195,000 $11,114 6.13%
Ozark, AL (FHA|USDA|VA) 1 $195,000 $195,000 $6,789 4.99%
Jacksonville, TX (FHA|USDA|VA) 1 $185,000 $185,000 $8,239 4.13%
ANN ARBOR, MI (FHA|USDA|VA) 1 $185,000 $185,000 $12,043 4.99%
NILES, MI (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.38%
Burley, ID (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.75%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $175,000 $175,000 $3,672 5.99%
New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $175,000 $175,000 $0 6.13%
Pahrump, NV (FHA|USDA|VA) 1 $175,000 $175,000 $12,988 7.25%
Salina, KS (FHA|USDA|VA) 1 $165,000 $165,000 $5,501 5.50%
Ashtabula, OH (FHA|USDA|VA) 1 $165,000 $165,000 $10,876 5.75%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $155,000 $155,000 $3,697 5.50%
TOPEKA, KS (FHA|USDA|VA) 1 $135,000 $135,000 $4,292 5.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.00%
MUNCIE, IN (FHA|USDA|VA) 1 $125,000 $125,000 $2,738 5.88%
Mount Pleasant, MI (FHA|USDA|VA) 1 $115,000 $115,000 $3,708 7.13%
ROCKFORD, IL (FHA|USDA|VA) 1 $115,000 $115,000 $3,996 5.88%
Borger, TX (FHA|USDA|VA) 2 $110,000 $55,000 $2,043 3.13%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $105,000 $105,000 $5,668 5.50%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $105,000 $105,000 $8,236 5.25%
Danville, VA (FHA|USDA|VA) 1 $105,000 $105,000 $7,444 3.75%
Calhoun, GA (FHA|USDA|VA) 1 $85,000 $85,000 $4,293 7.13%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.13%
Summit Funding's top markets include Sacramento, Eugene, San Diego, Stockton, and Kansas City among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7,408 $2,543,730,000 $343,376 $8,583 4.62%
    FHA 1,912 $600,440,000 $314,038 $13,820 5.26%
    VA 649 $285,315,000 $439,622 $12,731 4.93%
    USDA 76 $17,980,000 $236,579 $9,564 4.88%

    For 2022, Summit Funding's most frequently originated type of loan was Conventional, with 7,408 originations. Their 2nd most popular type was FHA, with 1,912 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 8,320 $2,885,340,000 $346,796 $10,230 4.84%
    Cash Out Refi 1,097 $365,595,000 $333,268 $9,405 4.49%
    Refi 515 $163,645,000 $317,757 $7,767 4.11%
    Other 97 $29,305,000 $302,113 $7,341 4.95%
    Home Improvement 16 $3,580,000 $223,750 $6,736 4.78%

    For 2022, Summit Funding's most frequently cited loan purpose was Home Purchase, with 8,320 originations. The 2nd most popular reason was Cash Out Refi, with 1,097 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 9,398 $3,361,440,000 $357,676 $10,093 4.90%
    15 Year 275 $60,265,000 $219,145 $6,544 4.30%
    10 Year 176 $3,060,000 $17,386 $4,167 1.44%
    20 Year 77 $18,285,000 $237,468 $6,964 3.98%
    3 Year 63 $615,000 $9,762 $0 0.00%
    5 Year 47 $1,545,000 $32,872 $0 0.00%
    Other 9 $2,255,000 $250,556 $9,556 3.79%

    For 2022, Summit Funding's most frequently cited loan duration was 30 Year, with 9,398 originations. The 2nd most popular length was 15 Year, with 275 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 4,360 $1,822,830,000 $418,080
    $1k-2k 1,265 $483,705,000 $382,375
    $4k-5k 1,111 $353,895,000 $318,537
    $3k-4k 1,049 $312,665,000 $298,060
    $<1k 972 $87,660,000 $90,185
    $2k-3k 839 $251,545,000 $299,815

    Summit Funding's average total fees were $10,093, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 4,360 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 3,037 $1,108,765,000 $365,086
    4-5% 2,179 $802,835,000 $368,442
    3-4% 2,097 $820,035,000 $391,052
    6-7% 1,492 $500,810,000 $335,664
    <2.5% 689 $21,645,000 $31,415
    7-8% 372 $119,960,000 $322,473
    2.5-3% 173 $72,735,000 $420,434
    Over 8% 6 $680,000 $113,333

    During 2022, Summit Funding's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 5-6%, with 3,037 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4,680 $1,406,530,000 $300,541 $9,286 5.14%
    $400k-600k 2,314 $1,108,630,000 $479,097 $11,520 5.00%
    $100k-200k 1,228 $193,640,000 $157,687 $6,200 5.16%
    $100,000 or less 874 $19,760,000 $22,609 $4,504 1.49%
    $600k-1MM 860 $603,160,000 $701,349 $14,130 4.88%
    $1MM+ 89 $115,745,000 $1,300,506 $17,253 4.41%

    2022 saw Summit Funding place emphasis on $200k-400k loans with 4,680 originations, totaling $1,406,530,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 2,638 $998,500,000 $378,506 $10,645 4.92%
    $50k-75k 2,280 $527,820,000 $231,500 $8,847 4.51%
    $75k-100k 2,135 $645,765,000 $302,466 $9,978 4.76%
    $150k-250k 1,498 $740,520,000 $494,339 $11,103 4.98%
    $50k or less 838 $135,870,000 $162,136 $6,871 4.42%
    $250k+ 584 $369,840,000 $633,288 $12,435 5.03%

    Summit Funding lent most frequently to those with incomes in the $100k-150k range, with 2,638 originations. The second most popular income band? $50k-75k, with 2,280 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 1,314 $468,270,000 $356,370 $9,106 4.80%
    20-30% 1,114 $383,510,000 $344,264 $8,156 4.72%
    50-60% 916 $308,120,000 $336,376 $13,803 4.76%
    49% 747 $263,525,000 $352,778 $10,566 4.92%
    44% 598 $194,120,000 $324,615 $9,869 4.73%
    48% 518 $179,600,000 $346,718 $10,417 4.93%
    42% 503 $173,495,000 $344,920 $9,985 4.64%
    43% 495 $164,965,000 $333,263 $10,014 4.75%
    45% 470 $156,770,000 $333,553 $10,392 4.88%
    47% 445 $154,955,000 $348,213 $10,663 4.91%
    41% 445 $146,785,000 $329,854 $9,258 4.66%
    46% 435 $144,055,000 $331,161 $10,498 4.88%
    39% 388 $131,900,000 $339,948 $9,520 4.75%
    40% 368 $125,990,000 $342,364 $9,354 4.68%
    38% 329 $118,905,000 $361,413 $9,449 4.81%
    37% 308 $110,390,000 $358,409 $9,084 4.83%
    <20% 305 $84,695,000 $277,689 $7,632 4.07%
    36% 279 $104,585,000 $374,857 $9,569 4.87%
    >60% 60 $29,410,000 $490,167 $16,092 3.91%

    Summit Funding lent most frequently to those with DTI ratios of 30-36%, with 1,314 originations. The next most common DTI ratio? 20-30%, with 1,114 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 7,340 $2,494,230,000 $339,813 $9,651 4.82%
    Not provided 1,226 $470,000,000 $383,361 $10,927 4.66%
    Black 843 $217,315,000 $257,788 $11,007 4.37%
    Asian 434 $187,880,000 $432,903 $10,274 4.79%
    American Indian 98 $32,640,000 $333,061 $10,714 4.88%
    Native Hawaiian or Islander 46 $18,280,000 $397,391 $12,687 4.81%
    Asian Indian 17 $8,255,000 $485,588 $11,482 4.23%
    Filipino 13 $6,905,000 $531,154 $12,482 4.86%
    Other Asian 10 $4,490,000 $449,000 $11,828 5.14%
    Chinese 6 $3,150,000 $525,000 $11,966 4.69%
    Other Pacific Islander 5 $1,675,000 $335,000 $17,180 3.60%
    Vietnamese 3 $1,415,000 $471,667 $9,343 4.38%
    Samoan 3 $655,000 $218,333 $14,037 5.00%
    Japanese 1 $575,000 $575,000 $7,378 3.99%

    Approval Rates

    Total approvals of all applications
    95.49%

    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
    61.05%

    Summit Funding has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 10,045 $3,447,465,000 $343,202

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    10,045 $3,447,465,000 $343,202

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 376 $84,640,000 $225,106 $6,439 4.67%
    40-60% 871 $288,315,000 $331,016 $7,918 4.77%
    60-80% 2,468 $982,540,000 $398,112 $9,545 4.98%
    80-100% 5,356 $1,994,770,000 $372,437 $10,496 5.21%
    Over 100% 167 $77,045,000 $461,347 $18,413 5.08%
    Under 20% 799 $16,735,000 $20,945 $5,437 1.12%