Summit Funding Mortgage Rates, Fees & Info
Sacramento, CALEI: 5493008VVXQIDO1EZ460
Tax ID: 91-1780488
2020 Data | 2019 Data | 2018 Data
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Mortgage 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
25,437Origination Dollar Volume (All Markets)
$7,709,485,000Relative 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 applications96.23%
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 origination74.94%
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% |