Summit Funding Mortgage Rates, Fees & Info
Sacramento, CALEI: 5493008VVXQIDO1EZ460
Tax ID: 91-1780488
2.6 stars
2021 Data | 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, Eugene, San Francisco, San Diego, and Dallas among others. Summit Funding has an above average approval rate for mortages when compared nationally. 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
23,647Origination Dollar Volume (All Markets)
$7,804,025,000Awards
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SUMMIT FUNDING - 2021
SUMMIT FUNDING is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Summit Funding 's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Summit Funding 's average total fees for a 30 year fixed rate
mortgage are $7,237.
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 $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1,634 | $607,190,000 | $371,597 | $6,150 | 2.98% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1,338 | $439,390,000 | $328,393 | $7,289 | 3.12% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 745 | $437,205,000 | $586,852 | $7,648 | 3.03% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 765 | $417,005,000 | $545,105 | $7,245 | 2.99% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1,160 | $412,290,000 | $355,422 | $8,211 | 3.10% |
| STOCKTON, CA (FHA|USDA|VA) | 1,216 | $402,690,000 | $331,160 | $7,621 | 2.95% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 820 | $271,800,000 | $331,463 | $7,835 | 2.97% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 747 | $270,035,000 | $361,493 | $6,092 | 3.08% |
| CHICO, CA (FHA|USDA|VA) | 783 | $263,155,000 | $336,086 | $5,091 | 3.18% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 460 | $226,000,000 | $491,304 | $8,697 | 3.03% |
| RENO, NV (FHA|USDA|VA) | 656 | $218,300,000 | $332,774 | $7,044 | 3.11% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 716 | $205,650,000 | $287,221 | $6,586 | 3.10% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 740 | $166,610,000 | $225,149 | $7,170 | 2.69% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 321 | $162,155,000 | $505,156 | $7,904 | 3.06% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 223 | $153,435,000 | $688,049 | $9,687 | 2.99% |
| Outside of Metro Areas | 624 | $149,850,000 | $240,144 | $6,809 | 3.08% |
| SALINAS, CA (FHA|USDA|VA) | 305 | $141,095,000 | $462,607 | $6,595 | 3.09% |
| TUCSON, AZ (FHA|USDA|VA) | 617 | $135,765,000 | $220,041 | $6,759 | 2.92% |
| BOISE CITY, ID (FHA|USDA|VA) | 368 | $126,130,000 | $342,745 | $9,089 | 3.17% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 484 | $112,050,000 | $231,508 | $8,242 | 2.71% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 282 | $110,370,000 | $391,383 | $7,587 | 3.18% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 454 | $97,940,000 | $215,727 | $4,490 | 2.97% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 256 | $96,200,000 | $375,781 | $6,692 | 3.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 419 | $93,705,000 | $223,640 | $5,057 | 2.97% |
| FRESNO, CA (FHA|USDA|VA) | 287 | $93,225,000 | $324,826 | $5,201 | 3.06% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 213 | $76,865,000 | $360,869 | $7,519 | 2.74% |
| BEND, OR (FHA|USDA|VA) | 175 | $73,825,000 | $421,857 | $7,442 | 3.15% |
| MODESTO, CA (FHA|USDA|VA) | 232 | $68,430,000 | $294,957 | $7,679 | 2.86% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 122 | $67,840,000 | $556,066 | $7,361 | 3.04% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 240 | $65,420,000 | $272,583 | $6,943 | 3.06% |
| REDDING, CA (FHA|USDA|VA) | 233 | $65,355,000 | $280,494 | $6,624 | 3.15% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 231 | $63,555,000 | $275,130 | $5,489 | 3.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 280 | $59,890,000 | $213,893 | $5,355 | 3.24% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 254 | $59,080,000 | $232,598 | $9,231 | 3.38% |
| VALLEJO, CA (FHA|USDA|VA) | 144 | $58,130,000 | $403,681 | $7,748 | 3.12% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 157 | $55,875,000 | $355,892 | $5,974 | 3.06% |
| MERCED, CA (FHA|USDA|VA) | 184 | $55,300,000 | $300,543 | $7,433 | 2.96% |
| Red Bluff, CA (FHA|USDA|VA) | 211 | $54,705,000 | $259,265 | $6,031 | 3.15% |
| Fernley, NV (FHA|USDA|VA) | 223 | $53,955,000 | $241,951 | $8,217 | 3.01% |
| Centralia, WA (FHA|USDA|VA) | 194 | $52,540,000 | $270,825 | $6,417 | 3.06% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 75 | $42,065,000 | $560,867 | $6,582 | 3.09% |
| BATON ROUGE, LA (FHA|USDA|VA) | 272 | $41,350,000 | $152,022 | $7,750 | 2.39% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 133 | $41,125,000 | $309,211 | $7,845 | 3.27% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 184 | $40,650,000 | $220,924 | $8,230 | 3.02% |
| Klamath Falls, OR (FHA|USDA|VA) | 156 | $36,810,000 | $235,962 | $6,945 | 3.19% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 200 | $34,820,000 | $174,100 | $7,141 | 2.77% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 171 | $33,195,000 | $194,123 | $7,089 | 3.20% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 111 | $32,015,000 | $288,423 | $6,367 | 3.11% |
| Crescent City, CA (FHA|USDA|VA) | 106 | $29,480,000 | $278,113 | $7,955 | 3.12% |
| Roseburg, OR (FHA|USDA|VA) | 107 | $28,485,000 | $266,215 | $7,556 | 3.18% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 100 | $28,290,000 | $282,900 | $7,319 | 3.20% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 108 | $26,020,000 | $240,926 | $8,463 | 3.47% |
| MEDFORD, OR (FHA|USDA|VA) | 78 | $23,880,000 | $306,154 | $6,797 | 3.23% |
| YUBA CITY, CA (FHA|USDA|VA) | 80 | $22,750,000 | $284,375 | $6,416 | 2.99% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 41 | $21,635,000 | $527,683 | $8,829 | 3.05% |
| POCATELLO, ID (FHA|USDA|VA) | 103 | $19,915,000 | $193,350 | $8,897 | 3.25% |
| SALEM, OR (FHA|USDA|VA) | 57 | $19,595,000 | $343,772 | $9,669 | 2.99% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 73 | $17,245,000 | $236,233 | $9,114 | 3.03% |
| ROCKFORD, IL (FHA|USDA|VA) | 124 | $14,990,000 | $120,887 | $5,884 | 3.00% |
| Oak Harbor, WA (FHA|USDA|VA) | 50 | $14,440,000 | $288,800 | $7,390 | 2.90% |
| NAPA, CA (FHA|USDA|VA) | 29 | $14,015,000 | $483,276 | $7,578 | 2.97% |
| Susanville, CA (FHA|USDA|VA) | 63 | $13,865,000 | $220,079 | $7,175 | 3.27% |
| Fallon, NV (FHA|USDA|VA) | 53 | $12,865,000 | $242,736 | $7,571 | 3.20% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 24 | $12,430,000 | $517,917 | $6,041 | 3.07% |
| MADERA, CA (FHA|USDA|VA) | 40 | $11,940,000 | $298,500 | $5,934 | 3.01% |
| Outside of Metro Areas | 36 | $11,680,000 | $324,444 | $6,203 | 3.25% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 25 | $11,625,000 | $465,000 | $5,762 | 3.18% |
| Astoria, OR (FHA|USDA|VA) | 28 | $10,830,000 | $386,786 | $7,347 | 3.25% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 39 | $10,785,000 | $276,538 | $5,679 | 3.45% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 21 | $10,225,000 | $486,905 | $7,002 | 3.12% |
| SPARTANBURG, SC (FHA|USDA|VA) | 51 | $10,205,000 | $200,098 | $4,765 | 3.19% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 25 | $9,595,000 | $383,800 | $6,396 | 3.13% |
| Kapaa, HI (FHA|USDA|VA) | 20 | $9,460,000 | $473,000 | $7,220 | 3.00% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 30 | $9,450,000 | $315,000 | $7,677 | 3.21% |
| CARSON CITY, NV (FHA|USDA|VA) | 35 | $9,415,000 | $269,000 | $7,753 | 2.97% |
| CORVALLIS, OR (FHA|USDA|VA) | 24 | $9,060,000 | $377,500 | $8,479 | 3.11% |
| HAMMOND, LA (FHA|USDA|VA) | 61 | $9,045,000 | $148,279 | $6,815 | 2.34% |
| YAKIMA, WA (FHA|USDA|VA) | 47 | $8,635,000 | $183,723 | $7,455 | 2.36% |
| VISALIA, CA (FHA|USDA|VA) | 30 | $7,690,000 | $256,333 | $5,806 | 3.21% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 22 | $7,300,000 | $331,818 | $9,272 | 3.34% |
| Clearlake, CA (FHA|USDA|VA) | 30 | $7,040,000 | $234,667 | $5,863 | 3.15% |
| Moscow, ID (FHA|USDA|VA) | 27 | $6,575,000 | $243,519 | $8,162 | 3.07% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 16 | $6,200,000 | $387,500 | $6,335 | 3.04% |
| Ukiah, CA (FHA|USDA|VA) | 15 | $6,165,000 | $411,000 | $9,594 | 2.96% |
| FLORENCE, SC (FHA|USDA|VA) | 37 | $5,815,000 | $157,162 | $8,349 | 2.95% |
| Sonora, CA (FHA|USDA|VA) | 21 | $5,785,000 | $275,476 | $8,808 | 2.91% |
| GRANTS PASS, OR (FHA|USDA|VA) | 15 | $5,615,000 | $374,333 | $7,797 | 3.13% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 18 | $5,350,000 | $297,222 | $6,792 | 3.16% |
| Blackfoot, ID (FHA|USDA|VA) | 23 | $5,195,000 | $225,870 | $8,571 | 3.18% |
| Moses Lake, WA (FHA|USDA|VA) | 24 | $5,180,000 | $215,833 | $7,818 | 2.95% |
| Jackson, WY-ID (FHA|USDA|VA) | 13 | $5,155,000 | $396,538 | $14,740 | 2.92% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 5 | $4,935,000 | $987,000 | $14,157 | 3.28% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 11 | $4,745,000 | $431,364 | $5,352 | 3.12% |
| GREELEY, CO (FHA|USDA|VA) | 13 | $4,725,000 | $363,462 | $8,369 | 2.94% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 23 | $4,675,000 | $203,261 | $8,842 | 3.33% |
| Newport, OR (FHA|USDA|VA) | 17 | $4,625,000 | $272,059 | $7,316 | 3.23% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 18 | $4,400,000 | $244,444 | $4,710 | 2.98% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 22 | $4,140,000 | $188,182 | $4,860 | 3.31% |
| TWIN FALLS, ID (FHA|USDA|VA) | 13 | $3,835,000 | $295,000 | $11,194 | 3.11% |
| Coos Bay, OR (FHA|USDA|VA) | 11 | $3,795,000 | $345,000 | $9,375 | 3.14% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 14 | $3,610,000 | $257,857 | $7,680 | 3.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 8 | $3,340,000 | $417,500 | $6,213 | 3.22% |
| Hilo, HI (FHA|USDA|VA) | 6 | $2,990,000 | $498,333 | $8,660 | 2.94% |
| Prineville, OR (FHA|USDA|VA) | 9 | $2,965,000 | $329,444 | $9,048 | 3.18% |
| DALTON, GA (FHA|USDA|VA) | 14 | $2,850,000 | $203,571 | $5,896 | 3.48% |
| Pullman, WA (FHA|USDA|VA) | 9 | $2,795,000 | $310,556 | $6,784 | 2.99% |
| COLUMBIA, SC (FHA|USDA|VA) | 11 | $2,725,000 | $247,727 | $8,973 | 3.27% |
| ANN ARBOR, MI (FHA|USDA|VA) | 11 | $2,685,000 | $244,091 | $3,458 | 2.98% |
| Athens, TX (FHA|USDA|VA) | 7 | $2,675,000 | $382,143 | $7,903 | 3.30% |
| Ontario, OR-ID (FHA|USDA|VA) | 10 | $2,630,000 | $263,000 | $9,993 | 3.03% |
| Hood River, OR (FHA|USDA|VA) | 5 | $2,595,000 | $519,000 | $9,996 | 3.20% |
| BELLINGHAM, WA (FHA|USDA|VA) | 7 | $2,555,000 | $365,000 | $6,925 | 3.14% |
| CLEVELAND, TN (FHA|USDA|VA) | 13 | $2,545,000 | $195,769 | $7,205 | 3.25% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 7 | $2,445,000 | $349,286 | $6,464 | 3.18% |
| Ellensburg, WA (FHA|USDA|VA) | 5 | $2,415,000 | $483,000 | $10,217 | 3.02% |
| Mountain Home, ID (FHA|USDA|VA) | 8 | $2,360,000 | $295,000 | $8,426 | 3.14% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 10 | $2,300,000 | $230,000 | $5,333 | 2.77% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 8 | $2,220,000 | $277,500 | $4,015 | 3.30% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 7 | $2,175,000 | $310,714 | $5,813 | 2.84% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 10 | $2,160,000 | $216,000 | $4,061 | 3.06% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 8 | $2,150,000 | $268,750 | $6,198 | 3.08% |
| Rexburg, ID (FHA|USDA|VA) | 11 | $2,075,000 | $188,636 | $7,561 | 2.80% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 5 | $2,055,000 | $411,000 | $7,131 | 3.13% |
| FLINT, MI (FHA|USDA|VA) | 13 | $2,055,000 | $158,077 | $4,464 | 3.38% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 6 | $2,050,000 | $341,667 | $7,053 | 3.12% |
| LONGVIEW, WA (FHA|USDA|VA) | 9 | $1,965,000 | $218,333 | $7,771 | 2.53% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $1,950,000 | $975,000 | $2,897 | 3.19% |
| EL CENTRO, CA (FHA|USDA|VA) | 8 | $1,890,000 | $236,250 | $3,201 | 2.88% |
| Shelbyville, TN (FHA|USDA|VA) | 9 | $1,835,000 | $203,889 | $6,235 | 2.63% |
| Warrensburg, MO (FHA|USDA|VA) | 7 | $1,825,000 | $260,714 | $5,450 | 3.02% |
| WACO, TX (FHA|USDA|VA) | 8 | $1,760,000 | $220,000 | $7,093 | 3.23% |
| FORT COLLINS, CO (FHA|USDA|VA) | 6 | $1,740,000 | $290,000 | $4,932 | 3.02% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 8 | $1,720,000 | $215,000 | $8,548 | 3.40% |
| Sandpoint, ID (FHA|USDA|VA) | 5 | $1,695,000 | $339,000 | $8,501 | 3.25% |
| Granbury, TX (FHA|USDA|VA) | 5 | $1,675,000 | $335,000 | $7,750 | 2.90% |
| TYLER, TX (FHA|USDA|VA) | 5 | $1,655,000 | $331,000 | $7,590 | 3.60% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 8 | $1,640,000 | $205,000 | $5,997 | 3.22% |
| Port Angeles, WA (FHA|USDA|VA) | 4 | $1,640,000 | $410,000 | $5,759 | 3.12% |
| Albertville, AL (FHA|USDA|VA) | 6 | $1,630,000 | $271,667 | $7,180 | 2.98% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 5 | $1,565,000 | $313,000 | $8,950 | 3.12% |
| Brookings, OR (FHA|USDA|VA) | 5 | $1,525,000 | $305,000 | $6,475 | 3.15% |
| Show Low, AZ (FHA|USDA|VA) | 6 | $1,520,000 | $253,333 | $4,928 | 3.21% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 6 | $1,510,000 | $251,667 | $6,804 | 3.10% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 6 | $1,500,000 | $250,000 | $6,689 | 3.38% |
| WALLA WALLA, WA (FHA|USDA|VA) | 8 | $1,390,000 | $173,750 | $6,437 | 2.62% |
| Elko, NV (FHA|USDA|VA) | 4 | $1,370,000 | $342,500 | $7,420 | 2.69% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 5 | $1,355,000 | $271,000 | $5,474 | 3.22% |
| TULSA, OK (FHA|USDA|VA) | 6 | $1,350,000 | $225,000 | $6,756 | 3.37% |
| Stephenville, TX (FHA|USDA|VA) | 7 | $1,335,000 | $190,714 | $7,612 | 3.34% |
| MADISON, WI (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $3,779 | 3.00% |
| Winnemucca, NV (FHA|USDA|VA) | 7 | $1,285,000 | $183,571 | $7,240 | 3.46% |
| Steamboat Springs, CO (FHA|USDA|VA) | 2 | $1,270,000 | $635,000 | $8,813 | 3.19% |
| MONROE, MI (FHA|USDA|VA) | 5 | $1,265,000 | $253,000 | $3,884 | 3.03% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $5,391 | 2.94% |
| TOLEDO, OH (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $5,995 | 2.94% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $6,787 | 3.06% |
| Aberdeen, WA (FHA|USDA|VA) | 8 | $1,200,000 | $150,000 | $9,231 | 2.09% |
| ST. GEORGE, UT (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $4,635 | 3.19% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $3,053 | 2.97% |
| Othello, WA (FHA|USDA|VA) | 8 | $1,100,000 | $137,500 | $6,643 | 2.14% |
| Shelton, WA (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $9,947 | 2.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 6 | $1,070,000 | $178,333 | $4,490 | 3.46% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 5 | $1,045,000 | $209,000 | $7,832 | 3.55% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $6,595 | 2.79% |
| Bonham, TX (FHA|USDA|VA) | 6 | $1,040,000 | $173,333 | $4,645 | 3.39% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $9,392 | 3.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $980,000 | $490,000 | $7,999 | 3.19% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $5,062 | 3.21% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $6,462 | 2.95% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $930,000 | $232,500 | $4,904 | 3.75% |
| WENATCHEE, WA (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $8,565 | 3.38% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $7,995 | 3.31% |
| NILES, MI (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $5,410 | 3.21% |
| The Dalles, OR (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $6,023 | 3.21% |
| Bozeman, MT (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $3,564 | 3.06% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $9,414 | 3.31% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $8,510 | 2.99% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 5 | $785,000 | $157,000 | $4,439 | 2.97% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $6,598 | 2.75% |
| Summerville, GA (FHA|USDA|VA) | 5 | $765,000 | $153,000 | $5,545 | 3.60% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $5,253 | 3.21% |
| PROVO-OREM, UT (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $10,018 | 3.12% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $5,246 | 3.17% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $4,865 | 3.44% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,707 | 3.18% |
| DECATUR, AL (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $3,608 | 3.38% |
| KNOXVILLE, TN (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $4,654 | 3.31% |
| YUMA, AZ (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $4,314 | 3.06% |
| Lewisburg, TN (FHA|USDA|VA) | 4 | $630,000 | $157,500 | $5,389 | 3.13% |
| Traverse City, MI (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $4,359 | 3.12% |
| La Grande, OR (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,980 | 2.88% |
| Payson, AZ (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $4,017 | 2.99% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $0 | 4.44% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $5,242 | 3.38% |
| Kalispell, MT (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $8,574 | 3.19% |
| Edwards, CO (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $8,052 | 2.88% |
| Gainesville, TX (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,626 | 2.88% |
| Palestine, TX (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $15,594 | 3.13% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 3.38% |
| Breckenridge, CO (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,631 | 2.94% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $6,423 | 2.81% |
| AKRON, OH (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $5,791 | 3.12% |
| Wilmington, OH (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $6,565 | 3.33% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $5,264 | 3.13% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,487 | 4.12% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $8,000 | 3.13% |
| Wilson, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $7,662 | 3.81% |
| Lawrenceburg, TN (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $3,435 | 3.04% |
| SUMTER, SC (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $9,256 | 2.94% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $8,811 | 3.12% |
| Adrian, MI (FHA|USDA|VA) | 4 | $450,000 | $112,500 | $4,238 | 2.78% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,309 | 2.93% |
| Hailey, ID (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $12,187 | 3.38% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 5 | $445,000 | $89,000 | $1,673 | 3.87% |
| Corsicana, TX (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,617 | 3.13% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $7,160 | 4.17% |
| Rochelle, IL (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $5,566 | 3.46% |
| JACKSON, MI (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,886 | 2.83% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $7,148 | 3.37% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,339 | 3.44% |
| Columbus, MS (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $6,602 | 3.16% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $5,045 | 2.83% |
| Nogales, AZ (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $3,794 | 3.04% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $4,766 | 3.06% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,127 | 3.19% |
| Shelby, NC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $6,472 | 2.94% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,908 | 3.44% |
| BAY CITY, MI (FHA|USDA|VA) | 4 | $390,000 | $97,500 | $4,355 | 3.22% |
| Burley, ID (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $10,686 | 3.17% |
| MANHATTAN, KS (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $10,180 | 2.63% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,750 | 2.56% |
| Albemarle, NC (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $5,053 | 2.83% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,699 | 3.38% |
| FORT WAYNE, IN (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $3,235 | 3.38% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $9,627 | 3.75% |
| BILLINGS, MT (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $11,761 | 3.38% |
| Butte-Silver Bow, MT (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $13,047 | 2.50% |
| COLUMBIA, MO (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,209 | 3.31% |
| El Campo, TX (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $6,577 | 2.88% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $5,026 | 3.44% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,479 | 3.13% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,865 | 2.88% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,809 | 2.88% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,629 | 2.75% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $11,132 | 3.25% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,005 | 2.87% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,242 | 2.50% |
| OCALA, FL (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $6,667 | 3.31% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $14,515 | 3.00% |
| Opelousas, LA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $9,721 | 3.25% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,975 | 2.75% |
| Fort Leonard Wood, MO (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $12,092 | 3.13% |
| Bennettsville, SC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $9,636 | 3.25% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $9,523 | 3.25% |
| ROME, GA (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $6,509 | 2.42% |
| TEXARKANA, TX-AR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $14,736 | 3.75% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 3.50% |
| Mount Pleasant, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $7,242 | 2.88% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $12,249 | 2.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,048 | 3.13% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,687 | 3.25% |
| Natchez, MS-LA (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $6,702 | 3.50% |
| Freeport, IL (FHA|USDA|VA) | 6 | $260,000 | $43,333 | $4,367 | 2.21% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,508 | 3.50% |
| Gaffney, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $13,526 | 2.99% |
| ODESSA, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $11,902 | 3.38% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $9,444 | 3.50% |
| LUBBOCK, TX (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $7,366 | 3.56% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,571 | 2.81% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,292 | 2.99% |
| Jacksonville, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 4.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $11,643 | 3.75% |
| Vernal, UT (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $16,162 | 2.63% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $6,278 | 3.69% |
| Kendallville, IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,602 | 3.38% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,785 | 2.63% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $11,298 | 4.25% |
| VICTORIA, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,510 | 3.13% |
| TOPEKA, KS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,313 | 3.38% |
| CHEYENNE, WY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,472 | 3.13% |
| Batesville, AR (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,014 | 4.13% |
| DUBUQUE, IA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,155 | 3.13% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,147 | 3.50% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $5,257 | 3.50% |
| Cedartown, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,418 | 2.50% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $9,919 | 3.25% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $4,529 | 3.69% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,345 | 2.88% |
| Branson, MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,454 | 3.25% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,864 | 3.25% |
| Henderson, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 2.99% |
| IOWA CITY, IA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,088 | 3.38% |
| Mason City, IA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,810 | 3.25% |
| Durant, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,642 | 3.63% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,296 | 2.99% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,562 | 2.99% |
| Athens, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $9,554 | 4.25% |
| Ardmore, OK (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,860 | 3.38% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,379 | 2.88% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,301 | 3.99% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,586 | 2.99% |
| Orangeburg, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,941 | 3.75% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,814 | 3.13% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,288 | 2.38% |
| Fort Payne, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,602 | 4.88% |
| Brenham, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,779 | 2.25% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 3.99% |
| Huntsville, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,556 | 3.88% |
| Kerrville, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.63% |
| Ludington, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,519 | 2.75% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.63% |
| MONTGOMERY, AL (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 3.94% |
| Picayune, MS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,650 | 3.75% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,947 | 2.88% |
| ALBANY, GA (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $2,670 | 1.94% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,548 | 3.25% |
| Paris, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $7,298 | 2.88% |
| Hillsdale, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,396 | 2.38% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,746 | 2.99% |
| Gillette, WY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,218 | 3.25% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $6,724 | 3.25% |
| Scottsboro, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,721 | 4.25% |
| Dayton, TN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,155 | 3.38% |
| Campbellsville, KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $6,030 | 3.75% |
| WICHITA, KS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,172 | 3.38% |
| RACINE, WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.63% |
Summit Funding 's top markets include Sacramento, Eugene, San Francisco, San Diego, and Dallas among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 18,823 | $6,301,385,000 | $334,770 | $6,016 | 2.98% |
| FHA | 3,293 | $924,535,000 | $280,758 | $11,223 | 3.35% |
| VA | 1,322 | $530,840,000 | $401,543 | $9,482 | 2.94% |
| USDA | 209 | $47,265,000 | $226,148 | $7,455 | 3.13% |
For the 2021 period, Summit Funding 's most frequently originated loan type of loans were Conventional, with 18,823 originations. Their 2nd most popular type is FHA, with 3,293 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 13,863 | $4,651,185,000 | $335,511 | $7,960 | 2.99% |
| Refi | 5,785 | $1,884,435,000 | $325,745 | $5,297 | 3.02% |
| Cash Out Refi | 3,832 | $1,220,660,000 | $318,544 | $6,566 | 3.21% |
| Other | 157 | $44,915,000 | $286,083 | $5,569 | 3.18% |
| Home Improvement | 10 | $2,830,000 | $283,000 | $4,039 | 3.49% |
For the 2021, Summit Funding 's most frequently cited loan purpose of loans were Home Purchase, with 13,863 originations. The 2nd most popular reason of loans were Refi, with 5,785 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 21,347 | $7,347,595,000 | $344,198 | $7,237 | 3.11% |
| 15 Year | 1,182 | $296,420,000 | $250,778 | $4,622 | 2.59% |
| 20 Year | 406 | $104,180,000 | $256,601 | $5,046 | 3.00% |
| 10 Year | 327 | $18,465,000 | $56,468 | $3,803 | 2.03% |
| 3 Year | 190 | $2,070,000 | $10,895 | $0 | 0.02% |
| Other | 174 | $35,180,000 | $202,184 | $5,326 | 2.27% |
| 5 Year | 21 | $115,000 | $5,476 | $0 | 0.00% |
For the 2021, Summit Funding 's most frequently cited loan length of loans were 30 Year, with 21,347 originations. The 2nd most popular length of loans were 15 Year, with 1,182 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 6,804 | $2,467,950,000 | $362,720 |
| $3k-4k | 5,614 | $1,764,620,000 | $314,325 |
| $5k+ | 4,242 | $1,835,600,000 | $432,720 |
| $2k-3k | 3,727 | $1,114,345,000 | $298,992 |
| $<1k | 2,044 | $295,000,000 | $144,325 |
$7,237 of loans were Summit Funding 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 6,804 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 11,744 | $3,927,280,000 | $334,407 |
| 2.5-3% | 8,651 | $3,207,235,000 | $370,736 |
| <2.5% | 2,393 | $464,205,000 | $193,985 |
| 4-5% | 813 | $204,825,000 | $251,937 |
| 5-6% | 40 | $430,000 | $10,750 |
| 7-8% | 2 | $20,000 | $10,000 |
During 2021, Summit Funding 's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 11,744 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 11,587 | $3,416,425,000 | $294,850 | $6,953 | 3.18% |
| $400k-600k | 5,220 | $2,522,830,000 | $483,301 | $7,806 | 3.11% |
| $100k-200k | 3,697 | $584,745,000 | $158,167 | $5,069 | 3.21% |
| $100,000 or less | 1,617 | $44,875,000 | $27,752 | $4,019 | 1.30% |
| $600k-1MM | 1,310 | $949,780,000 | $725,023 | $9,384 | 3.04% |
| $1MM+ | 216 | $285,370,000 | $1,321,157 | $14,031 | 2.88% |
2021 saw Summit Funding place emphasis on $200k-400k loans with 11,587 originations, totaling $3,416,425,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 5,584 | $1,347,080,000 | $241,239 | $7,021 | 2.99% |
| $100k-150k | 5,300 | $1,983,960,000 | $374,332 | $7,232 | 3.09% |
| $75k-100k | 4,744 | $1,443,750,000 | $304,332 | $7,345 | 3.03% |
| $150k-250k | 3,377 | $1,562,275,000 | $462,622 | $7,146 | 3.10% |
| $50k or less | 2,795 | $470,935,000 | $168,492 | $5,905 | 2.98% |
| $250k+ | 1,276 | $786,130,000 | $616,089 | $8,111 | 3.08% |
Summit Funding lent most frequently to those with incomes in the $50k-75k range, with 5,584 originations. The second most popular income band? $100k-150k, with 5,300 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 4,056 | $1,351,940,000 | $333,319 | $6,506 | 3.07% |
| 20-30% | 4,026 | $1,390,390,000 | $345,353 | $6,044 | 3.06% |
| 44% | 1,276 | $385,940,000 | $302,461 | $7,521 | 2.96% |
| 50-60% | 1,268 | $377,100,000 | $297,397 | $11,134 | 2.95% |
| 43% | 1,121 | $338,665,000 | $302,110 | $7,302 | 2.98% |
| <20% | 1,114 | $360,410,000 | $323,528 | $5,364 | 3.00% |
| 42% | 1,062 | $360,460,000 | $339,416 | $7,338 | 3.04% |
| 41% | 1,027 | $346,135,000 | $337,035 | $7,249 | 3.03% |
| 49% | 1,008 | $331,220,000 | $328,591 | $7,805 | 3.04% |
| 39% | 991 | $321,805,000 | $324,728 | $7,072 | 3.01% |
| 40% | 945 | $316,255,000 | $334,661 | $6,906 | 3.05% |
| 38% | 850 | $292,070,000 | $343,612 | $6,983 | 3.08% |
| 37% | 824 | $275,300,000 | $334,102 | $7,022 | 3.08% |
| 36% | 816 | $270,970,000 | $332,071 | $6,967 | 3.02% |
| 45% | 810 | $267,450,000 | $330,185 | $7,299 | 3.10% |
| 48% | 725 | $234,325,000 | $323,207 | $7,589 | 3.01% |
| 46% | 708 | $230,460,000 | $325,508 | $7,393 | 3.07% |
| 47% | 638 | $208,980,000 | $327,555 | $7,747 | 3.03% |
| >60% | 60 | $28,060,000 | $467,667 | $11,620 | 3.03% |
Summit Funding lent most frequently to those with DTI ratios of 30-36%, with 4,056 originations. The next most common DTI ratio? 20-30%, with 4,026 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 17,814 | $5,801,340,000 | $325,662 | $6,885 | 3.04% |
| Not provided | 2,991 | $1,042,485,000 | $348,541 | $7,470 | 3.00% |
| Asian | 1,046 | $447,310,000 | $427,639 | $7,220 | 3.04% |
| Black | 1,346 | $348,510,000 | $258,923 | $7,824 | 2.98% |
| American Indian | 221 | $71,765,000 | $324,729 | $7,704 | 3.13% |
| Native Hawaiian | 79 | $28,075,000 | $355,380 | $6,913 | 3.14% |
| Asian Indian | 48 | $22,600,000 | $470,833 | $7,899 | 2.97% |
| Filipino | 33 | $13,075,000 | $396,212 | $8,206 | 3.10% |
| Other Asian | 28 | $12,020,000 | $429,286 | $7,853 | 3.05% |
| Chinese | 11 | $5,445,000 | $495,000 | $6,222 | 3.42% |
| Korean | 7 | $3,345,000 | $477,857 | $8,171 | 3.07% |
| Other Pacific Islander | 8 | $2,380,000 | $297,500 | $7,843 | 3.26% |
| Vietnamese | 4 | $2,250,000 | $562,500 | $12,208 | 3.15% |
| Japanese | 4 | $1,450,000 | $362,500 | $8,513 | 2.81% |
| Guamanian | 5 | $1,425,000 | $285,000 | $8,439 | 2.75% |
| Samoan | 2 | $550,000 | $275,000 | $10,940 | 3.00% |
Approval Rates
Total approvals of all applications96.14%
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 origination74.32%
Summit Funding has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 23,647 | $7,804,025,000 | $330,022 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 23,647 | $7,804,025,000 | $330,022 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 1,023 | $237,745,000 | $232,400 | $4,573 | 3.00% |
| 40-60% | 3,038 | $959,110,000 | $315,704 | $5,183 | 3.02% |
| 60-80% | 7,484 | $2,766,050,000 | $369,595 | $6,346 | 3.18% |
| 80-100% | 10,286 | $3,607,370,000 | $350,707 | $8,031 | 3.22% |
| Over 100% | 298 | $120,640,000 | $404,832 | $15,515 | 3.08% |
| Under 20% | 1,287 | $28,355,000 | $22,032 | $5,057 | 0.78% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SUMMIT FUNDING, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 12.5% |
| SUMMIT FUNDING, INC. | Conventional home mortgage | Struggling to pay mortgage | 2 | 25.0% |
| SUMMIT FUNDING, INC. | Conventional home mortgage | Trouble during payment process | 4 | 50.0% |
| SUMMIT FUNDING, INC. | VA mortgage | Struggling to pay mortgage | 1 | 12.5% |
