Summit Funding Inc.

Sacramento, CA 95815

LEI: 5493008VVXQIDO1EZ460

Tax ID: 91-1780488

2019 Data | 2018 Data

Overview

Summit Funding Inc. is a small mortgage company specializing in Home Purchase and Refi loans. Summit Funding Inc. 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 Oakland, Sacramento, Stockton, San Diego, and Chicago 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 Inc. is typically a medium-low fee high fee lendor.

Originations

15,094

Origination Dollar Volume (All Markets)

$4,230,730,000

Product Mix

Loan Type	Originations	Total Value	Average Loan
Conventional	10,659	$3,015,225,000	$282,881
FHA	3,009	$761,445,000	$253,056
VA	1,209	$415,255,000	$343,470
USDA	217	$38,805,000	$178,825

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason	Originations	Total Value	Average Loan
Home Purchase	10,759	$2,803,155,000	$260,540
Other	63	$14,265,000	$226,429
Refi	2,667	$925,015,000	$346,837
Cash Out Refi	1,605	$488,295,000	$304,234

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market	Originations	Total Value	Average Loan
OAKLAND-BERKELEY-LIVERMORE, CA	746	$361,550,000	$484,651
SACRAMENTO-ROSEVILLE-FOLSOM, CA	1,171	$348,955,000	$297,997
Outside of Metro Areas	1,377	$295,465,000	$214,572
STOCKTON, CA	1,025	$292,425,000	$285,293
SAN DIEGO-CHULA VISTA-CARLSBAD, CA	460	$229,790,000	$499,543
CHICAGO-NAPERVILLE-EVANSTON, IL	489	$183,825,000	$375,920
WARREN-TROY-FARMINGTON HILLS, MI	874	$172,540,000	$197,414
CHICO, CA	596	$169,380,000	$284,195
EUGENE-SPRINGFIELD, OR	612	$169,150,000	$276,389
DALLAS-PLANO-IRVING, TX	502	$159,290,000	$317,311
PHOENIX-MESA-CHANDLER, AZ	563	$134,755,000	$239,352
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA	402	$114,750,000	$285,448
SANTA ROSA-PETALUMA, CA	232	$112,120,000	$483,276
RENO, NV	444	$111,060,000	$250,135
SALINAS, CA	246	$110,360,000	$448,618
TUCSON, AZ	565	$108,545,000	$192,115
CHARLOTTE-CONCORD-GASTONIA, NC-SC	438	$104,100,000	$237,671
KENNEWICK-RICHLAND, WA	483	$89,225,000	$184,731
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN	266	$68,380,000	$257,068
CINCINNATI, OH-KY-IN	355	$58,905,000	$165,930
VALLEJO, CA	161	$58,065,000	$360,652
MODESTO, CA	275	$57,805,000	$210,200
PORTLAND-VANCOUVER-HILLSBORO, OR-WA	121	$44,725,000	$369,628
LOS ANGELES-LONG BEACH-GLENDALE, CA	93	$44,135,000	$474,570
BOISE CITY, ID	185	$42,115,000	$227,649
DETROIT-DEARBORN-LIVONIA, MI	293	$39,765,000	$135,717
SAN JOSE-SUNNYVALE-SANTA CLARA, CA	75	$39,505,000	$526,733
MERCED, CA	146	$31,840,000	$218,082
BEND, OR	76	$30,550,000	$401,974
SANTA CRUZ-WATSONVILLE, CA	47	$25,645,000	$545,638
REDDING, CA	104	$24,220,000	$232,885
LEWISTON, ID-WA	118	$20,270,000	$171,780
CHATTANOOGA, TN-GA	123	$18,425,000	$149,797
BATON ROUGE, LA	98	$17,430,000	$177,857
URBAN HONOLULU, HI	27	$16,135,000	$597,593
FORT WORTH-ARLINGTON-GRAPEVINE, TX	53	$14,325,000	$270,283
FREDERICK-GAITHERSBURG-ROCKVILLE, MD	45	$14,285,000	$317,444
SAN RAFAEL, CA	25	$13,985,000	$559,400
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA	21	$13,925,000	$663,095
ANAHEIM-SANTA ANA-IRVINE, CA	24	$10,740,000	$447,500
NAPA, CA	21	$10,405,000	$495,476
YUBA CITY, CA	50	$10,190,000	$203,800
FLINT, MI	62	$9,940,000	$160,323
HICKORY-LENOIR-MORGANTON, NC	49	$9,725,000	$198,469
NEW ORLEANS-METAIRIE, LA	53	$9,245,000	$174,434
FRESNO, CA	36	$9,000,000	$250,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA	38	$8,820,000	$232,105
ALBANY-LEBANON, OR	33	$8,535,000	$258,636
BAKERSFIELD, CA	40	$8,060,000	$201,500
SPOKANE-SPOKANE VALLEY, WA	39	$8,015,000	$205,513
MEDFORD, OR	30	$7,940,000	$264,667
TULSA, OK	27	$6,865,000	$254,259
ANN ARBOR, MI	28	$6,440,000	$230,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI	15	$5,825,000	$388,333
DENVER-AURORA-LAKEWOOD, CO	19	$5,335,000	$280,789
PRESCOTT VALLEY-PRESCOTT, AZ	20	$5,280,000	$264,000
OXNARD-THOUSAND OAKS-VENTURA, CA	11	$5,005,000	$455,000
IDAHO FALLS, ID	32	$4,880,000	$152,500
GREEN BAY, WI	27	$4,665,000	$172,778
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC	20	$4,340,000	$217,000
CARSON CITY, NV	16	$4,280,000	$267,500
VISALIA, CA	20	$4,240,000	$212,000
SAN LUIS OBISPO-PASO ROBLES, CA	10	$4,230,000	$423,000
SANTA MARIA-SANTA BARBARA, CA	12	$3,940,000	$328,333
OLYMPIA-LACEY-TUMWATER, WA	16	$3,660,000	$228,750
YAKIMA, WA	24	$3,620,000	$150,833
COEUR D'ALENE, ID	11	$3,555,000	$323,182
MADERA, CA	14	$3,200,000	$228,571
LAS VEGAS-HENDERSON-PARADISE, NV	10	$2,920,000	$292,000
MONROE, MI	15	$2,725,000	$181,667
SEATTLE-BELLEVUE-KENT, WA	8	$2,700,000	$337,500
POCATELLO, ID	20	$2,610,000	$130,500
FLAGSTAFF, AZ	6	$2,420,000	$403,333
CORVALLIS, OR	8	$2,420,000	$302,500
HAMMOND, LA	17	$2,415,000	$142,059
BALTIMORE-COLUMBIA-TOWSON, MD	13	$2,355,000	$181,154
AUSTIN-ROUND ROCK-GEORGETOWN, TX	7	$2,315,000	$330,714
CLEVELAND, TN	18	$2,200,000	$122,222
WALLA WALLA, WA	9	$2,055,000	$228,333
HOUSTON-THE WOODLANDS-SUGAR LAND, TX	7	$2,005,000	$286,429
SALEM, OR	7	$1,755,000	$250,714
ELGIN, IL	8	$1,680,000	$210,000
RALEIGH-CARY, NC	5	$1,635,000	$327,000
LANSING-EAST LANSING, MI	11	$1,555,000	$141,364
BELLINGHAM, WA	4	$1,490,000	$372,500
FAYETTEVILLE-SPRINGDALE-ROGERS, AR	8	$1,490,000	$186,250
GREENSBORO-HIGH POINT, NC	10	$1,340,000	$134,000
GRANTS PASS, OR	7	$1,335,000	$190,714
EL CENTRO, CA	6	$1,250,000	$208,333
GRAND RAPIDS-KENTWOOD, MI	4	$1,230,000	$307,500
LAKE HAVASU CITY-KINGMAN, AZ	5	$1,165,000	$233,000
APPLETON, WI	5	$1,155,000	$231,000
HANFORD-CORCORAN, CA	5	$1,105,000	$221,000
WACO, TX	3	$1,075,000	$358,333
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI	3	$1,035,000	$345,000
TUSCALOOSA, AL	6	$1,030,000	$171,667
MILWAUKEE-WAUKESHA, WI	3	$1,025,000	$341,667
SALT LAKE CITY, UT	3	$885,000	$295,000
FORT COLLINS, CO	3	$825,000	$275,000
DAYTON-KETTERING, OH	6	$810,000	$135,000
KNOXVILLE, TN	5	$805,000	$161,000
WINSTON-SALEM, NC	5	$795,000	$159,000
SAN ANTONIO-NEW BRAUNFELS, TX	2	$790,000	$395,000
HAGERSTOWN-MARTINSBURG, MD-WV	3	$755,000	$251,667
CLARKSVILLE, TN-KY	4	$750,000	$187,500
HUNTSVILLE, AL	2	$750,000	$375,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN	1	$725,000	$725,000
JACKSON, MI	4	$720,000	$180,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV	1	$605,000	$605,000
MIAMI-MIAMI BEACH-KENDALL, FL	1	$595,000	$595,000
COLUMBIA, SC	2	$590,000	$295,000
GREELEY, CO	2	$560,000	$280,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL	3	$555,000	$185,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC	2	$550,000	$275,000
LONGVIEW, TX	2	$540,000	$270,000
RICHMOND, VA	1	$535,000	$535,000
SPARTANBURG, SC	2	$530,000	$265,000
ORLANDO-KISSIMMEE-SANFORD, FL	2	$500,000	$250,000
INDIANAPOLIS-CARMEL-ANDERSON, IN	1	$465,000	$465,000
SIERRA VISTA-DOUGLAS, AZ	4	$460,000	$115,000
SOUTH BEND-MISHAWAKA, IN-MI	1	$455,000	$455,000
CAPE CORAL-FORT MYERS, FL	1	$455,000	$455,000
OGDEN-CLEARFIELD, UT	1	$445,000	$445,000
MANKATO, MN	1	$435,000	$435,000
MIDLAND, MI	1	$405,000	$405,000
KILLEEN-TEMPLE, TX	3	$395,000	$131,667
NORTH PORT-SARASOTA-BRADENTON, FL	1	$395,000	$395,000
GAINESVILLE, GA	2	$380,000	$190,000
LONGVIEW, WA	2	$370,000	$185,000
ALBANY, GA	1	$365,000	$365,000
NILES, MI	2	$360,000	$180,000
SHERMAN-DENISON, TX	3	$355,000	$118,333
TYLER, TX	2	$350,000	$175,000
ROME, GA	2	$350,000	$175,000
JACKSONVILLE, FL	2	$340,000	$170,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL	1	$315,000	$315,000
OSHKOSH-NEENAH, WI	1	$305,000	$305,000
MADISON, WI	1	$305,000	$305,000
TACOMA-LAKEWOOD, WA	1	$285,000	$285,000
KALAMAZOO-PORTAGE, MI	3	$275,000	$91,667
TEXARKANA, TX-AR	1	$265,000	$265,000
SAGINAW, MI	2	$250,000	$125,000
COLORADO SPRINGS, CO	1	$245,000	$245,000
MOBILE, AL	1	$235,000	$235,000
JANESVILLE-BELOIT, WI	1	$225,000	$225,000
FORT WAYNE, IN	1	$215,000	$215,000
PEORIA, IL	1	$215,000	$215,000
LAKELAND-WINTER HAVEN, FL	1	$205,000	$205,000
YUMA, AZ	2	$200,000	$100,000
PUNTA GORDA, FL	2	$200,000	$100,000
BLOOMINGTON, IL	1	$185,000	$185,000
TOLEDO, OH	1	$175,000	$175,000
WAUSAU-WESTON, WI	1	$175,000	$175,000
COLUMBUS, IN	1	$165,000	$165,000
GARY, IN	1	$165,000	$165,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL	1	$165,000	$165,000
DURHAM-CHAPEL HILL, NC	1	$155,000	$155,000
ROCKFORD, IL	1	$155,000	$155,000
COLLEGE STATION-BRYAN, TX	1	$155,000	$155,000
DALTON, GA	1	$145,000	$145,000
BIRMINGHAM-HOOVER, AL	1	$145,000	$145,000
OCALA, FL	1	$135,000	$135,000
FAYETTEVILLE, NC	1	$135,000	$135,000
ASHEVILLE, NC	1	$125,000	$125,000
WHEELING, WV-OH	1	$115,000	$115,000
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR	1	$115,000	$115,000
COLUMBUS, OH	1	$105,000	$105,000
BAY CITY, MI	1	$105,000	$105,000
CLEVELAND-ELYRIA, OH	1	$95,000	$95,000
JACKSON, MS	1	$85,000	$85,000
MEMPHIS, TN-MS-AR	1	$55,000	$55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate	Originations	Total Value	Average Loan
<2.5%	782	$5,770,000	$7,379
2.5-3%	191	$12,735,000	$66,675
3-4%	5,323	$1,738,515,000	$326,604
4-5%	6,637	$1,981,515,000	$298,556
5-6%	2,096	$478,650,000	$228,364
6-7%	60	$13,380,000	$223,000
7-8%	5	$165,000	$33,000

Loan Sizing

Loan Size	Originations	Total Value	Average Loan
$100,000 or less	1,559	$46,465,000	$29,804
$100k-200k	3,350	$521,340,000	$155,624
$200k-400k	7,165	$2,047,215,000	$285,724
$400k-600k	2,357	$1,114,535,000	$472,862
$600k-1000k	610	$430,330,000	$705,459
$Over $1MM	53	$70,845,000	$1,336,698

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan
20-40%	356	$75,530,000	$212,163
40-60%	1,089	$330,445,000	$303,439
60-80%	3,712	$1,227,490,000	$330,682
80-100%	8,429	$2,451,525,000	$290,844
Over 100%	274	$94,110,000	$343,467
Under 20%	1,118	$11,850,000	$10,599

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan
$100k-150k	3,188	$1,076,740,000	$337,748
$150k-250k	1,824	$788,890,000	$432,505
$50k-75k	3,837	$771,725,000	$201,127
$50k-or less	2,440	$398,350,000	$163,258
$75k-100k	2,930	$772,530,000	$263,662
$Over $250k	593	$328,635,000	$554,191

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan
White	12,215	$3,413,855,000	$279,481
Not provided	1,114	$334,400,000	$300,180
Black	1,001	$230,275,000	$230,045
Asian	569	$197,805,000	$347,636
American Indian	111	$26,285,000	$236,802
Native Hawaiian	43	$16,055,000	$373,372
Filipino	11	$3,555,000	$323,182
Asian Indian	7	$2,405,000	$343,571
Other Pacific Islander	9	$2,025,000	$225,000
Other Asian	6	$1,400,000	$233,333
Native Hawiian	1	$555,000	$555,000
Not applicable	1	$485,000	$485,000
Japanese	1	$455,000	$455,000
Chinese	2	$350,000	$175,000
Vietnamese	1	$335,000	$335,000
Korean	1	$265,000	$265,000
	1	$225,000	$225,000

Approval Rates

Total approvals of all applications
96.03%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
72.47%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	15,094	$4,230,730,000	$280,292

Origination Fees

Origination Fee	Originations	Total Value	Average Loan
$<1k	815	$226,525,000	$277,945
$1k-2k	4,713	$1,442,945,000	$306,163
$2k-3k	2,675	$698,655,000	$261,179
$3k-4k	3,129	$896,435,000	$286,492
$5k+	2,082	$815,580,000	$391,729

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	342	$59,060,000	$172,690
Single Family (1-4 Units):Site-Built	14,752	$4,171,670,000	$282,787