Summit Funding Mortgage Rates, Fees & Info
Sacramento, CALEI: 5493008VVXQIDO1EZ460
Tax ID: 91-1780488
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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, San Francisco, Stockton, Detroit, and Chico among others. We have data for 193 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 an average 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% | 4/22/24 |
| 30 Year Conventional Purchase | 6.65% | 4/22/24 |
| 30 Year Conventional Refi | 6.71% | 4/22/24 |
| 30 Year Cash-out Refi | 6.97% | 4/22/24 |
| 30 Year FHA Purchase | 7.77% | 4/22/24 |
| 30 Year FHA Refi | 7.48% | 4/22/24 |
| 30 Year VA Purchase | 6.56% | 4/22/24 |
| 30 Year VA Refi | 6.23% | 4/22/24 |
| 30 Year USDA Purchase | 7.01% | 4/22/24 |
| 15 Year Conventional Purchase | 6.57% | 4/22/24 |
| 15 Year Conventional Refi | 6.31% | 4/22/24 |
| 15 Year Cash-out Refi | 6.31% | 4/22/24 |
| 15 Year FHA Purchase | 5.68% | 4/22/24 |
| 15 Year VA Purchase | 5.68% | 4/22/24 |
| 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
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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
11,760Origination Dollar Volume (All Markets)
$3,060,820,000Awards
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SUMMIT FUNDING - 2018
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For 2018, less than of lenders were eligible for this award.
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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) | 969 | $291,995,000 | $301,336 | $6,319 | 4.83% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 554 | $258,090,000 | $465,866 | $9,260 | 4.80% |
| STOCKTON, CA (FHA|USDA|VA) | 722 | $197,130,000 | $273,033 | $6,858 | 4.90% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1,005 | $183,825,000 | $182,910 | $4,747 | 5.02% |
| CHICO, CA (FHA|USDA|VA) | 610 | $161,260,000 | $264,361 | $5,219 | 5.02% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 526 | $142,190,000 | $270,323 | $6,199 | 4.98% |
| RENO, NV (FHA|USDA|VA) | 585 | $139,345,000 | $238,197 | $6,912 | 5.22% |
| TUCSON, AZ (FHA|USDA|VA) | 744 | $130,530,000 | $175,444 | $5,341 | 5.02% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 382 | $117,330,000 | $307,147 | $8,313 | 4.92% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 487 | $107,625,000 | $220,996 | $6,154 | 5.06% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 203 | $96,845,000 | $477,069 | $9,490 | 4.78% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 206 | $93,820,000 | $455,437 | $8,980 | 4.87% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 251 | $80,825,000 | $322,012 | $6,282 | 4.86% |
| SALINAS, CA (FHA|USDA|VA) | 190 | $74,860,000 | $394,000 | $7,463 | 4.88% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 390 | $68,220,000 | $174,923 | $6,515 | 5.18% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 316 | $65,490,000 | $207,247 | $5,311 | 5.12% |
| VALLEJO, CA (FHA|USDA|VA) | 199 | $63,625,000 | $319,724 | $8,257 | 4.85% |
| Outside of Metro Areas | 326 | $62,440,000 | $191,534 | $5,728 | 5.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 376 | $57,990,000 | $154,229 | $5,602 | 5.32% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 205 | $48,865,000 | $238,366 | $5,491 | 5.10% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 157 | $46,225,000 | $294,427 | $6,061 | 4.92% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 145 | $38,495,000 | $265,483 | $7,180 | 4.92% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 85 | $36,585,000 | $430,412 | $7,255 | 4.76% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 75 | $35,235,000 | $469,800 | $9,915 | 4.85% |
| MODESTO, CA (FHA|USDA|VA) | 149 | $31,765,000 | $213,188 | $6,563 | 4.77% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 86 | $24,210,000 | $281,512 | $5,642 | 5.22% |
| BEND, OR (FHA|USDA|VA) | 69 | $22,195,000 | $321,667 | $6,322 | 4.91% |
| BATON ROUGE, LA (FHA|USDA|VA) | 116 | $19,480,000 | $167,931 | $6,081 | 5.32% |
| Fernley, NV (FHA|USDA|VA) | 104 | $18,530,000 | $178,173 | $6,739 | 5.28% |
| MERCED, CA (FHA|USDA|VA) | 69 | $16,125,000 | $233,696 | $6,811 | 5.06% |
| Crescent City, CA (FHA|USDA|VA) | 76 | $16,090,000 | $211,711 | $7,198 | 5.09% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 73 | $15,325,000 | $209,932 | $6,442 | 5.02% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 89 | $14,535,000 | $163,315 | $5,829 | 5.15% |
| URBAN HONOLULU, HI (FHA|USDA|VA) | 33 | $14,415,000 | $436,818 | $8,100 | 4.95% |
| YUBA CITY, CA (FHA|USDA|VA) | 60 | $13,960,000 | $232,667 | $6,876 | 5.02% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 33 | $13,875,000 | $420,455 | $6,312 | 4.77% |
| Susanville, CA (FHA|USDA|VA) | 70 | $13,730,000 | $196,143 | $6,567 | 5.16% |
| REDDING, CA (FHA|USDA|VA) | 59 | $11,985,000 | $203,136 | $6,170 | 5.18% |
| Centralia, WA (FHA|USDA|VA) | 56 | $11,760,000 | $210,000 | $5,206 | 5.06% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 52 | $9,320,000 | $179,231 | $6,066 | 5.15% |
| ANN ARBOR, MI (FHA|USDA|VA) | 40 | $8,000,000 | $200,000 | $5,156 | 4.96% |
| Kapaa, HI (FHA|USDA|VA) | 12 | $7,690,000 | $640,833 | $10,651 | 5.06% |
| FLINT, MI (FHA|USDA|VA) | 44 | $7,070,000 | $160,682 | $5,592 | 5.22% |
| Red Bluff, CA (FHA|USDA|VA) | 32 | $6,700,000 | $209,375 | $6,845 | 5.34% |
| Roseburg, OR (FHA|USDA|VA) | 24 | $6,230,000 | $259,583 | $6,614 | 5.13% |
| Astoria, OR (FHA|USDA|VA) | 16 | $5,900,000 | $368,750 | $7,543 | 5.05% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 21 | $5,305,000 | $252,619 | $6,941 | 5.02% |
| CARSON CITY, NV (FHA|USDA|VA) | 23 | $4,995,000 | $217,174 | $7,111 | 5.33% |
| FRESNO, CA (FHA|USDA|VA) | 25 | $4,935,000 | $197,400 | $4,923 | 5.07% |
| NAPA, CA (FHA|USDA|VA) | 10 | $4,740,000 | $474,000 | $7,308 | 4.86% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 14 | $4,560,000 | $325,714 | $7,950 | 4.96% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 22 | $4,360,000 | $198,182 | $6,249 | 5.17% |
| Fallon, NV (FHA|USDA|VA) | 21 | $4,065,000 | $193,571 | $6,518 | 5.32% |
| SALEM, OR (FHA|USDA|VA) | 18 | $4,050,000 | $225,000 | $5,306 | 4.93% |
| Clearlake, CA (FHA|USDA|VA) | 20 | $3,890,000 | $194,500 | $6,240 | 4.99% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 9 | $3,755,000 | $417,222 | $8,517 | 4.85% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 10 | $3,610,000 | $361,000 | $5,989 | 5.03% |
| Ukiah, CA (FHA|USDA|VA) | 11 | $3,555,000 | $323,182 | $8,709 | 4.95% |
| Elko, NV (FHA|USDA|VA) | 15 | $3,015,000 | $201,000 | $6,174 | 5.40% |
| TULSA, OK (FHA|USDA|VA) | 19 | $2,935,000 | $154,474 | $5,198 | 5.22% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 14 | $2,760,000 | $197,143 | $4,607 | 5.29% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 11 | $2,755,000 | $250,455 | $6,129 | 4.95% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 7 | $2,715,000 | $387,857 | $7,854 | 4.91% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 10 | $2,660,000 | $266,000 | $6,908 | 5.16% |
| Brookings, OR (FHA|USDA|VA) | 7 | $2,645,000 | $377,857 | $6,356 | 4.89% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 13 | $2,505,000 | $192,692 | $5,372 | 5.20% |
| MADERA, CA (FHA|USDA|VA) | 13 | $2,465,000 | $189,615 | $6,401 | 4.66% |
| VISALIA, CA (FHA|USDA|VA) | 10 | $2,410,000 | $241,000 | $7,174 | 4.91% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 6 | $2,400,000 | $400,000 | $11,380 | 4.23% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 7 | $1,905,000 | $272,143 | $7,083 | 5.13% |
| MEDFORD, OR (FHA|USDA|VA) | 7 | $1,865,000 | $266,429 | $5,963 | 4.82% |
| Winnemucca, NV (FHA|USDA|VA) | 11 | $1,835,000 | $166,818 | $5,585 | 5.49% |
| Pullman, WA (FHA|USDA|VA) | 11 | $1,775,000 | $161,364 | $3,766 | 5.08% |
| WALLA WALLA, WA (FHA|USDA|VA) | 10 | $1,710,000 | $171,000 | $5,855 | 5.40% |
| CORVALLIS, OR (FHA|USDA|VA) | 5 | $1,695,000 | $339,000 | $7,209 | 4.82% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 5 | $1,625,000 | $325,000 | $4,679 | 5.08% |
| BOISE CITY, ID (FHA|USDA|VA) | 7 | $1,605,000 | $229,286 | $5,123 | 4.80% |
| YAKIMA, WA (FHA|USDA|VA) | 11 | $1,485,000 | $135,000 | $7,273 | 5.09% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 3 | $1,455,000 | $485,000 | $10,153 | 5.17% |
| MONROE, MI (FHA|USDA|VA) | 7 | $1,395,000 | $199,286 | $4,819 | 4.80% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 7 | $1,385,000 | $197,857 | $4,837 | 5.13% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 5 | $1,365,000 | $273,000 | $6,550 | 4.90% |
| GAINESVILLE, GA (FHA|USDA|VA) | 7 | $1,295,000 | $185,000 | $4,751 | 4.93% |
| Show Low, AZ (FHA|USDA|VA) | 6 | $1,290,000 | $215,000 | $6,432 | 5.06% |
| Newport, OR (FHA|USDA|VA) | 6 | $1,280,000 | $213,333 | $5,938 | 4.96% |
| HAMMOND, LA (FHA|USDA|VA) | 7 | $1,245,000 | $177,857 | $6,243 | 5.21% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 8 | $1,210,000 | $151,250 | $5,943 | 5.27% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 8 | $1,190,000 | $148,750 | $5,873 | 5.38% |
| Hilo, HI (FHA|USDA|VA) | 2 | $1,180,000 | $590,000 | $13,516 | 5.00% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $6,947 | 4.84% |
| Hood River, OR (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $4,406 | 4.44% |
| JACKSON, MI (FHA|USDA|VA) | 6 | $1,080,000 | $180,000 | $6,305 | 4.93% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $8,117 | 5.20% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 8 | $1,040,000 | $130,000 | $5,220 | 5.03% |
| Shelby, NC (FHA|USDA|VA) | 6 | $890,000 | $148,333 | $4,583 | 5.02% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $4,463 | 4.81% |
| Moses Lake, WA (FHA|USDA|VA) | 8 | $840,000 | $105,000 | $6,490 | 5.10% |
| COLUMBIA, SC (FHA|USDA|VA) | 5 | $835,000 | $167,000 | $5,028 | 4.98% |
| Adrian, MI (FHA|USDA|VA) | 4 | $830,000 | $207,500 | $3,648 | 4.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $7,357 | 5.13% |
| Outside of Metro Areas | 4 | $770,000 | $192,500 | $5,921 | 5.16% |
| Moscow, ID (FHA|USDA|VA) | 6 | $770,000 | $128,333 | $5,031 | 5.13% |
| Sonora, CA (FHA|USDA|VA) | 6 | $770,000 | $128,333 | $4,937 | 4.73% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $4,199 | 5.16% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $12,814 | 4.75% |
| WENATCHEE, WA (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $13,531 | 5.06% |
| ASHEVILLE, NC (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $3,347 | 5.16% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $3,527 | 5.00% |
| Jefferson, GA (FHA|USDA|VA) | 4 | $710,000 | $177,500 | $6,820 | 5.41% |
| Klamath Falls, OR (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $5,260 | 5.25% |
| Athens, TX (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $10,032 | 4.81% |
| Oak Harbor, WA (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $6,900 | 4.69% |
| LONGVIEW, WA (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $4,541 | 5.21% |
| Wilmington, OH (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $5,474 | 5.38% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $4,534 | 5.25% |
| Lewisburg, TN (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $6,074 | 5.42% |
| Albemarle, NC (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $4,831 | 5.47% |
| LONGVIEW, TX (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $7,420 | 5.29% |
| Nogales, AZ (FHA|USDA|VA) | 4 | $560,000 | $140,000 | $2,502 | 4.81% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 5 | $555,000 | $111,000 | $4,279 | 4.84% |
| Payson, AZ (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $5,963 | 4.50% |
| EL CENTRO, CA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,693 | 4.88% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $0 | 4.83% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $5,843 | 4.75% |
| AKRON, OH (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $4,184 | 5.06% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,050 | 4.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,179 | 5.25% |
| Coos Bay, OR (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $5,040 | 4.63% |
| Hailey, ID (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,750 | 4.88% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $7,912 | 4.56% |
| Granbury, TX (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $10,399 | 4.88% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $7,702 | 4.69% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 4.88% |
| Safford, AZ (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $4,659 | 5.25% |
| Gainesville, TX (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $5,985 | 5.50% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $5,027 | 5.04% |
| Jacksonville, TX (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $4,637 | 4.88% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $4,866 | 5.25% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $0 | 5.63% |
| La Grande, OR (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $1,106 | 4.88% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $4,401 | 5.13% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $10,247 | 5.25% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $6,229 | 5.63% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,775 | 4.75% |
| GRANTS PASS, OR (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $5,227 | 5.62% |
| Boone, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 5.50% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,777 | 5.00% |
| Seneca, SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $10,772 | 5.13% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,984 | 4.75% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,363 | 5.38% |
| Prineville, OR (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $5,314 | 5.13% |
| TYLER, TX (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $10,151 | 5.06% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,589 | 4.88% |
| Shelton, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,463 | 4.63% |
| Mount Airy, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,019 | 4.88% |
| Pahrump, NV (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 5.88% |
| NILES, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,247 | 4.50% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,993 | 5.25% |
| Bonham, TX (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,052 | 5.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $7,934 | 5.75% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,114 | 5.00% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,008 | 5.25% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,423 | 4.13% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,156 | 5.25% |
| AMARILLO, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $8,737 | 5.38% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,992 | 5.63% |
| McMinnville, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,941 | 5.38% |
| WACO, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,679 | 4.38% |
| Othello, WA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,181 | 4.88% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,571 | 5.38% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,764 | 4.00% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,488 | 5.00% |
| Forest City, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,094 | 5.00% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,948 | 4.88% |
| Central City, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,896 | 5.75% |
| Washington, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $500 | 5.75% |
| Bogalusa, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,956 | 5.13% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,362 | 5.38% |
| Sulphur Springs, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,827 | 5.50% |
| OWENSBORO, KY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,855 | 5.00% |
| MADISON, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,877 | 4.25% |
| Shelbyville, TN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,780 | 5.00% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,127 | 4.25% |
| Ludington, MI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,189 | 5.63% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $7,668 | 4.38% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,769 | 5.63% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,296 | 4.63% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,517 | 5.50% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,056 | 4.50% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,632 | 5.75% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.88% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,708 | 4.63% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.38% |
Similar Lenders
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Product Mix
For 2018, Summit Funding's most frequently originated type of loan was Conventional, with 8,119 originations. Their 2nd most popular type was FHA, with 2,653 originations.
Loan Reason
For 2018, Summit Funding's most frequently cited loan purpose was Home Purchase, with 10,048 originations. The 2nd most popular reason was Cash Out Refi, with 974 originations.
Loan Duration/Length
For 2018, Summit Funding's most frequently cited loan duration was 30 Year, with 11,125 originations. The 2nd most popular length was 15 Year, with 308 originations.
Origination Fees/Closing Costs
Summit Funding's average total fees were $6,484, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,310 originations.
Interest Rates
During 2018, Summit Funding's average interest rate for loans was 5.03%, while their most frequently originated rate bucket for loans was 4-5%, with 5,810 originations.
Loan Sizing
2018 saw Summit Funding place emphasis on $200k-400k loans with 5,440 originations, totaling $1,539,150,000 in origination value.
Applicant Income
Summit Funding lent most frequently to those with incomes in the $50k-75k range, with 3,180 originations. The second most popular income band? $100k-150k, with 2,460 originations.
Applicant Debt to Income Ratio
Summit Funding lent most frequently to those with DTI ratios of 30-36%, with 1,760 originations. The next most common DTI ratio? 20-30%, with 1,407 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.31%
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 origination72.69%
Summit Funding has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 11,760 | $3,060,820,000 | $260,274 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 245 | $40,745,000 | $166,306 |
| Single Family (1-4 Units):Site-Built | 11,515 | $3,020,075,000 | $262,273 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SUMMIT FUNDING, INC. | Conventional home mortgage | Struggling to pay mortgage | 1 | 10.0% |
| SUMMIT FUNDING, INC. | Conventional home mortgage | Trouble during payment process | 3 | 30.0% |
| SUMMIT FUNDING, INC. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 10.0% |
| SUMMIT FUNDING, INC. | FHA mortgage | Struggling to pay mortgage | 1 | 10.0% |
| SUMMIT FUNDING, INC. | FHA mortgage | Trouble during payment process | 3 | 30.0% |
| SUMMIT FUNDING, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 10.0% |