Summit Funding Mortgage Rates, Fees & Info

Sacramento, CA

LEI: 5493008VVXQIDO1EZ460

Tax ID: 91-1780488

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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    • Review & Overview

    Summit Funding is a mid-sized 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 by origination volume include: San Francisco, Sacramento, Stockton, San Diego, and Detroit among others. We have data for 247 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% 1/26/25
    30 Year Conventional Purchase 6.65% 1/26/25
    30 Year Conventional Refi 6.71% 1/26/25
    30 Year Cash-out Refi 6.97% 1/26/25
    30 Year FHA Purchase 7.77% 1/26/25
    30 Year FHA Refi 7.48% 1/26/25
    30 Year VA Purchase 6.56% 1/26/25
    30 Year VA Refi 6.23% 1/26/25
    30 Year USDA Purchase 7.01% 1/26/25
    15 Year Conventional Purchase 6.57% 1/26/25
    15 Year Conventional Refi 6.31% 1/26/25
    15 Year Cash-out Refi 6.31% 1/26/25
    15 Year FHA Purchase 5.68% 1/26/25
    15 Year VA Purchase 5.68% 1/26/25
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Summit Funding Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Summit Funding. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    15,094

    Origination Dollar Volume (All Markets)

    $4,230,730,000
    Show all (6) awards

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 792 $389,460,000 $491,742 $8,224 4.23%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1,171 $348,955,000 $297,997 $6,570 3.96%
    STOCKTON, CA (FHA|USDA|VA) 1,025 $292,425,000 $285,293 $7,683 3.99%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 460 $229,790,000 $499,543 $7,656 4.04%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,167 $212,305,000 $181,924 $4,604 4.22%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 513 $191,495,000 $373,285 $5,274 4.26%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 555 $173,615,000 $312,820 $8,725 4.29%
    CHICO, CA (FHA|USDA|VA) 596 $169,380,000 $284,195 $5,254 4.51%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 612 $169,150,000 $276,389 $6,464 4.31%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 563 $134,755,000 $239,352 $6,066 4.18%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 402 $114,750,000 $285,448 $7,730 3.95%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 232 $112,120,000 $483,276 $9,111 4.24%
    RENO, NV (FHA|USDA|VA) 444 $111,060,000 $250,135 $6,996 4.36%
    SALINAS, CA (FHA|USDA|VA) 246 $110,360,000 $448,618 $7,704 4.30%
    TUCSON, AZ (FHA|USDA|VA) 565 $108,545,000 $192,115 $6,350 4.23%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 438 $104,100,000 $237,671 $6,091 4.41%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 483 $89,225,000 $184,731 $6,714 3.44%
    Outside of Metro Areas 375 $74,515,000 $198,707 $6,071 4.31%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 266 $68,380,000 $257,068 $6,002 4.27%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 355 $58,905,000 $165,930 $6,651 4.56%
    VALLEJO, CA (FHA|USDA|VA) 161 $58,065,000 $360,652 $7,836 4.03%
    MODESTO, CA (FHA|USDA|VA) 275 $57,805,000 $210,200 $8,514 3.58%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 117 $54,875,000 $469,017 $7,603 4.13%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 121 $44,725,000 $369,628 $6,953 4.40%
    BOISE CITY, ID (FHA|USDA|VA) 185 $42,115,000 $227,649 $8,027 3.93%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 75 $39,505,000 $526,733 $8,008 4.34%
    MERCED, CA (FHA|USDA|VA) 146 $31,840,000 $218,082 $7,909 3.99%
    BEND, OR (FHA|USDA|VA) 76 $30,550,000 $401,974 $7,771 4.22%
    Fernley, NV (FHA|USDA|VA) 140 $28,280,000 $202,000 $7,378 4.02%
    Eureka-Arcata, CA (FHA|USDA|VA) 99 $25,835,000 $260,960 $6,604 4.20%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 47 $25,645,000 $545,638 $7,241 4.26%
    REDDING, CA (FHA|USDA|VA) 104 $24,220,000 $232,885 $6,515 4.48%
    Centralia, WA (FHA|USDA|VA) 107 $23,365,000 $218,364 $6,221 3.83%
    LEWISTON, ID-WA (FHA|USDA|VA) 118 $20,270,000 $171,780 $6,949 4.14%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 123 $18,425,000 $149,797 $5,713 4.27%
    BATON ROUGE, LA (FHA|USDA|VA) 98 $17,430,000 $177,857 $7,026 4.48%
    URBAN HONOLULU, HI (FHA|USDA|VA) 27 $16,135,000 $597,593 $9,929 4.29%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 46 $14,890,000 $323,696 $6,251 4.23%
    Roseburg, OR (FHA|USDA|VA) 66 $14,480,000 $219,394 $6,642 4.24%
    Crescent City, CA (FHA|USDA|VA) 61 $14,165,000 $232,213 $7,005 4.64%
    Susanville, CA (FHA|USDA|VA) 71 $13,185,000 $185,704 $6,669 4.52%
    Moscow, ID (FHA|USDA|VA) 59 $12,515,000 $212,119 $6,450 4.09%
    Red Bluff, CA (FHA|USDA|VA) 57 $12,475,000 $218,860 $6,089 4.43%
    NAPA, CA (FHA|USDA|VA) 21 $10,405,000 $495,476 $8,809 4.17%
    YUBA CITY, CA (FHA|USDA|VA) 50 $10,190,000 $203,800 $6,646 3.72%
    FLINT, MI (FHA|USDA|VA) 62 $9,940,000 $160,323 $5,266 4.54%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 49 $9,725,000 $198,469 $5,307 4.56%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 53 $9,245,000 $174,434 $6,428 3.99%
    FRESNO, CA (FHA|USDA|VA) 36 $9,000,000 $250,000 $4,936 4.18%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 38 $8,820,000 $232,105 $6,265 4.60%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 33 $8,535,000 $258,636 $6,311 4.29%
    BAKERSFIELD, CA (FHA|USDA|VA) 40 $8,060,000 $201,500 $7,134 3.69%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 39 $8,015,000 $205,513 $6,389 3.78%
    MEDFORD, OR (FHA|USDA|VA) 30 $7,940,000 $264,667 $6,372 4.51%
    TULSA, OK (FHA|USDA|VA) 27 $6,865,000 $254,259 $7,078 4.51%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 18 $6,790,000 $377,222 $6,047 4.37%
    ANN ARBOR, MI (FHA|USDA|VA) 28 $6,440,000 $230,000 $4,356 4.71%
    Fallon, NV (FHA|USDA|VA) 30 $6,120,000 $204,000 $6,976 4.40%
    Astoria, OR (FHA|USDA|VA) 16 $5,830,000 $364,375 $6,841 4.39%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 19 $5,335,000 $280,789 $6,146 4.24%
    PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 20 $5,280,000 $264,000 $7,921 4.37%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 11 $5,005,000 $455,000 $12,359 4.33%
    IDAHO FALLS, ID (FHA|USDA|VA) 32 $4,880,000 $152,500 $8,569 3.44%
    GREEN BAY, WI (FHA|USDA|VA) 27 $4,665,000 $172,778 $4,662 4.46%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 20 $4,340,000 $217,000 $7,797 4.34%
    CARSON CITY, NV (FHA|USDA|VA) 16 $4,280,000 $267,500 $7,699 5.06%
    VISALIA, CA (FHA|USDA|VA) 20 $4,240,000 $212,000 $6,336 3.92%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 10 $4,230,000 $423,000 $6,785 4.43%
    Clearlake, CA (FHA|USDA|VA) 21 $4,185,000 $199,286 $7,046 3.76%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 12 $3,940,000 $328,333 $7,806 3.77%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 16 $3,660,000 $228,750 $6,115 4.00%
    Ukiah, CA (FHA|USDA|VA) 11 $3,645,000 $331,364 $7,704 3.95%
    YAKIMA, WA (FHA|USDA|VA) 24 $3,620,000 $150,833 $7,826 3.04%
    Kapaa, HI (FHA|USDA|VA) 8 $3,610,000 $451,250 $10,416 4.14%
    Outside of Metro Areas 11 $3,555,000 $323,182 $6,667 4.15%
    MADERA, CA (FHA|USDA|VA) 14 $3,200,000 $228,571 $7,083 4.45%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 9 $2,985,000 $331,667 $8,291 4.08%
    Sonora, CA (FHA|USDA|VA) 18 $2,950,000 $163,889 $7,059 3.81%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 10 $2,920,000 $292,000 $4,901 4.41%
    Blackfoot, ID (FHA|USDA|VA) 16 $2,750,000 $171,875 $7,774 3.79%
    MONROE, MI (FHA|USDA|VA) 15 $2,725,000 $181,667 $5,208 4.50%
    POCATELLO, ID (FHA|USDA|VA) 20 $2,610,000 $130,500 $7,180 3.89%
    Elko, NV (FHA|USDA|VA) 9 $2,485,000 $276,111 $7,074 4.61%
    Oak Harbor, WA (FHA|USDA|VA) 9 $2,455,000 $272,778 $8,082 3.75%
    FLAGSTAFF, AZ (FHA|USDA|VA) 6 $2,420,000 $403,333 $6,432 4.27%
    CORVALLIS, OR (FHA|USDA|VA) 8 $2,420,000 $302,500 $8,282 4.30%
    HAMMOND, LA (FHA|USDA|VA) 17 $2,415,000 $142,059 $6,433 3.76%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 13 $2,355,000 $181,154 $4,570 3.73%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 7 $2,315,000 $330,714 $8,079 4.21%
    Newport, OR (FHA|USDA|VA) 9 $2,215,000 $246,111 $6,038 4.18%
    CLEVELAND, TN (FHA|USDA|VA) 18 $2,200,000 $122,222 $6,410 3.74%
    WALLA WALLA, WA (FHA|USDA|VA) 9 $2,055,000 $228,333 $7,001 4.05%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 7 $2,005,000 $286,429 $9,074 4.16%
    Pullman, WA (FHA|USDA|VA) 8 $1,990,000 $248,750 $5,703 4.36%
    Moses Lake, WA (FHA|USDA|VA) 12 $1,940,000 $161,667 $7,712 3.51%
    Jackson, WY-ID (FHA|USDA|VA) 8 $1,880,000 $235,000 $14,431 3.14%
    SALEM, OR (FHA|USDA|VA) 7 $1,755,000 $250,714 $4,668 4.21%
    RALEIGH-CARY, NC (FHA|USDA|VA) 5 $1,635,000 $327,000 $5,775 4.38%
    Prineville, OR (FHA|USDA|VA) 5 $1,615,000 $323,000 $7,358 4.78%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 11 $1,555,000 $141,364 $4,468 4.28%
    BELLINGHAM, WA (FHA|USDA|VA) 4 $1,490,000 $372,500 $6,465 4.56%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 8 $1,490,000 $186,250 $7,478 4.67%
    Rexburg, ID (FHA|USDA|VA) 8 $1,470,000 $183,750 $7,099 4.41%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 10 $1,340,000 $134,000 $5,020 4.75%
    GRANTS PASS, OR (FHA|USDA|VA) 7 $1,335,000 $190,714 $5,867 4.80%
    EL CENTRO, CA (FHA|USDA|VA) 6 $1,250,000 $208,333 $5,758 3.77%
    Cookeville, TN (FHA|USDA|VA) 9 $1,235,000 $137,222 $3,310 3.94%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $1,230,000 $307,500 $6,816 4.09%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 5 $1,165,000 $233,000 $7,523 3.85%
    Hilo, HI (FHA|USDA|VA) 3 $1,155,000 $385,000 $9,923 4.33%
    APPLETON, WI (FHA|USDA|VA) 5 $1,155,000 $231,000 $4,789 4.25%
    HANFORD-CORCORAN, CA (FHA|USDA|VA) 5 $1,105,000 $221,000 $4,757 4.95%
    WACO, TX (FHA|USDA|VA) 3 $1,075,000 $358,333 $8,494 4.75%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $1,035,000 $345,000 $5,156 3.79%
    Gardnerville Ranchos, NV (FHA|USDA|VA) 4 $1,030,000 $257,500 $5,862 4.50%
    TUSCALOOSA, AL (FHA|USDA|VA) 6 $1,030,000 $171,667 $6,943 4.14%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $1,025,000 $341,667 $6,538 4.54%
    Athens, TX (FHA|USDA|VA) 5 $985,000 $197,000 $9,164 5.05%
    Winnemucca, NV (FHA|USDA|VA) 7 $965,000 $137,857 $6,372 3.73%
    Wilmington, OH (FHA|USDA|VA) 3 $935,000 $311,667 $10,535 4.33%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $910,000 $455,000 $14,305 4.81%
    SALT LAKE CITY, UT (FHA|USDA|VA) 3 $885,000 $295,000 $9,972 4.67%
    Payson, AZ (FHA|USDA|VA) 5 $875,000 $175,000 $4,937 4.73%
    Aberdeen, WA (FHA|USDA|VA) 3 $845,000 $281,667 $4,478 4.21%
    FORT COLLINS, CO (FHA|USDA|VA) 3 $825,000 $275,000 $5,674 5.29%
    Coos Bay, OR (FHA|USDA|VA) 4 $820,000 $205,000 $7,357 3.69%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 6 $810,000 $135,000 $4,143 4.65%
    KNOXVILLE, TN (FHA|USDA|VA) 5 $805,000 $161,000 $7,255 3.70%
    WINSTON-SALEM, NC (FHA|USDA|VA) 5 $795,000 $159,000 $4,711 4.62%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $790,000 $395,000 $8,954 4.44%
    Lewisburg, TN (FHA|USDA|VA) 6 $770,000 $128,333 $4,791 5.56%
    Traverse City, MI (FHA|USDA|VA) 2 $760,000 $380,000 $4,969 5.00%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $755,000 $251,667 $4,932 4.46%
    Brookings, OR (FHA|USDA|VA) 3 $755,000 $251,667 $4,269 4.04%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $750,000 $187,500 $2,694 4.97%
    HUNTSVILLE, AL (FHA|USDA|VA) 2 $750,000 $375,000 $2,807 5.13%
    Columbus, MS (FHA|USDA|VA) 8 $740,000 $92,500 $5,540 4.78%
    Albemarle, NC (FHA|USDA|VA) 4 $730,000 $182,500 $8,228 5.15%
    Klamath Falls, OR (FHA|USDA|VA) 4 $730,000 $182,500 $4,982 4.37%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $725,000 $725,000 $2,844 4.13%
    JACKSON, MI (FHA|USDA|VA) 4 $720,000 $180,000 $7,896 5.53%
    COLUMBIA, SC (FHA|USDA|VA) 2 $590,000 $295,000 $7,680 4.75%
    GREELEY, CO (FHA|USDA|VA) 2 $560,000 $280,000 $6,694 4.56%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $555,000 $185,000 $4,792 4.83%
    Edwards, CO (FHA|USDA|VA) 1 $555,000 $555,000 $4,785 4.25%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $550,000 $275,000 $3,501 4.68%
    LONGVIEW, TX (FHA|USDA|VA) 2 $540,000 $270,000 $8,621 4.00%
    RICHMOND, VA (FHA|USDA|VA) 1 $535,000 $535,000 $4,875 4.99%
    SPARTANBURG, SC (FHA|USDA|VA) 2 $530,000 $265,000 $5,767 4.13%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $500,000 $250,000 $4,455 4.44%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $465,000 $465,000 $4,411 4.63%
    Shelby, NC (FHA|USDA|VA) 5 $465,000 $93,000 $4,192 4.65%
    SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 4 $460,000 $115,000 $5,076 5.38%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $455,000 $455,000 $0 5.50%
    Nogales, AZ (FHA|USDA|VA) 3 $455,000 $151,667 $2,647 4.83%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $455,000 $455,000 $2,837 4.13%
    Hailey, ID (FHA|USDA|VA) 1 $455,000 $455,000 $16,752 3.63%
    Whitewater, WI (FHA|USDA|VA) 2 $450,000 $225,000 $2,716 4.00%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 1 $445,000 $445,000 $10,355 4.38%
    MANKATO, MN (FHA|USDA|VA) 1 $435,000 $435,000 $3,619 4.75%
    Bartlesville, OK (FHA|USDA|VA) 2 $430,000 $215,000 $3,179 5.31%
    MIDLAND, MI (FHA|USDA|VA) 1 $405,000 $405,000 $1,521 3.99%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $395,000 $395,000 $8,172 3.75%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 3 $395,000 $131,667 $7,023 4.96%
    Brevard, NC (FHA|USDA|VA) 2 $390,000 $195,000 $5,985 4.87%
    GAINESVILLE, GA (FHA|USDA|VA) 2 $380,000 $190,000 $7,817 5.44%
    LONGVIEW, WA (FHA|USDA|VA) 2 $370,000 $185,000 $4,105 4.81%
    ALBANY, GA (FHA|USDA|VA) 1 $365,000 $365,000 $6,779 4.13%
    NILES, MI (FHA|USDA|VA) 2 $360,000 $180,000 $4,795 4.18%
    Shelbyville, TN (FHA|USDA|VA) 2 $360,000 $180,000 $4,537 4.50%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 3 $355,000 $118,333 $4,959 4.66%
    TYLER, TX (FHA|USDA|VA) 2 $350,000 $175,000 $8,556 4.31%
    ROME, GA (FHA|USDA|VA) 2 $350,000 $175,000 $6,417 4.00%
    The Dalles, OR (FHA|USDA|VA) 1 $345,000 $345,000 $6,019 4.50%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 2 $340,000 $170,000 $5,299 4.63%
    JACKSONVILLE, FL (FHA|USDA|VA) 2 $340,000 $170,000 $3,047 4.75%
    Corsicana, TX (FHA|USDA|VA) 1 $335,000 $335,000 $5,013 4.88%
    Crossville, TN (FHA|USDA|VA) 2 $330,000 $165,000 $4,200 4.63%
    La Grande, OR (FHA|USDA|VA) 1 $325,000 $325,000 $4,819 3.50%
    Show Low, AZ (FHA|USDA|VA) 2 $320,000 $160,000 $3,188 3.88%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $305,000 $305,000 $10,935 3.50%
    MADISON, WI (FHA|USDA|VA) 1 $305,000 $305,000 $8,689 4.63%
    Madison, IN (FHA|USDA|VA) 1 $275,000 $275,000 $10,000 4.13%
    Mason City, IA (FHA|USDA|VA) 1 $275,000 $275,000 $9,093 3.63%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $275,000 $91,667 $0 5.58%
    Summerville, GA (FHA|USDA|VA) 2 $270,000 $135,000 $6,291 3.94%
    TEXARKANA, TX-AR (FHA|USDA|VA) 1 $265,000 $265,000 $14,193 5.75%
    Mount Pleasant, TX (FHA|USDA|VA) 1 $255,000 $255,000 $7,232 4.13%
    SAGINAW, MI (FHA|USDA|VA) 2 $250,000 $125,000 $3,078 5.13%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $245,000 $245,000 $3,126 4.75%
    Marinette, WI-MI (FHA|USDA|VA) 2 $240,000 $120,000 $2,946 4.31%
    MOBILE, AL (FHA|USDA|VA) 1 $235,000 $235,000 $5,405 4.00%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $225,000 $225,000 $2,992 4.00%
    Paris, TX (FHA|USDA|VA) 1 $225,000 $225,000 $8,375 4.75%
    Big Rapids, MI (FHA|USDA|VA) 1 $225,000 $225,000 $7,383 4.25%
    PEORIA, IL (FHA|USDA|VA) 1 $215,000 $215,000 $3,248 3.88%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $215,000 $215,000 $2,362 4.38%
    Boone, NC (FHA|USDA|VA) 1 $215,000 $215,000 $3,398 4.38%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.88%
    Gainesville, TX (FHA|USDA|VA) 1 $205,000 $205,000 $11,252 5.63%
    YUMA, AZ (FHA|USDA|VA) 2 $200,000 $100,000 $4,185 3.62%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $200,000 $100,000 $7,647 2.63%
    Lawrenceburg, TN (FHA|USDA|VA) 1 $195,000 $195,000 $5,740 3.88%
    Sandpoint, ID (FHA|USDA|VA) 1 $195,000 $195,000 $5,689 4.75%
    Montrose, CO (FHA|USDA|VA) 1 $195,000 $195,000 $6,364 3.50%
    Bogalusa, LA (FHA|USDA|VA) 2 $190,000 $95,000 $3,831 4.81%
    Bonham, TX (FHA|USDA|VA) 1 $185,000 $185,000 $4,992 4.50%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $185,000 $185,000 $5,753 4.13%
    Angola, IN (FHA|USDA|VA) 1 $185,000 $185,000 $2,500 4.50%
    Natchitoches, LA (FHA|USDA|VA) 1 $175,000 $175,000 $7,331 3.99%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $175,000 $175,000 $4,246 4.50%
    TOLEDO, OH (FHA|USDA|VA) 1 $175,000 $175,000 $4,793 3.63%
    Burley, ID (FHA|USDA|VA) 2 $170,000 $85,000 $0 2.19%
    COLUMBUS, IN (FHA|USDA|VA) 1 $165,000 $165,000 $8,041 5.75%
    Safford, AZ (FHA|USDA|VA) 1 $165,000 $165,000 $5,419 3.38%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $165,000 $165,000 $5,913 4.25%
    Shawano, WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,887 4.13%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $155,000 $155,000 $0 5.38%
    McMinnville, TN (FHA|USDA|VA) 1 $155,000 $155,000 $3,459 5.75%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $155,000 $155,000 $6,641 4.88%
    ROCKFORD, IL (FHA|USDA|VA) 1 $155,000 $155,000 $6,058 4.63%
    Ontario, OR-ID (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.88%
    Tahlequah, OK (FHA|USDA|VA) 1 $145,000 $145,000 $5,169 5.25%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $145,000 $145,000 $6,042 4.75%
    Durant, OK (FHA|USDA|VA) 1 $145,000 $145,000 $3,679 4.75%
    DALTON, GA (FHA|USDA|VA) 1 $145,000 $145,000 $9,051 4.00%
    Palestine, TX (FHA|USDA|VA) 1 $135,000 $135,000 $4,613 4.75%
    OCALA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.75%
    Cedartown, GA (FHA|USDA|VA) 1 $135,000 $135,000 $4,571 4.75%
    Washington, NC (FHA|USDA|VA) 1 $135,000 $135,000 $2,966 4.75%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $135,000 $135,000 $3,462 4.99%
    Mountain Home, ID (FHA|USDA|VA) 1 $125,000 $125,000 $8,061 3.88%
    Adrian, MI (FHA|USDA|VA) 1 $125,000 $125,000 $7,081 5.25%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,608 3.88%
    Dayton, TN (FHA|USDA|VA) 2 $120,000 $60,000 $7,314 1.94%
    WHEELING, WV-OH (FHA|USDA|VA) 1 $115,000 $115,000 $1,912 4.63%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $115,000 $115,000 $5,921 4.00%
    BAY CITY, MI (FHA|USDA|VA) 1 $105,000 $105,000 $3,694 4.00%
    COLUMBUS, OH (FHA|USDA|VA) 1 $105,000 $105,000 $3,775 5.50%
    Athens, TN (FHA|USDA|VA) 1 $105,000 $105,000 $6,825 4.50%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.50%
    Ottawa, IL (FHA|USDA|VA) 1 $95,000 $95,000 $4,488 4.25%
    Thomaston, GA (FHA|USDA|VA) 1 $95,000 $95,000 $4,128 5.38%
    Jefferson, GA (FHA|USDA|VA) 1 $95,000 $95,000 $3,720 4.75%
    JACKSON, MS (FHA|USDA|VA) 1 $85,000 $85,000 $5,084 3.63%
    Newport, TN (FHA|USDA|VA) 1 $75,000 $75,000 $6,648 5.25%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.75%
    Summit Funding's top markets include San Francisco, Sacramento, Stockton, San Diego, and Detroit among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10,659 $3,015,225,000 $282,881 $5,677 4.08%
    FHA 3,009 $761,445,000 $253,056 $9,877 4.52%
    VA 1,209 $415,255,000 $343,470 $7,070 4.10%
    USDA 217 $38,805,000 $178,825 $6,372 4.25%

    For 2019, Summit Funding's most frequently originated type of loan was Conventional, with 10,659 originations. Their 2nd most popular type was FHA, with 3,009 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 10,759 $2,803,155,000 $260,540 $7,046 4.16%
    Refi 2,667 $925,015,000 $346,837 $5,546 4.09%
    Cash Out Refi 1,605 $488,295,000 $304,234 $6,749 4.40%
    Other 63 $14,265,000 $226,429 $4,899 4.57%

    For 2019, Summit Funding's most frequently cited loan purpose was Home Purchase, with 10,759 originations. The 2nd most popular reason was Refi, with 2,667 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 14,233 $4,075,985,000 $286,376 $6,817 4.24%
    15 Year 434 $104,510,000 $240,806 $4,771 3.63%
    20 Year 135 $32,275,000 $239,074 $4,340 4.28%
    3 Year 107 $735,000 $6,869 $0 0.00%
    Other 87 $14,395,000 $165,460 $5,244 2.23%
    10 Year 73 $2,495,000 $34,178 $3,980 4.44%
    5 Year 25 $335,000 $13,400 $0 0.00%

    For 2019, Summit Funding's most frequently cited loan duration was 30 Year, with 14,233 originations. The 2nd most popular length was 15 Year, with 434 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4,713 $1,442,945,000 $306,163
    $2k-3k 2,675 $698,655,000 $261,179
    $5k+ 2,082 $815,580,000 $391,729
    $3k-4k 1,927 $535,255,000 $277,766
    $4k-5k 1,202 $361,180,000 $300,483
    $<1k 815 $226,525,000 $277,945

    Summit Funding's average total fees were $6,817, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,713 originations.

    Interest Rates

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

    During 2019, Summit Funding's average interest rate for loans was 4.24%, while their most frequently originated rate bucket for loans was 4-5%, with 6,637 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 7,165 $2,047,215,000 $285,724 $6,918 4.37%
    $100k-200k 3,350 $521,340,000 $155,624 $5,339 4.61%
    $400k-600k 2,357 $1,114,535,000 $472,862 $7,777 4.25%
    $100,000 or less 1,559 $46,465,000 $29,804 $4,050 2.20%
    $600k-1MM 610 $430,330,000 $705,459 $9,072 4.18%
    $1MM+ 53 $70,845,000 $1,336,698 $10,021 4.05%

    2019 saw Summit Funding place emphasis on $200k-400k loans with 7,165 originations, totaling $2,047,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 3,837 $771,725,000 $201,127 $6,538 4.09%
    $100k-150k 3,188 $1,076,740,000 $337,748 $7,265 4.26%
    $75k-100k 2,930 $772,530,000 $263,662 $7,074 4.17%
    $50k or less 2,440 $398,350,000 $163,258 $5,471 4.06%
    $150k-250k 1,824 $788,890,000 $432,505 $7,141 4.35%
    $250k+ 593 $328,635,000 $554,191 $7,147 4.34%

    Summit Funding lent most frequently to those with incomes in the $50k-75k range, with 3,837 originations. The second most popular income band? $100k-150k, with 3,188 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 2,465 $694,255,000 $281,645 $6,320 4.12%
    20-30% 2,093 $568,965,000 $271,842 $5,683 4.11%
    50-60% 1,068 $300,230,000 $281,114 $9,645 4.35%
    44% 849 $224,045,000 $263,893 $6,927 4.27%
    43% 745 $199,135,000 $267,295 $6,942 4.21%
    49% 687 $202,345,000 $294,534 $6,807 4.33%
    42% 677 $198,525,000 $293,242 $6,971 4.21%
    40% 652 $184,990,000 $283,727 $6,856 4.20%
    41% 630 $168,610,000 $267,635 $6,436 4.22%
    39% 569 $161,525,000 $283,875 $6,721 4.12%
    <20% 566 $132,100,000 $233,392 $5,407 3.72%
    38% 551 $151,455,000 $274,873 $6,736 4.07%
    37% 545 $154,375,000 $283,257 $6,810 4.12%
    45% 538 $154,780,000 $287,695 $7,290 4.29%
    48% 526 $155,400,000 $295,437 $7,284 4.37%
    36% 522 $148,850,000 $285,153 $6,317 4.18%
    47% 468 $129,140,000 $275,940 $6,639 4.31%
    46% 468 $132,600,000 $283,333 $6,695 4.38%
    >60% 279 $102,435,000 $367,151 $5,622 3.73%

    Summit Funding lent most frequently to those with DTI ratios of 30-36%, with 2,465 originations. The next most common DTI ratio? 20-30%, with 2,093 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 12,215 $3,413,855,000 $279,481 $6,573 4.20%
    Not provided 1,114 $334,400,000 $300,180 $7,413 3.90%
    Black 1,001 $230,275,000 $230,045 $7,394 4.15%
    Asian 569 $197,805,000 $347,636 $7,191 4.15%
    American Indian 111 $26,285,000 $236,802 $7,626 4.05%
    Native Hawaiian or Islander 43 $16,055,000 $373,372 $8,226 4.22%
    Filipino 11 $3,555,000 $323,182 $7,997 3.84%
    Asian Indian 7 $2,405,000 $343,571 $8,906 3.98%
    Other Pacific Islander 9 $2,025,000 $225,000 $7,085 3.69%
    Other Asian 6 $1,400,000 $233,333 $5,955 4.38%
    Native Hawaiian 1 $555,000 $555,000 $7,492 4.00%
    Not applicable 1 $485,000 $485,000 $6,677 3.99%
    Japanese 1 $455,000 $455,000 $7,255 4.13%
    Chinese 2 $350,000 $175,000 $4,962 4.00%
    Vietnamese 1 $335,000 $335,000 $14,672 3.38%
    Korean 1 $265,000 $265,000 $11,424 3.88%
    1 $225,000 $225,000 $6,324 4.38%

    Approval Rates

    Total approvals of all applications
    95.82%

    Summit Funding has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    72.30%

    Summit Funding has a below average pick rate.

    Points and Fees

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

    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

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 356 $75,530,000 $212,163 $4,536 4.29%
    40-60% 1,089 $330,445,000 $303,439 $5,214 4.23%
    60-80% 3,712 $1,227,490,000 $330,682 $5,860 4.41%
    80-100% 8,429 $2,451,525,000 $290,844 $7,249 4.46%
    Over 100% 274 $94,110,000 $343,467 $10,367 4.24%
    Under 20% 1,118 $11,850,000 $10,599 $4,260 1.16%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    SUMMIT FUNDING, INC. Conventional home mortgage Closing on a mortgage 1 20.0%
    SUMMIT FUNDING, INC. FHA mortgage Closing on a mortgage 1 20.0%
    SUMMIT FUNDING, INC. FHA mortgage Struggling to pay mortgage 1 20.0%
    SUMMIT FUNDING, INC. FHA mortgage Trouble during payment process 1 20.0%
    SUMMIT FUNDING, INC. Other type of mortgage Closing on a mortgage 1 20.0%