Pinnacle Mortgage Rates, Fees & Info
EAST HANOVER, NJLEI: 549300BTFTXJ72LSIY30
Tax ID: 22-3048514
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Pinnacle Mortgage is a smaller mortgage company specializing in Refi and Home Purchase loans. Pinnacle Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include New York, Philadelphia, Atlantic City, Trenton, and Ocean City among others. Pinnacle Mortgage has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Pinnacle Mortgage is typically an average fee lendor.Originations
1,284Origination Dollar Volume (All Markets)
$507,810,000Awards
PINNACLE MORTGAGE - 2021
PINNACLE MORTGAGE is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Pinnacle Mortgage 's average 30 year fixed rate mortgage of loans were
2.87%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.28%.
Relative Fees
Pinnacle Mortgage 's average total fees for a 30 year fixed rate
mortgage are $4,966.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 940 | $388,270,000 | $413,053 | $4,458 | 2.74% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 274 | $96,310,000 | $351,496 | $4,792 | 2.54% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 20 | $8,060,000 | $403,000 | $3,134 | 3.06% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 12 | $3,920,000 | $326,667 | $10,648 | 2.76% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 8 | $2,640,000 | $330,000 | $4,831 | 2.87% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 8 | $2,080,000 | $260,000 | $3,151 | 2.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $1,070,000 | $535,000 | $7,250 | 3.68% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $0 | 2.47% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $5,467 | 2.81% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $5,230 | 2.56% |
| Outside of Metro Areas | 2 | $610,000 | $305,000 | $0 | 3.19% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $2,856 | 2.50% |
| READING, PA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $0 | 2.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 3.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 2.50% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 2.75% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 2.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 2.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,828 | 2.75% |
Pinnacle Mortgage 's top markets include New York, Philadelphia, Atlantic City, Trenton, and Ocean City among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,258 | $498,320,000 | $396,121 | $4,319 | 2.70% |
| FHA | 25 | $9,265,000 | $370,600 | $10,135 | 2.90% |
| VA | 1 | $225,000 | $225,000 | $0 | 2.50% |
For the 2021 period, Pinnacle Mortgage 's most frequently originated loan type of loans were Conventional, with 1,258 originations. Their 2nd most popular type is FHA, with 25 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 599 | $222,315,000 | $371,144 | $3,395 | 2.54% |
| Home Purchase | 449 | $192,325,000 | $428,341 | $6,314 | 2.85% |
| Cash Out Refi | 235 | $92,845,000 | $395,085 | $4,116 | 2.85% |
| Other | 1 | $325,000 | $325,000 | $0 | 3.50% |
For the 2021, Pinnacle Mortgage 's most frequently cited loan purpose of loans were Refi, with 599 originations. The 2nd most popular reason of loans were Home Purchase, with 449 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 865 | $364,265,000 | $421,116 | $4,966 | 2.87% |
| 15 Year | 252 | $84,370,000 | $334,802 | $3,320 | 2.26% |
| 20 Year | 92 | $35,290,000 | $383,587 | $3,274 | 2.64% |
| Other | 46 | $16,410,000 | $356,739 | $3,525 | 2.46% |
| 10 Year | 29 | $7,475,000 | $257,759 | $3,400 | 2.27% |
For the 2021, Pinnacle Mortgage 's most frequently cited loan length of loans were 30 Year, with 865 originations. The 2nd most popular length of loans were 15 Year, with 252 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1,125 | $437,685,000 | $389,053 |
| $2k-3k | 23 | $6,655,000 | $289,348 |
| $3k-4k | 19 | $7,575,000 | $398,684 |
| $<1k | 18 | $7,630,000 | $423,889 |
| $5k+ | 15 | $8,785,000 | $585,667 |
$4,966 of loans were Pinnacle Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,125 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 631 | $262,615,000 | $416,189 |
| <2.5% | 454 | $163,440,000 | $360,000 |
| 3-4% | 189 | $77,895,000 | $412,143 |
| 4-5% | 10 | $3,860,000 | $386,000 |
During 2021, Pinnacle Mortgage 's average interest rate of loans were 2.87%, while their most frequently originated rate bucket of loans were 2.5-3%, with 631 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 592 | $180,180,000 | $304,358 | $4,661 | 2.65% |
| $400k-600k | 439 | $210,595,000 | $479,715 | $4,629 | 2.68% |
| $600k-1MM | 126 | $90,630,000 | $719,286 | $5,796 | 2.96% |
| $100k-200k | 115 | $18,595,000 | $161,696 | $2,885 | 2.75% |
| $100,000 or less | 6 | $510,000 | $85,000 | $0 | 3.10% |
| $1MM+ | 6 | $7,300,000 | $1,216,667 | $0 | 3.00% |
2021 saw Pinnacle Mortgage place emphasis on $200k-400k loans with 592 originations, totaling $180,180,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 394 | $164,550,000 | $417,640 | $4,007 | 2.67% |
| $100k-150k | 316 | $115,510,000 | $365,538 | $4,957 | 2.65% |
| $250k+ | 246 | $122,670,000 | $498,659 | $5,325 | 2.81% |
| $50k or less | 140 | $51,980,000 | $371,286 | $3,981 | 2.64% |
| $75k-100k | 121 | $36,905,000 | $305,000 | $5,023 | 2.76% |
| $50k-75k | 67 | $16,195,000 | $241,716 | $7,966 | 2.86% |
Pinnacle Mortgage lent most frequently to those with incomes in the $150k-250k range, with 394 originations. The second most popular income band? $100k-150k, with 316 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 403 | $161,885,000 | $401,700 | $4,867 | 2.69% |
| 30-36% | 226 | $91,990,000 | $407,035 | $4,128 | 2.70% |
| <20% | 172 | $68,200,000 | $396,512 | $4,428 | 2.64% |
| 39% | 52 | $22,050,000 | $424,038 | $4,818 | 2.69% |
| 36% | 48 | $18,490,000 | $385,208 | $4,577 | 2.76% |
| 41% | 44 | $16,380,000 | $372,273 | $2,400 | 2.60% |
| 43% | 39 | $15,895,000 | $407,564 | $4,574 | 2.80% |
| 37% | 38 | $15,280,000 | $402,105 | $3,681 | 2.78% |
| 44% | 38 | $16,250,000 | $427,632 | $4,560 | 2.85% |
| 42% | 34 | $13,100,000 | $385,294 | $0 | 2.68% |
| 38% | 34 | $11,500,000 | $338,235 | $4,107 | 2.72% |
| 40% | 33 | $13,045,000 | $395,303 | $0 | 2.74% |
| 47% | 24 | $8,470,000 | $352,917 | $3,352 | 2.81% |
| 45% | 24 | $8,570,000 | $357,083 | $4,530 | 2.80% |
| 48% | 23 | $7,105,000 | $308,913 | $3,637 | 2.77% |
| 46% | 21 | $7,985,000 | $380,238 | $5,462 | 2.67% |
| 50-60% | 16 | $6,090,000 | $380,625 | $10,183 | 2.94% |
| 49% | 13 | $4,695,000 | $361,154 | $10,037 | 2.76% |
| >60% | 2 | $830,000 | $415,000 | $0 | 2.69% |
Pinnacle Mortgage lent most frequently to those with DTI ratios of 20-30%, with 403 originations. The next most common DTI ratio? 30-36%, with 226 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 853 | $344,315,000 | $403,652 | $4,439 | 2.78% |
| Asian | 363 | $136,475,000 | $375,964 | $4,763 | 2.51% |
| Not provided | 49 | $19,315,000 | $394,184 | $5,128 | 2.88% |
| Black | 10 | $3,640,000 | $364,000 | $10,648 | 2.91% |
| Asian Indian | 6 | $2,540,000 | $423,333 | $0 | 2.77% |
| Other Asian | 2 | $940,000 | $470,000 | $0 | 2.81% |
| Chinese | 1 | $585,000 | $585,000 | $0 | 3.50% |
Approval Rates
Total approvals of all applications99.44%
Pinnacle Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.36%
Pinnacle Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,284 | $507,810,000 | $395,491 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,284 | $507,810,000 | $395,491 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 62 | $15,550,000 | $250,806 | $1,590 | 2.53% |
| 40-60% | 298 | $104,030,000 | $349,094 | $3,723 | 2.57% |
| 60-80% | 664 | $277,050,000 | $417,244 | $4,328 | 2.75% |
| 80-100% | 258 | $110,540,000 | $428,450 | $6,912 | 2.80% |
| Over 100% | 1 | $505,000 | $505,000 | $0 | 2.99% |
| Under 20% | 1 | $135,000 | $135,000 | $0 | 2.13% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Pinnacle Lending Group, Inc. | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |
