Pinnacle Mortgage Rates, Fees & Info

EAST HANOVER, NJ

LEI: 549300BTFTXJ72LSIY30

Tax ID: 22-3048514

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,284

Origination Dollar Volume (All Markets)

$507,810,000

Awards

PINNACLE MORTGAGE  30 Year Conventional Loans bronze PINNACLE MORTGAGE  30 Year Conventional Loans gold PINNACLE MORTGAGE  30 Year Conventional Loans gold PINNACLE MORTGAGE  30 Year Conventional Loans gold
Show all (4) awards

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 applications
99.44%

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 origination
96.36%

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%