Cornerstone Bank Mortgage Rates, Fees & Info
Mt. Laurel, NJLEI: 549300C5TYVKN840ZC47
Tax ID: 22-3659781
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Mortgage Data
Review & Overview
Cornerstone Bank is a smaller bank specializing in Home Purchase loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, New York, Atlantic City, and East Stroudsburg among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
33Origination Dollar Volume (All Markets)
$14,825,000Top Markets
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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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 23 | $11,155,000 | $485,000 | $0 | 0.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 2 | $1,180,000 | $590,000 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $720,000 | $360,000 | $0 | 0.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 0.00% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 32 | $14,220,000 | $444,375 | $0 | 0.00% |
| VA | 1 | $605,000 | $605,000 | $0 | 0.00% |
For 2024, Cornerstone Bank's most frequently originated type of loan was Conventional, with 32 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 30 | $14,150,000 | $471,667 | $0 | 0.00% |
| Other | 2 | $270,000 | $135,000 | $0 | 0.00% |
| Cash Out Refi | 1 | $405,000 | $405,000 | $0 | 0.00% |
For 2024, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 30 originations. The 2nd most popular reason was Other, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 33 | $14,825,000 | $449,242 | $0 | 0.00% |
For 2024, Cornerstone Bank's most frequently cited loan duration was Other, with 33 originations.
Loan Sizing
2024 saw Cornerstone Bank place emphasis on $200k-400k loans with 15 originations, totaling $4,605,000 in origination value.
Applicant Income
Cornerstone Bank lent most frequently to those with incomes in the $150k-250k range, with 14 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 33 | $14,825,000 | $449,242 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 33 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.58%
Cornerstone Bank has an average approval rate.
Pick Rate
Approvals leading to origination69.70%
Cornerstone Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 33 | $14,825,000 | $449,242 |