Cornerstone Bank Mortgage Rates, Fees & Info

Mt. Laurel, NJ

LEI: 549300C5TYVKN840ZC47

Tax ID: 22-3659781

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Cornerstone Bank is a smaller bank specializing in Home Purchase and Refi 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 Miami among others. We have data for 6 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.

    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.

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    Originations

    35

    Origination Dollar Volume (All Markets)

    $13,005,000

    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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 25 $6,115,000 $244,600 $0 0.00%
    OCEAN CITY, NJ (FHA|USDA|VA) 2 $3,070,000 $1,535,000 $0 0.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $1,105,000 $368,333 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $1,095,000 $365,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $895,000 $895,000 $0 0.00%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $725,000 $725,000 $0 0.00%
    Cornerstone Bank's top markets include Philadelphia, Ocean City, New York, Atlantic City, and Miami among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $13,005,000 $371,571 $0 0.00%

    For 2023, Cornerstone Bank's most frequently originated type of loan was Conventional, with 35 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $7,285,000 $383,421 $0 0.00%
    Refi 13 $5,505,000 $423,462 $0 0.00%
    Home Improvement 2 $170,000 $85,000 $0 0.00%
    Other 1 $45,000 $45,000 $0 0.00%

    For 2023, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 35 $13,005,000 $371,571 $0 0.00%

    For 2023, Cornerstone Bank's most frequently cited loan duration was Other, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 10 $1,560,000 $156,000 $0 0.00%
    $400k-600k 8 $3,740,000 $467,500 $0 0.00%
    $100,000 or less 6 $380,000 $63,333 $0 0.00%
    $200k-400k 5 $1,425,000 $285,000 $0 0.00%
    $600k-1MM 5 $3,795,000 $759,000 $0 0.00%
    $1MM+ 1 $2,105,000 $2,105,000 $0 0.00%

    2023 saw Cornerstone Bank place emphasis on $100k-200k loans with 10 originations, totaling $1,560,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 7 $3,535,000 $505,000 $0 0.00%
    $150k-250k 6 $1,960,000 $326,667 $0 0.00%
    $100k-150k 4 $960,000 $240,000 $0 0.00%
    $50k-75k 4 $580,000 $145,000 $0 0.00%
    $75k-100k 2 $390,000 $195,000 $0 0.00%
    $50k or less 1 $55,000 $55,000 $0 0.00%

    Cornerstone Bank lent most frequently to those with incomes in the $250k+ range, with 7 originations. The second most popular income band? $150k-250k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 35 $13,005,000 $371,571 $0 0.00%

    Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 17 $6,335,000 $372,647 $0 0.00%
    Not applicable 11 $5,525,000 $502,273 $0 0.00%
    White 7 $1,145,000 $163,571 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.94%

    Cornerstone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    51.43%

    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 35 $13,005,000 $371,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    35 $13,005,000 $371,571