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 and Refi loans. Cornerstone Bank has a high proportion of conventional loans. Their top two markets are New York and Philadelphia .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
4Origination Dollar Volume (All Markets)
$1,510,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $935,000 | $935,000 | $0 | 0.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $1,510,000 | $377,500 | $0 | 0.00% |
For 2018, Cornerstone Bank's most frequently originated type of loan was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 2 | $1,020,000 | $510,000 | $0 | 0.00% |
| Refi | 2 | $490,000 | $245,000 | $0 | 0.00% |
For 2018, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 2 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 4 | $1,510,000 | $377,500 | $0 | 0.00% |
For 2018, Cornerstone Bank's most frequently cited loan duration was Other, with 4 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 2 | $490,000 | $245,000 | $0 | 0.00% |
| $100,000 or less | 1 | $85,000 | $85,000 | $0 | 0.00% |
| $600k-1MM | 1 | $935,000 | $935,000 | $0 | 0.00% |
2018 saw Cornerstone Bank place emphasis on $200k-400k loans with 2 originations, totaling $490,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 1 | $245,000 | $245,000 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with incomes in the $250k+ range, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 4 | $1,510,000 | $377,500 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 3 | $1,265,000 | $421,667 | $0 | 0.00% |
| White | 1 | $245,000 | $245,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications89.09%
Cornerstone Bank has an average approval rate.
Pick Rate
Approvals leading to origination0.00%
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 | 4 | $1,510,000 | $377,500 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 4 | $1,510,000 | $377,500 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Cornerstone Home Lending Inc. | Conventional home mortgage | Closing on a mortgage | 2 | 12.5% |
| Cornerstone Home Lending Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 6.3% |
| Cornerstone Home Lending Inc. | Conventional home mortgage | Trouble during payment process | 9 | 56.3% |
| Cornerstone Home Lending Inc. | FHA mortgage | Closing on a mortgage | 1 | 6.3% |
| Cornerstone Home Lending Inc. | FHA mortgage | Struggling to pay mortgage | 1 | 6.3% |
| Cornerstone Home Lending Inc. | FHA mortgage | Trouble during payment process | 2 | 12.5% |