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, Atlantic City, and Ocean City among others. We have data for 3 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
16Origination Dollar Volume (All Markets)
$9,770,000Top 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 14 | $8,740,000 | $624,286 | $0 | 0.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 0.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 16 | $9,770,000 | $610,625 | $0 | 0.00% |
For 2019, Cornerstone Bank's most frequently originated type of loan was Conventional, with 16 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 9 | $7,555,000 | $839,444 | $0 | 0.00% |
| Home Improvement | 4 | $570,000 | $142,500 | $0 | 0.00% |
| Refi | 3 | $1,645,000 | $548,333 | $0 | 0.00% |
For 2019, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Home Improvement, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 16 | $9,770,000 | $610,625 | $0 | 0.00% |
For 2019, Cornerstone Bank's most frequently cited loan duration was Other, with 16 originations.
Loan Sizing
2019 saw Cornerstone Bank place emphasis on $100,000 or less loans with 5 originations, totaling $355,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 4 | $350,000 | $87,500 | $0 | 0.00% |
| $150k-250k | 2 | $750,000 | $375,000 | $0 | 0.00% |
| $250k+ | 2 | $710,000 | $355,000 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 16 | $9,770,000 | $610,625 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 16 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 8 | $7,960,000 | $995,000 | $0 | 0.00% |
| White | 8 | $1,810,000 | $226,250 | $0 | 0.00% |
Approval Rates
Total approvals of all applications86.36%
Cornerstone Bank has an average approval rate.
Pick Rate
Approvals leading to origination81.25%
Cornerstone Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 16 | $9,770,000 | $610,625 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $5,895,000 | $5,895,000 |
| Single Family (1-4 Units):Site-Built | 15 | $3,875,000 | $258,333 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CORNERSTONE MORTGAGE, INC. | FHA mortgage | Trouble during payment process | 1 | 100.0% |