Cornerstone Bank Mortgage Rates, Fees & Info

Mt. Laurel, NJ

LEI: 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

16

Origination Dollar Volume (All Markets)

$9,770,000

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) 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%
Cornerstone Bank's top markets include Philadelphia, Atlantic City, and Ocean City among others.

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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 5 $355,000 $71,000 $0 0.00%
    $100k-200k 3 $415,000 $138,333 $0 0.00%
    $200k-400k 3 $935,000 $311,667 $0 0.00%
    $400k-600k 3 $1,445,000 $481,667 $0 0.00%
    $1MM+ 1 $5,895,000 $5,895,000 $0 0.00%
    $600k-1MM 1 $725,000 $725,000 $0 0.00%

    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 applications
    86.36%

    Cornerstone Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.25%

    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%