Cornerstone Bank Mortgage Rates, Fees & Info
Mt. Laurel, NJLEI: 549300C5TYVKN840ZC47
Tax ID: 22-3659781
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Cornerstone Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Cornerstone Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Hilton Head Island, Atlantic City, and New York among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Bank has an above 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
63Origination Dollar Volume (All Markets)
$31,615,000Top 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) | 54 | $24,750,000 | $458,333 | $0 | 0.00% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 4 | $5,510,000 | $1,377,500 | $0 | 0.00% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $0 | 0.00% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $0 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 63 | $31,615,000 | $501,825 | $0 | 0.00% |
For 2022, Cornerstone Bank's most frequently originated type of loan was Conventional, with 63 originations.
Loan Reason
For 2022, Cornerstone Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Refi, with 16 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 63 | $31,615,000 | $501,825 | $0 | 0.00% |
For 2022, Cornerstone Bank's most frequently cited loan duration was Other, with 63 originations.
Loan Sizing
2022 saw Cornerstone Bank place emphasis on $200k-400k loans with 24 originations, totaling $6,850,000 in origination value.
Applicant Income
Cornerstone Bank lent most frequently to those with incomes in the $250k+ range, with 13 originations. The second most popular income band? $75k-100k, with 7 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 63 | $31,615,000 | $501,825 | $0 | 0.00% |
Cornerstone Bank lent most frequently to those with DTI ratios of Exempt%, with 63 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.48%
Cornerstone Bank has an average approval rate.
Pick Rate
Approvals leading to origination79.37%
Cornerstone Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 63 | $31,615,000 | $501,825 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Cornerstone Home Lending Inc. | VA mortgage | Trouble during payment process | 1 | 100.0% |