Cornerstone Credit Union Mortgage Rates, Fees & Info

Freeport, IL

LEI: 549300COR6KN4QP42U93

Tax ID: 36-2217287

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Mortgage Data

Review & Overview

Cornerstone Credit Union is a smaller credit union specializing in Home Purchase, Other, and Refi loans. Cornerstone Credit Union has a high proportion of conventional loans. Their top two markets are Freeport and Rockford .

Cornerstone Credit Union 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. They typically have about average rates.

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Originations

5

Origination Dollar Volume (All Markets)

$165,000

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
Freeport, IL (FHA|USDA|VA) 4 $100,000 $25,000 $0 5.38%
ROCKFORD, IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.50%
Cornerstone Credit Union's top markets include Freeport and Rockford among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 5 $165,000 $33,000 $0 5.20%

    For 2018, Cornerstone Credit Union's most frequently originated type of loan was Conventional, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2 $90,000 $45,000 $0 4.63%
    Other 2 $40,000 $20,000 $0 5.38%
    Refi 1 $35,000 $35,000 $0 6.00%

    For 2018, Cornerstone Credit Union's most frequently cited loan purpose was Home Purchase, with 2 originations. The 2nd most popular reason was Other, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 3 $65,000 $21,667 $0 5.17%
    10 Year 1 $35,000 $35,000 $0 6.00%
    30 Year 1 $65,000 $65,000 $0 4.50%

    For 2018, Cornerstone Credit Union's most frequently cited loan duration was Other, with 3 originations. The 2nd most popular length was 10 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1 $65,000 $65,000

    Cornerstone Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 3 $75,000 $25,000
    4-5% 2 $90,000 $45,000

    During 2018, Cornerstone Credit Union's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 5-6%, with 3 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 5 $165,000 $33,000 $0 5.20%

    2018 saw Cornerstone Credit Union place emphasis on $100,000 or less loans with 5 originations, totaling $165,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 2 $100,000 $50,000 $0 5.25%
    $50k or less 2 $40,000 $20,000 $0 5.38%
    $100k-150k 1 $25,000 $25,000 $0 4.75%

    Cornerstone Credit Union lent most frequently to those with incomes in the $50k-75k range, with 2 originations. The second most popular income band? $50k or less, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 1 $65,000 $65,000 $0 4.50%

    Cornerstone Credit Union lent most frequently to those with DTI ratios of >60%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 5 $165,000 $33,000 $0 5.20%

    Approval Rates

    Total approvals of all applications
    87.50%

    Cornerstone Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.00%

    Cornerstone Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    617.0 1 $65,000 $65,000
    NA 4 $100,000 $25,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $25,000 $25,000
    Single Family (1-4 Units):Site-Built 4 $140,000 $35,000

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    60-80% 1 $65,000 $65,000 $0 4.50%

    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%