Cornerstone Credit Union Mortgage Rates, Fees & Info
Freeport, ILLEI: 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
5Origination Dollar Volume (All Markets)
$165,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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 applications87.50%
Cornerstone Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination80.00%
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% |