Cornerstone Credit Union Mortgage Rates, Fees & Info

Freeport, IL

LEI: 549300COR6KN4QP42U93

Tax ID: 36-2217287

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Cornerstone Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Cornerstone Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Freeport, Rockford, Sterling, and Chicago among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    47

    Origination Dollar Volume (All Markets)

    $2,815,000

    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) 31 $1,785,000 $57,581 $0 5.14%
    ROCKFORD, IL (FHA|USDA|VA) 8 $700,000 $87,500 $0 4.08%
    Sterling, IL (FHA|USDA|VA) 6 $290,000 $48,333 $0 5.35%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $40,000 $20,000 $0 6.38%
    Cornerstone Credit Union's top markets include Freeport, Rockford, Sterling, and Chicago among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 47 $2,815,000 $59,894 $0 5.04%

    For 2019, Cornerstone Credit Union's most frequently originated type of loan was Conventional, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 36 $2,180,000 $60,556 $0 5.00%
    Home Purchase 9 $595,000 $66,111 $0 4.91%
    Home Improvement 2 $40,000 $20,000 $0 6.38%

    For 2019, Cornerstone Credit Union's most frequently cited loan purpose was Refi, with 36 originations. The 2nd most popular reason was Home Purchase, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 10 $860,000 $86,000 $0 4.03%
    10 Year 9 $355,000 $39,444 $0 5.93%
    15 Year 8 $640,000 $80,000 $0 3.50%
    20 Year 8 $690,000 $86,250 $0 4.05%
    Other 6 $150,000 $25,000 $0 7.48%
    5 Year 5 $95,000 $19,000 $0 6.50%
    3 Year 1 $25,000 $25,000 $0 5.50%

    For 2019, Cornerstone Credit Union's most frequently cited loan duration was 30 Year, with 10 originations. The 2nd most popular length was 10 Year, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 15 $1,215,000 $81,000
    4-5% 12 $950,000 $79,167
    6-7% 8 $270,000 $33,750
    5-6% 5 $105,000 $21,000
    7-8% 4 $100,000 $25,000
    2.5-3% 2 $160,000 $80,000
    Over 8% 1 $15,000 $15,000

    During 2019, Cornerstone Credit Union's average interest rate for loans was 4.03%, while their most frequently originated rate bucket for loans was 3-4%, with 15 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 41 $1,955,000 $47,683 $0 5.19%
    $100k-200k 6 $860,000 $143,333 $0 4.00%

    2019 saw Cornerstone Credit Union place emphasis on $100,000 or less loans with 41 originations, totaling $1,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 19 $865,000 $45,526 $0 5.63%
    $100k-150k 10 $750,000 $75,000 $0 4.42%
    $50k-75k 9 $395,000 $43,889 $0 4.79%
    $75k-100k 7 $655,000 $93,571 $0 4.67%
    $150k-250k 2 $150,000 $75,000 $0 4.88%

    Cornerstone Credit Union lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 7 $575,000 $82,143 $0 4.18%
    <20% 4 $260,000 $65,000 $0 3.31%
    50-60% 4 $280,000 $70,000 $0 3.56%
    >60% 4 $290,000 $72,500 $0 4.25%
    36% 2 $100,000 $50,000 $0 4.31%
    38% 1 $145,000 $145,000 $0 3.63%
    42% 1 $65,000 $65,000 $0 4.25%
    43% 1 $165,000 $165,000 $0 4.25%
    37% 1 $45,000 $45,000 $0 3.50%
    48% 1 $155,000 $155,000 $0 3.75%
    49% 1 $65,000 $65,000 $0 4.75%
    30-36% 1 $135,000 $135,000 $0 3.38%
    45% 1 $45,000 $45,000 $0 3.50%

    Cornerstone Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? <20%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 47 $2,815,000 $59,894 $0 5.04%

    Approval Rates

    Total approvals of all applications
    79.49%

    Cornerstone Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.47%

    Cornerstone Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 47 $2,815,000 $59,894

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $265,000 $29,444
    Single Family (1-4 Units):Site-Built 38 $2,550,000 $67,105

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $65,000 $65,000 $0 3.00%
    40-60% 6 $350,000 $58,333 $0 3.90%
    60-80% 17 $1,575,000 $92,647 $0 4.04%
    80-100% 5 $335,000 $67,000 $0 3.68%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    CORNERSTONE MORTGAGE, INC. FHA mortgage Trouble during payment process 1 100.0%