Cornerstone Home Lending, Inc.

FORT COLLINS, CO 80528

LEI: 549300CY7WNAHKHYSJ73

Tax ID: 76-0236067

2019 Data | 2018 Data


Overview

Cornerstone Home Lending, Inc. is a mid-sized mortgage company specializing in Home Purchase loans. Cornerstone Home Lending, Inc. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Seattle, Houston, Oklahoma City, San Antonio, and Austin among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Cornerstone Home Lending, Inc. is typically a medium-low fee lendor.


Originations

22,335

Origination Dollar Volume (All Markets)

$6,529,835,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 15,637 $4,870,015,000 $311,442
FHA 3,985 $884,415,000 $221,936
VA 2,355 $703,785,000 $298,847
USDA 358 $71,620,000 $200,056

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 16,915 $4,677,075,000 $276,505
Home Improvement 44 $11,430,000 $259,773
Other 127 $31,535,000 $248,307
Refi 3,368 $1,216,850,000 $361,298
Cash Out Refi 1,881 $592,945,000 $315,229

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
SEATTLE-BELLEVUE-KENT, WA 1,356 $713,150,000 $525,922
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 2,848 $689,210,000 $241,998
Outside of Metro Areas 2,352 $622,070,000 $264,486
OKLAHOMA CITY, OK 2,351 $511,355,000 $217,505
SAN ANTONIO-NEW BRAUNFELS, TX 1,459 $356,475,000 $244,328
AUSTIN-ROUND ROCK-GEORGETOWN, TX 1,150 $346,120,000 $300,974
DALLAS-PLANO-IRVING, TX 795 $321,565,000 $404,484
DENVER-AURORA-LAKEWOOD, CO 693 $253,585,000 $365,924
FORT COLLINS, CO 618 $200,440,000 $324,337
RALEIGH-CARY, NC 666 $180,620,000 $271,201
GREELEY, CO 498 $154,090,000 $309,418
PHOENIX-MESA-CHANDLER, AZ 485 $139,265,000 $287,144
SANTA MARIA-SANTA BARBARA, CA 248 $134,250,000 $541,331
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 378 $108,330,000 $286,587
TACOMA-LAKEWOOD, WA 255 $92,655,000 $363,353
ANAHEIM-SANTA ANA-IRVINE, CA 165 $90,845,000 $550,576
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 182 $87,550,000 $481,044
CHARLOTTE-CONCORD-GASTONIA, NC-SC 303 $80,735,000 $266,452
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 310 $68,510,000 $221,000
SALT LAKE CITY, UT 165 $64,425,000 $390,455
FORT WORTH-ARLINGTON-GRAPEVINE, TX 234 $64,260,000 $274,615
LOS ANGELES-LONG BEACH-GLENDALE, CA 123 $62,915,000 $511,504
BREMERTON-SILVERDALE-PORT ORCHARD, WA 167 $61,625,000 $369,012
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 156 $54,060,000 $346,538
MCALLEN-EDINBURG-MISSION, TX 262 $47,080,000 $179,695
OGDEN-CLEARFIELD, UT 162 $45,990,000 $283,889
COLORADO SPRINGS, CO 141 $45,695,000 $324,078
FARMINGTON, NM 248 $44,970,000 $181,331
TULSA, OK 218 $44,680,000 $204,954
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 181 $40,425,000 $223,343
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 204 $40,370,000 $197,892
BOULDER, CO 91 $37,245,000 $409,286
YUBA CITY, CA 124 $33,450,000 $269,758
OAKLAND-BERKELEY-LIVERMORE, CA 62 $33,020,000 $532,581
BILLINGS, MT 119 $27,895,000 $234,412
GOLDSBORO, NC 157 $27,165,000 $173,025
MADISON, WI 111 $27,065,000 $243,829
LAS VEGAS-HENDERSON-PARADISE, NV 84 $24,990,000 $297,500
SPOKANE-SPOKANE VALLEY, WA 98 $24,120,000 $246,122
CALIFORNIA-LEXINGTON PARK, MD 76 $23,440,000 $308,421
FAYETTEVILLE, NC 126 $22,560,000 $179,048
YAKIMA, WA 99 $21,935,000 $221,566
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 57 $19,885,000 $348,860
KILLEEN-TEMPLE, TX 110 $19,170,000 $174,273
COLLEGE STATION-BRYAN, TX 77 $18,665,000 $242,403
CHEYENNE, WY 78 $18,570,000 $238,077
DURHAM-CHAPEL HILL, NC 69 $18,255,000 $264,565
CORPUS CHRISTI, TX 99 $17,845,000 $180,253
MIAMI-MIAMI BEACH-KENDALL, FL 61 $16,985,000 $278,443
MOUNT VERNON-ANACORTES, WA 47 $16,875,000 $359,043
OXNARD-THOUSAND OAKS-VENTURA, CA 30 $14,170,000 $472,333
BAKERSFIELD, CA 47 $11,415,000 $242,872
JACKSONVILLE, FL 46 $11,380,000 $247,391
TYLER, TX 45 $10,935,000 $243,000
PROVO-OREM, UT 28 $10,690,000 $381,786
WENATCHEE, WA 39 $10,685,000 $273,974
SACRAMENTO-ROSEVILLE-FOLSOM, CA 26 $10,600,000 $407,692
JACKSON, MS 45 $9,625,000 $213,889
WACO, TX 43 $8,915,000 $207,326
LONGVIEW, TX 46 $8,680,000 $188,696
FAIRBANKS, AK 29 $8,495,000 $292,931
PUEBLO, CO 46 $8,090,000 $175,870
IDAHO FALLS, ID 42 $8,020,000 $190,952
ORLANDO-KISSIMMEE-SANFORD, FL 18 $6,100,000 $338,889
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 6 $6,060,000 $1,010,000
LAS CRUCES, NM 26 $5,930,000 $228,077
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 18 $5,800,000 $322,222
BEND, OR 14 $5,670,000 $405,000
TEXARKANA, TX-AR 25 $5,515,000 $220,600
FORT SMITH, AR-OK 21 $5,095,000 $242,619
OLYMPIA-LACEY-TUMWATER, WA 16 $4,780,000 $298,750
BELLINGHAM, WA 15 $4,605,000 $307,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 5 $4,365,000 $873,000
CHICO, CA 17 $3,905,000 $229,706
HICKORY-LENOIR-MORGANTON, NC 27 $3,305,000 $122,407
SAN ANGELO, TX 15 $3,285,000 $219,000
GREENVILLE, NC 18 $3,260,000 $181,111
MIDLAND, TX 10 $3,130,000 $313,000
BROWNSVILLE-HARLINGEN, TX 22 $3,110,000 $141,364
GRAND JUNCTION, CO 15 $3,095,000 $206,333
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 7 $3,015,000 $430,714
SAN LUIS OBISPO-PASO ROBLES, CA 5 $2,785,000 $557,000
NEW BERN, NC 16 $2,770,000 $173,125
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 9 $2,725,000 $302,778
COEUR D'ALENE, ID 11 $2,645,000 $240,455
BEAUMONT-PORT ARTHUR, TX 16 $2,630,000 $164,375
JANESVILLE-BELOIT, WI 14 $2,620,000 $187,143
WILMINGTON, NC 10 $2,470,000 $247,000
PORT ST. LUCIE, FL 11 $2,455,000 $223,182
CHARLESTON-NORTH CHARLESTON, SC 8 $2,440,000 $305,000
ST. GEORGE, UT 8 $2,410,000 $301,250
ANCHORAGE, AK 9 $2,365,000 $262,778
VALLEJO, CA 6 $2,340,000 $390,000
BOISE CITY, ID 7 $2,305,000 $329,286
TAMPA-ST. PETERSBURG-CLEARWATER, FL 8 $2,220,000 $277,500
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 9 $2,115,000 $235,000
CAPE CORAL-FORT MYERS, FL 9 $2,025,000 $225,000
HATTIESBURG, MS 8 $1,980,000 $247,500
MANHATTAN, KS 7 $1,945,000 $277,857
ABILENE, TX 8 $1,820,000 $227,500
STOCKTON, CA 6 $1,800,000 $300,000
KENNEWICK-RICHLAND, WA 6 $1,720,000 $286,667
JACKSONVILLE, NC 7 $1,685,000 $240,714
TUCSON, AZ 6 $1,680,000 $280,000
OMAHA-COUNCIL BLUFFS, NE-IA 8 $1,630,000 $203,750
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 4 $1,600,000 $400,000
ALBUQUERQUE, NM 7 $1,565,000 $223,571
SHERMAN-DENISON, TX 5 $1,545,000 $309,000
NAPLES-MARCO ISLAND, FL 5 $1,435,000 $287,000
PRESCOTT VALLEY-PRESCOTT, AZ 4 $1,410,000 $352,500
SAN RAFAEL, CA 1 $1,325,000 $1,325,000
WINSTON-SALEM, NC 6 $1,300,000 $216,667
NORTH PORT-SARASOTA-BRADENTON, FL 5 $1,295,000 $259,000
SANTA FE, NM 4 $1,290,000 $322,500
FLAGSTAFF, AZ 4 $1,260,000 $315,000
EL PASO, TX 6 $1,120,000 $186,667
POCATELLO, ID 7 $1,045,000 $149,286
ROCKY MOUNT, NC 8 $1,010,000 $126,250
LAKE HAVASU CITY-KINGMAN, AZ 6 $1,000,000 $166,667
AMARILLO, TX 2 $980,000 $490,000
MISSOULA, MT 2 $970,000 $485,000
PENSACOLA-FERRY PASS-BRENT, FL 3 $885,000 $295,000
HILTON HEAD ISLAND-BLUFFTON, SC 1 $875,000 $875,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 3 $865,000 $288,333
NEW ORLEANS-METAIRIE, LA 4 $850,000 $212,500
ENID, OK 4 $830,000 $207,500
KANSAS CITY, MO-KS 3 $825,000 $275,000
VICTORIA, TX 3 $815,000 $271,667
MONTGOMERY, AL 3 $795,000 $265,000
SPRINGFIELD, MO 4 $760,000 $190,000
SALISBURY, MD-DE 4 $740,000 $185,000
SANTA ROSA-PETALUMA, CA 1 $705,000 $705,000
RENO, NV 2 $690,000 $345,000
SANTA CRUZ-WATSONVILLE, CA 1 $655,000 $655,000
GREENVILLE-ANDERSON, SC 1 $605,000 $605,000
LAFAYETTE, LA 3 $595,000 $198,333
LAKELAND-WINTER HAVEN, FL 3 $595,000 $198,333
GRANTS PASS, OR 2 $590,000 $295,000
HOT SPRINGS, AR 4 $590,000 $147,500
LONGVIEW, WA 3 $575,000 $191,667
PINE BLUFF, AR 4 $570,000 $142,500
LAWTON, OK 4 $560,000 $140,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $555,000 $555,000
HUNTSVILLE, AL 2 $510,000 $255,000
BALTIMORE-COLUMBIA-TOWSON, MD 2 $500,000 $250,000
LUBBOCK, TX 2 $490,000 $245,000
CASPER, WY 2 $490,000 $245,000
PUNTA GORDA, FL 2 $460,000 $230,000
ANN ARBOR, MI 1 $455,000 $455,000
CORVALLIS, OR 1 $435,000 $435,000
TALLAHASSEE, FL 2 $420,000 $210,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 1 $395,000 $395,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $375,000 $375,000
EL CENTRO, CA 3 $365,000 $121,667
GREENSBORO-HIGH POINT, NC 3 $355,000 $118,333
MODESTO, CA 1 $345,000 $345,000
ASHEVILLE, NC 1 $335,000 $335,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $330,000 $165,000
YUMA, AZ 1 $315,000 $315,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $305,000 $305,000
EUGENE-SPRINGFIELD, OR 1 $295,000 $295,000
WICHITA, KS 1 $275,000 $275,000
ST. LOUIS, MO-IL 1 $265,000 $265,000
OCALA, FL 1 $255,000 $255,000
ALBANY-LEBANON, OR 1 $235,000 $235,000
GAINESVILLE, FL 1 $225,000 $225,000
MEMPHIS, TN-MS-AR 3 $225,000 $75,000
ROCHESTER, MN 1 $215,000 $215,000
APPLETON, WI 1 $215,000 $215,000
HOMOSASSA SPRINGS, FL 1 $205,000 $205,000
GRAND ISLAND, NE 1 $195,000 $195,000
CARSON CITY, NV 1 $185,000 $185,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $185,000 $185,000
MOBILE, AL 1 $175,000 $175,000
THE VILLAGES, FL 1 $175,000 $175,000
COLUMBIA, SC 1 $175,000 $175,000
WAUSAU-WESTON, WI 1 $175,000 $175,000
READING, PA 1 $165,000 $165,000
JONESBORO, AR 1 $165,000 $165,000
BATON ROUGE, LA 1 $155,000 $155,000
GULFPORT-BILOXI, MS 1 $155,000 $155,000
FRESNO, CA 1 $155,000 $155,000
SEBRING-AVON PARK, FL 1 $145,000 $145,000
WILMINGTON, DE-MD-NJ 1 $135,000 $135,000
OSHKOSH-NEENAH, WI 1 $135,000 $135,000
ROANOKE, VA 1 $135,000 $135,000
MILWAUKEE-WAUKESHA, WI 1 $135,000 $135,000
SEBASTIAN-VERO BEACH, FL 1 $115,000 $115,000
FOND DU LAC, WI 1 $105,000 $105,000
PITTSBURGH, PA 1 $95,000 $95,000
BURLINGTON, NC 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 611 $6,185,000 $10,123
2.5-3% 163 $50,785,000 $311,564
3-4% 10,399 $3,417,605,000 $328,647
4-5% 9,244 $2,652,090,000 $286,899
5-6% 1,797 $381,375,000 $212,229
6-7% 111 $20,395,000 $183,739
7-8% 8 $830,000 $103,750
Over 8% 1 $555,000 $555,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,281 $54,565,000 $42,596
$100k-200k 5,505 $871,025,000 $158,224
$200k-400k 11,182 $3,170,500,000 $283,536
$400k-600k 3,196 $1,511,000,000 $472,778
$600k-1000k 1,031 $742,035,000 $719,724
$Over $1MM 140 $180,710,000 $1,290,786

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 453 $107,545,000 $237,406
40-60% 1,507 $448,575,000 $297,661
60-80% 5,823 $2,036,885,000 $349,800
80-100% 13,223 $3,739,385,000 $282,794
Over 100% 639 $184,615,000 $288,912
Under 20% 683 $11,645,000 $17,050

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 5,199 $1,703,015,000 $327,566
$150k-250k 3,386 $1,390,380,000 $410,626
$50k-75k 5,208 $1,055,630,000 $202,694
$50k-or less 2,584 $383,590,000 $148,448
$75k-100k 4,184 $1,080,660,000 $258,284
$Over $250k 1,371 $782,055,000 $570,427

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 15,924 $4,663,130,000 $292,837
Not provided 3,469 $1,078,215,000 $310,814
Black 1,168 $272,450,000 $233,262
Asian 719 $236,275,000 $328,616
American Indian 628 $144,570,000 $230,207
Asian Indian 89 $32,675,000 $367,135
Other Asian 130 $32,510,000 $250,077
Filipino 49 $16,675,000 $340,306
Chinese 33 $13,615,000 $412,576
Korean 24 $10,020,000 $417,500
Other Pacific Islander 40 $9,630,000 $240,750
Native Hawaiian 26 $9,190,000 $353,462
Japanese 17 $5,445,000 $320,294
Vietnamese 13 $3,295,000 $253,462
Samoan 4 $1,280,000 $320,000
Native Hawiian 1 $565,000 $565,000
Guamanian 1 $295,000 $295,000

Approval Rates

Total approvals of all applications
97.79%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
78.58%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 22,335 $6,529,835,000 $292,359

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 569 $140,375,000 $246,705
$1k-2k 11,156 $3,392,560,000 $304,102
$2k-3k 2,825 $723,745,000 $256,193
$3k-4k 3,295 $957,115,000 $290,475
$5k+ 1,667 $750,395,000 $450,147

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 227 $45,555,000 $200,683
Single Family (1-4 Units):Site-Built 22,108 $6,484,280,000 $293,300