Cornerstone Financial Credit Union Mortgage Rates, Fees & Info

Nashville, TN

LEI: 549300HTKHBMJL4D9734

Tax ID: 62-0575774

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

Review & Overview

Cornerstone Financial Credit Union is a smaller credit union specializing in Refi loans. Cornerstone Financial Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Clarksville, Shelbyville, and Mcminnville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cornerstone Financial Credit Union 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	7.42%	11/17/24
30 Year Conventional Refi	6.15%	11/17/24
30 Year Cash-out Refi	6.14%	11/17/24
15 Year Conventional Purchase	7.09%	11/17/24
15 Year Conventional Refi	5.97%	11/17/24
15 Year Cash-out Refi	5.97%	11/17/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Cornerstone Financial Credit Union Mortgage Calculator

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This is not an official calculator from Cornerstone Financial Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

Origination Dollar Volume (All Markets)

$11,175,000

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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	56	$10,090,000	$180,179	$2,085	3.86%
CLARKSVILLE, TN-KY (FHA\|USDA\|VA)	5	$585,000	$117,000	$1,862	3.63%
Outside of Metro Areas	4	$250,000	$62,500	$1,713	3.72%
Shelbyville, TN (FHA\|USDA\|VA)	1	$175,000	$175,000	$1,878	4.13%
McMinnville, TN (FHA\|USDA\|VA)	1	$75,000	$75,000	$1,752	3.38%

Cornerstone Financial Credit Union's top markets include Nashville, Clarksville, Shelbyville, and Mcminnville among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against CORNERSTONE FINANCIAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

KELLEY MORTGAGE, LLC
Similarity Rank: 412

US COMMUNITY
Similarity Rank: 555

Southeast Financial Credit Union
Similarity Rank: 742

THE TENNESSEE CREDIT UNION
Similarity Rank: 750

Third Federal Savings and Loan Association of Cleveland
Similarity Rank: 1228

Volunteer State Bank
Similarity Rank: 1728

Listerhill Credit Union
Similarity Rank: 1824

The Farmers Bank
Similarity Rank: 2013

First Farmers and Merchants Bank
Similarity Rank: 2338

FIRST EQUITY MORTGAGE INCORPORATED
Similarity Rank: 2548

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	67	$11,175,000	$166,791	$2,033	3.83%

For 2018, Cornerstone Financial Credit Union's most frequently originated type of loan was Conventional, with 67 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	51	$8,885,000	$174,216	$2,022	3.71%
Home Purchase	8	$1,330,000	$166,250	$2,359	4.23%
Cash Out Refi	6	$820,000	$136,667	$1,757	4.48%
Home Improvement	1	$45,000	$45,000	$1,535	3.88%
Other	1	$95,000	$95,000	$1,706	3.00%

For 2018, Cornerstone Financial Credit Union's most frequently cited loan purpose was Refi, with 51 originations. The 2nd most popular reason was Home Purchase, with 8 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	32	$5,520,000	$172,500	$2,034	3.55%
10 Year	29	$4,325,000	$149,138	$2,003	4.13%
Other	5	$1,285,000	$257,000	$2,333	3.78%
5 Year	1	$45,000	$45,000	$1,210	4.50%

For 2018, Cornerstone Financial Credit Union's most frequently cited loan duration was 15 Year, with 32 originations. The 2nd most popular length was 10 Year, with 29 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	61	$10,235,000	$167,787

Cornerstone Financial 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 61 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	38	$7,000,000	$184,211
4-5%	17	$2,725,000	$160,294
2.5-3%	7	$555,000	$79,286
5-6%	5	$895,000	$179,000

During 2018, Cornerstone Financial Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 38 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	30	$2,130,000	$71,000	$1,674	3.67%
$100k-200k	19	$2,705,000	$142,368	$1,941	3.98%
$200k-400k	13	$3,725,000	$286,538	$2,554	4.02%
$400k-600k	4	$1,980,000	$495,000	$3,260	3.84%
$600k-1MM	1	$635,000	$635,000	$3,015	3.38%

2018 saw Cornerstone Financial Credit Union place emphasis on $100,000 or less loans with 30 originations, totaling $2,130,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	19	$1,725,000	$90,789	$1,759	3.68%
$50k-75k	17	$2,165,000	$127,353	$1,845	3.93%
$100k-150k	13	$3,285,000	$252,692	$2,492	3.94%
$75k-100k	12	$1,690,000	$140,833	$1,927	3.72%
$150k-250k	5	$1,975,000	$395,000	$2,888	3.98%
$250k+	1	$335,000	$335,000	$2,773	4.00%

Cornerstone Financial Credit Union lent most frequently to those with incomes in the $50k or less range, with 19 originations. The second most popular income band? $50k-75k, with 17 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	20	$3,210,000	$160,500	$1,941	3.67%
<20%	17	$1,735,000	$102,059	$1,825	3.73%
30-36%	11	$2,295,000	$208,636	$2,285	3.78%
50-60%	5	$845,000	$169,000	$1,759	4.65%
43%	2	$470,000	$235,000	$2,242	3.81%
40%	2	$320,000	$160,000	$2,118	4.06%
49%	2	$910,000	$455,000	$3,291	3.63%
36%	2	$270,000	$135,000	$2,141	3.75%
38%	2	$480,000	$240,000	$2,067	3.94%
42%	1	$285,000	$285,000	$2,547	3.88%
39%	1	$225,000	$225,000	$2,171	4.13%
37%	1	$45,000	$45,000	$1,210	4.50%
48%	1	$85,000	$85,000	$1,948	4.13%

Cornerstone Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? <20%, with 17 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	54	$9,690,000	$179,444	$2,078	3.81%
Black	11	$1,155,000	$105,000	$1,816	3.97%
Asian	2	$330,000	$165,000	$2,031	3.50%

Approval Rates

Total approvals of all applications
90.32%

Cornerstone Financial Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
80.60%

Cornerstone Financial Credit Union has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	67	$11,175,000	$166,791

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	67	$11,175,000	$166,791

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	12	$830,000	$69,167	$1,658	3.56%
40-60%	18	$2,760,000	$153,333	$1,961	3.64%
60-80%	19	$4,405,000	$231,842	$2,332	3.88%
80-100%	14	$2,960,000	$211,429	$2,210	4.30%
Under 20%	4	$220,000	$55,000	$1,606	3.63%

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%