Summit Mortgage Rates, Fees & Info

MUNCIE, IN

LEI: 549300I25WBRMJIIED23

Tax ID: 35-1956001

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Summit Mortgage is a smaller mortgage company specializing in Home Purchase loans. Summit Mortgage has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Fort Wayne, South Bend, Warsaw, Auburn, and Decatur among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Summit Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Summit Mortgage is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    451

    Origination Dollar Volume (All Markets)

    $63,305,000
    Show all (5) awards

    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
    FORT WAYNE, IN (FHA|USDA|VA) 286 $41,320,000 $144,476 $3,422 4.72%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 23 $2,735,000 $118,913 $4,499 4.53%
    Warsaw, IN (FHA|USDA|VA) 19 $2,725,000 $143,421 $3,886 4.59%
    Outside of Metro Areas 15 $1,705,000 $113,667 $3,451 4.88%
    Auburn, IN (FHA|USDA|VA) 10 $1,700,000 $170,000 $3,634 4.54%
    Decatur, IN (FHA|USDA|VA) 13 $1,635,000 $125,769 $3,284 4.61%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 10 $1,630,000 $163,000 $3,820 4.60%
    Marion, IN (FHA|USDA|VA) 16 $1,530,000 $95,625 $3,540 4.66%
    Bluffton, IN (FHA|USDA|VA) 9 $1,515,000 $168,333 $3,472 4.57%
    MUNCIE, IN (FHA|USDA|VA) 14 $1,450,000 $103,571 $3,750 4.48%
    Angola, IN (FHA|USDA|VA) 6 $1,380,000 $230,000 $4,590 5.19%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 4 $740,000 $185,000 $4,670 4.47%
    Kendallville, IN (FHA|USDA|VA) 5 $625,000 $125,000 $3,468 4.60%
    Huntington, IN (FHA|USDA|VA) 6 $520,000 $86,667 $2,626 4.79%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $380,000 $190,000 $2,916 4.50%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $365,000 $365,000 $11,879 5.13%
    Seymour, IN (FHA|USDA|VA) 3 $325,000 $108,333 $4,005 5.00%
    GAINESVILLE, FL (FHA|USDA|VA) 2 $240,000 $120,000 $5,579 4.69%
    Wabash, IN (FHA|USDA|VA) 2 $230,000 $115,000 $4,212 4.75%
    Coldwater, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,803 5.50%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $135,000 $135,000 $3,825 4.63%
    Hillsdale, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,606 5.25%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $65,000 $65,000 $3,054 4.75%
    New Castle, IN (FHA|USDA|VA) 1 $55,000 $55,000 $3,336 4.63%
    Summit Mortgage's top markets include Fort Wayne, South Bend, Warsaw, Auburn, and Decatur among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

    Fire Police City County Federal Credit Union
    Similarity Rank: 48
    The Garrett State Bank
    Similarity Rank: 72
    INTERRA CREDIT UNION
    Similarity Rank: 256
    First State Bank of Middlebury
    Similarity Rank: 387
    TEACHERS CREDIT UNION
    Similarity Rank: 420
    INOVA FEDERAL CREDIT UNION
    Similarity Rank: 630
    ProFed Federal Credit Union
    Similarity Rank: 741
    First Federal Savings Bank
    Similarity Rank: 833
    MIDWEST AMERICA
    Similarity Rank: 836
    Notre Dame Federal Credit Union Corporation
    Similarity Rank: 1025

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 213 $33,945,000 $159,366 $2,740 4.85%
    FHA 177 $21,885,000 $123,644 $4,510 4.55%
    USDA 43 $4,905,000 $114,070 $3,414 4.60%
    VA 18 $2,570,000 $142,778 $4,503 4.60%

    For 2018, Summit Mortgage's most frequently originated type of loan was Conventional, with 213 originations. Their 2nd most popular type was FHA, with 177 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 408 $57,810,000 $141,691 $3,625 4.69%
    Cash Out Refi 36 $4,860,000 $135,000 $3,030 4.81%
    Refi 7 $635,000 $90,714 $3,096 4.52%

    For 2018, Summit Mortgage's most frequently cited loan purpose was Home Purchase, with 408 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 423 $59,405,000 $140,437 $3,622 4.71%
    15 Year 14 $2,090,000 $149,286 $2,931 4.37%
    20 Year 13 $1,735,000 $133,462 $2,635 4.64%
    10 Year 1 $75,000 $75,000 $2,157 4.13%

    For 2018, Summit Mortgage's most frequently cited loan duration was 30 Year, with 423 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 396 $56,060,000 $141,566
    $<1k 23 $3,135,000 $136,304
    $2k-3k 22 $2,760,000 $125,455
    $3k-4k 4 $590,000 $147,500
    $4k-5k 2 $380,000 $190,000

    Summit Mortgage's average total fees were $3,622, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 396 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 348 $49,100,000 $141,092
    5-6% 76 $10,390,000 $136,711
    3-4% 27 $3,815,000 $141,296

    During 2018, Summit Mortgage's average interest rate for loans was 4.71%, while their most frequently originated rate bucket for loans was 4-5%, with 348 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 257 $36,345,000 $141,420 $3,736 4.67%
    $100,000 or less 130 $10,080,000 $77,538 $3,059 4.78%
    $200k-400k 62 $16,010,000 $258,226 $3,983 4.64%
    $400k-600k 2 $870,000 $435,000 $2,489 5.13%

    2018 saw Summit Mortgage place emphasis on $100k-200k loans with 257 originations, totaling $36,345,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 190 $19,880,000 $104,632 $3,465 4.69%
    $50k-75k 115 $15,935,000 $138,565 $3,736 4.72%
    $75k-100k 67 $10,635,000 $158,731 $3,722 4.66%
    $100k-150k 49 $10,585,000 $216,020 $3,705 4.70%
    $150k-250k 24 $5,090,000 $212,083 $3,048 4.72%
    $250k+ 4 $940,000 $235,000 $3,098 4.56%

    Summit Mortgage lent most frequently to those with incomes in the $50k or less range, with 190 originations. The second most popular income band? $50k-75k, with 115 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $17,805,000 $142,440 $3,265 4.69%
    30-36% 80 $10,290,000 $128,625 $3,667 4.65%
    <20% 23 $2,335,000 $101,522 $2,836 4.79%
    39% 21 $2,685,000 $127,857 $3,603 4.77%
    40% 20 $3,180,000 $159,000 $3,821 4.81%
    42% 19 $3,055,000 $160,789 $4,200 4.66%
    43% 19 $3,275,000 $172,368 $3,775 4.68%
    50-60% 17 $2,335,000 $137,353 $4,460 4.56%
    38% 17 $2,235,000 $131,471 $3,858 4.62%
    37% 16 $2,320,000 $145,000 $3,573 4.79%
    44% 15 $2,275,000 $151,667 $3,801 4.82%
    46% 14 $2,020,000 $144,286 $3,057 4.65%
    36% 14 $2,220,000 $158,571 $3,474 4.68%
    47% 12 $1,400,000 $116,667 $3,567 4.63%
    41% 11 $1,645,000 $149,545 $3,714 4.68%
    48% 10 $1,430,000 $143,000 $4,060 4.63%
    45% 9 $1,625,000 $180,556 $3,567 4.85%
    49% 7 $935,000 $133,571 $4,381 4.82%

    Summit Mortgage lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? 30-36%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 414 $59,140,000 $142,850 $3,565 4.68%
    Black 19 $2,155,000 $113,421 $3,653 4.88%
    Asian 14 $1,360,000 $97,143 $3,283 5.02%
    Not provided 2 $220,000 $110,000 $4,247 4.56%
    American Indian 1 $215,000 $215,000 $7,664 4.38%
    Native Hawaiian or Islander 1 $215,000 $215,000 $2,348 4.63%

    Approval Rates

    Total approvals of all applications
    95.20%

    Summit Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.02%

    Summit Mortgage has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 451 $63,305,000 $140,366

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $615,000 $123,000
    Single Family (1-4 Units):Site-Built 446 $62,690,000 $140,561

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $505,000 $101,000 $2,505 4.53%
    40-60% 15 $1,925,000 $128,333 $2,421 4.72%
    60-80% 84 $12,420,000 $147,857 $2,650 4.85%
    80-100% 344 $47,920,000 $139,302 $3,828 4.66%
    Over 100% 3 $535,000 $178,333 $7,139 4.92%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Santander Consumer USA Holdings Inc. Other type of mortgage Incorrect information on your report 1 33.3%
    Santander Consumer USA Holdings Inc. Conventional home mortgage Trouble during payment process 2 66.7%