Summit Mortgage Corporation Rates, Fees & Info

PORTLAND, OR

LEI: 549300O2EZG72LO2FX38

Tax ID: 93-1231049

4.5 stars - out of 5 stars, based on 45 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Summit Mortgage Corporation is a smaller mortgage company specializing in Home Purchase, Refi, and Home Improvement loans. Summit Mortgage Corporation 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 by origination volume include: Portland, Longview, Bend, Spokane, and Seattle among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Summit Mortgage Corporation 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. Summit Mortgage Corporation is typically an average 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.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.31% 10/3/22
    30 Year Conventional Refi 6.53% 10/3/22
    30 Year Cash-out Refi 6.73% 10/3/22
    30 Year FHA Purchase 7.52% 10/3/22
    30 Year FHA Refi 6.88% 10/3/22
    30 Year VA Purchase 6.29% 10/3/22
    30 Year VA Refi 5.86% 10/3/22
    30 Year USDA Purchase 6.85% 10/3/22
    30 Year USDA Refi 6.65% 10/3/22
    15 Year Conventional Purchase 6.11% 10/3/22
    15 Year Conventional Refi 6.23% 10/3/22
    15 Year Cash-out Refi 6.23% 10/3/22
    15 Year FHA Purchase 6.98% 10/3/22
    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.


    Originations

    1,998

    Origination Dollar Volume (All Markets)

    $702,880,000

    Awards

    SUMMIT MORTGAGE CORPORATION 30 Year Conventional Loans silver
    Show all (1) awards

    Relative Rate

    Summit Mortgage Corporation's average 30 year fixed mortgage rate was 3.07%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.08%.

    Relative Fees (Closing Costs)

    Summit Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,505.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1,520 $556,590,000 $366,178 $5,271 3.04%
    LONGVIEW, WA (FHA|USDA|VA) 102 $27,790,000 $272,451 $6,822 2.58%
    BEND, OR (FHA|USDA|VA) 41 $15,535,000 $378,902 $5,249 3.20%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 50 $13,910,000 $278,200 $3,073 3.04%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 33 $13,885,000 $420,758 $4,059 3.07%
    Outside of Metro Areas 41 $11,365,000 $277,195 $5,653 3.03%
    SALEM, OR (FHA|USDA|VA) 33 $11,305,000 $342,576 $5,994 3.17%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 32 $8,200,000 $256,250 $5,402 3.09%
    Newport, OR (FHA|USDA|VA) 15 $4,845,000 $323,000 $5,488 3.07%
    Oak Harbor, WA (FHA|USDA|VA) 7 $3,765,000 $537,857 $5,004 3.23%
    Astoria, OR (FHA|USDA|VA) 10 $3,160,000 $316,000 $5,443 3.20%
    BOISE CITY, ID (FHA|USDA|VA) 11 $3,145,000 $285,909 $5,375 3.64%
    Centralia, WA (FHA|USDA|VA) 13 $3,125,000 $240,385 $6,338 2.59%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $2,930,000 $366,250 $5,583 3.05%
    MEDFORD, OR (FHA|USDA|VA) 8 $2,580,000 $322,500 $6,149 2.98%
    Hood River, OR (FHA|USDA|VA) 6 $1,940,000 $323,333 $4,952 3.56%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 8 $1,920,000 $240,000 $6,401 2.53%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $1,910,000 $477,500 $8,355 3.31%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 7 $1,535,000 $219,286 $4,456 2.86%
    Crescent City, CA (FHA|USDA|VA) 3 $1,505,000 $501,667 $4,027 3.17%
    Roseburg, OR (FHA|USDA|VA) 5 $1,365,000 $273,000 $4,859 2.97%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 4 $1,140,000 $285,000 $4,759 2.94%
    GRANTS PASS, OR (FHA|USDA|VA) 3 $1,015,000 $338,333 $5,515 3.33%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $635,000 $635,000 $5,971 3.38%
    Outside of Metro Areas 3 $575,000 $191,667 $5,320 2.88%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $570,000 $285,000 $3,623 3.24%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $545,000 $545,000 $3,350 3.63%
    Coos Bay, OR (FHA|USDA|VA) 3 $485,000 $161,667 $3,832 3.13%
    Ontario, OR-ID (FHA|USDA|VA) 2 $440,000 $220,000 $9,133 2.56%
    REDDING, CA (FHA|USDA|VA) 1 $375,000 $375,000 $12,807 4.88%
    Brookings, OR (FHA|USDA|VA) 1 $365,000 $365,000 $6,860 3.49%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $355,000 $355,000 $2,534 2.38%
    Klamath Falls, OR (FHA|USDA|VA) 1 $335,000 $335,000 $4,779 3.13%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 2 $320,000 $160,000 $2,065 2.50%
    Shelton, WA (FHA|USDA|VA) 1 $315,000 $315,000 $3,480 4.38%
    Eureka-Arcata, CA (FHA|USDA|VA) 1 $305,000 $305,000 $4,468 3.38%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $295,000 $295,000 $2,313 2.99%
    CORVALLIS, OR (FHA|USDA|VA) 1 $295,000 $295,000 $5,055 2.75%
    YAKIMA, WA (FHA|USDA|VA) 2 $280,000 $140,000 $10,682 1.44%
    Moses Lake, WA (FHA|USDA|VA) 1 $275,000 $275,000 $3,062 3.25%
    Prineville, OR (FHA|USDA|VA) 1 $255,000 $255,000 $2,864 2.75%
    La Grande, OR (FHA|USDA|VA) 1 $245,000 $245,000 $2,280 3.49%
    Mountain Home, ID (FHA|USDA|VA) 1 $225,000 $225,000 $4,920 3.38%
    Sandpoint, ID (FHA|USDA|VA) 1 $205,000 $205,000 $4,197 2.49%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $175,000 $175,000 $2,409 2.88%
    Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $145,000 $145,000 $3,660 2.88%
    Aberdeen, WA (FHA|USDA|VA) 1 $145,000 $145,000 $5,160 3.25%
    VISALIA, CA (FHA|USDA|VA) 1 $135,000 $135,000 $2,370 3.25%
    Othello, WA (FHA|USDA|VA) 1 $125,000 $125,000 $3,365 3.38%

    Summit Mortgage Corporation's top markets include Portland, Longview, Bend, Spokane, and Seattle among others.

    Similar Lenders

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

    SPOKANE FIREFIGHTERS CREDIT UNION
    Similarity Rank: 360
    CASTPARTS EMPLOYEES
    Similarity Rank: 660
    CONNECTIONS
    Similarity Rank: 750
    PIONEER
    Similarity Rank: 999
    HERITAGE GROVE Federal Credit Union
    Similarity Rank: 1010
    BEEHIVE
    Similarity Rank: 1080

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,767 $616,295,000 $348,780 $4,689 3.04%
    FHA 139 $50,225,000 $361,331 $11,384 3.04%
    VA 84 $33,890,000 $403,452 $7,082 2.70%
    USDA 8 $2,470,000 $308,750 $7,052 3.05%

    For 2021, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,767 originations. Their 2nd most popular type was FHA, with 139 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 768 $293,370,000 $381,992 $6,624 2.93%
    Refi 708 $233,660,000 $330,028 $4,179 2.96%
    Home Improvement 462 $155,330,000 $336,212 $4,978 3.25%
    Cash Out Refi 60 $20,520,000 $342,000 $5,071 3.26%

    For 2021, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 768 originations. The 2nd most popular reason was Refi, with 708 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,726 $621,630,000 $360,156 $5,505 3.07%
    15 Year 153 $44,635,000 $291,732 $4,164 2.65%
    20 Year 96 $29,910,000 $311,563 $3,668 2.90%
    10 Year 14 $3,970,000 $283,571 $3,630 2.70%
    Other 9 $2,735,000 $303,889 $3,700 2.66%

    For 2021, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,726 originations. The 2nd most popular length was 15 Year, with 153 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,180 $408,390,000 $346,093
    $2k-3k 282 $102,280,000 $362,695
    $3k-4k 151 $56,365,000 $373,278
    $5k+ 142 $67,750,000 $477,113
    $4k-5k 123 $48,215,000 $391,992
    $<1k 120 $19,880,000 $165,667

    Summit Mortgage Corporation's average total fees were $5,505, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,180 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 993 $376,695,000 $379,350
    2.5-3% 734 $257,730,000 $351,131
    <2.5% 222 $51,770,000 $233,198
    4-5% 46 $16,020,000 $348,261
    5-6% 3 $665,000 $221,667

    During 2021, Summit Mortgage Corporation's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 3-4%, with 993 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,014 $311,960,000 $307,653 $4,996 3.13%
    $400k-600k 601 $289,395,000 $481,522 $6,126 3.14%
    $100k-200k 212 $34,310,000 $161,840 $3,529 3.01%
    $100,000 or less 89 $2,805,000 $31,517 $2,617 0.84%
    $600k-1MM 71 $50,105,000 $705,704 $7,596 3.30%
    $1MM+ 11 $14,305,000 $1,300,455 $10,739 3.14%

    2021 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 1,014 originations, totaling $311,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 503 $186,815,000 $371,402 $5,388 3.08%
    $50k-75k 407 $109,085,000 $268,022 $5,396 2.89%
    $75k-100k 399 $124,525,000 $312,093 $5,242 3.01%
    $150k-250k 388 $166,910,000 $430,180 $5,326 3.13%
    $250k+ 159 $82,365,000 $518,019 $5,882 3.13%
    $50k or less 141 $32,535,000 $230,745 $3,940 2.90%

    Summit Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 503 originations. The second most popular income band? $50k-75k, with 407 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 473 $168,905,000 $357,093 $4,778 3.02%
    30-36% 391 $135,005,000 $345,281 $4,976 3.09%
    <20% 158 $59,200,000 $374,684 $4,660 2.98%
    44% 91 $31,005,000 $340,714 $5,800 3.18%
    36% 81 $28,055,000 $346,358 $4,836 3.08%
    43% 77 $23,125,000 $300,325 $5,359 2.94%
    39% 76 $26,080,000 $343,158 $5,565 3.09%
    37% 75 $27,445,000 $365,933 $5,470 3.19%
    41% 70 $24,230,000 $346,143 $5,785 3.04%
    42% 69 $25,515,000 $369,783 $6,212 3.05%
    38% 69 $24,055,000 $348,623 $5,817 3.15%
    40% 69 $27,325,000 $396,014 $5,005 3.00%
    45% 58 $18,690,000 $322,241 $6,248 2.98%
    49% 56 $18,790,000 $335,536 $6,241 3.01%
    48% 39 $14,595,000 $374,231 $7,331 3.09%
    46% 38 $12,240,000 $322,105 $6,164 2.77%
    50-60% 36 $13,360,000 $371,111 $9,488 2.45%
    47% 35 $11,865,000 $339,000 $5,851 2.97%
    >60% 1 $855,000 $855,000 $8,388 3.13%

    Summit Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 473 originations. The next most common DTI ratio? 30-36%, with 391 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,614 $566,510,000 $350,998 $5,254 3.02%
    Not provided 257 $90,005,000 $350,214 $5,228 3.04%
    Asian 58 $22,900,000 $394,828 $5,131 3.19%
    Black 37 $14,015,000 $378,784 $6,343 3.09%
    American Indian 14 $4,390,000 $313,571 $7,435 2.62%
    Native Hawaiian or Islander 16 $4,350,000 $271,875 $6,224 2.83%
    Japanese 1 $355,000 $355,000 $4,011 2.88%
    Chinese 1 $355,000 $355,000 $2,534 2.38%

    Approval Rates

    Total approvals of all applications
    98.09%

    Summit Mortgage Corporation 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
    77.43%

    Summit Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,998 $702,880,000 $351,792

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,998 $702,880,000 $351,792

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 151 $30,685,000 $203,212 $3,621 2.88%
    40-60% 428 $134,360,000 $313,925 $4,006 3.00%
    60-80% 783 $308,035,000 $393,404 $5,084 3.21%
    80-100% 547 $222,805,000 $407,322 $6,966 3.17%
    Over 100% 9 $3,625,000 $402,778 $13,898 2.99%
    Under 20% 79 $2,725,000 $34,494 $2,727 0.61%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SENTE MORTGAGE Conventional home mortgage Trouble during payment process 1 100.0%