Summit Mortgage Corporation Rates, Fees & Info
PORTLAND, ORLEI: 549300O2EZG72LO2FX38
Tax ID: 93-1231049
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Mortgage Data
Review & Overview
Summit Mortgage Corporation is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi 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, Salem, Seattle, and Spokane among others. We have data for 42 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.31% | 4/18/24 |
| 30 Year Conventional Refi | 6.35% | 4/18/24 |
| 30 Year Cash-out Refi | 6.60% | 4/18/24 |
| 30 Year FHA Purchase | 7.36% | 4/18/24 |
| 30 Year FHA Refi | 6.27% | 4/18/24 |
| 30 Year VA Purchase | 6.00% | 4/18/24 |
| 30 Year VA Refi | 5.60% | 4/18/24 |
| 15 Year Conventional Purchase | 5.93% | 4/18/24 |
| 15 Year Conventional Refi | 5.86% | 4/18/24 |
| 15 Year Cash-out Refi | 5.86% | 4/18/24 |
| 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. | ||
Summit Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,378Origination Dollar Volume (All Markets)
$443,240,000Awards
SUMMIT MORTGAGE CORPORATION - 2019
SUMMIT MORTGAGE CORPORATION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 1,082 | $358,620,000 | $331,442 | $5,423 | 4.17% |
| LONGVIEW, WA (FHA|USDA|VA) | 77 | $18,835,000 | $244,610 | $5,382 | 4.01% |
| SALEM, OR (FHA|USDA|VA) | 25 | $7,765,000 | $310,600 | $5,648 | 4.35% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 20 | $7,110,000 | $355,500 | $5,535 | 4.16% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 28 | $7,100,000 | $253,571 | $4,185 | 4.16% |
| Outside of Metro Areas | 21 | $6,075,000 | $289,286 | $5,482 | 4.29% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 19 | $5,295,000 | $278,684 | $7,430 | 4.44% |
| BEND, OR (FHA|USDA|VA) | 17 | $5,265,000 | $309,706 | $5,985 | 4.52% |
| Centralia, WA (FHA|USDA|VA) | 19 | $4,875,000 | $256,579 | $7,062 | 4.10% |
| Astoria, OR (FHA|USDA|VA) | 9 | $2,865,000 | $318,333 | $4,645 | 4.43% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 8 | $2,720,000 | $340,000 | $5,255 | 4.17% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 6 | $2,030,000 | $338,333 | $4,808 | 4.44% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $1,595,000 | $1,595,000 | $13,341 | 3.38% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $1,265,000 | $1,265,000 | $13,352 | 3.63% |
| Crescent City, CA (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $3,903 | 3.92% |
| CORVALLIS, OR (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $5,300 | 3.79% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $5,616 | 4.17% |
| BOISE CITY, ID (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $3,946 | 4.47% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $3,971 | 4.50% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $3,339 | 3.88% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,284 | 4.06% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,719 | 3.88% |
| Brookings, OR (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,770 | 3.88% |
| Newport, OR (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,254 | 4.29% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,378 | 4.88% |
| GRANTS PASS, OR (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $6,125 | 4.50% |
| Ontario, OR-ID (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $7,042 | 4.69% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $6,780 | 4.69% |
| REDDING, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,383 | 4.49% |
| WALLA WALLA, WA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,401 | 6.00% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,970 | 3.99% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $9,834 | 4.25% |
| Shelton, WA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,956 | 4.13% |
| MEDFORD, OR (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $3,029 | 4.13% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,176 | 4.88% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,424 | 4.88% |
| Sandpoint, ID (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,992 | 3.75% |
| Roseburg, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,135 | 3.88% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,098 | 5.25% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,818 | 5.63% |
| Mountain Home, ID (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,523 | 4.75% |
| La Grande, OR (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,660 | 4.00% |
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.
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Product Mix
For 2019, Summit Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,056 originations. Their 2nd most popular type was FHA, with 180 originations.
Loan Reason
For 2019, Summit Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 647 originations. The 2nd most popular reason was Refi, with 404 originations.
Loan Duration/Length
For 2019, Summit Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,242 originations. The 2nd most popular length was 15 Year, with 79 originations.
Origination Fees/Closing Costs
Summit Mortgage Corporation's average total fees were $5,590, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 831 originations.
Interest Rates
During 2019, Summit Mortgage Corporation's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was 4-5%, with 659 originations.
Loan Sizing
2019 saw Summit Mortgage Corporation place emphasis on $200k-400k loans with 809 originations, totaling $240,335,000 in origination value.
Applicant Income
Summit Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 335 originations. The second most popular income band? $75k-100k, with 301 originations.
Applicant Debt to Income Ratio
Summit Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 248 originations. The next most common DTI ratio? 30-36%, with 229 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.75%
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 origination72.86%
Summit Mortgage Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,378 | $443,240,000 | $321,655 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 22 | $5,060,000 | $230,000 |
| Single Family (1-4 Units):Site-Built | 1,356 | $438,180,000 | $323,142 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Trouble during payment process | 5 | 6.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | VA mortgage | Trouble during payment process | 1 | 1.3% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 5 | 6.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 3 | 4.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Incorrect information on your report | 1 | 1.3% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 9 | 12.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 24 | 32.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 2.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | FHA mortgage | Trouble during payment process | 1 | 1.3% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 5 | 6.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 2 | 2.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 3 | 4.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 8 | 10.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 2.7% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Closing on a mortgage | 3 | 4.0% |
| SANTANDER BANK, NATIONAL ASSOCIATION | Other type of mortgage | Struggling to pay mortgage | 1 | 1.3% |