Cornerstone Community Financial Mortgage Rates, Fees & Info
Auburn Hills, MILEI: 549300QGO7S838JDBC47
Tax ID: 38-1418001
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Mortgage Data
Review & Overview
Cornerstone Community Financial is a smaller mortgage company specializing in Home Improvement and Cash Out Refi loans. Cornerstone Community Financial has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Toledo, Flint, Monroe, and Fremont among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Cornerstone Community Financial has a below 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 5/5/24 |
| 30 Year Conventional Refi | 6.27% | 5/5/24 |
| 30 Year Cash-out Refi | 6.27% | 5/5/24 |
| 15 Year Conventional Purchase | 6.09% | 5/5/24 |
| 15 Year Conventional Refi | 5.68% | 5/5/24 |
| 15 Year Cash-out Refi | 5.68% | 5/5/24 |
| 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 Community Financial Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
97Origination Dollar Volume (All Markets)
$5,995,000Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 82 | $5,050,000 | $61,585 | $0 | 0.00% |
| TOLEDO, OH (FHA|USDA|VA) | 9 | $315,000 | $35,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $240,000 | $120,000 | $0 | 0.00% |
| FLINT, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| MONROE, MI (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 0.00% |
| Fremont, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 97 | $5,995,000 | $61,804 | $0 | 0.00% |
For 2018, Cornerstone Community Financial's most frequently originated type of loan was Conventional, with 97 originations.
Loan Reason
For 2018, Cornerstone Community Financial's most frequently cited loan purpose was Home Improvement, with 43 originations. The 2nd most popular reason was Cash Out Refi, with 39 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 97 | $5,995,000 | $61,804 | $0 | 0.00% |
For 2018, Cornerstone Community Financial's most frequently cited loan duration was Other, with 97 originations.
Loan Sizing
2018 saw Cornerstone Community Financial place emphasis on $100,000 or less loans with 81 originations, totaling $3,635,000 in origination value.
Applicant Income
Cornerstone Community Financial lent most frequently to those with incomes in the $75k-100k range, with 23 originations. The second most popular income band? $100k-150k, with 20 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 97 | $5,995,000 | $61,804 | $0 | 0.00% |
Cornerstone Community Financial lent most frequently to those with DTI ratios of Exempt%, with 97 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 88 | $5,470,000 | $62,159 | $0 | 0.00% |
| Black | 6 | $280,000 | $46,667 | $0 | 0.00% |
| Asian | 3 | $245,000 | $81,667 | $0 | 0.00% |
Approval Rates
Total approvals of all applications64.64%
Cornerstone Community Financial has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination81.44%
Cornerstone Community Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 97 | $5,995,000 | $61,804 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 97 | $5,995,000 | $61,804 |
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% |