Summit Mortgage Bankers Rates, Fees & InfoNEW YORK, NY
Tax ID: 13-3654244
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSummit Mortgage Bankers is a smaller bank specializing in loans. Summit Mortgage Bankers has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, Riverside, San Francisco, and San Jose among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)
Summit Mortgage Bankers 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 Bankers is typically a high 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.65%||3/23/23|
|30 Year Conventional Refi||6.57%||3/23/23|
|30 Year Cash-out Refi||6.86%||3/23/23|
|15 Year Conventional Purchase||6.06%||3/23/23|
|15 Year Conventional Refi||5.94%||3/23/23|
|15 Year Cash-out Refi||5.94%||3/23/23|
|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.|
Origination Dollar Volume (All Markets)$447,555,000
Summit Mortgage Bankers's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.2%.
Relative Fees (Closing Costs)
Summit Mortgage Bankers's average total fees/closing costs for a 30 year fixed rate
mortgage were $9,935.
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.
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|
|New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)||650||$334,020,000||$513,877||$11,027||4.52%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||76||$42,690,000||$561,711||$5,411||4.18%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||45||$20,825,000||$462,778||$5,095||4.49%|
|San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)||27||$19,745,000||$731,296||$5,858||4.57%|
|SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA)||22||$16,190,000||$735,909||$4,050||4.02%|
|TRENTON-PRINCETON, NJ (FHA|USDA|VA)||9||$3,895,000||$432,778||$4,689||4.05%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||6||$3,180,000||$530,000||$4,257||4.58%|
|OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)||5||$2,865,000||$573,000||$3,572||3.50%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||3||$1,025,000||$341,667||$3,727||5.04%|
|Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA)||3||$845,000||$281,667||$4,256||4.42%|
|STOCKTON, CA (FHA|USDA|VA)||1||$535,000||$535,000||$2,620||3.25%|
|POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA)||2||$480,000||$240,000||$6,994||6.00%|
|SANTA ROSA-PETALUMA, CA (FHA|USDA|VA)||1||$475,000||$475,000||$4,202||7.13%|
|ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA)||1||$325,000||$325,000||$3,367||5.00%|
|FRESNO, CA (FHA|USDA|VA)||1||$295,000||$295,000||$0||4.88%|
|Outside of Metro Areas||1||$165,000||$165,000||$3,946||3.88%|
We use machine learning to identify the top lenders compared against SUMMIT MORTGAGE BANKERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 853 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||18||$8,210,000||$456,111||$8,729||3.93%|
For 2022, Summit Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 664 originations. The 2nd most popular reason was Refi, with 171 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2022, Summit Mortgage Bankers's most frequently cited loan duration was 30 Year, with 761 originations. The 2nd most popular length was 15 Year, with 85 originations.
Origination Fees/Closing Costs
Summit Mortgage Bankers's average total fees were $9,935, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 412 originations.
During 2022, Summit Mortgage Bankers's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 3-4%, with 322 originations.
2022 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 326 originations, totaling $160,610,000 in origination value.
Summit Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 238 originations. The second most popular income band? $150k-250k, with 208 originations.
Applicant Debt to Income Ratio
Summit Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 103 originations. The next most common DTI ratio? 20-30%, with 91 originations.
Approval RatesTotal approvals of all applications
Summit Mortgage Bankers has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Summit Mortgage Bankers has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|SANTANDER BANK, NATIONAL ASSOCIATION||Conventional home mortgage||Trouble during payment process||1||50.0%|
|SANTANDER BANK, NATIONAL ASSOCIATION||Home equity loan or line of credit (HELOC)||Trouble during payment process||1||50.0%|