Summit Mortgage Bankers Rates, Fees & Info

NEW YORK, NY

LEI: 549300QPD4M26VIOFU53

Tax ID: 13-3654244

3.2 stars - Updated: 6/9/24 - out of 5 stars, based on 17 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

Review & Overview

Summit Mortgage Bankers is a smaller bank specializing in Home Purchase 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 Trenton among others. We have data for 13 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 relatively high 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 6.65% 6/9/24
30 Year Conventional Refi 6.57% 6/9/24
30 Year Cash-out Refi 6.86% 6/9/24
15 Year Conventional Purchase 6.06% 6/9/24
15 Year Conventional Refi 5.94% 6/9/24
15 Year Cash-out Refi 5.94% 6/9/24
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 Bankers Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Summit Mortgage Bankers. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

302

Origination Dollar Volume (All Markets)

$163,170,000

Relative Rate

Summit Mortgage Bankers's average 30 year fixed mortgage rate was 6.74%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.26%.

Relative Fees (Closing Costs)

Summit Mortgage Bankers's average total fees/closing costs for a 30 year fixed rate mortgage were $10,143.

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 $9,089.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 232 $119,070,000 $513,233 $10,813 6.68%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 36 $24,950,000 $693,056 $8,710 6.66%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 9 $5,635,000 $626,111 $5,831 6.76%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 6 $5,130,000 $855,000 $9,519 6.98%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 6 $2,330,000 $388,333 $5,818 6.94%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 3 $1,905,000 $635,000 $5,173 6.92%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 3 $1,275,000 $425,000 $6,009 6.04%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $1,275,000 $1,275,000 $3,954 6.50%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $630,000 $315,000 $8,541 7.44%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $405,000 $405,000 $6,313 6.63%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $245,000 $245,000 $9,345 8.00%
Outside of Metro Areas 1 $205,000 $205,000 $6,289 6.88%
BINGHAMTON, NY (FHA|USDA|VA) 1 $115,000 $115,000 $5,324 5.75%
Summit Mortgage Bankers's top markets include New York, Los Angeles, Riverside, San Francisco, and Trenton among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Similar Lenders

    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.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    MISSION
    Similarity Rank: 93
    VENTURA COUNTY
    Similarity Rank: 96
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 126
    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 302 $163,170,000 $540,298 $10,095 6.69%

    For 2023, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 302 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 283 $155,095,000 $548,039 $10,258 6.67%
    Refi 17 $7,165,000 $421,471 $7,400 6.90%
    Cash Out Refi 2 $910,000 $455,000 $9,857 7.63%

    For 2023, Summit Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 283 originations. The 2nd most popular reason was Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 277 $151,245,000 $546,011 $10,143 6.74%
    15 Year 22 $10,620,000 $482,727 $9,752 6.14%
    20 Year 3 $1,305,000 $435,000 $8,167 6.25%

    For 2023, Summit Mortgage Bankers's most frequently cited loan duration was 30 Year, with 277 originations. The 2nd most popular length was 15 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 142 $83,650,000 $589,085
    $1k-2k 72 $40,740,000 $565,833
    $<1k 37 $18,575,000 $502,027
    $3k-4k 21 $7,725,000 $367,857
    $4k-5k 18 $6,160,000 $342,222
    $2k-3k 12 $6,320,000 $526,667

    Summit Mortgage Bankers's average total fees were $10,143, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 142 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 149 $80,825,000 $542,450
    7-8% 84 $46,160,000 $549,524
    5-6% 63 $33,275,000 $528,175
    Over 8% 6 $2,910,000 $485,000

    During 2023, Summit Mortgage Bankers's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 149 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 112 $54,580,000 $487,321 $9,734 6.64%
    $600k-1MM 88 $64,050,000 $727,841 $12,382 6.67%
    $200k-400k 79 $23,925,000 $302,848 $7,285 6.74%
    $1MM+ 15 $19,355,000 $1,290,333 $16,742 6.89%
    $100k-200k 8 $1,260,000 $157,500 $5,254 6.75%

    2023 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 112 originations, totaling $54,580,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 101 $58,555,000 $579,752 $10,379 6.67%
    $100k-150k 88 $41,710,000 $473,977 $9,829 6.70%
    $250k+ 60 $44,570,000 $742,833 $10,476 6.82%
    $75k-100k 30 $11,410,000 $380,333 $10,194 6.58%
    $50k-75k 21 $6,445,000 $306,905 $8,816 6.53%
    $50k or less 2 $480,000 $240,000 $7,941 6.88%

    Summit Mortgage Bankers lent most frequently to those with incomes in the $150k-250k range, with 101 originations. The second most popular income band? $100k-150k, with 88 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 33 $14,535,000 $440,455 $9,085 6.63%
    30-36% 27 $13,845,000 $512,778 $8,617 6.73%
    40% 26 $13,290,000 $511,154 $9,540 6.75%
    44% 24 $12,160,000 $506,667 $10,082 6.94%
    42% 20 $12,980,000 $649,000 $12,209 6.54%
    45% 19 $9,285,000 $488,684 $9,158 6.91%
    43% 18 $8,680,000 $482,222 $8,663 6.86%
    49% 18 $8,140,000 $452,222 $10,069 6.34%
    46% 17 $9,725,000 $572,059 $12,472 6.96%
    48% 17 $10,485,000 $616,765 $13,219 6.52%
    41% 16 $8,870,000 $554,375 $9,584 6.37%
    <20% 14 $8,540,000 $610,000 $11,302 6.59%
    39% 13 $8,945,000 $688,077 $9,557 6.84%
    38% 12 $7,830,000 $652,500 $9,918 6.83%
    47% 11 $6,225,000 $565,909 $10,812 6.27%
    36% 10 $5,200,000 $520,000 $8,998 6.93%
    37% 6 $4,160,000 $693,333 $10,012 6.40%

    Summit Mortgage Bankers lent most frequently to those with DTI ratios of 20-30%, with 33 originations. The next most common DTI ratio? 30-36%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 294 $159,240,000 $541,633 $10,069 6.68%
    White 5 $1,935,000 $387,000 $7,485 7.00%
    Black 2 $1,720,000 $860,000 $22,225 6.50%
    Chinese 1 $275,000 $275,000 $6,504 7.63%

    Approval Rates

    Total approvals of all applications
    98.37%

    Summit Mortgage Bankers 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
    80.79%

    Summit Mortgage Bankers has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 302 $163,170,000 $540,298

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    302 $163,170,000 $540,298

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $11,945,000 $361,970 $7,188 6.60%
    40-60% 82 $46,220,000 $563,659 $9,931 6.66%
    60-80% 172 $97,140,000 $564,767 $10,705 6.70%
    80-100% 13 $7,505,000 $577,308 $11,025 6.96%
    Under 20% 2 $360,000 $180,000 $6,176 7.00%