Summit Mortgage Bankers Rates, Fees & Info

NEW YORK, NY

LEI: 549300QPD4M26VIOFU53

Tax ID: 13-3654244

3.4 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Summit Mortgage Bankers is a small bank specializing in Refi and Home Purchase loans. Summit Mortgage Bankers has a high proportion of conventional loans. Their top markets include New York, Los Angeles, San Francisco, San Jose, and Riverside among others. Summit Mortgage Bankers has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Summit Mortgage Bankers is typically a high fee lendor.


Originations

2,707

Origination Dollar Volume (All Markets)

$1,318,365,000
Show all (9) awards

Relative Rate

Summit Mortgage Bankers 's average 30 year fixed rate mortgage of loans were 3.14%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.01%.

Relative Fees

Summit Mortgage Bankers 's average total fees for a 30 year fixed rate mortgage are $6,387.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,534 $725,820,000 $473,155 $7,871 3.10%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 468 $217,880,000 $465,556 $2,901 2.83%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 214 $130,780,000 $611,121 $3,571 2.97%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 150 $108,840,000 $725,600 $3,023 2.90%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 170 $65,640,000 $386,118 $3,137 2.97%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 56 $20,430,000 $364,821 $2,770 2.57%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 30 $14,580,000 $486,000 $2,904 3.01%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 14 $7,310,000 $522,143 $3,414 2.99%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 20 $7,270,000 $363,500 $3,246 3.04%
STOCKTON, CA (FHA|USDA|VA) 9 $3,525,000 $391,667 $2,745 2.85%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 11 $3,205,000 $291,364 $3,967 3.13%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 4 $2,510,000 $627,500 $2,508 2.84%
SALINAS, CA (FHA|USDA|VA) 3 $1,885,000 $628,333 $5,017 3.66%
BAKERSFIELD, CA (FHA|USDA|VA) 5 $1,655,000 $331,000 $2,499 2.90%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 4 $1,160,000 $290,000 $8,811 3.53%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $2,966 2.88%
MODESTO, CA (FHA|USDA|VA) 3 $965,000 $321,667 $4,314 3.46%
VALLEJO, CA (FHA|USDA|VA) 2 $780,000 $390,000 $3,007 3.06%
FRESNO, CA (FHA|USDA|VA) 2 $750,000 $375,000 $2,535 3.25%
MERCED, CA (FHA|USDA|VA) 2 $650,000 $325,000 $2,578 3.69%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $535,000 $535,000 $4,015 4.38%
MADERA, CA (FHA|USDA|VA) 1 $405,000 $405,000 $2,505 3.63%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $395,000 $395,000 $5,392 3.00%
Outside of Metro Areas 1 $175,000 $175,000 $8,101 3.38%
EL CENTRO, CA (FHA|USDA|VA) 1 $165,000 $165,000 $2,640 2.88%

Summit Mortgage Bankers 's top markets include New York, Los Angeles, San Francisco, San Jose, and Riverside among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,707 $1,318,365,000 $487,021 $5,794 3.01%

For the 2021 period, Summit Mortgage Bankers 's most frequently originated loan type of loans were Conventional, with 2,707 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,585 $724,175,000 $456,893 $3,874 2.85%
Home Purchase 1,062 $566,170,000 $533,117 $8,642 3.25%
Cash Out Refi 60 $28,020,000 $467,000 $6,850 3.06%

For the 2021, Summit Mortgage Bankers 's most frequently cited loan purpose of loans were Refi, with 1,585 originations. The 2nd most popular reason of loans were Home Purchase, with 1,062 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,175 $1,122,125,000 $515,920 $6,387 3.14%
15 Year 457 $169,675,000 $371,280 $3,346 2.47%
20 Year 51 $19,435,000 $381,078 $4,123 2.77%
10 Year 18 $5,070,000 $281,667 $2,597 2.29%
Other 6 $2,060,000 $343,333 $3,090 2.96%

For the 2021, Summit Mortgage Bankers 's most frequently cited loan length of loans were 30 Year, with 2,175 originations. The 2nd most popular length of loans were 15 Year, with 457 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,858 $874,750,000 $470,802
$5k+ 592 $331,400,000 $559,797
$3k-4k 115 $48,315,000 $420,130
$1k-2k 73 $31,045,000 $425,274
$2k-3k 32 $12,560,000 $392,500

$6,387 of loans were Summit Mortgage Bankers 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,858 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,152 $581,180,000 $504,497
3-4% 975 $485,595,000 $498,046
<2.5% 486 $198,550,000 $408,539
4-5% 94 $53,040,000 $564,255

During 2021, Summit Mortgage Bankers 's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,152 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 1,101 $536,735,000 $487,498 $5,978 3.00%
$200k-400k 951 $299,695,000 $315,137 $4,059 2.92%
$600k-1MM 475 $353,795,000 $744,832 $9,421 3.20%
$100k-200k 93 $15,135,000 $162,742 $3,105 2.99%
$1MM+ 85 $112,825,000 $1,327,353 $5,996 3.03%
$100,000 or less 2 $180,000 $90,000 $2,298 3.00%

2021 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 1,101 originations, totaling $536,735,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 724 $338,610,000 $467,693 $5,724 2.96%
$150k-250k 654 $342,100,000 $523,089 $5,092 2.89%
$75k-100k 448 $191,630,000 $427,746 $6,352 3.07%
$250k+ 384 $264,520,000 $688,854 $5,506 2.98%
$50k-75k 356 $124,440,000 $349,551 $6,103 3.12%
$50k or less 141 $57,065,000 $404,716 $8,056 3.46%

Summit Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 724 originations. The second most popular income band? $150k-250k, with 654 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 473 $228,385,000 $482,844 $4,833 2.85%
30-36% 430 $206,910,000 $481,186 $5,026 2.90%
<20% 164 $78,270,000 $477,256 $6,303 3.06%
43% 161 $77,635,000 $482,205 $7,269 3.13%
42% 137 $71,385,000 $521,058 $6,281 3.15%
44% 123 $60,545,000 $492,236 $6,620 3.04%
45% 121 $52,905,000 $437,231 $5,945 3.14%
38% 120 $55,820,000 $465,167 $5,679 3.09%
48% 114 $53,840,000 $472,281 $5,553 2.91%
40% 113 $59,755,000 $528,805 $6,634 3.14%
39% 113 $57,505,000 $508,894 $6,869 3.04%
46% 113 $51,725,000 $457,743 $5,821 3.05%
49% 111 $50,405,000 $454,099 $6,355 3.03%
47% 110 $50,520,000 $459,273 $4,880 2.95%
41% 100 $55,910,000 $559,100 $6,320 3.09%
36% 87 $43,325,000 $497,989 $6,546 2.96%
37% 87 $46,195,000 $530,977 $5,690 3.04%
50-60% 2 $940,000 $470,000 $9,296 3.00%
>60% 1 $495,000 $495,000 $7,072 3.38%

Summit Mortgage Bankers lent most frequently to those with DTI ratios of 20-30%, with 473 originations. The next most common DTI ratio? 30-36%, with 430 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 2,612 $1,276,350,000 $488,649 $5,872 3.02%
White 90 $39,090,000 $434,333 $3,657 2.76%
Black 3 $1,745,000 $581,667 $4,847 3.42%
Chinese 1 $745,000 $745,000 $3,311 3.00%
American Indian 1 $435,000 $435,000 $1,925 2.50%

Approval Rates

Total approvals of all applications
98.13%

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
95.11%

Summit Mortgage Bankers has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
NA 2,707 $1,318,365,000 $487,021

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,707 $1,318,365,000 $487,021

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 350 $123,620,000 $353,200 $4,090 2.81%
40-60% 1,013 $476,905,000 $470,785 $5,645 2.97%
60-80% 1,202 $641,420,000 $533,627 $6,498 3.12%
80-100% 113 $67,215,000 $594,823 $5,495 2.92%
Under 20% 29 $9,205,000 $317,414 $3,618 2.80%

Complaints

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