Summit Mortgage Bankers Rates, Fees & Info

NEW YORK, NY

LEI: 549300QPD4M26VIOFU53

Tax ID: 13-3654244

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, San Francisco, San Jose, Los Angeles, and Riverside 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 an above average pick rate when compared to similar lenders. Summit Mortgage Bankers 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.

    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% 4/21/24
    30 Year Conventional Refi 6.57% 4/21/24
    30 Year Cash-out Refi 6.86% 4/21/24
    15 Year Conventional Purchase 6.06% 4/21/24
    15 Year Conventional Refi 5.94% 4/21/24
    15 Year Cash-out Refi 5.94% 4/21/24
    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

    1,003

    Origination Dollar Volume (All Markets)

    $488,645,000

    Awards

    SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans gold SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans silver SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans silver SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans silver
    Show all (4) awards

    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) 726 $330,320,000 $454,986 $9,550 4.67%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 77 $59,865,000 $777,468 $3,922 4.51%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 49 $39,935,000 $815,000 $3,664 4.46%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 93 $39,315,000 $422,742 $3,774 4.65%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 31 $10,205,000 $329,194 $3,809 4.69%
    STOCKTON, CA (FHA|USDA|VA) 6 $3,280,000 $546,667 $2,864 4.63%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $1,785,000 $255,000 $3,379 4.30%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $975,000 $325,000 $3,572 5.17%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $960,000 $480,000 $3,571 5.06%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $685,000 $228,333 $4,499 4.79%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $625,000 $208,333 $4,083 4.79%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $510,000 $255,000 $3,850 3.88%
    MERCED, CA (FHA|USDA|VA) 1 $185,000 $185,000 $3,192 5.50%
    Summit Mortgage Bankers's top markets include New York, San Francisco, San Jose, Los Angeles, and Riverside 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.

    SANTA CLARA COUNTY
    Similarity Rank: 20
    MYPOINT Credit Union
    Similarity Rank: 55
    N C P D Federal Credit Union
    Similarity Rank: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Freehold Savings Bank
    Similarity Rank: 120
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    Montecito Bank & Trust
    Similarity Rank: 126

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,003 $488,645,000 $487,183 $7,934 4.64%

    For 2018, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 1,003 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 784 $386,800,000 $493,367 $8,674 4.64%
    Refi 181 $85,725,000 $473,619 $5,556 4.66%
    Cash Out Refi 35 $15,025,000 $429,286 $3,869 4.59%
    NA 2 $580,000 $290,000 $6,346 4.69%
    Home Improvement 1 $515,000 $515,000 $10,734 4.88%

    For 2018, Summit Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 784 originations. The 2nd most popular reason was Refi, with 181 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 891 $446,485,000 $501,105 $8,010 4.70%
    15 Year 90 $34,060,000 $378,444 $7,235 4.12%
    20 Year 22 $8,100,000 $368,182 $7,750 4.54%

    For 2018, Summit Mortgage Bankers's most frequently cited loan duration was 30 Year, with 891 originations. The 2nd most popular length was 15 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 560 $264,130,000 $471,661
    $5k+ 313 $173,605,000 $554,649
    $3k-4k 37 $14,425,000 $389,865
    $1k-2k 33 $11,455,000 $347,121
    $2k-3k 31 $12,165,000 $392,419
    $4k-5k 23 $9,655,000 $419,783

    Summit Mortgage Bankers's average total fees were $8,010, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 560 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 769 $376,295,000 $489,330
    5-6% 140 $64,390,000 $459,929
    3-4% 93 $47,155,000 $507,043
    6-7% 1 $805,000 $805,000

    During 2018, Summit Mortgage Bankers's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 4-5%, with 769 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 368 $178,590,000 $485,299 $8,773 4.68%
    $200k-400k 319 $100,045,000 $313,621 $5,231 4.60%
    $600k-1MM 220 $163,980,000 $745,364 $11,899 4.65%
    $100k-200k 68 $10,730,000 $157,794 $3,603 4.71%
    $1MM+ 27 $35,235,000 $1,305,000 $7,857 4.41%
    $100,000 or less 1 $65,000 $65,000 $2,286 4.38%

    2018 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 368 originations, totaling $178,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 227 $110,455,000 $486,586 $7,493 4.65%
    $150k-250k 186 $108,960,000 $585,806 $6,713 4.62%
    $50k-75k 186 $66,940,000 $359,892 $7,703 4.65%
    $75k-100k 180 $78,570,000 $436,500 $7,640 4.62%
    $50k or less 143 $58,625,000 $409,965 $12,192 4.80%
    $250k+ 81 $65,095,000 $803,642 $5,778 4.43%

    Summit Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 227 originations. The second most popular income band? $150k-250k, with 186 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    49% 127 $57,505,000 $452,795 $8,106 4.72%
    30-36% 124 $64,720,000 $521,935 $8,349 4.58%
    20-30% 91 $41,065,000 $451,264 $8,229 4.54%
    48% 75 $34,425,000 $459,000 $8,486 4.68%
    46% 66 $30,220,000 $457,879 $6,252 4.68%
    42% 66 $41,450,000 $628,030 $6,158 4.55%
    47% 62 $28,540,000 $460,323 $7,747 4.73%
    45% 52 $24,900,000 $478,846 $9,989 4.63%
    41% 51 $26,725,000 $524,020 $6,995 4.64%
    44% 50 $25,060,000 $501,200 $7,636 4.72%
    <20% 48 $22,440,000 $467,500 $12,297 4.83%
    43% 38 $18,730,000 $492,895 $7,439 4.56%
    39% 37 $17,245,000 $466,081 $5,846 4.65%
    38% 35 $15,815,000 $451,857 $7,666 4.62%
    40% 27 $11,985,000 $443,889 $6,409 4.58%
    37% 26 $13,620,000 $523,846 $7,830 4.48%
    36% 25 $13,075,000 $523,000 $7,689 4.70%
    50-60% 3 $1,125,000 $375,000 $7,694 4.63%

    Summit Mortgage Bankers lent most frequently to those with DTI ratios of 49%, with 127 originations. The next most common DTI ratio? 30-36%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 976 $473,940,000 $485,594 $8,014 4.64%
    White 23 $13,035,000 $566,739 $4,719 4.54%
    Not provided 2 $800,000 $400,000 $8,424 4.75%
    Chinese 1 $495,000 $495,000 $9,140 4.88%
    Black 1 $375,000 $375,000 $3,287 4.63%

    Approval Rates

    Total approvals of all applications
    98.52%

    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
    93.92%

    Summit Mortgage Bankers has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,003 $488,645,000 $487,183

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,003 $488,645,000 $487,183

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 73 $25,735,000 $352,534 $5,553 4.58%
    40-60% 301 $136,355,000 $453,007 $8,290 4.62%
    60-80% 561 $288,585,000 $514,412 $8,453 4.66%
    80-100% 62 $36,600,000 $590,323 $4,569 4.62%
    Under 20% 6 $1,370,000 $228,333 $5,820 4.58%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SANTANDER BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 20.0%
    SANTANDER BANCORP Conventional home mortgage Incorrect information on your report 2 20.0%
    SANTANDER BANCORP Conventional home mortgage Struggling to pay mortgage 5 50.0%
    SANTANDER BANCORP Conventional home mortgage Trouble during payment process 1 10.0%