Summit Mortgage Bankers Rates, Fees & Info
NEW YORK, NYLEI: 549300QPD4M26VIOFU53
Tax ID: 13-3654244
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Mortgage Data
Review & Overview
Summit Mortgage Bankers is a smaller bank specializing in Home Purchase and Refi loans. Summit Mortgage Bankers has a high proportion of conventional loans. Their top markets by origination volume include: New York, San Francisco, Los Angeles, San Jose, and Riverside among others. We have data for 24 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.65% | 12/16/24 |
| 30 Year Conventional Refi | 6.57% | 12/16/24 |
| 30 Year Cash-out Refi | 6.86% | 12/16/24 |
| 15 Year Conventional Purchase | 6.06% | 12/16/24 |
| 15 Year Conventional Refi | 5.94% | 12/16/24 |
| 15 Year Cash-out Refi | 5.94% | 12/16/24 |
| 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
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This is not an official calculator from Summit Mortgage Bankers. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,724Origination Dollar Volume (All Markets)
$875,680,000Awards
SUMMIT MORTGAGE BANKERS - 2019
SUMMIT MORTGAGE BANKERS is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 928 | $435,530,000 | $469,321 | $9,203 | 4.20% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 206 | $156,710,000 | $760,728 | $4,374 | 4.13% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 281 | $131,625,000 | $468,416 | $3,542 | 4.04% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 101 | $77,545,000 | $767,772 | $3,864 | 4.18% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 106 | $38,070,000 | $359,151 | $3,337 | 4.21% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 29 | $9,475,000 | $326,724 | $3,251 | 3.74% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 10 | $5,930,000 | $593,000 | $5,105 | 4.35% |
| STOCKTON, CA (FHA|USDA|VA) | 11 | $5,185,000 | $471,364 | $4,311 | 4.28% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 14 | $4,470,000 | $319,286 | $4,946 | 4.73% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 6 | $2,500,000 | $416,667 | $2,593 | 4.01% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 5 | $1,805,000 | $361,000 | $3,076 | 4.30% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 7 | $1,505,000 | $215,000 | $4,364 | 4.21% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 3 | $1,455,000 | $485,000 | $2,936 | 4.25% |
| MODESTO, CA (FHA|USDA|VA) | 4 | $990,000 | $247,500 | $6,369 | 4.59% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $2,783 | 3.72% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,881 | 5.50% |
| GLENS FALLS, NY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,966 | 3.50% |
| ITHACA, NY (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $10,202 | 4.88% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,287 | 5.13% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,167 | 4.75% |
| WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,080 | 4.50% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $7,039 | 4.75% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,389 | 4.38% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,316 | 4.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,720 | $873,660,000 | $507,942 | $6,726 | 4.17% |
| HELOC | 4 | $2,020,000 | $505,000 | n/a | 3.78% |
For 2019, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 1,720 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
For 2019, Summit Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 948 originations. The 2nd most popular reason was Refi, with 725 originations.
Loan Duration/Length
For 2019, Summit Mortgage Bankers's most frequently cited loan duration was 30 Year, with 1,533 originations. The 2nd most popular length was 15 Year, with 155 originations.
Origination Fees/Closing Costs
Summit Mortgage Bankers's average total fees were $7,053, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,042 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 847 | $435,435,000 | $514,091 |
| 4-5% | 737 | $367,645,000 | $498,840 |
| 5-6% | 116 | $58,540,000 | $504,655 |
| 2.5-3% | 22 | $12,460,000 | $566,364 |
| 6-7% | 2 | $1,600,000 | $800,000 |
During 2019, Summit Mortgage Bankers's average interest rate for loans was 4.23%, while their most frequently originated rate bucket for loans was 3-4%, with 847 originations.
Loan Sizing
2019 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 612 originations, totaling $295,020,000 in origination value.
Applicant Income
Summit Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 435 originations. The second most popular income band? $150k-250k, with 360 originations.
Applicant Debt to Income Ratio
Summit Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 264 originations. The next most common DTI ratio? 20-30%, with 194 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.96%
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 origination95.65%
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 | 1,724 | $875,680,000 | $507,935 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,724 | $875,680,000 | $507,935 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SANTANDER BANCORP | Conventional home mortgage | Incorrect information on your report | 1 | 33.3% |
| SANTANDER BANCORP | Conventional home mortgage | Struggling to pay mortgage | 2 | 66.7% |