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, 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.

    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% 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

    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

    853

    Origination Dollar Volume (All Markets)

    $447,555,000

    Awards

    SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans silver SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans silver SUMMIT MORTGAGE BANKERS 30 Year Conventional Loans gold
    Show all (3) 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) 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%
    Summit Mortgage Bankers's top markets include New York, Los Angeles, Riverside, San Francisco, and San Jose 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.

    MISSION
    Similarity Rank: 30
    RSI BANK
    Similarity Rank: 30
    Schuyler Savings Bank
    Similarity Rank: 51
    SAFEAMERICA CREDIT UNION
    Similarity Rank: 54
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 77
    North Jersey Federal Credit Union
    Similarity Rank: 124
    The First National Bank of Long Island
    Similarity Rank: 142
    N C P D Federal Credit Union
    Similarity Rank: 201
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 236
    Los Angeles Federal Credit Union
    Similarity Rank: 248

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 853 $447,555,000 $524,683 $9,603 4.47%

    For 2022, Summit Mortgage Bankers's most frequently originated type of loan was Conventional, with 853 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 664 $352,270,000 $530,527 $10,339 4.64%
    Refi 171 $87,075,000 $509,211 $6,857 3.90%
    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 Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 761 $411,435,000 $540,650 $9,935 4.56%
    15 Year 85 $33,755,000 $397,118 $7,145 3.76%
    20 Year 7 $2,365,000 $337,857 $3,758 3.89%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 412 $233,770,000 $567,403
    $<1k 287 $150,155,000 $523,188
    $4k-5k 50 $20,950,000 $419,000
    $2k-3k 38 $15,380,000 $404,737
    $1k-2k 30 $13,250,000 $441,667
    $3k-4k 28 $9,670,000 $345,357

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 322 $175,240,000 $544,224
    4-5% 280 $146,100,000 $521,786
    5-6% 129 $69,625,000 $539,729
    6-7% 71 $35,155,000 $495,141
    2.5-3% 32 $13,290,000 $415,313
    7-8% 9 $3,955,000 $439,444
    <2.5% 8 $3,070,000 $383,750
    Over 8% 2 $1,120,000 $560,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 326 $160,610,000 $492,669 $9,293 4.39%
    $200k-400k 235 $73,345,000 $312,106 $7,099 4.48%
    $600k-1MM 230 $174,010,000 $756,565 $13,002 4.53%
    $100k-200k 36 $5,850,000 $162,500 $4,516 4.83%
    $1MM+ 26 $33,740,000 $1,297,692 $13,170 4.57%

    2022 saw Summit Mortgage Bankers place emphasis on $400k-600k loans with 326 originations, totaling $160,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 238 $123,190,000 $517,605 $9,546 4.44%
    $150k-250k 208 $124,580,000 $598,942 $9,619 4.44%
    $75k-100k 165 $70,935,000 $429,909 $9,307 4.42%
    $50k-75k 109 $35,725,000 $327,752 $8,862 4.43%
    $250k+ 104 $80,260,000 $771,731 $10,048 4.74%
    $50k or less 29 $12,865,000 $443,621 $13,045 4.56%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 103 $54,605,000 $530,146 $9,194 4.27%
    20-30% 91 $48,245,000 $530,165 $8,483 4.25%
    49% 64 $34,100,000 $532,813 $9,324 4.56%
    45% 61 $30,655,000 $502,541 $10,939 4.83%
    46% 58 $29,650,000 $511,207 $10,533 4.63%
    41% 55 $26,195,000 $476,273 $9,302 4.69%
    42% 52 $29,850,000 $574,038 $9,573 4.47%
    44% 48 $25,210,000 $525,208 $10,617 4.63%
    37% 43 $24,975,000 $580,814 $9,620 4.62%
    43% 42 $22,760,000 $541,905 $9,537 4.36%
    <20% 40 $24,810,000 $620,250 $13,370 4.60%
    48% 40 $18,390,000 $459,750 $7,573 4.48%
    40% 38 $20,120,000 $529,474 $8,726 4.43%
    39% 32 $14,770,000 $461,563 $10,060 4.13%
    47% 31 $17,205,000 $555,000 $8,990 4.21%
    38% 31 $14,345,000 $462,742 $9,530 4.52%
    36% 22 $11,000,000 $500,000 $8,723 4.45%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 833 $436,705,000 $524,256 $9,690 4.47%
    White 14 $6,510,000 $465,000 $5,524 4.74%
    Not provided 2 $2,020,000 $1,010,000 $4,518 3.93%
    Black 3 $1,785,000 $595,000 $10,280 4.67%
    Chinese 1 $535,000 $535,000 $2,789 3.63%

    Approval Rates

    Total approvals of all applications
    98.80%

    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
    78.55%

    Summit Mortgage Bankers has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 853 $447,555,000 $524,683

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    853 $447,555,000 $524,683

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 82 $29,600,000 $360,976 $6,941 4.33%
    40-60% 247 $125,905,000 $509,737 $9,906 4.28%
    60-80% 480 $271,790,000 $566,229 $10,142 4.59%
    80-100% 35 $17,755,000 $507,286 $7,117 4.57%
    Under 20% 9 $2,505,000 $278,333 $6,550 4.38%

    Complaints

    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%