Corning Mortgage Rates, Fees & Info

Corning, NY

LEI: 549300WK15ESCDNJ5M35

Tax ID: 16-6028994

5 stars - out of 5 stars, based on 51 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Corning is a smaller mortgage company specializing in Refi and Home Purchase loans. Corning has a high proportion of conventional loans. Their top markets include Wilmington, Corning, Elmira, Myrtle Beach, and Charlotte among others. Corning has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Corning is typically an average fee lendor.


Originations

2,563

Origination Dollar Volume (All Markets)

$350,255,000
Show all (10) awards

Relative Rate

Corning's average 30 year fixed rate mortgage of loans were 2.93%.

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

This yields a difference of -0.22%.

Relative Fees

Corning's average total fees for a 30 year fixed rate mortgage are $3,824.

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
WILMINGTON, NC (FHA|USDA|VA) 591 $93,925,000 $158,926 $3,374 3.05%
Corning, NY (FHA|USDA|VA) 546 $68,040,000 $124,615 $3,042 2.99%
ELMIRA, NY (FHA|USDA|VA) 444 $51,670,000 $116,374 $3,194 3.15%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 198 $26,670,000 $134,697 $3,288 3.00%
Outside of Metro Areas 134 $14,340,000 $107,015 $3,334 3.13%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 68 $12,830,000 $188,676 $4,034 2.93%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 125 $12,445,000 $99,560 $3,744 3.12%
ROCHESTER, NY (FHA|USDA|VA) 57 $8,865,000 $155,526 $3,599 3.05%
ITHACA, NY (FHA|USDA|VA) 19 $4,405,000 $231,842 $5,079 3.24%
RALEIGH-CARY, NC (FHA|USDA|VA) 25 $4,255,000 $170,200 $3,360 2.99%
STATE COLLEGE, PA (FHA|USDA|VA) 26 $3,210,000 $123,462 $4,929 3.17%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 14 $2,810,000 $200,714 $4,890 2.81%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 13 $2,695,000 $207,308 $3,498 3.27%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 9 $2,105,000 $233,889 $3,681 2.77%
Sayre, PA (FHA|USDA|VA) 21 $2,055,000 $97,857 $3,960 3.40%
PITTSBURGH, PA (FHA|USDA|VA) 23 $2,005,000 $87,174 $3,146 3.14%
BINGHAMTON, NY (FHA|USDA|VA) 15 $1,985,000 $132,333 $3,097 3.14%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 9 $1,775,000 $197,222 $3,942 2.72%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 7 $1,395,000 $199,286 $4,451 3.24%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 8 $1,360,000 $170,000 $3,635 3.16%
WINSTON-SALEM, NC (FHA|USDA|VA) 6 $1,340,000 $223,333 $4,316 2.94%
Seneca Falls, NY (FHA|USDA|VA) 6 $1,310,000 $218,333 $3,832 2.89%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 7 $1,175,000 $167,857 $3,213 2.57%
JACKSONVILLE, NC (FHA|USDA|VA) 12 $1,170,000 $97,500 $2,651 3.40%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $1,170,000 $146,250 $4,781 3.09%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 4 $1,070,000 $267,500 $3,177 2.84%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 7 $1,065,000 $152,143 $7,761 2.81%
JACKSONVILLE, FL (FHA|USDA|VA) 6 $870,000 $145,000 $3,174 3.51%
SYRACUSE, NY (FHA|USDA|VA) 5 $805,000 $161,000 $3,261 2.99%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 6 $780,000 $130,000 $3,660 3.60%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $755,000 $251,667 $3,516 2.79%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $755,000 $755,000 $3,183 2.38%
SPARTANBURG, SC (FHA|USDA|VA) 2 $690,000 $345,000 $3,666 2.75%
THE VILLAGES, FL (FHA|USDA|VA) 3 $685,000 $228,333 $4,745 3.25%
Morehead City, NC (FHA|USDA|VA) 5 $675,000 $135,000 $4,031 2.55%
ASHEVILLE, NC (FHA|USDA|VA) 3 $655,000 $218,333 $3,775 2.83%
Washington, NC (FHA|USDA|VA) 3 $575,000 $191,667 $2,384 2.67%
Ogdensburg-Massena, NY (FHA|USDA|VA) 4 $570,000 $142,500 $4,447 2.72%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 3 $555,000 $185,000 $6,635 2.79%
Oneonta, NY (FHA|USDA|VA) 3 $515,000 $171,667 $4,710 2.71%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $515,000 $171,667 $3,989 2.79%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 2 $500,000 $250,000 $4,115 2.69%
READING, PA (FHA|USDA|VA) 4 $490,000 $122,500 $4,977 3.24%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 2 $470,000 $235,000 $3,313 2.25%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $470,000 $235,000 $4,266 2.88%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $435,000 $145,000 $3,525 2.50%
COLUMBUS, OH (FHA|USDA|VA) 2 $410,000 $205,000 $2,257 3.68%
Greenwood, SC (FHA|USDA|VA) 1 $405,000 $405,000 $2,652 2.25%
Gaffney, SC (FHA|USDA|VA) 1 $405,000 $405,000 $4,186 2.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $400,000 $66,667 $2,473 2.54%
COLUMBIA, SC (FHA|USDA|VA) 1 $395,000 $395,000 $2,726 2.25%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $395,000 $395,000 $5,823 2.88%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $390,000 $195,000 $0 1.99%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $385,000 $385,000 $5,709 3.13%
Albemarle, NC (FHA|USDA|VA) 4 $380,000 $95,000 $3,340 3.21%
WILLIAMSPORT, PA (FHA|USDA|VA) 4 $360,000 $90,000 $2,479 2.65%
UTICA-ROME, NY (FHA|USDA|VA) 2 $360,000 $180,000 $2,544 2.31%
DuBois, PA (FHA|USDA|VA) 5 $345,000 $69,000 $2,471 2.80%
Brevard, NC (FHA|USDA|VA) 1 $325,000 $325,000 $2,890 2.25%
LANCASTER, PA (FHA|USDA|VA) 3 $325,000 $108,333 $3,374 3.12%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $320,000 $160,000 $2,685 2.81%
Meadville, PA (FHA|USDA|VA) 1 $315,000 $315,000 $5,273 3.00%
Georgetown, SC (FHA|USDA|VA) 1 $315,000 $315,000 $5,640 2.88%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $310,000 $155,000 $4,728 3.36%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $295,000 $295,000 $0 2.25%
OCALA, FL (FHA|USDA|VA) 3 $285,000 $95,000 $3,609 3.08%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 4 $260,000 $65,000 $3,553 3.37%
Seneca, SC (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.85%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $0 4.85%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $185,000 $185,000 $3,786 2.75%
ALTOONA, PA (FHA|USDA|VA) 2 $180,000 $90,000 $2,505 3.18%
NEW BERN, NC (FHA|USDA|VA) 2 $180,000 $90,000 $2,025 2.63%
Sanford, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,681 2.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $170,000 $85,000 $4,802 2.93%
LEBANON, PA (FHA|USDA|VA) 1 $165,000 $165,000 $3,718 2.38%
Boone, NC (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.49%
Rockingham, NC (FHA|USDA|VA) 1 $135,000 $135,000 $2,422 2.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $130,000 $65,000 $2,660 2.43%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $125,000 $125,000 $0 1.99%
Kinston, NC (FHA|USDA|VA) 2 $110,000 $55,000 $0 2.49%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.74%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $105,000 $105,000 $2,399 2.13%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $95,000 $95,000 $0 1.99%
Pottsville, PA (FHA|USDA|VA) 1 $95,000 $95,000 $2,962 3.00%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $95,000 $95,000 $0 1.99%
DOVER, DE (FHA|USDA|VA) 1 $85,000 $85,000 $0 4.85%
Malone, NY (FHA|USDA|VA) 1 $85,000 $85,000 $2,499 2.38%
Huntingdon, PA (FHA|USDA|VA) 1 $85,000 $85,000 $3,755 2.88%
Gloversville, NY (FHA|USDA|VA) 1 $85,000 $85,000 $3,615 2.88%
Cortland, NY (FHA|USDA|VA) 2 $80,000 $40,000 $0 3.42%
YORK-HANOVER, PA (FHA|USDA|VA) 2 $80,000 $40,000 $2,320 2.93%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2 $80,000 $40,000 $0 4.85%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.49%
New Castle, PA (FHA|USDA|VA) 1 $65,000 $65,000 $2,816 3.13%
KINGSTON, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.24%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.49%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.85%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $55,000 $55,000 $1,933 2.75%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.49%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $50,000 $25,000 $0 1.99%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.24%
AKRON, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.49%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.99%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.74%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.49%
North Wilkesboro, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 1.99%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.49%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.24%

Corning's top markets include Wilmington, Corning, Elmira, Myrtle Beach, and Charlotte among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,563 $350,255,000 $136,658 $3,364 3.05%

For the 2021 period, Corning's most frequently originated loan type of loans were Conventional, with 2,563 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 801 $114,625,000 $143,102 $2,771 2.97%
Home Purchase 675 $137,675,000 $203,963 $3,557 2.98%
Other 401 $25,125,000 $62,656 $2,648 3.23%
Home Improvement 399 $21,125,000 $52,945 $0 3.47%
Cash Out Refi 287 $51,705,000 $180,157 $3,992 2.65%

For the 2021, Corning's most frequently cited loan purpose of loans were Refi, with 801 originations. The 2nd most popular reason of loans were Home Purchase, with 675 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 1,221 $86,215,000 $70,610 $3,056 3.35%
30 Year 683 $153,605,000 $224,898 $3,824 2.93%
15 Year 413 $69,575,000 $168,462 $2,725 2.62%
20 Year 155 $28,475,000 $183,710 $3,323 2.80%
10 Year 91 $12,385,000 $136,099 $2,345 2.33%

For the 2021, Corning's most frequently cited loan length of loans were Other, with 1,221 originations. The 2nd most popular length of loans were 30 Year, with 683 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 596 $95,200,000 $159,732
$1k-2k 399 $84,315,000 $211,316
$2k-3k 131 $33,195,000 $253,397
$3k-4k 102 $27,060,000 $265,294
$5k+ 44 $14,700,000 $334,091

$3,824 of loans were Corning's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 596 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 914 $170,690,000 $186,751
<2.5% 766 $98,650,000 $128,786
3-4% 618 $62,880,000 $101,748
4-5% 207 $14,285,000 $69,010
5-6% 49 $3,465,000 $70,714
6-7% 8 $240,000 $30,000

During 2021, Corning's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 2.5-3%, with 914 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,208 $62,600,000 $51,821 $2,216 3.27%
$100k-200k 756 $107,660,000 $142,407 $2,963 2.87%
$200k-400k 513 $137,925,000 $268,860 $4,062 2.84%
$400k-600k 79 $36,795,000 $465,759 $5,221 2.85%
$600k-1MM 6 $4,120,000 $686,667 $3,376 3.40%
$1MM+ 1 $1,155,000 $1,155,000 $3,940 2.88%

2021 saw Corning place emphasis on $100,000 or less loans with 1,208 originations, totaling $62,600,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 637 $93,485,000 $146,758 $3,595 3.03%
$50k-75k 528 $55,670,000 $105,436 $3,054 3.05%
$75k-100k 428 $56,040,000 $130,935 $3,563 3.09%
$150k-250k 407 $74,275,000 $182,494 $3,860 2.97%
$50k or less 361 $28,235,000 $78,213 $2,573 3.13%
$250k+ 121 $30,105,000 $248,802 $3,942 2.84%

Corning lent most frequently to those with incomes in the $100k-150k range, with 637 originations. The second most popular income band? $50k-75k, with 528 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 731 $101,465,000 $138,803 $3,308 2.98%
30-36% 479 $66,325,000 $138,466 $3,416 3.05%
<20% 341 $50,355,000 $147,669 $3,063 2.85%
50-60% 122 $14,130,000 $115,820 $2,446 3.08%
>60% 101 $9,485,000 $93,911 $1,794 3.27%
37% 89 $11,025,000 $123,876 $3,663 3.29%
36% 74 $9,650,000 $130,405 $3,216 2.88%
38% 72 $9,440,000 $131,111 $3,750 3.20%
42% 70 $9,880,000 $141,143 $3,780 3.11%
40% 62 $8,350,000 $134,677 $4,010 3.06%
41% 61 $8,965,000 $146,967 $3,875 3.14%
39% 58 $7,150,000 $123,276 $3,247 3.13%
43% 54 $8,640,000 $160,000 $4,059 3.06%
45% 46 $6,780,000 $147,391 $4,470 3.05%
44% 44 $6,210,000 $141,136 $3,124 3.13%
46% 36 $3,950,000 $109,722 $3,666 3.19%
47% 33 $4,135,000 $125,303 $4,064 3.09%
48% 23 $3,525,000 $153,261 $3,654 2.98%
49% 22 $2,660,000 $120,909 $3,406 3.25%

Corning lent most frequently to those with DTI ratios of 20-30%, with 731 originations. The next most common DTI ratio? 30-36%, with 479 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,167 $287,935,000 $132,873 $3,379 3.05%
Not provided 249 $33,755,000 $135,562 $3,141 3.01%
Asian 42 $10,530,000 $250,714 $3,217 2.78%
Black 52 $8,240,000 $158,462 $3,721 3.02%
Not applicable 36 $6,970,000 $193,611 $0 4.29%
American Indian 15 $2,325,000 $155,000 $4,357 2.97%
Other Asian 1 $315,000 $315,000 $2,722 2.50%
Native Hawaiian 1 $185,000 $185,000 $2,985 3.13%

Approval Rates

Total approvals of all applications
89.60%

Corning has an average approval rate.

Pick Rate

Approvals leading to origination
79.84%

Corning has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,563 $350,255,000 $136,658

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,563 $350,255,000 $136,658

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 456 $39,460,000 $86,535 $2,207 3.18%
40-60% 406 $60,590,000 $149,236 $2,586 2.86%
60-80% 678 $137,440,000 $202,714 $3,702 2.88%
80-100% 401 $83,955,000 $209,364 $3,805 2.98%
Over 100% 4 $1,840,000 $460,000 $0 4.50%
Under 20% 617 $26,925,000 $43,639 $2,268 3.32%