Pinnacle Mortgage Rates, Fees & Info
Edison, NJLEI: 549300YYDSCELMBQD390
Tax ID: 22-6057338
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Mortgage Data
Review & Overview
Pinnacle is a smaller mortgage company specializing in Other, Home Improvement, and Refi loans. Pinnacle has a high proportion of conventional loans. Their top markets by origination volume include: New York, Allentown, and Philadelphia among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Pinnacle has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Pinnacle is typically a low 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 |
|---|---|---|
| 15 Year Conventional Purchase | 5.68% | 12/16/24 |
| 15 Year Conventional Refi | 5.98% | 12/16/24 |
| 15 Year Cash-out Refi | 5.98% | 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. | ||
Pinnacle Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
23Origination Dollar Volume (All Markets)
$1,215,000Top 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) | 20 | $1,140,000 | $57,000 | $444 | 4.70% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $444 | 3.79% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $444 | 4.69% |
| Outside of Metro Areas | 1 | $15,000 | $15,000 | $444 | 4.99% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 23 | $1,215,000 | $52,826 | $444 | 4.67% |
For 2020, Pinnacle's most frequently originated type of loan was Conventional, with 23 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 9 | $515,000 | $57,222 | $444 | 4.90% |
| Home Improvement | 8 | $250,000 | $31,250 | $444 | 4.49% |
| Refi | 6 | $450,000 | $75,000 | $444 | 4.56% |
For 2020, Pinnacle's most frequently cited loan purpose was Other, with 9 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
For 2020, Pinnacle's most frequently cited loan duration was 10 Year, with 9 originations. The 2nd most popular length was 15 Year, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 14 | $720,000 | $51,429 |
| 3-4% | 5 | $305,000 | $61,000 |
| 5-6% | 4 | $190,000 | $47,500 |
During 2020, Pinnacle's average interest rate for loans was 4.99%, while their most frequently originated rate bucket for loans was 4-5%, with 14 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 22 | $1,070,000 | $48,636 | $444 | 4.72% |
| $100k-200k | 1 | $145,000 | $145,000 | $444 | 3.59% |
2020 saw Pinnacle place emphasis on $100,000 or less loans with 22 originations, totaling $1,070,000 in origination value.
Applicant Income
Pinnacle lent most frequently to those with incomes in the $50k or less range, with 7 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Pinnacle lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 38%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 18 | $930,000 | $51,667 | $444 | 4.68% |
| Black | 3 | $215,000 | $71,667 | $444 | 4.49% |
| Not provided | 2 | $70,000 | $35,000 | $444 | 4.89% |
Approval Rates
Total approvals of all applications71.74%
Pinnacle has a below average approval rate.
Pick Rate
Approvals leading to origination60.87%
Pinnacle has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 23 | $1,215,000 | $52,826 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 23 | $1,215,000 | $52,826 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 4 | $400,000 | $100,000 | $444 | 4.61% |
| 40-60% | 2 | $170,000 | $85,000 | $444 | 4.99% |
| Under 20% | 17 | $645,000 | $37,941 | $444 | 4.65% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PINNACLE FINANCIAL PARTNERS, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| PINNACLE FINANCIAL PARTNERS, INC. | Conventional home mortgage | Trouble during payment process | 1 | 25.0% |
| PINNACLE FINANCIAL PARTNERS, INC. | FHA mortgage | Incorrect information on your report | 1 | 25.0% |
| PINNACLE FINANCIAL PARTNERS, INC. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |