Is Summit mortgage Bankers, Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Summit mortgage Bankers, Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.08%)
Loan Related Closing Costs: lower than average (-$330)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Summit mortgage Bankers, Inc. originated 1000 mortgages, a national market share of 0.0%. It was most active in NY (0.3% market share), NJ (0.1% market share), and CA (0.0% market share).

On average, Summit mortgage Bankers, Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.08%).1The comparable mortgages control for Summit mortgage Bankers, Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $6467, which was lower than those of comparable mortgages at $6797, with a difference of -$330. Overall, we estimate that Summit mortgage Bankers, Inc. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.06% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Summit mortgage Bankers, Inc..

Summit mortgage Bankers, Inc. originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Summit mortgage Bankers, Inc. compared to other lenders

Conforming
Interest Rate Difference +0.09%
Loan related Closing Cost Difference +$0
Cost Adjusted Rate Difference +0.08%

Based on the table above, Summit mortgage Bankers, Inc. is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Summit mortgage Bankers, Inc. compared to other lenders

Conforming
Interest Rate Difference +0.05%
Loan Related Closing Cost Difference -$1548
Cost Adjusted Rate Difference -0.02%

Based on the table above, Summit mortgage Bankers, Inc. is similar to other lenders for Conforming mortgage refinance.

Other information about Summit mortgage Bankers, Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Flushing, NY, 11354
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Footnotes   [ + ]

1. The comparable mortgages control for Summit mortgage Bankers, Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.