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SUMMIT FUNDING, INC.
Independent Mortgage Company|GLENDALE, CA|Near-National
Loans Originated
4,593
Applications
6,221
Volume
$1 billion
Offers loans directly to consumersSources loans from independent brokers
Overall Pricing
Mediocre
Overall Pull Through
Exceptional
Pricing and Pullthrough Overview
Average Rate Spread
+0.565%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$4,553
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
73.8%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Strong pull through performance
- Particularly strong in Conventional and FHA and VA and Jumbo loans
- Nationwide availability with consistent service
Things to Think About
- Rates typically 56 basis points above market average
- Higher than average fees ($4,553)
Report Card
SUMMIT FUNDING, INC. performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Mediocre | Below peers | |
Pull Through Closing Strength | Exceptional | Market Leader | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Exceptional | Market Leader | |
FHA | Exceptional | Market Leader | |
VA | Exceptional | Market Leader | |
Jumbo | Strong | Highly Competitive | |
USDA | Sound | Industry Standard | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Exceptional | Market Leader | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Strong | Near-National · 50 metro areas · 39 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$377,293
Average Borrower Income
$145,170
Average Property Value
$464,177
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Sound | Exceptional | Mediocre | Strong | 2,665 | 58.0% | +0.539% | $4,347 |
FHA Loans | Sound | Exceptional | Mediocre | Exceptional | 1,392 | 30.3% | +0.771% | $5,130 |
VA Loans | Sound | Exceptional | Mediocre | Strong | 431 | 9.4% | -0.124% | $4,118 |
Jumbo Loans | Acceptable | Strong | Mediocre | Sound | 69 | 1.5% | +0.726% | $4,743 |
USDA Loans | Acceptable | Sound | N/A | Acceptable | 36 | 0.8% | +0.324% | $3,993 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Sound | Exceptional | Mediocre | Strong | 4,211 | 91.7% | +0.577% | $4,544 |
Refinance | Sound | Strong | Mediocre | Strong | 382 | 8.3% | +0.449% | $4,640 |
Geographic Coverage
Metro Areas
49
States Served
39
We count Washington DC as a state
Avg Place Specialization
Strong
States with Loan Originations
ALARAZCACOCTFLGAHIIDILINKSKYLAMAMDMEMIMNMOMSNCNMNVOHOKORPARISCTNTXUTVAWAWIWVWY
Top Metro Areas by Place Specialization Score
1
Eugene, ORMSA
Volume: 351Mix: 7.64%
Place Specialization
Exceptional
2
Albany, OR, ORMSA
Volume: 57Mix: 1.24%
Place Specialization
Exceptional
3
Chattanooga, TN, TN-GAMSA
Volume: 230Mix: 5.01%
Place Specialization
Exceptional
4
Stockton, CAMSA
Volume: 141Mix: 3.07%
Place Specialization
Strong
5
Kennewick, WAMSA
Volume: 93Mix: 2.02%
Place Specialization
Strong
6
Kansas City, MO, MO-KSMSA
Volume: 349Mix: 7.60%
Place Specialization
Strong
7
Dalton, GA, GAMSA
Volume: 43Mix: 0.94%
Place Specialization
Strong
8
Salinas, CA, CAMSA
Volume: 59Mix: 1.28%
Place Specialization
Strong
9
Reno, NV, NVMSA
Volume: 99Mix: 2.16%
Place Specialization
Strong
10
Redding, CA, CAMSA
Volume: 50Mix: 1.09%
Place Specialization
Strong
Showing 10 of 49 metro areas
Top States by Place Specialization Score
1
ORState
Volume: 681Mix: 14.83%
Place Specialization
Exceptional
2
CAState
Volume: 684Mix: 14.89%
Place Specialization
Strong
3
GAState
Volume: 364Mix: 7.93%
Place Specialization
Strong
4
TXState
Volume: 556Mix: 12.11%
Place Specialization
Strong
5
TNState
Volume: 257Mix: 5.60%
Place Specialization
Strong
6
WAState
Volume: 216Mix: 4.70%
Place Specialization
Strong
7
NVState
Volume: 144Mix: 3.14%
Place Specialization
Strong
8
MOState
Volume: 266Mix: 5.79%
Place Specialization
Strong
9
IDState
Volume: 186Mix: 4.05%
Place Specialization
Strong
10
KSState
Volume: 111Mix: 2.42%
Place Specialization
Strong
Showing 10 of 24 states
How We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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