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Summit Mortgage Corporation
Independent Mortgage Company|Plymouth, MN|Multi-Region
Loans Originated
1,332
Applications
1,789
Volume
$407 million
Offers loans directly to consumers
Overall Pricing
Acceptable
Overall Pull Through
Strong
Pricing and Pullthrough Overview
Average Rate Spread
+0.385%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$3,175
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
74.5%
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 USDA loans
Things to Think About
- Pricing may be below industry average
Report Card
Summit Mortgage Corporation performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Acceptable | Near industry average | |
Pull Through Closing Strength | Strong | Highly Competitive | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Strong | Highly Competitive | |
FHA | Strong | Highly Competitive | |
VA | Strong | Highly Competitive | |
Jumbo | Sound | Industry Standard | |
USDA | Strong | Highly Competitive | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Strong | Highly Competitive | |
Refinance | Sound | Industry Standard | |
Places Geographic coverage | Sound | Multi-Regional · 14 metro areas · 23 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$305,916
Average Borrower Income
$131,032
Average Property Value
$390,398
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Sound | Strong | Acceptable | Strong | 998 | 74.9% | +0.377% | $3,158 |
FHA Loans | Sound | Strong | Acceptable | Strong | 212 | 15.9% | +0.720% | $3,704 |
VA Loans | Sound | Strong | Sound | Sound | 70 | 5.3% | -0.302% | $2,408 |
Jumbo Loans | Sound | Sound | N/A | N/A | 11 | 0.8% | +0.329% | $2,759 |
USDA Loans | Strong | Strong | N/A | Strong | 41 | 3.1% | +0.246% | $2,382 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Sound | Strong | Acceptable | Strong | 1,239 | 93.0% | +0.385% | $3,192 |
Refinance | Sound | Sound | Sound | Acceptable | 93 | 7.0% | +0.388% | $2,995 |
Geographic Coverage
Metro Areas
13
States Served
23
We count Washington DC as a state
Avg Place Specialization
Sound
States with Loan Originations
AZCACOFLGAIAIDILLAMIMNMTNCNJORPASCSDTXUTVAWAWI
Top Metro Areas by Place Specialization Score
1
Minneapolis, MN-WIMSA
Volume: 468Mix: 35.14%
Place Specialization
Exceptional
2
Naples, FLMSA
Volume: 65Mix: 4.88%
Place Specialization
Strong
3
Duluth, MN, MN-WIMSA
Volume: 88Mix: 6.61%
Place Specialization
Strong
4
Denver, COMSA
Volume: 66Mix: 4.95%
Place Specialization
Sound
5
Cape Coral, FLMSA
Volume: 41Mix: 3.08%
Place Specialization
Sound
6
Montgomery County, PAMSA
Volume: 38Mix: 2.85%
Place Specialization
Sound
7
Colorado Springs, CO, COMSA
Volume: 40Mix: 3.00%
Place Specialization
Sound
8
Scranton, PAMSA
Volume: 23Mix: 1.73%
Place Specialization
Sound
9
Jacksonville, FL, FLMSA
Volume: 24Mix: 1.80%
Place Specialization
Sound
10
Boise City, ID, IDMSA
Volume: 21Mix: 1.58%
Place Specialization
Sound
Showing 10 of 13 metro areas
Top States by Place Specialization Score
1
MNState
Volume: 639Mix: 47.97%
Place Specialization
Exceptional
2
PAState
Volume: 208Mix: 15.62%
Place Specialization
Strong
3
COState
Volume: 114Mix: 8.56%
Place Specialization
Strong
4
FLState
Volume: 154Mix: 11.56%
Place Specialization
Strong
5
WIState
Volume: 41Mix: 3.08%
Place Specialization
Sound
6
NCState
Volume: 45Mix: 3.38%
Place Specialization
Sound
7
LAState
Volume: 25Mix: 1.88%
Place Specialization
Sound
8
IDState
Volume: 23Mix: 1.73%
Place Specialization
Sound
9
ORState
Volume: 17Mix: 1.28%
Place Specialization
Sound
10
CAState
Volume: 19Mix: 1.43%
Place Specialization
Acceptable
Showing 10 of 11 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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