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We analyzed every closed loan from Summit Mortgage Mn — 1.3k loans across 2k applications— and benchmarked them against peer lenders across the 4 Ps of Mortgage Shopping.
Pricing
Acceptable
vs. all lenders
Pull Through
Strong
closing strength
Products
Strong
FHA · Conventional · VA · Jumbo · USDA
Place
Sound
Multi-Region · 13 mkts
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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
Explore another lender or local market
Report Card
Summit Mortgage Corporation performance at a glance
| Category | Score | vs. Peers |
|---|---|---|
Overall Performance· Pricing & closing strength | ||
Pricing Rate competitiveness | Near industry average +38.5 bps above market avg | |
Pull Through Closing strength | Highly Competitive Top 40% of lenders | |
By Loan Product· Specialization by type | ||
Conventional | Highly Competitive Top 40% of lenders | |
FHA | Highly Competitive Top 40% of lenders | |
VA | Highly Competitive Top 40% of lenders | |
Jumbo | Industry Standard Top 60% of lenders | |
USDA | Highly Competitive Top 40% of lenders | |
By Loan Purpose· Transaction purpose mix | ||
Purchase | Highly Competitive Top 40% of lenders | |
Refinance | Industry Standard Top 60% of lenders | |
By Location· Geographic coverage | ||
Geographic Reach Coverage footprint | Industry Standard Top 60% of lenders Multi-Regional14 markets | |
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 998 | 74.9% | +0.377%Above | $3,158Fees | ||||
FHA Loans | 212 | 15.9% | +0.720%Above | $3,704Fees | ||||
VA Loans | 70 | 5.3% | -0.302%Below | $2,408Fees | ||||
Jumbo Loans | — | — | 11 | 0.8% | +0.329%Above | $2,759Fees | ||
USDA Loans | — | 41 | 3.1% | +0.246%Above | $2,382Fees |
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 1,239 | 93.0% | +0.385%Above | $3,192Fees | ||||
Refinance | 93 | 7.0% | +0.388%Above | $2,995Fees |
At a Glance
Lender Overview
Lending Activity
Loans Originated
1,332
Applications
1,789
Volume
$407 million
Pricing & Closing
Avg Rate Spread
+0.385%
vs. market APOR
Avg Net Fees
$3,175
Origination − Credits
Pullthrough Rate
74.5%
Applications → Closed
Typical Borrower
Avg Loan Amount
$305,916
Avg Borrower Income
$131,032
Avg Property Value
$390,398
Geographic Coverage
Geographic Performance
Metro Areas
13
States Served
23
We count Washington DC as a state
Avg Place Specialization
States with Loan Originations
AZCACOFLGAIAIDILLAMIMNMTNCNJORPASCSDTXUTVAWAWI
Top Metro Areas by Place Specialization Score
1
Minneapolis, MN-WIMSA
Volume: 468Mix: 35.14%of portfolio
Place
Exceptional2
Naples, FLMSA
Volume: 65Mix: 4.88%of portfolio
Place
Strong3
Duluth, MN, MN-WIMSA
Volume: 88Mix: 6.61%of portfolio
Place
Strong4
Denver, COMSA
Volume: 66Mix: 4.95%of portfolio
Place
Sound5
Cape Coral, FLMSA
Volume: 41Mix: 3.08%of portfolio
Place
Sound6
Montgomery County, PAMSA
Volume: 38Mix: 2.85%of portfolio
Place
Sound7
Colorado Springs, CO, COMSA
Volume: 40Mix: 3.00%of portfolio
Place
Sound8
Scranton, PAMSA
Volume: 23Mix: 1.73%of portfolio
Place
Sound9
Jacksonville, FL, FLMSA
Volume: 24Mix: 1.80%of portfolio
Place
Sound10
Boise City, ID, IDMSA
Volume: 21Mix: 1.58%of portfolio
Place
SoundShowing 10 of 13 metro areas
Top States by Place Specialization Score
1
MNState
Volume: 639Mix: 47.97%of portfolio
Place
Exceptional2
PAState
Volume: 208Mix: 15.62%of portfolio
Place
Strong3
COState
Volume: 114Mix: 8.56%of portfolio
Place
Strong4
FLState
Volume: 154Mix: 11.56%of portfolio
Place
Strong5
WIState
Volume: 41Mix: 3.08%of portfolio
Place
Sound6
NCState
Volume: 45Mix: 3.38%of portfolio
Place
Sound7
LAState
Volume: 25Mix: 1.88%of portfolio
Place
Sound8
IDState
Volume: 23Mix: 1.73%of portfolio
Place
Sound9
ORState
Volume: 17Mix: 1.28%of portfolio
Place
Sound10
CAState
Volume: 19Mix: 1.43%of portfolio
Place
AcceptableShowing 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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The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.
No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.
HMDA 2024Built using publicly available originated loan data from the federal government.
Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.