Summit Mortgage Bankers at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the A grade breaks down
Each component is a percentile rank among 1,883 small mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
90th1.9% deniedPricingmedian rate spread over APOR, weight 30%
83rd-0.03 ptsProcesswithdrawn + incomplete share, weight 15%
50th11.6%Closing coststotal loan costs ÷ loan amount, weight 10%
79th1.16% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 369 | 302 | 1.6% | 1.9% | 6.63% | $163M |
| 2024 | 546 | 482 | 1.5% | 1.6% | 6.63% | $264M |
| 2025 | 543 | 468 | 1.7% | 1.9% | 6.50% | $276M |
What Summit Mortgage Bankers lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 0 home-equity lines, 0 reverse mortgages, 0 manufactured homes, 102 investment properties.
Why Summit Mortgage Bankers denies applications
Primary reason reported for each of the 9 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Summit Mortgage Bankers
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 22 | 9 | 0.0% |
| $50k – $100k | 73 | 58 | 7.8% |
| $100k – $150k | 142 | 130 | 1.5% |
| $150k – $250k | 167 | 151 | 0.7% |
| Over $250k | 131 | 118 | 0.8% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 123 | 112 | 0.9% |
| 35–44 | 197 | 176 | 1.1% |
| 45–54 | 126 | 97 | 3.9% |
| 55–64 | 61 | 51 | 3.8% |
Where Summit Mortgage Bankers lends
6 states and 54 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| New York | 302 | 260 | 2.7% | 6.50% | #177 |
| California | 140 | 120 | 0.0% | 6.44% | #401 |
| New Jersey | 93 | 82 | 1.1% | 6.50% | #275 |
Frequently asked questions
Summit Mortgage Bankers denied 1.9% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 90th percentile of small mortgage lenders.
The most common reason Summit Mortgage Bankers gave in 2025 was "collateral", cited on 88.9% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Summit Mortgage Bankers originated in 2025 was 6.50%, and its median rate spread over the average prime offer rate was -0.03 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 74% of its applications were for home purchases, 26% for refinancing (including cash-out), and 0% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.