The Mortgage Record
Lender report card · New Jersey

Summit Mortgage Corporation

Plymouth, MN · What the federal mortgage record shows about how Summit Mortgage Corporation treated New Jersey applicants, 2018–2025 — 385 reported decisions. This is historical behavior, not a prediction about your loan.

Approval rate
88.1%
339 approved
Denial rate
11.9%
46 denied
Decisions
385
2018–2025
Avg. rate spread
+0.63 pp
vs. market benchmark
88.1% approved
11.9% denied

Share of 385 New Jersey applications Summit Mortgage Corporation approved vs. denied. Excludes loans it merely purchased on the secondary market, and applications withdrawn or left incomplete.

Approval rate by loan type

Conventional91.5% of 247 · NJ 87%FHA80.5% of 123 · NJ 79%

“NJ” = the statewide average approval rate for that loan type, for comparison.

Approval rate over time

72%79%86%93%100%80%89%96%87%80%100%100%75%20182019202020212022202320242025

Pricing

Adjusting for its loan-type mix, Summit Mortgage Corporation’s rates ran +0.20 pp higher than the typical New Jersey lender (average rate spread +0.63 pp above the market benchmark). Rate spread is APR minus the average prime offer rate; positive means costlier than the low-risk benchmark.

Who Summit Mortgage Corporation approves

By income
Under $50k81.6% · 38$50–75k88.6% · 114$75–100k85.7% · 84$100–150k87.2% · 86$150–250k96.0% · 50
By debt-to-income
Under 36%90.8% · 13136–43%95.5% · 8843–50%91.7% · 120Over 50%56.5% · 46
By down payment (LTV)
20%+ down87.3% · 15710–20% down89.7% · 395–10% down98.0% · 503–5% down89.0% · 73

Why Summit Mortgage Corporation denied applications

Other61% of denialsCredit history43% of denialsDebt-to-income ratio39% of denialsInsufficient cash to close15% of denialsCollateral (value/type)15% of denialsEmployment history9% of denials

Where Summit Mortgage Corporation lends in NJ

CountyDecisionsApproval
Camden County6992.8%
Atlantic County5981.4%
Burlington County5793.0%
Ocean County3193.5%
Union County2580.0%
Gloucester County2584.0%

Fees & closing costs

Median total loan costs
$6,494
home purchase
As % of loan
3.09%
NJ median 1.93%
Priced originations
248
with fee data

Median lender and third-party costs (the Loan Estimate’s “total loan costs”) on Summit Mortgage Corporation’s home-purchase originations — 1.16 points higher than the 1.93% New Jersey median. Typical lender credit toward costs: $125. Excludes prepaid taxes/insurance and escrow deposits. Fees are reported on roughly two-thirds of originations (small lenders are exempt). Methodology →

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Source: CFPB HMDA loan-level data, 2018–2025 · first-lien, closed-end mortgages on 1–4 family homes in New Jersey reported by Summit Mortgage Corporation (LEI 5493001YIUWLFRXQUO81). Rates describe past reported outcomes for the lender’s applicant pool and are not a prediction for any individual. Methodology →