Financial Trust Mortgage Rates, Fees & Info
Orchard Park, NYLEI: 254900L3N47KFV5KSJ32
Tax ID: 16-0845154
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Mortgage Data
Review & Overview
Financial Trust is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. Financial Trust has a high proportion of conventional loans. Their top (well, only) market is Buffalo.Financial Trust has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
25Origination Dollar Volume (All Markets)
$1,405,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 25 | $1,405,000 | $56,200 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 25 | $1,405,000 | $56,200 | $0 | 0.00% |
For 2019, Financial Trust's most frequently originated type of loan was Conventional, with 25 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 21 | $675,000 | $32,143 | $0 | 0.00% |
| Home Purchase | 2 | $600,000 | $300,000 | $0 | 0.00% |
| Cash Out Refi | 2 | $130,000 | $65,000 | $0 | 0.00% |
For 2019, Financial Trust's most frequently cited loan purpose was Home Improvement, with 21 originations. The 2nd most popular reason was Home Purchase, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 25 | $1,405,000 | $56,200 | $0 | 0.00% |
For 2019, Financial Trust's most frequently cited loan duration was Other, with 25 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 23 | $805,000 | $35,000 | $0 | 0.00% |
| $100k-200k | 1 | $145,000 | $145,000 | $0 | 0.00% |
| $400k-600k | 1 | $455,000 | $455,000 | $0 | 0.00% |
2019 saw Financial Trust place emphasis on $100,000 or less loans with 23 originations, totaling $805,000 in origination value.
Applicant Income
Financial Trust lent most frequently to those with incomes in the $150k-250k range, with 6 originations. The second most popular income band? $75k-100k, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 25 | $1,405,000 | $56,200 | $0 | 0.00% |
Financial Trust lent most frequently to those with DTI ratios of Exempt%, with 25 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 23 | $1,375,000 | $59,783 | $0 | 0.00% |
| Black | 2 | $30,000 | $15,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications81.25%
Financial Trust has a below average approval rate.
Pick Rate
Approvals leading to origination96.00%
Financial Trust has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 25 | $1,405,000 | $56,200 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 25 | $1,405,000 | $56,200 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Financial Freedom Mortgage, LLC | VA mortgage | Trouble during payment process | 1 | 50.0% |