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, Cash Out Refi, and Home Purchase loans. Financial Trust has a high proportion of conventional loans. Their top two markets are Buffalo and Jamestown .Financial Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
17Origination Dollar Volume (All Markets)
$1,015,000Top 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) | 16 | $810,000 | $50,625 | $0 | 0.00% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $1,015,000 | $59,706 | $0 | 0.00% |
For 2020, Financial Trust's most frequently originated type of loan was Conventional, with 17 originations.
Loan Reason
For 2020, Financial Trust's most frequently cited loan purpose was Home Improvement, with 7 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 17 | $1,015,000 | $59,706 | $0 | 0.00% |
For 2020, Financial Trust's most frequently cited loan duration was Other, with 17 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 15 | $595,000 | $39,667 | $0 | 0.00% |
| $200k-400k | 2 | $420,000 | $210,000 | $0 | 0.00% |
2020 saw Financial Trust place emphasis on $100,000 or less loans with 15 originations, totaling $595,000 in origination value.
Applicant Income
Financial Trust lent most frequently to those with incomes in the $75k-100k range, with 7 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 17 | $1,015,000 | $59,706 | $0 | 0.00% |
Financial Trust lent most frequently to those with DTI ratios of Exempt%, with 17 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $975,000 | $65,000 | $0 | 0.00% |
| Black | 2 | $40,000 | $20,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications76.92%
Financial Trust has a below average approval rate.
Pick Rate
Approvals leading to origination82.35%
Financial Trust has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 17 | $1,015,000 | $59,706 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 17 | $1,015,000 | $59,706 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Financial Freedom Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 75.0% |
| Financial Freedom Mortgage, LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |