Financial Trust Mortgage Rates, Fees & Info

Orchard Park, NY

LEI: 254900L3N47KFV5KSJ32

Tax ID: 16-0845154

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Financial Trust is a smaller mortgage company specializing in Home Improvement and Cash Out Refi 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

    43

    Origination Dollar Volume (All Markets)

    $3,025,000

    Top 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) 43 $3,025,000 $70,349 $0 0.00%
    Financial Trust's top markets include and Buffalo among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 43 $3,025,000 $70,349 $0 0.00%

    For 2021, Financial Trust's most frequently originated type of loan was Conventional, with 43 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 28 $1,030,000 $36,786 $0 0.00%
    Refi 7 $425,000 $60,714 $0 0.00%
    Cash Out Refi 5 $1,085,000 $217,000 $0 0.00%
    Home Purchase 3 $485,000 $161,667 $0 0.00%

    For 2021, Financial Trust's most frequently cited loan purpose was Home Improvement, with 28 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 43 $3,025,000 $70,349 $0 0.00%

    For 2021, Financial Trust's most frequently cited loan duration was Other, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 35 $1,405,000 $40,143 $0 0.00%
    $100k-200k 4 $500,000 $125,000 $0 0.00%
    $200k-400k 3 $715,000 $238,333 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2021 saw Financial Trust place emphasis on $100,000 or less loans with 35 originations, totaling $1,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 10 $410,000 $41,000 $0 0.00%
    $50k-75k 9 $385,000 $42,778 $0 0.00%
    $150k-250k 8 $590,000 $73,750 $0 0.00%
    $100k-150k 7 $735,000 $105,000 $0 0.00%
    $50k or less 7 $405,000 $57,857 $0 0.00%
    $250k+ 2 $500,000 $250,000 $0 0.00%

    Financial Trust lent most frequently to those with incomes in the $75k-100k range, with 10 originations. The second most popular income band? $50k-75k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 43 $3,025,000 $70,349 $0 0.00%

    Financial Trust lent most frequently to those with DTI ratios of Exempt%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $2,730,000 $71,842 $0 0.00%
    Black 4 $160,000 $40,000 $0 0.00%
    Not provided 1 $135,000 $135,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    77.42%

    Financial Trust has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    95.35%

    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 43 $3,025,000 $70,349

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    43 $3,025,000 $70,349

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Financial Freedom Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    Financial Freedom Mortgage, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Financial Freedom Mortgage, LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%