Franklin Loan Corporation Mortgage Rates, Fees & Info

Palm Desert, CA

LEI: 254900RQX8N4HXJIDK44

Tax ID: 33-0397503

3.3 stars - out of 5 stars, based on 68 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Franklin Loan Corporation is a small mortgage company specializing in Home Purchase and Refi loans. Franklin Loan Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Riverside, Los Angeles, San Diego, Denver, and San Francisco among others. Franklin Loan Corporation has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Franklin Loan Corporation is typically a high fee lendor.


Originations

4,586

Origination Dollar Volume (All Markets)

$1,907,120,000

Relative Rate

Franklin Loan Corporation's average 30 year fixed rate mortgage of loans were 3.09%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.06%.

Relative Fees

Franklin Loan Corporation's average total fees for a 30 year fixed rate mortgage are $6,649.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3,011 $1,082,855,000 $359,633 $6,342 3.03%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 625 $382,915,000 $612,664 $7,394 3.16%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 289 $165,855,000 $573,893 $6,876 3.06%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 124 $43,330,000 $349,435 $6,225 3.17%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 47 $33,335,000 $709,255 $7,747 3.04%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 54 $18,850,000 $349,074 $6,790 3.18%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 21 $15,625,000 $744,048 $10,467 3.25%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 31 $14,855,000 $479,194 $7,025 3.19%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 23 $13,635,000 $592,826 $5,467 3.18%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 44 $12,370,000 $281,136 $5,175 3.21%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 17 $9,745,000 $573,235 $7,135 3.21%
FORT COLLINS, CO (FHA|USDA|VA) 20 $6,190,000 $309,500 $3,947 2.99%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 12 $5,000,000 $416,667 $4,744 3.11%
BOISE CITY, ID (FHA|USDA|VA) 10 $4,250,000 $425,000 $6,401 3.16%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 12 $3,820,000 $318,333 $4,785 3.35%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 6 $3,420,000 $570,000 $4,901 3.27%
Outside of Metro Areas 12 $3,210,000 $267,500 $5,745 3.05%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 7 $3,175,000 $453,571 $5,459 2.89%
SALINAS, CA (FHA|USDA|VA) 6 $3,130,000 $521,667 $4,793 2.90%
GREELEY, CO (FHA|USDA|VA) 9 $3,105,000 $345,000 $5,287 2.93%
FRESNO, CA (FHA|USDA|VA) 11 $3,105,000 $282,273 $6,678 2.60%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 10 $3,090,000 $309,000 $5,880 3.40%
Outside of Metro Areas 7 $2,885,000 $412,143 $5,903 3.50%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 4 $2,810,000 $702,500 $6,686 3.03%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 4 $2,760,000 $690,000 $11,030 2.90%
COLORADO SPRINGS, CO (FHA|USDA|VA) 7 $2,715,000 $387,857 $5,327 3.23%
Gardnerville Ranchos, NV (FHA|USDA|VA) 3 $2,655,000 $885,000 $11,055 3.42%
VALLEJO, CA (FHA|USDA|VA) 5 $2,515,000 $503,000 $9,307 3.03%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 5 $2,315,000 $463,000 $6,274 3.25%
ALBUQUERQUE, NM (FHA|USDA|VA) 5 $2,285,000 $457,000 $5,982 3.03%
BAKERSFIELD, CA (FHA|USDA|VA) 8 $2,200,000 $275,000 $5,664 2.91%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $2,060,000 $1,030,000 $8,180 4.44%
BOULDER, CO (FHA|USDA|VA) 5 $2,055,000 $411,000 $8,726 2.65%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $2,035,000 $678,333 $10,883 3.46%
EL CENTRO, CA (FHA|USDA|VA) 8 $1,970,000 $246,250 $6,632 3.30%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,875,000 $625,000 $7,858 3.38%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,835,000 $367,000 $7,971 3.70%
Truckee-Grass Valley, CA (FHA|USDA|VA) 4 $1,630,000 $407,500 $8,148 3.25%
MODESTO, CA (FHA|USDA|VA) 4 $1,540,000 $385,000 $8,577 2.91%
Kapaa, HI (FHA|USDA|VA) 2 $1,350,000 $675,000 $6,567 3.44%
YUBA CITY, CA (FHA|USDA|VA) 4 $1,330,000 $332,500 $2,845 3.13%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $8,379 3.38%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 5 $1,255,000 $251,000 $5,270 2.85%
Sevierville, TN (FHA|USDA|VA) 1 $1,255,000 $1,255,000 $34,331 3.50%
Fernley, NV (FHA|USDA|VA) 2 $1,140,000 $570,000 $3,291 3.44%
KNOXVILLE, TN (FHA|USDA|VA) 3 $1,135,000 $378,333 $4,172 3.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $1,125,000 $375,000 $5,100 3.42%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $1,025,000 $341,667 $7,161 3.08%
PITTSBURGH, PA (FHA|USDA|VA) 7 $1,015,000 $145,000 $6,889 3.66%
LAS CRUCES, NM (FHA|USDA|VA) 4 $930,000 $232,500 $5,107 2.91%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $925,000 $308,333 $10,354 2.75%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $860,000 $430,000 $4,936 3.31%
STOCKTON, CA (FHA|USDA|VA) 2 $820,000 $410,000 $5,947 2.88%
TUCSON, AZ (FHA|USDA|VA) 3 $795,000 $265,000 $3,346 3.33%
VISALIA, CA (FHA|USDA|VA) 3 $755,000 $251,667 $3,642 3.46%
MERCED, CA (FHA|USDA|VA) 2 $710,000 $355,000 $3,965 3.06%
FLAGSTAFF, AZ (FHA|USDA|VA) 2 $700,000 $350,000 $5,280 3.13%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $665,000 $665,000 $5,533 3.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $660,000 $330,000 $4,457 3.13%
BEND, OR (FHA|USDA|VA) 1 $545,000 $545,000 $6,082 3.00%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $535,000 $535,000 $6,558 3.00%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 2 $530,000 $265,000 $6,378 3.31%
PUEBLO, CO (FHA|USDA|VA) 2 $530,000 $265,000 $5,924 2.88%
Sandpoint, ID (FHA|USDA|VA) 1 $525,000 $525,000 $23,297 2.75%
REDDING, CA (FHA|USDA|VA) 1 $515,000 $515,000 $6,395 2.63%
MADERA, CA (FHA|USDA|VA) 1 $505,000 $505,000 $600 2.63%
NAPA, CA (FHA|USDA|VA) 1 $485,000 $485,000 $6,770 3.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $455,000 $455,000 $6,895 3.00%
RENO, NV (FHA|USDA|VA) 1 $455,000 $455,000 $12,283 3.13%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $435,000 $435,000 $3,342 3.50%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $415,000 $415,000 $5,060 3.13%
Durango, CO (FHA|USDA|VA) 1 $415,000 $415,000 $3,207 2.75%
Steamboat Springs, CO (FHA|USDA|VA) 1 $405,000 $405,000 $8,686 3.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $395,000 $395,000 $4,176 3.00%
Ellensburg, WA (FHA|USDA|VA) 1 $365,000 $365,000 $10,936 3.25%
BELLINGHAM, WA (FHA|USDA|VA) 1 $355,000 $355,000 $4,898 2.75%
TYLER, TX (FHA|USDA|VA) 1 $345,000 $345,000 $5,305 2.88%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $335,000 $335,000 $8,057 4.63%
Clearlake, CA (FHA|USDA|VA) 1 $315,000 $315,000 $9,490 3.75%
Hilo, HI (FHA|USDA|VA) 1 $315,000 $315,000 $4,093 2.75%
Montrose, CO (FHA|USDA|VA) 1 $305,000 $305,000 $8,966 2.99%
Edwards, CO (FHA|USDA|VA) 1 $305,000 $305,000 $9,050 2.99%
CORVALLIS, OR (FHA|USDA|VA) 1 $295,000 $295,000 $3,391 3.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $285,000 $95,000 $3,869 3.63%
Safford, AZ (FHA|USDA|VA) 1 $285,000 $285,000 $13,781 3.25%
Sterling, CO (FHA|USDA|VA) 1 $265,000 $265,000 $11,417 3.25%
WENATCHEE, WA (FHA|USDA|VA) 1 $265,000 $265,000 $6,459 3.25%
Brookings, OR (FHA|USDA|VA) 1 $265,000 $265,000 $4,615 3.00%
Fort Morgan, CO (FHA|USDA|VA) 1 $255,000 $255,000 $11,020 3.13%
SALEM, OR (FHA|USDA|VA) 1 $255,000 $255,000 $7,259 3.00%
GRANTS PASS, OR (FHA|USDA|VA) 1 $245,000 $245,000 $5,649 3.38%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $3,184 2.63%
Sonora, CA (FHA|USDA|VA) 1 $215,000 $215,000 $6,889 3.00%
Crescent City, CA (FHA|USDA|VA) 1 $215,000 $215,000 $3,947 3.63%
Rexburg, ID (FHA|USDA|VA) 1 $205,000 $205,000 $4,524 3.00%
SANTA FE, NM (FHA|USDA|VA) 1 $205,000 $205,000 $4,297 3.75%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $195,000 $195,000 $2,839 3.25%
IDAHO FALLS, ID (FHA|USDA|VA) 1 $165,000 $165,000 $3,565 3.00%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $165,000 $165,000 $6,844 3.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,630 3.13%
Susanville, CA (FHA|USDA|VA) 1 $145,000 $145,000 $6,963 3.00%
Pahrump, NV (FHA|USDA|VA) 1 $145,000 $145,000 $3,032 3.25%
SAVANNAH, GA (FHA|USDA|VA) 1 $125,000 $125,000 $4,348 3.63%

Franklin Loan Corporation's top markets include Riverside, Los Angeles, San Diego, Denver, and San Francisco among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,957 $1,648,195,000 $416,526 $5,701 3.07%
FHA 432 $159,130,000 $368,356 $13,075 3.18%
VA 195 $99,325,000 $509,359 $9,421 2.91%
USDA 2 $470,000 $235,000 $6,566 2.94%

For the 2021 period, Franklin Loan Corporation's most frequently originated loan type of loans were Conventional, with 3,957 originations. Their 2nd most popular type is FHA, with 432 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,570 $1,097,270,000 $426,953 $7,507 3.04%
Refi 1,077 $435,625,000 $404,480 $4,926 2.99%
Cash Out Refi 939 $374,225,000 $398,536 $5,882 3.24%

For the 2021, Franklin Loan Corporation's most frequently cited loan purpose of loans were Home Purchase, with 2,570 originations. The 2nd most popular reason of loans were Refi, with 1,077 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 4,291 $1,814,425,000 $422,844 $6,649 3.09%
15 Year 177 $52,905,000 $298,898 $4,638 2.55%
20 Year 74 $22,810,000 $308,243 $5,287 2.90%
Other 37 $10,445,000 $282,297 $4,748 3.37%
10 Year 4 $980,000 $245,000 $3,297 2.38%
30+ year 3 $5,555,000 $1,851,667 $21,541 4.42%

For the 2021, Franklin Loan Corporation's most frequently cited loan length of loans were 30 Year, with 4,291 originations. The 2nd most popular length of loans were 15 Year, with 177 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,852 $1,162,160,000 $407,489
$2k-3k 544 $208,900,000 $384,007
$5k+ 519 $298,495,000 $575,135
$3k-4k 449 $188,895,000 $420,702
$<1k 221 $48,655,000 $220,158

$6,649 of loans were Franklin Loan Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,852 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,317 $1,023,845,000 $441,884
2.5-3% 1,800 $743,750,000 $413,194
<2.5% 358 $85,400,000 $238,547
4-5% 105 $51,545,000 $490,905
6-7% 1 $305,000 $305,000
7-8% 1 $725,000 $725,000

During 2021, Franklin Loan Corporation's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 3-4%, with 2,317 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,972 $598,780,000 $303,641 $5,862 3.12%
$400k-600k 1,307 $634,955,000 $485,811 $6,999 3.13%
$600k-1MM 495 $366,435,000 $740,273 $8,313 3.24%
$100k-200k 489 $77,265,000 $158,006 $4,579 3.09%
$100,000 or less 164 $4,800,000 $29,268 $3,993 1.25%
$1MM+ 159 $224,885,000 $1,414,371 $12,297 3.26%

2021 saw Franklin Loan Corporation place emphasis on $200k-400k loans with 1,972 originations, totaling $598,780,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,106 $438,760,000 $396,709 $6,425 3.07%
$150k-250k 966 $470,810,000 $487,381 $6,368 3.16%
$75k-100k 829 $277,775,000 $335,072 $6,988 2.96%
$50k-75k 735 $193,775,000 $263,639 $6,144 2.99%
$250k+ 637 $451,975,000 $709,537 $7,314 3.18%
$50k or less 307 $70,485,000 $229,593 $5,552 3.04%

Franklin Loan Corporation lent most frequently to those with incomes in the $100k-150k range, with 1,106 originations. The second most popular income band? $150k-250k, with 966 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 743 $314,215,000 $422,900 $5,534 3.03%
30-36% 732 $311,700,000 $425,820 $5,857 3.07%
<20% 312 $110,090,000 $352,853 $5,783 2.44%
44% 237 $96,675,000 $407,911 $7,409 3.16%
42% 236 $107,880,000 $457,119 $6,706 3.13%
43% 220 $91,840,000 $417,455 $6,809 3.19%
49% 196 $72,400,000 $369,388 $6,737 3.13%
50-60% 196 $80,650,000 $411,480 $12,545 3.13%
41% 188 $81,320,000 $432,553 $7,001 3.13%
38% 181 $78,015,000 $431,022 $5,987 3.11%
40% 179 $81,535,000 $455,503 $6,331 3.16%
39% 178 $76,870,000 $431,854 $6,252 3.23%
48% 176 $68,020,000 $386,477 $6,743 3.13%
37% 162 $69,620,000 $429,753 $6,098 3.11%
36% 157 $69,155,000 $440,478 $6,337 3.11%
46% 152 $59,340,000 $390,395 $6,478 3.15%
45% 142 $54,360,000 $382,817 $6,461 3.18%
47% 136 $53,620,000 $394,265 $6,828 3.20%
>60% 15 $8,825,000 $588,333 $10,232 3.92%

Franklin Loan Corporation lent most frequently to those with DTI ratios of 20-30%, with 743 originations. The next most common DTI ratio? 30-36%, with 732 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,527 $1,453,005,000 $411,966 $6,448 3.07%
Not provided 574 $239,420,000 $417,108 $6,801 3.04%
Asian 297 $138,285,000 $465,606 $6,314 3.12%
Black 122 $46,800,000 $383,607 $7,901 3.13%
American Indian 52 $24,280,000 $466,923 $8,260 3.18%
Native Hawaiian 14 $5,330,000 $380,714 $5,744 3.04%

Approval Rates

Total approvals of all applications
99.29%

Franklin Loan Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
85.14%

Franklin Loan Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,586 $1,907,120,000 $415,857

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,586 $1,907,120,000 $415,857

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 288 $83,410,000 $289,618 $4,786 2.95%
40-60% 780 $302,950,000 $388,397 $5,156 3.04%
60-80% 1,794 $814,400,000 $453,958 $6,024 3.20%
80-100% 1,522 $674,400,000 $443,101 $7,926 3.16%
Over 100% 43 $23,785,000 $553,140 $18,321 3.11%
Under 20% 159 $8,175,000 $51,415 $4,348 1.17%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FRANKLIN LOAN CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
FRANKLIN LOAN CORPORATION Conventional home mortgage Trouble during payment process 1 50.0%