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

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

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Mortgage Data

  • SimulatedRates™
  • Review & 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 by origination volume include: Riverside, Los Angeles, San Diego, Denver, and San Francisco among others. We have data for 103 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Franklin Loan Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Franklin Loan Corporation is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.86% 11/26/22
    30 Year Conventional Refi 6.82% 11/26/22
    30 Year Cash-out Refi 6.98% 11/26/22
    30 Year FHA Purchase 7.95% 11/26/22
    30 Year FHA Refi 7.43% 11/26/22
    30 Year VA Purchase 6.77% 11/26/22
    30 Year VA Refi 6.45% 11/26/22
    30 Year USDA Purchase 7.22% 11/26/22
    15 Year Conventional Purchase 6.30% 11/26/22
    15 Year Conventional Refi 6.23% 11/26/22
    15 Year Cash-out Refi 6.23% 11/26/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    4,586

    Origination Dollar Volume (All Markets)

    $1,907,120,000

    Relative Rate

    Franklin Loan Corporation's average 30 year fixed mortgage rate was 3.09%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.06%.

    Relative Fees (Closing Costs)

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

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

    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
    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.

    Their top states include:
  • California (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Franklin Loan Corporation's most frequently originated type of loan was Conventional, with 3,957 originations. Their 2nd most popular type was FHA, with 432 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Franklin Loan Corporation's most frequently cited loan purpose was Home Purchase, with 2,570 originations. The 2nd most popular reason was 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 2021, Franklin Loan Corporation's most frequently cited loan duration was 30 Year, with 4,291 originations. The 2nd most popular length was 15 Year, with 177 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 254 $106,640,000 $419,843
    $<1k 221 $48,655,000 $220,158
    $4k-5k 195 $82,255,000 $421,821

    Franklin Loan Corporation's average total fees were $6,649, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.09%, while their most frequently originated rate bucket for loans was 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 or Islander 14 $5,330,000 $380,714 $5,744 3.04%

    Approval Rates

    Total approvals of all applications
    99.27%

    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
    84.43%

    Franklin Loan Corporation has a below 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%