Franklin Loan Corporation Mortgage Rates, Fees & Info
Palm Desert, CALEI: 254900RQX8N4HXJIDK44
Tax ID: 33-0397503
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Mortgage Data
Review & Overview
Franklin Loan Corporation is a smaller mortgage company specializing in Home Purchase 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, Oxnard, and San Francisco among others. We have data for 34 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 an above average pick rate when compared to similar lenders. Franklin Loan Corporation is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.44% | 4/18/24 |
| 30 Year Conventional Refi | 6.49% | 4/18/24 |
| 30 Year Cash-out Refi | 6.79% | 4/18/24 |
| 30 Year FHA Purchase | 7.48% | 4/18/24 |
| 30 Year FHA Refi | 6.83% | 4/18/24 |
| 30 Year VA Purchase | 6.36% | 4/18/24 |
| 15 Year Conventional Purchase | 6.35% | 4/18/24 |
| 15 Year Conventional Refi | 6.22% | 4/18/24 |
| 15 Year Cash-out Refi | 6.22% | 4/18/24 |
| 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. | ||
Franklin Loan Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,095Origination Dollar Volume (All Markets)
$681,145,000Awards
Franklin Loan Corporation - 2018
Franklin Loan Corporation is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 1,691 | $483,225,000 | $285,763 | $6,540 | 4.85% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 225 | $118,925,000 | $528,556 | $7,664 | 4.88% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 101 | $50,085,000 | $495,891 | $6,684 | 4.78% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 20 | $12,410,000 | $620,500 | $6,980 | 5.03% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 8 | $3,460,000 | $432,500 | $6,121 | 4.77% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $7,169 | 5.31% |
| EL CENTRO, CA (FHA|USDA|VA) | 7 | $1,175,000 | $167,857 | $8,040 | 4.80% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $3,475 | 5.13% |
| FRESNO, CA (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $5,690 | 5.54% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $5,389 | 5.50% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $5,950 | 5.25% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $4,315 | 4.38% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $5,012 | 5.06% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $3,546 | 5.00% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $2,533 | 5.46% |
| MERCED, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,833 | 5.63% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $7,630 | 4.38% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,384 | 4.75% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $12,864 | 4.63% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,822 | 4.81% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,327 | 4.50% |
| Sonora, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,382 | 4.88% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,192 | 4.25% |
| Durango, CO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,375 | 4.63% |
| Outside of Metro Areas | 1 | $275,000 | $275,000 | $7,879 | 4.13% |
| Roseburg, OR (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,950 | 4.75% |
| Crescent City, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,744 | 4.75% |
| BEND, OR (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,955 | 5.25% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,586 | 4.38% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,412 | 4.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,347 | 5.25% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,728 | 4.63% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,987 | 5.25% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,831 | 4.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against Franklin Loan Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Franklin Loan Corporation's most frequently originated type of loan was Conventional, with 1,524 originations. Their 2nd most popular type was FHA, with 428 originations.
Loan Reason
For 2018, Franklin Loan Corporation's most frequently cited loan purpose was Home Purchase, with 1,680 originations. The 2nd most popular reason was Cash Out Refi, with 283 originations.
Loan Duration/Length
For 2018, Franklin Loan Corporation's most frequently cited loan duration was 30 Year, with 2,002 originations. The 2nd most popular length was 15 Year, with 51 originations.
Origination Fees/Closing Costs
Franklin Loan Corporation's average total fees were $6,723, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,272 originations.
Interest Rates
During 2018, Franklin Loan Corporation's average interest rate for loans was 4.87%, while their most frequently originated rate bucket for loans was 4-5%, with 1,432 originations.
Loan Sizing
2018 saw Franklin Loan Corporation place emphasis on $200k-400k loans with 1,119 originations, totaling $327,915,000 in origination value.
Applicant Income
Franklin Loan Corporation lent most frequently to those with incomes in the $100k-150k range, with 515 originations. The second most popular income band? $50k-75k, with 432 originations.
Applicant Debt to Income Ratio
Franklin Loan Corporation lent most frequently to those with DTI ratios of 30-36%, with 308 originations. The next most common DTI ratio? 20-30%, with 270 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.91%
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 origination94.56%
Franklin Loan Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,095 | $681,145,000 | $325,129 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 84 | $15,660,000 | $186,429 |
| Single Family (1-4 Units):Site-Built | 2,011 | $665,485,000 | $330,922 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FRANKLIN LOAN CORPORATION | Conventional home mortgage | Struggling to pay mortgage | 1 | 50.0% |
| FRANKLIN LOAN CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |