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. 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 a below 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% | 12/16/24 |
| 30 Year Conventional Refi | 6.49% | 12/16/24 |
| 30 Year Cash-out Refi | 6.79% | 12/16/24 |
| 30 Year FHA Purchase | 7.48% | 12/16/24 |
| 30 Year FHA Refi | 6.83% | 12/16/24 |
| 30 Year VA Purchase | 6.36% | 12/16/24 |
| 15 Year Conventional Purchase | 6.35% | 12/16/24 |
| 15 Year Conventional Refi | 6.22% | 12/16/24 |
| 15 Year Cash-out Refi | 6.22% | 12/16/24 |
| 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
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,819Origination Dollar Volume (All Markets)
$938,895,000Top 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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2,160 | $617,340,000 | $285,806 | $5,953 | 4.11% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 326 | $162,110,000 | $497,270 | $6,580 | 4.26% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 178 | $89,630,000 | $503,539 | $6,190 | 4.15% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 81 | $40,085,000 | $494,877 | $5,023 | 4.18% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 8 | $6,290,000 | $786,250 | $7,107 | 4.72% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 8 | $3,420,000 | $427,500 | $4,411 | 4.23% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 4 | $3,150,000 | $787,500 | $7,068 | 4.44% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 4 | $1,730,000 | $432,500 | $3,305 | 4.22% |
| SALINAS, CA (FHA|USDA|VA) | 2 | $1,630,000 | $815,000 | $11,735 | 4.81% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $3,439 | 4.22% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 6 | $1,140,000 | $190,000 | $5,252 | 4.10% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $1,135,000 | $1,135,000 | $5,603 | 3.75% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $990,000 | $495,000 | $4,826 | 4.25% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 4 | $970,000 | $242,500 | $5,893 | 3.97% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $2,797 | 4.44% |
| Outside of Metro Areas | 3 | $675,000 | $225,000 | $4,805 | 2.67% |
| TUCSON, AZ (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $4,971 | 3.71% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $5,079 | 4.50% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,247 | 4.94% |
| EL CENTRO, CA (FHA|USDA|VA) | 5 | $525,000 | $105,000 | $5,108 | 3.10% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,256 | 4.88% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,384 | 3.88% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $5,093 | 3.88% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,837 | 4.88% |
| FRESNO, CA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $5,333 | 4.94% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,458 | 4.25% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,261 | 4.00% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,677 | 4.63% |
| SANTA FE, NM (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,738 | 3.75% |
| Crescent City, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,723 | 5.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,285 | 4.13% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,559 | 4.63% |
| Los Alamos, NM (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,334 | 3.88% |
| MADERA, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 5.63% |
Similar Lenders
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Product Mix
For 2019, Franklin Loan Corporation's most frequently originated type of loan was Conventional, with 2,226 originations. Their 2nd most popular type was FHA, with 422 originations.
Loan Reason
For 2019, Franklin Loan Corporation's most frequently cited loan purpose was Home Purchase, with 1,916 originations. The 2nd most popular reason was Refi, with 452 originations.
Loan Duration/Length
For 2019, Franklin Loan Corporation's most frequently cited loan duration was 30 Year, with 2,662 originations. The 2nd most popular length was 15 Year, with 102 originations.
Origination Fees/Closing Costs
Franklin Loan Corporation's average total fees were $6,077, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,692 originations.
Interest Rates
During 2019, Franklin Loan Corporation's average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 4-5%, with 1,233 originations.
Loan Sizing
2019 saw Franklin Loan Corporation place emphasis on $200k-400k loans with 1,356 originations, totaling $405,650,000 in origination value.
Applicant Income
Franklin Loan Corporation lent most frequently to those with incomes in the $100k-150k range, with 710 originations. The second most popular income band? $75k-100k, with 594 originations.
Applicant Debt to Income Ratio
Franklin Loan Corporation lent most frequently to those with DTI ratios of 30-36%, with 428 originations. The next most common DTI ratio? 20-30%, with 344 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.99%
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 origination80.92%
Franklin Loan Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,819 | $938,895,000 | $333,060 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 105 | $21,995,000 | $209,476 |
| Single Family (1-4 Units):Site-Built | 2,714 | $916,900,000 | $337,841 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Franklin Credit Management Corporation | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| Franklin Credit Management Corporation | Conventional home mortgage | Trouble during payment process | 2 | 14.3% |
| Franklin Credit Management Corporation | FHA mortgage | Struggling to pay mortgage | 2 | 14.3% |
| Franklin Credit Management Corporation | Other type of mortgage | Struggling to pay mortgage | 5 | 35.7% |
| Franklin Credit Management Corporation | Other type of mortgage | Trouble during payment process | 2 | 14.3% |