State Financial Network Mortgage Rates, Fees & Info
Chadds Ford, PALEI: 5493000SW5GLNL7VNX12
Tax ID: 80-0873092
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
State Financial Network is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. State Financial Network has a high proportion of conventional loans. Their top markets include Philadelphia, Pittsburgh, Reading, Ocean City, and Baltimore among others. State Financial Network has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. State Financial Network is typically an average fee lendor.Originations
1,061Origination Dollar Volume (All Markets)
$239,525,000Awards
State Financial Network - 2021
State Financial Network is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
State Financial Network 's average 30 year fixed rate mortgage of loans were
3.08%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.07%.
Relative Fees
State Financial Network 's average total fees for a 30 year fixed rate
mortgage are $3,380.
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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 651 | $157,815,000 | $242,419 | $3,278 | 2.85% |
| PITTSBURGH, PA (FHA|USDA|VA) | 225 | $39,195,000 | $174,200 | $3,164 | 2.89% |
| READING, PA (FHA|USDA|VA) | 47 | $8,255,000 | $175,638 | $3,403 | 3.06% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 13 | $4,095,000 | $315,000 | $3,206 | 2.93% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 8 | $3,880,000 | $485,000 | $3,324 | 2.88% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 11 | $3,315,000 | $301,364 | $3,289 | 2.91% |
| LANCASTER, PA (FHA|USDA|VA) | 13 | $3,255,000 | $250,385 | $3,481 | 2.83% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 10 | $2,440,000 | $244,000 | $3,961 | 3.25% |
| LEBANON, PA (FHA|USDA|VA) | 10 | $1,750,000 | $175,000 | $3,068 | 2.88% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 7 | $1,545,000 | $220,714 | $2,557 | 2.79% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 8 | $1,460,000 | $182,500 | $3,798 | 2.64% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $1,135,000 | $162,143 | $3,177 | 3.38% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 5 | $1,025,000 | $205,000 | $3,305 | 3.00% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 6 | $990,000 | $165,000 | $3,099 | 2.69% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 7 | $895,000 | $127,857 | $2,517 | 2.95% |
| Outside of Metro Areas | 4 | $680,000 | $170,000 | $2,889 | 3.09% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $3,819 | 2.75% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $2,853 | 2.56% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $3,047 | 2.88% |
| New Castle, PA (FHA|USDA|VA) | 4 | $570,000 | $142,500 | $2,946 | 3.25% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,526 | 2.25% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $3,474 | 3.25% |
| Oil City, PA (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,842 | 2.67% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,898 | 2.88% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,507 | 3.00% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,951 | 3.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $4,580 | 3.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,762 | 2.88% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,511 | 2.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $1,813 | 3.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,218 | 2.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $1,723 | 3.00% |
| Huntingdon, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,095 | 3.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,651 | 2.88% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,274 | 2.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,795 | 2.25% |
| OCALA, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,209 | 2.88% |
State Financial Network 's top markets include Philadelphia, Pittsburgh, Reading, Ocean City, and Baltimore among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,061 | $239,525,000 | $225,754 | $3,248 | 2.88% |
For the 2021 period, State Financial Network 's most frequently originated loan type of loans were Conventional, with 1,061 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 433 | $94,095,000 | $217,309 | $3,031 | 2.73% |
| Cash Out Refi | 329 | $77,465,000 | $235,456 | $3,348 | 2.93% |
| Home Purchase | 295 | $67,455,000 | $228,661 | $3,463 | 3.03% |
| Home Improvement | 2 | $300,000 | $150,000 | $2,909 | 2.75% |
| Other | 2 | $210,000 | $105,000 | $2,495 | 3.63% |
For the 2021, State Financial Network 's most frequently cited loan purpose of loans were Refi, with 433 originations. The 2nd most popular reason of loans were Cash Out Refi, with 329 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 624 | $150,230,000 | $240,753 | $3,380 | 3.08% |
| 15 Year | 291 | $58,535,000 | $201,151 | $3,014 | 2.47% |
| 20 Year | 105 | $22,485,000 | $214,143 | $3,198 | 2.90% |
| 10 Year | 25 | $4,545,000 | $181,800 | $2,898 | 2.35% |
| Other | 16 | $3,730,000 | $233,125 | $3,225 | 2.98% |
For the 2021, State Financial Network 's most frequently cited loan length of loans were 30 Year, with 624 originations. The 2nd most popular length of loans were 15 Year, with 291 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 963 | $210,175,000 | $218,250 |
| $1k-2k | 72 | $21,180,000 | $294,167 |
| $2k-3k | 15 | $4,215,000 | $281,000 |
| $3k-4k | 9 | $3,175,000 | $352,778 |
| $5k+ | 2 | $780,000 | $390,000 |
$3,380 of loans were State Financial Network 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 963 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 553 | $134,185,000 | $242,649 |
| 3-4% | 253 | $56,635,000 | $223,854 |
| <2.5% | 243 | $46,825,000 | $192,695 |
| 4-5% | 12 | $1,880,000 | $156,667 |
During 2021, State Financial Network 's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 553 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 437 | $119,945,000 | $274,474 | $3,511 | 2.89% |
| $100k-200k | 430 | $64,360,000 | $149,674 | $2,841 | 2.85% |
| $100,000 or less | 103 | $7,985,000 | $77,524 | $2,582 | 2.91% |
| $400k-600k | 71 | $32,925,000 | $463,732 | $4,538 | 2.90% |
| $600k-1MM | 19 | $13,065,000 | $687,632 | $5,056 | 2.87% |
| $1MM+ | 1 | $1,245,000 | $1,245,000 | $6,392 | 3.13% |
2021 saw State Financial Network place emphasis on $200k-400k loans with 437 originations, totaling $119,945,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 276 | $65,170,000 | $236,123 | $3,286 | 2.87% |
| $75k-100k | 210 | $41,440,000 | $197,333 | $3,134 | 2.88% |
| $50k-75k | 209 | $33,815,000 | $161,794 | $2,940 | 2.84% |
| $150k-250k | 189 | $56,815,000 | $300,608 | $3,574 | 2.86% |
| $50k or less | 96 | $12,580,000 | $131,042 | $2,771 | 3.02% |
| $250k+ | 66 | $26,390,000 | $399,848 | $4,301 | 2.85% |
State Financial Network lent most frequently to those with incomes in the $100k-150k range, with 276 originations. The second most popular income band? $75k-100k, with 210 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 326 | $72,820,000 | $223,374 | $3,270 | 2.79% |
| 30-36% | 195 | $43,355,000 | $222,333 | $3,233 | 2.91% |
| <20% | 142 | $31,150,000 | $219,366 | $3,216 | 2.78% |
| 41% | 35 | $7,595,000 | $217,000 | $3,202 | 2.93% |
| 40% | 35 | $8,315,000 | $237,571 | $3,320 | 2.92% |
| 43% | 34 | $7,420,000 | $218,235 | $3,060 | 2.96% |
| 36% | 34 | $8,000,000 | $235,294 | $3,193 | 2.88% |
| 37% | 34 | $7,230,000 | $212,647 | $3,157 | 3.00% |
| 45% | 33 | $7,925,000 | $240,152 | $3,365 | 3.09% |
| 42% | 31 | $8,165,000 | $263,387 | $3,391 | 2.97% |
| 44% | 29 | $6,205,000 | $213,966 | $3,135 | 3.11% |
| 39% | 26 | $6,390,000 | $245,769 | $3,232 | 2.97% |
| 46% | 24 | $5,980,000 | $249,167 | $3,465 | 2.91% |
| 38% | 23 | $4,655,000 | $202,391 | $3,217 | 2.87% |
| 47% | 17 | $4,335,000 | $255,000 | $3,494 | 3.01% |
| 48% | 17 | $4,265,000 | $250,882 | $3,240 | 2.96% |
| 49% | 16 | $3,520,000 | $220,000 | $3,264 | 2.88% |
| 50-60% | 9 | $2,035,000 | $226,111 | $2,981 | 2.99% |
| >60% | 1 | $165,000 | $165,000 | $3,344 | 2.88% |
State Financial Network lent most frequently to those with DTI ratios of 20-30%, with 326 originations. The next most common DTI ratio? 30-36%, with 195 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 882 | $197,800,000 | $224,263 | $3,265 | 2.87% |
| Not provided | 82 | $19,180,000 | $233,902 | $3,187 | 2.96% |
| Black | 58 | $12,420,000 | $214,138 | $3,096 | 2.86% |
| Asian | 19 | $4,685,000 | $246,579 | $3,201 | 2.82% |
| Asian Indian | 9 | $3,125,000 | $347,222 | $3,431 | 2.67% |
| American Indian | 5 | $945,000 | $189,000 | $2,956 | 3.18% |
| Chinese | 1 | $395,000 | $395,000 | $4,059 | 2.88% |
| 1 | $305,000 | $305,000 | $4,319 | 2.75% | |
| Korean | 1 | $205,000 | $205,000 | $2,911 | 2.75% |
| Filipino | 1 | $205,000 | $205,000 | $3,213 | 2.63% |
| Other Pacific Islander | 1 | $145,000 | $145,000 | $2,327 | 2.75% |
| Vietnamese | 1 | $115,000 | $115,000 | $2,700 | 2.38% |
Approval Rates
Total approvals of all applications95.55%
State Financial Network has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.59%
State Financial Network 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 |
|---|---|---|---|
| NA | 1,061 | $239,525,000 | $225,754 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,061 | $239,525,000 | $225,754 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 71 | $9,475,000 | $133,451 | $2,684 | 2.54% |
| 40-60% | 262 | $51,230,000 | $195,534 | $2,980 | 2.68% |
| 60-80% | 479 | $119,675,000 | $249,843 | $3,334 | 2.95% |
| 80-100% | 246 | $58,670,000 | $238,496 | $3,537 | 3.04% |
| Under 20% | 3 | $475,000 | $158,333 | $2,569 | 2.50% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE FARM BANK, FSB | Conventional home mortgage | Incorrect information on your report | 1 | 25.0% |
| STATE FARM BANK, FSB | Conventional home mortgage | Trouble during payment process | 2 | 50.0% |
| STATE FARM BANK, FSB | Other type of mortgage | Trouble during payment process | 1 | 25.0% |
