State Financial Network Mortgage Rates, Fees & Info

Chadds Ford, PA

LEI: 5493000SW5GLNL7VNX12

Tax ID: 80-0873092

5 stars - out of 5 stars, based on 33 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,061

Origination Dollar Volume (All Markets)

$239,525,000

Awards

State Financial Network  30 Year Conventional Loans gold State Financial Network  30 Year Conventional Loans gold State Financial Network  30 Year Conventional Loans gold
Show all (3) awards

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 applications
95.55%

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 origination
95.59%

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%