State Financial Network Mortgage Rates, Fees & Info
Chadds Ford, PALEI: 5493000SW5GLNL7VNX12
Tax ID: 80-0873092
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Mortgage Data
Review & Overview
State Financial Network is a smaller mortgage company specializing in Home Purchase loans. State Financial Network has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Philadelphia, Pittsburgh, Reading, New York, and Ocean City among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)State Financial Network 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. State Financial Network is typically a low 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 | 6.53% | 4/18/24 |
| 30 Year Conventional Refi | 6.52% | 4/18/24 |
| 30 Year Cash-out Refi | 6.55% | 4/18/24 |
| 15 Year Conventional Purchase | 5.98% | 4/18/24 |
| 15 Year Conventional Refi | 5.78% | 4/18/24 |
| 15 Year Cash-out Refi | 5.78% | 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. | ||
State Financial Network Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
517Origination Dollar Volume (All Markets)
$99,635,000Awards
State Financial Network - 2018
State Financial Network 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 273 | $61,015,000 | $223,498 | $3,359 | 4.41% |
| PITTSBURGH, PA (FHA|USDA|VA) | 144 | $20,240,000 | $140,556 | $2,758 | 4.67% |
| READING, PA (FHA|USDA|VA) | 41 | $6,075,000 | $148,171 | $3,310 | 4.90% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 9 | $2,365,000 | $262,778 | $3,340 | 4.63% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 8 | $1,980,000 | $247,500 | $3,018 | 4.36% |
| Outside of Metro Areas | 6 | $740,000 | $123,333 | $2,473 | 4.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $2,955 | 4.79% |
| LANCASTER, PA (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $4,033 | 5.00% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $3,063 | 4.63% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $2,373 | 4.33% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,992 | 3.38% |
| DOVER, DE (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,721 | 5.19% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $2,425 | 3.88% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 4 | $410,000 | $102,500 | $2,606 | 4.38% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,800 | 4.50% |
| New Castle, PA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,116 | 4.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,413 | 4.44% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,169 | 4.50% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,768 | 4.88% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,650 | 4.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,875 | 4.75% |
| WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,535 | 4.25% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,822 | 4.88% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,342 | 3.88% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,147 | 4.50% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,171 | 5.50% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,513 | 4.75% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,669 | 4.50% |
| Huntingdon, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,089 | 3.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against State Financial Network 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 515 | $99,355,000 | $192,922 | $3,133 | 4.54% |
| USDA | 2 | $280,000 | $140,000 | $4,749 | 4.88% |
For 2018, State Financial Network's most frequently originated type of loan was Conventional, with 515 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2018, State Financial Network's most frequently cited loan purpose was Home Purchase, with 393 originations. The 2nd most popular reason was Refi, with 56 originations.
Loan Duration/Length
For 2018, State Financial Network's most frequently cited loan duration was 30 Year, with 423 originations. The 2nd most popular length was 15 Year, with 78 originations.
Origination Fees/Closing Costs
State Financial Network's average total fees were $3,209, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 465 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 398 | $78,120,000 | $196,281 |
| 3-4% | 70 | $14,810,000 | $211,571 |
| 5-6% | 49 | $6,705,000 | $136,837 |
During 2018, State Financial Network's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 398 originations.
Loan Sizing
2018 saw State Financial Network place emphasis on $100k-200k loans with 220 originations, totaling $31,910,000 in origination value.
Applicant Income
State Financial Network lent most frequently to those with incomes in the $50k-75k range, with 130 originations. The second most popular income band? $50k or less, with 103 originations.
Applicant Debt to Income Ratio
State Financial Network lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 120 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.70%
State Financial Network has an average approval rate.
Pick Rate
Approvals leading to origination93.42%
State Financial Network has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 517 | $99,635,000 | $192,718 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $475,000 | $158,333 |
| Single Family (1-4 Units):Site-Built | 514 | $99,160,000 | $192,918 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE FARM BANK, FSB | Conventional home mortgage | Closing on a mortgage | 1 | 8.3% |
| STATE FARM BANK, FSB | Conventional home mortgage | Struggling to pay mortgage | 1 | 8.3% |
| STATE FARM BANK, FSB | Conventional home mortgage | Trouble during payment process | 6 | 50.0% |
| STATE FARM BANK, FSB | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 16.7% |
| STATE FARM BANK, FSB | Other type of mortgage | Trouble during payment process | 2 | 16.7% |