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 and Refi 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, Ocean City, and New York among others. We have data for 41 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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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
714Origination Dollar Volume (All Markets)
$153,970,000Awards
State Financial Network - 2019
State Financial Network is a 2019 , due to their low .
For 2019, 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) | 386 | $93,200,000 | $241,451 | $3,285 | 3.85% |
| PITTSBURGH, PA (FHA|USDA|VA) | 189 | $30,465,000 | $161,190 | $3,033 | 4.09% |
| READING, PA (FHA|USDA|VA) | 39 | $6,725,000 | $172,436 | $3,319 | 4.24% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 12 | $3,690,000 | $307,500 | $4,354 | 3.81% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 16 | $3,230,000 | $201,875 | $3,303 | 3.95% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 6 | $1,930,000 | $321,667 | $3,299 | 3.69% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 6 | $1,550,000 | $258,333 | $3,375 | 4.27% |
| Outside of Metro Areas | 7 | $1,205,000 | $172,143 | $2,844 | 3.64% |
| LANCASTER, PA (FHA|USDA|VA) | 6 | $1,090,000 | $181,667 | $3,069 | 3.83% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $3,346 | 3.71% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $2,671 | 3.58% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $3,406 | 3.63% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $3,693 | 4.00% |
| Oil City, PA (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $2,921 | 3.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $5,922 | 3.88% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,176 | 4.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $3,944 | 4.25% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $2,183 | 3.88% |
| Sheridan, WY (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,694 | 3.25% |
| New Castle, PA (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $2,614 | 4.08% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,442 | 3.19% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,222 | 3.75% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,302 | 3.63% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $2,614 | 4.21% |
| Sunbury, PA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $3,180 | 4.13% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,535 | 3.63% |
| BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,121 | 4.00% |
| Pottsville, PA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $3,184 | 4.25% |
| LEBANON, PA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $3,390 | 3.69% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,218 | 4.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,639 | 3.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $2,587 | 3.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,603 | 3.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,860 | 3.38% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,279 | 3.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,373 | 4.00% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,944 | 3.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,824 | 3.88% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,674 | 5.00% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,502 | 3.75% |
| ELMIRA, NY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,617 | 3.63% |
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 | 713 | $153,855,000 | $215,785 | $3,216 | 3.93% |
| USDA | 1 | $115,000 | $115,000 | $4,176 | 4.75% |
For 2019, State Financial Network's most frequently originated type of loan was Conventional, with 713 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2019, State Financial Network's most frequently cited loan purpose was Home Purchase, with 424 originations. The 2nd most popular reason was Refi, with 149 originations.
Loan Duration/Length
For 2019, State Financial Network's most frequently cited loan duration was 30 Year, with 550 originations. The 2nd most popular length was 15 Year, with 121 originations.
Origination Fees/Closing Costs
State Financial Network's average total fees were $3,279, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 643 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 444 | $103,770,000 | $233,716 |
| 4-5% | 222 | $41,630,000 | $187,523 |
| 2.5-3% | 27 | $5,935,000 | $219,815 |
| 5-6% | 21 | $2,635,000 | $125,476 |
During 2019, State Financial Network's average interest rate for loans was 4.08%, while their most frequently originated rate bucket for loans was 3-4%, with 444 originations.
Loan Sizing
2019 saw State Financial Network place emphasis on $100k-200k loans with 311 originations, totaling $46,715,000 in origination value.
Applicant Income
State Financial Network lent most frequently to those with incomes in the $100k-150k range, with 164 originations. The second most popular income band? $50k-75k, with 161 originations.
Applicant Debt to Income Ratio
State Financial Network lent most frequently to those with DTI ratios of 20-30%, with 176 originations. The next most common DTI ratio? 30-36%, with 142 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.14%
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 origination95.52%
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 | 714 | $153,970,000 | $215,644 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 4 | $480,000 | $120,000 |
| Single Family (1-4 Units):Site-Built | 710 | $153,490,000 | $216,183 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE FARM BANK, FSB | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 16.7% |
| STATE FARM BANK, FSB | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 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 | 5 | 41.7% |
| STATE FARM BANK, FSB | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 16.7% |
| STATE FARM BANK, FSB | VA mortgage | Trouble during payment process | 1 | 8.3% |