Franklin Mint Mortgage Rates, Fees & InfoChadds Ford Township, PA
Tax ID: 23-2695702
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewFranklin Mint is a smaller mortgage company specializing in loans. Franklin Mint has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Baltimore, Washington, Boston, and Pittsburgh among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)
Franklin Mint has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Franklin Mint 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.53%||3/19/23|
|30 Year Conventional Refi||6.35%||3/19/23|
|30 Year Cash-out Refi||6.70%||3/19/23|
|15 Year Conventional Purchase||6.56%||3/19/23|
|15 Year Conventional Refi||7.07%||3/19/23|
|15 Year Cash-out Refi||7.07%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$158,755,000
Franklin Mint's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.22%.
Relative Fees (Closing Costs)
Franklin Mint's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,233.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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)||427||$84,325,000||$197,482||$1,685||3.69%|
|BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA)||36||$25,420,000||$706,111||$7,119||2.77%|
|Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA)||22||$15,300,000||$695,455||$7,055||2.60%|
|Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA)||14||$9,110,000||$650,714||$4,478||2.71%|
|PITTSBURGH, PA (FHA|USDA|VA)||12||$6,050,000||$504,167||$7,414||2.73%|
|SALISBURY, MD-DE (FHA|USDA|VA)||4||$1,800,000||$450,000||$5,410||2.75%|
|OCEAN CITY, NJ (FHA|USDA|VA)||8||$1,550,000||$193,750||$1,306||3.93%|
|CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA)||2||$1,450,000||$725,000||$4,101||2.69%|
|ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA)||6||$1,400,000||$233,333||$1,377||3.58%|
|COLUMBIA, SC (FHA|USDA|VA)||2||$1,040,000||$520,000||$6,740||2.81%|
|ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA)||3||$825,000||$275,000||$3,126||3.00%|
|WILMINGTON, NC (FHA|USDA|VA)||1||$765,000||$765,000||$7,452||2.88%|
|MORGANTOWN, WV (FHA|USDA|VA)||1||$745,000||$745,000||$6,538||2.63%|
|READING, PA (FHA|USDA|VA)||4||$740,000||$185,000||$2,110||3.85%|
|HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA)||1||$715,000||$715,000||$4,282||2.88%|
|VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA)||3||$685,000||$228,333||$3,433||3.08%|
|CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA)||2||$660,000||$330,000||$2,155||3.00%|
|MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA)||2||$660,000||$330,000||$6,072||2.75%|
|NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA)||2||$660,000||$330,000||$3,322||4.32%|
|Sebastian-Vero Beach, FL (FHA|USDA|VA)||1||$635,000||$635,000||$14,022||3.25%|
|Albemarle, NC (FHA|USDA|VA)||1||$625,000||$625,000||$5,690||3.00%|
|ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)||2||$570,000||$285,000||$4,681||3.56%|
|RICHMOND, VA (FHA|USDA|VA)||1||$455,000||$455,000||$3,692||2.63%|
|ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA)||1||$455,000||$455,000||$3,599||2.88%|
|Outside of Metro Areas||1||$425,000||$425,000||$4,216||2.63%|
|New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)||2||$420,000||$210,000||$1,674||4.06%|
|EAST STROUDSBURG, PA (FHA|USDA|VA)||2||$390,000||$195,000||$4,157||3.75%|
|ALTOONA, PA (FHA|USDA|VA)||1||$215,000||$215,000||$2,771||3.25%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||1||$185,000||$185,000||$2,963||2.88%|
|Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA)||2||$150,000||$75,000||$419||5.44%|
|RALEIGH-CARY, NC (FHA|USDA|VA)||2||$120,000||$60,000||$184||5.32%|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||1||$75,000||$75,000||$150||2.99%|
|TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA)||1||$55,000||$55,000||$150||3.99%|
|LANCASTER, PA (FHA|USDA|VA)||1||$55,000||$55,000||$259||4.99%|
|VINELAND-BRIDGETON, NJ (FHA|USDA|VA)||1||$25,000||$25,000||$150||4.99%|
We use machine learning to identify the top lenders compared against FRANKLIN MINT based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Franklin Mint's most frequently originated type of loan was Conventional, with 573 originations.
For 2021, Franklin Mint's most frequently cited loan purpose was Home Purchase, with 248 originations. The 2nd most popular reason was Home Improvement, with 130 originations.
For 2021, Franklin Mint's most frequently cited loan duration was 30 Year, with 244 originations. The 2nd most popular length was 10 Year, with 175 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Franklin Mint's average total fees were $5,233, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 414 originations.
During 2021, Franklin Mint's average interest rate for loans was 2.93%, while their most frequently originated rate bucket for loans was 2.5-3%, with 257 originations.
2021 saw Franklin Mint place emphasis on $100,000 or less loans with 214 originations, totaling $11,890,000 in origination value.
Franklin Mint lent most frequently to those with incomes in the $150k-250k range, with 152 originations. The second most popular income band? $100k-150k, with 128 originations.
Applicant Debt to Income Ratio
Franklin Mint lent most frequently to those with DTI ratios of 20-30%, with 130 originations. The next most common DTI ratio? 30-36%, with 121 originations.
Approval RatesTotal approvals of all applications
Franklin Mint has a below average approval rate.
Pick RateApprovals leading to origination
Franklin Mint has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|FRANKLIN LOAN CORPORATION||Conventional home mortgage||Applying for a mortgage or refinancing an existing mortgage||1||50.0%|
|FRANKLIN LOAN CORPORATION||Conventional home mortgage||Trouble during payment process||1||50.0%|