Franklin Mint Mortgage Rates, Fees & Info

Chadds Ford Township, PA

LEI: 5493001CM06UK2XY3I18

Tax ID: 23-2695702

5 stars - out of 5 stars, based on 24 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Franklin 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		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.


    Originations

    573

    Origination Dollar Volume (All Markets)

    $158,755,000
    Show all (6) awards

    Relative Rate

    Franklin Mint's average 30 year fixed mortgage rate was 2.93%.

    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.

    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) 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%
    Franklin Mint's top markets include Philadelphia, Baltimore, Washington, Boston, and Pittsburgh among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)

    • Similar Lenders

    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.

    N C P D Federal Credit Union
    Similarity Rank: 102
    TRI BORO
    Similarity Rank: 208
    Sharon & Crescent United Credit Union
    Similarity Rank: 335
    Schuyler Savings Bank
    Similarity Rank: 352
    Louviers Federal Credit Union
    Similarity Rank: 410
    WELCOME HOME FINANCE, L.P.
    Similarity Rank: 414
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 474
    POINT BREEZE
    Similarity Rank: 477
    BHCU
    Similarity Rank: 504
    HANCOCK COUNTY SAVINGS BANK, FSB, INC.
    Similarity Rank: 524

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 573 $158,755,000 $277,059 $2,627 3.53%

    For 2021, Franklin Mint's most frequently originated type of loan was Conventional, with 573 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 248 $102,830,000 $414,637 $5,081 3.10%
    Home Improvement 130 $9,060,000 $69,692 $228 4.19%
    Refi 127 $30,375,000 $239,173 $917 3.36%
    Other 44 $2,080,000 $47,273 $215 4.79%
    Cash Out Refi 24 $14,410,000 $600,417 $5,208 2.94%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 244 $113,020,000 $463,197 $5,233 2.93%
    10 Year 175 $27,375,000 $156,429 $277 3.70%
    15 Year 102 $14,340,000 $140,588 $797 4.12%
    5 Year 33 $1,215,000 $36,818 $157 4.81%
    Other 11 $755,000 $68,636 $477 3.62%
    20 Year 7 $1,995,000 $285,000 $1,713 5.30%
    3 Year 1 $55,000 $55,000 $150 2.99%

    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
    $<1k 414 $65,320,000 $157,778
    $1k-2k 75 $48,345,000 $644,600
    $3k-4k 15 $8,285,000 $552,333
    $5k+ 13 $9,405,000 $723,462
    $4k-5k 12 $7,190,000 $599,167
    $2k-3k 11 $3,935,000 $357,727

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 257 $83,885,000 $326,401
    3-4% 162 $45,610,000 $281,543
    4-5% 55 $7,745,000 $140,818
    5-6% 41 $2,135,000 $52,073
    <2.5% 35 $18,575,000 $530,714
    6-7% 12 $380,000 $31,667
    7-8% 9 $345,000 $38,333
    Over 8% 2 $80,000 $40,000

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 214 $11,890,000 $55,561 $257 4.21%
    $200k-400k 119 $34,685,000 $291,471 $3,530 3.24%
    $100k-200k 99 $13,845,000 $139,848 $1,191 3.40%
    $600k-1MM 81 $58,635,000 $723,889 $7,340 2.72%
    $400k-600k 50 $24,620,000 $492,400 $5,341 2.99%
    $1MM+ 10 $15,080,000 $1,508,000 $8,468 3.08%

    2021 saw Franklin Mint place emphasis on $100,000 or less loans with 214 originations, totaling $11,890,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 152 $51,610,000 $339,539 $3,271 3.22%
    $100k-150k 128 $32,040,000 $250,313 $2,508 3.36%
    $75k-100k 84 $14,800,000 $176,190 $1,894 3.89%
    $50k-75k 73 $9,885,000 $135,411 $1,619 3.85%
    $250k+ 61 $29,265,000 $479,754 $4,357 3.34%
    $50k or less 41 $4,415,000 $107,683 $1,311 3.83%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 130 $33,670,000 $259,000 $2,492 3.42%
    30-36% 121 $32,215,000 $266,240 $2,283 3.47%
    <20% 43 $8,045,000 $187,093 $1,775 3.20%
    36% 25 $7,455,000 $298,200 $3,256 3.42%
    40% 22 $7,400,000 $336,364 $3,070 3.64%
    37% 22 $7,230,000 $328,636 $3,114 3.08%
    42% 19 $5,055,000 $266,053 $3,279 3.86%
    44% 19 $5,865,000 $308,684 $2,856 3.38%
    50-60% 18 $1,810,000 $100,556 $940 4.33%
    43% 18 $5,860,000 $325,556 $3,448 3.25%
    38% 17 $5,835,000 $343,235 $4,067 3.22%
    41% 17 $7,825,000 $460,294 $5,254 3.16%
    39% 15 $6,065,000 $404,333 $5,910 3.32%
    49% 13 $935,000 $71,923 $210 4.48%
    47% 9 $1,515,000 $168,333 $1,091 4.41%
    48% 9 $1,665,000 $185,000 $1,616 4.32%
    46% 8 $1,160,000 $145,000 $2,281 3.50%
    >60% 8 $1,920,000 $240,000 $3,749 3.37%
    45% 7 $955,000 $136,429 $972 4.42%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 379 $84,465,000 $222,863 $2,186 3.53%
    Not provided 58 $21,690,000 $373,966 $3,207 3.33%
    Asian 35 $17,855,000 $510,143 $5,048 2.97%
    Not applicable 33 $16,275,000 $493,182 $0 4.01%
    Black 60 $15,430,000 $257,167 $3,091 3.81%
    Asian Indian 5 $2,865,000 $573,000 $8,311 2.68%
    American Indian 2 $150,000 $75,000 $150 4.62%
    Vietnamese 1 $25,000 $25,000 $150 4.74%

    Approval Rates

    Total approvals of all applications
    77.26%

    Franklin Mint has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    60.03%

    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
    NA 573 $158,755,000 $277,059

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    573 $158,755,000 $277,059

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 115 $10,805,000 $93,957 $260 3.70%
    40-60% 41 $8,145,000 $198,659 $1,446 3.36%
    60-80% 101 $57,265,000 $566,980 $5,090 3.28%
    80-100% 185 $75,785,000 $409,649 $4,978 3.03%
    Under 20% 131 $6,755,000 $51,565 $198 4.33%

    Complaints

    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%