Franklin Mint Mortgage Rates, Fees & Info
Chadds Ford Township, PALEI: 5493001CM06UK2XY3I18
Tax ID: 23-2695702
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Franklin Mint is a smaller mortgage company specializing in Home Purchase loans. Franklin Mint has a high proportion of conventional loans. Their top markets include Philadelphia, Baltimore, Washington, Boston, and Pittsburgh among others. Franklin Mint has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Franklin Mint is typically an average fee lendor.Originations
573Origination Dollar Volume (All Markets)
$158,755,000Awards
FRANKLIN MINT - 2021
FRANKLIN MINT is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Franklin Mint's average 30 year fixed rate mortgage of loans were
2.93%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.22%.
Relative Fees
Franklin Mint's average total fees for a 30 year fixed rate
mortgage are $5,233.
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) | 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.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 573 | $158,755,000 | $277,059 | $2,627 | 3.53% |
For the 2021 period, Franklin Mint's most frequently originated loan type of loans were Conventional, with 573 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average 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 the 2021, Franklin Mint's most frequently cited loan purpose of loans were Home Purchase, with 248 originations. The 2nd most popular reason of loans were 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 the 2021, Franklin Mint's most frequently cited loan length of loans were 30 Year, with 244 originations. The 2nd most popular length of loans were 10 Year, with 175 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 414 | $65,320,000 | $157,778 |
| $1k-2k | 75 | $48,345,000 | $644,600 |
| $3k-4k | 27 | $15,475,000 | $573,148 |
| $5k+ | 13 | $9,405,000 | $723,462 |
| $2k-3k | 11 | $3,935,000 | $357,727 |
$5,233 of loans were Franklin Mint's average total fees, while their most frequently occuring range of origination fees 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 of loans were 2.93%, while their most frequently originated rate bucket of loans were 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 applications76.96%
Franklin Mint has a below average approval rate.
Pick Rate
Approvals leading to origination65.48%
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% |
