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

2021 Data | 2020 Data | 2019 Data | 2018 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

573

Origination Dollar Volume (All Markets)

$158,755,000
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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 applications
76.96%

Franklin Mint has a below average approval rate.

Pick Rate

Approvals leading to origination
65.48%

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%