Lrs Financial Network Mortgage Rates, Fees & Info

MIDLAND, TX

LEI: 549300HOJG1DA7FIZ225

Tax ID: 75-2821496

5 stars - Updated: 5/20/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Lrs Financial Network is a smaller mortgage company specializing in Home Purchase loans. Lrs Financial Network has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Midland, Dallas, Austin, Houston, and Big Spring among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Lrs Financial Network has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Lrs Financial Network 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 relatively high 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 6.64% 5/20/24
30 Year Conventional Refi 6.64% 5/20/24
30 Year Cash-out Refi 6.88% 5/20/24
30 Year FHA Purchase 7.17% 5/20/24
30 Year FHA Refi 7.22% 5/20/24
30 Year VA Purchase 6.06% 5/20/24
30 Year USDA Purchase 6.87% 5/20/24
15 Year Conventional Purchase 6.20% 5/20/24
15 Year Conventional Refi 6.10% 5/20/24
15 Year Cash-out Refi 6.10% 5/20/24
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.

Lrs Financial Network Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Lrs Financial Network. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

251

Origination Dollar Volume (All Markets)

$92,315,000

Awards

LRS FINANCIAL NETWORK FHA Loans bronze LRS FINANCIAL NETWORK FHA Loans bronze LRS FINANCIAL NETWORK FHA Loans silver
Show all (3) awards

Relative Rate

Lrs Financial Network's average 30 year fixed mortgage rate was 6.74%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.26%.

Relative Fees (Closing Costs)

Lrs Financial Network's average total fees/closing costs for a 30 year fixed rate mortgage were $7,827.

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 $9,089.

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
MIDLAND, TX (FHA|USDA|VA) 162 $62,490,000 $385,741 $8,226 6.63%
Outside of Metro Areas 32 $9,810,000 $306,563 $7,380 6.83%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 8 $3,700,000 $462,500 $8,790 7.15%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 7 $3,445,000 $492,143 $6,937 7.07%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 7 $2,605,000 $372,143 $6,109 6.95%
Big Spring, TX (FHA|USDA|VA) 6 $1,470,000 $245,000 $5,278 6.85%
ODESSA, TX (FHA|USDA|VA) 6 $1,340,000 $223,333 $7,986 6.38%
Lamesa, TX (FHA|USDA|VA) 4 $1,280,000 $320,000 $6,163 6.90%
LUBBOCK, TX (FHA|USDA|VA) 4 $1,260,000 $315,000 $9,541 5.94%
SANTA FE, NM (FHA|USDA|VA) 1 $725,000 $725,000 $4,226 7.38%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $710,000 $355,000 $8,330 6.06%
SAN ANGELO, TX (FHA|USDA|VA) 2 $650,000 $325,000 $5,061 7.25%
Athens, TX (FHA|USDA|VA) 1 $565,000 $565,000 $14,315 8.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $495,000 $495,000 $5,712 6.99%
Snyder, TX (FHA|USDA|VA) 2 $450,000 $225,000 $6,072 7.13%
Rockport, TX (FHA|USDA|VA) 1 $335,000 $335,000 $5,408 7.50%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $275,000 $275,000 $4,349 6.50%
Andrews, TX (FHA|USDA|VA) 1 $255,000 $255,000 $5,719 7.50%
Ruidoso, NM (FHA|USDA|VA) 1 $215,000 $215,000 $8,613 7.50%
AMARILLO, TX (FHA|USDA|VA) 1 $175,000 $175,000 $3,950 6.25%
Brownwood, TX (FHA|USDA|VA) 1 $65,000 $65,000 $5,679 7.63%
Lrs Financial Network's top markets include Midland, Dallas, Austin, Houston, and Big Spring among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against LRS FINANCIAL NETWORK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 220
    AMOCO
    Similarity Rank: 258
    GIBRALTAR MORTGAGE SERVICES, LLC
    Similarity Rank: 360
    SOUTHERN LENDING SERVICES, LTD.
    Similarity Rank: 432
    Southwest Bank
    Similarity Rank: 546
    COMMUNITY RESOURCE CREDIT UNION
    Similarity Rank: 714
    LRS FINANCIAL NETWORK, INC.
    Similarity Rank: 756
    Alliance Credit Union
    Similarity Rank: 779

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 201 $74,915,000 $372,711 $6,991 6.83%
    FHA 40 $12,420,000 $310,500 $11,000 6.27%
    VA 10 $4,980,000 $498,000 $12,461 6.14%

    For 2023, Lrs Financial Network's most frequently originated type of loan was Conventional, with 201 originations. Their 2nd most popular type was FHA, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 239 $89,555,000 $374,707 $7,942 6.71%
    Cash Out Refi 8 $1,420,000 $177,500 $5,567 6.83%
    Refi 4 $1,340,000 $335,000 $6,733 6.88%

    For 2023, Lrs Financial Network's most frequently cited loan purpose was Home Purchase, with 239 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 245 $89,815,000 $366,592 $7,827 6.74%
    15 Year 5 $2,375,000 $475,000 $9,473 5.60%
    10 Year 1 $125,000 $125,000 $4,806 5.99%

    For 2023, Lrs Financial Network's most frequently cited loan duration was 30 Year, with 245 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 190 $66,320,000 $349,053
    $5k+ 34 $17,160,000 $504,706
    $4k-5k 12 $3,980,000 $331,667
    $2k-3k 7 $2,345,000 $335,000
    $3k-4k 6 $1,710,000 $285,000
    $<1k 2 $800,000 $400,000

    Lrs Financial Network's average total fees were $7,827, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 190 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 144 $50,820,000 $352,917
    7-8% 68 $27,170,000 $399,559
    5-6% 36 $12,660,000 $351,667
    4-5% 2 $1,200,000 $600,000
    Over 8% 1 $465,000 $465,000

    During 2023, Lrs Financial Network's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 144 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 123 $36,655,000 $298,008 $7,668 6.70%
    $400k-600k 57 $27,105,000 $475,526 $8,632 6.77%
    $100k-200k 37 $5,655,000 $152,838 $4,911 6.59%
    $600k-1MM 29 $20,585,000 $709,828 $10,344 6.77%
    $100,000 or less 4 $310,000 $77,500 $4,473 6.72%
    $1MM+ 1 $2,005,000 $2,005,000 $34,936 7.38%

    2023 saw Lrs Financial Network place emphasis on $200k-400k loans with 123 originations, totaling $36,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 75 $28,665,000 $382,200 $8,395 6.75%
    $100k-150k 68 $19,990,000 $293,971 $7,295 6.63%
    $250k+ 62 $33,240,000 $536,129 $8,999 6.95%
    $50k-75k 22 $4,250,000 $193,182 $5,107 6.56%
    $75k-100k 20 $5,560,000 $278,000 $7,632 6.34%
    $50k or less 4 $610,000 $152,500 $5,267 6.53%

    Lrs Financial Network lent most frequently to those with incomes in the $150k-250k range, with 75 originations. The second most popular income band? $100k-150k, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 53 $17,545,000 $331,038 $6,909 6.77%
    30-36% 49 $19,195,000 $391,735 $7,889 6.67%
    <20% 17 $5,875,000 $345,588 $7,320 6.74%
    43% 15 $6,205,000 $413,667 $7,970 7.01%
    44% 14 $4,950,000 $353,571 $6,849 6.52%
    38% 14 $5,390,000 $385,000 $8,404 6.49%
    47% 12 $4,620,000 $385,000 $10,259 6.86%
    36% 11 $4,545,000 $413,182 $8,641 6.77%
    42% 9 $3,385,000 $376,111 $8,075 6.69%
    37% 9 $4,415,000 $490,556 $9,547 6.65%
    39% 9 $2,785,000 $309,444 $6,903 6.58%
    48% 9 $3,005,000 $333,889 $7,778 6.81%
    41% 7 $2,385,000 $340,714 $7,437 6.57%
    45% 6 $2,200,000 $366,667 $8,532 6.58%
    40% 6 $2,030,000 $338,333 $10,797 7.04%
    49% 5 $2,145,000 $429,000 $5,866 6.70%
    46% 3 $645,000 $215,000 $6,866 6.50%
    50-60% 3 $995,000 $331,667 $10,878 6.33%

    Lrs Financial Network lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 49 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 242 $89,400,000 $369,421 $7,916 6.71%
    Asian 7 $2,305,000 $329,286 $5,404 6.95%
    Black 1 $345,000 $345,000 $11,344 6.38%
    American Indian 1 $265,000 $265,000 $4,927 6.13%

    Approval Rates

    Total approvals of all applications
    95.78%

    Lrs 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 origination
    82.47%

    Lrs Financial Network has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 251 $92,315,000 $367,789

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    251 $92,315,000 $367,789

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,785,000 $198,333 $5,270 6.42%
    40-60% 25 $8,845,000 $353,800 $6,378 6.81%
    60-80% 78 $27,640,000 $354,359 $7,187 6.80%
    80-100% 136 $52,950,000 $389,338 $8,515 6.66%
    Over 100% 2 $970,000 $485,000 $19,769 6.88%
    Under 20% 1 $125,000 $125,000 $4,687 6.13%