Lrs Financial Network Mortgage Rates, Fees & Info

MIDLAND, TX

LEI: 549300HOJG1DA7FIZ225

Tax ID: 75-2821496

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    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. They have a low ratio of USDA loans. Their top markets by origination volume include: Midland, Big Spring, Austin, Odessa, and Dallas among others. We have data for 27 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 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 6.64% 12/16/24
    30 Year Conventional Refi 6.64% 12/16/24
    30 Year Cash-out Refi 6.88% 12/16/24
    30 Year FHA Purchase 7.17% 12/16/24
    30 Year FHA Refi 7.22% 12/16/24
    30 Year VA Purchase 6.06% 12/16/24
    30 Year USDA Purchase 6.87% 12/16/24
    15 Year Conventional Purchase 6.20% 12/16/24
    15 Year Conventional Refi 6.10% 12/16/24
    15 Year Cash-out Refi 6.10% 12/16/24
    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

    647

    Origination Dollar Volume (All Markets)

    $183,195,000
    Show all (6) awards

    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) 390 $118,290,000 $303,308 $5,567 4.11%
    Outside of Metro Areas 108 $27,670,000 $256,204 $5,003 4.09%
    Big Spring, TX (FHA|USDA|VA) 51 $9,515,000 $186,569 $5,863 4.24%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 16 $4,630,000 $289,375 $5,233 3.98%
    ODESSA, TX (FHA|USDA|VA) 19 $4,465,000 $235,000 $6,141 4.20%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 13 $3,905,000 $300,385 $4,673 4.07%
    Granbury, TX (FHA|USDA|VA) 4 $1,790,000 $447,500 $5,599 4.03%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $1,530,000 $382,500 $4,717 4.06%
    SAN ANGELO, TX (FHA|USDA|VA) 5 $1,245,000 $249,000 $4,146 4.03%
    Lamesa, TX (FHA|USDA|VA) 5 $1,205,000 $241,000 $5,146 4.35%
    LUBBOCK, TX (FHA|USDA|VA) 5 $1,095,000 $219,000 $4,329 4.18%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,025,000 $341,667 $5,744 3.67%
    Carlsbad-Artesia, NM (FHA|USDA|VA) 2 $890,000 $445,000 $4,168 4.00%
    AMARILLO, TX (FHA|USDA|VA) 2 $840,000 $420,000 $3,654 3.50%
    Andrews, TX (FHA|USDA|VA) 4 $820,000 $205,000 $5,276 4.53%
    Brownwood, TX (FHA|USDA|VA) 2 $680,000 $340,000 $4,668 3.63%
    EL PASO, TX (FHA|USDA|VA) 2 $640,000 $320,000 $3,241 3.31%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $410,000 $205,000 $4,424 3.75%
    Athens, TX (FHA|USDA|VA) 1 $405,000 $405,000 $6,106 4.50%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 2 $360,000 $180,000 $5,644 3.94%
    Corsicana, TX (FHA|USDA|VA) 1 $335,000 $335,000 $4,909 3.75%
    WICHITA FALLS, TX (FHA|USDA|VA) 1 $315,000 $315,000 $9,882 3.63%
    LAS CRUCES, NM (FHA|USDA|VA) 1 $285,000 $285,000 $3,891 4.00%
    Rockport, TX (FHA|USDA|VA) 1 $255,000 $255,000 $4,304 4.49%
    Snyder, TX (FHA|USDA|VA) 1 $245,000 $245,000 $5,515 4.88%
    Sweetwater, TX (FHA|USDA|VA) 1 $215,000 $215,000 $8,333 3.63%
    Alamogordo, NM (FHA|USDA|VA) 1 $135,000 $135,000 $4,224 4.63%
    Lrs Financial Network's top markets include Midland, Big Spring, Austin, Odessa, and Dallas among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (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.

    My Community Credit Union
    Similarity Rank: 168
    Alliance Credit Union
    Similarity Rank: 494
    MEMBERS CHOICE Credit Union
    Similarity Rank: 549
    SMART FINANCIAL CREDIT UNION
    Similarity Rank: 707
    TEXAS BAY
    Similarity Rank: 888
    AMERANT BANK, NATIONAL ASSOCIATION
    Similarity Rank: 1060
    TEXANS
    Similarity Rank: 1204
    SMART CHOICE MORTGAGE, A TEXAS LIMITED LIABILITY C
    Similarity Rank: 1215
    NEIGHBORHOOD
    Similarity Rank: 1228
    First United Bank
    Similarity Rank: 1276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 521 $152,265,000 $292,255 $4,686 4.18%
    FHA 95 $21,385,000 $225,105 $8,385 3.79%
    VA 28 $9,120,000 $325,714 $9,504 3.81%
    USDA 3 $425,000 $141,667 $4,767 4.13%

    For 2019, Lrs Financial Network's most frequently originated type of loan was Conventional, with 521 originations. Their 2nd most popular type was FHA, with 95 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 532 $151,760,000 $285,263 $5,667 4.10%
    Refi 114 $31,200,000 $273,684 $4,366 4.12%
    Cash Out Refi 1 $235,000 $235,000 $5,376 5.13%

    For 2019, Lrs Financial Network's most frequently cited loan purpose was Home Purchase, with 532 originations. The 2nd most popular reason was Refi, with 114 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 582 $167,550,000 $287,887 $5,563 4.13%
    15 Year 57 $14,225,000 $249,561 $4,424 3.83%
    10 Year 5 $975,000 $195,000 $4,026 3.93%
    20 Year 2 $370,000 $185,000 $3,726 4.50%
    5 Year 1 $75,000 $75,000 $1,018 5.50%

    For 2019, Lrs Financial Network's most frequently cited loan duration was 30 Year, with 582 originations. The 2nd most popular length was 15 Year, with 57 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 628 $177,500,000 $282,643
    $<1k 8 $1,890,000 $236,250
    $2k-3k 5 $1,675,000 $335,000
    $5k+ 3 $1,105,000 $368,333
    $4k-5k 2 $820,000 $410,000
    $3k-4k 1 $205,000 $205,000

    Lrs Financial Network's average total fees were $5,563, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 628 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 342 $99,140,000 $289,883
    4-5% 268 $75,840,000 $282,985
    5-6% 34 $7,430,000 $218,529
    2.5-3% 2 $690,000 $345,000
    6-7% 1 $95,000 $95,000

    During 2019, Lrs Financial Network's average interest rate for loans was 4.13%, while their most frequently originated rate bucket for loans was 3-4%, with 342 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 390 $111,110,000 $284,897 $5,630 4.06%
    $100k-200k 137 $21,395,000 $156,168 $4,488 4.24%
    $400k-600k 96 $43,910,000 $457,396 $6,113 4.00%
    $100,000 or less 17 $1,345,000 $79,118 $3,705 4.63%
    $600k-1MM 5 $3,425,000 $685,000 $7,687 4.53%
    $1MM+ 2 $2,010,000 $1,005,000 $9,676 4.50%

    2019 saw Lrs Financial Network place emphasis on $200k-400k loans with 390 originations, totaling $111,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 187 $54,695,000 $292,487 $5,742 4.07%
    $150k-250k 144 $47,770,000 $331,736 $5,215 4.12%
    $75k-100k 120 $29,800,000 $248,333 $5,562 4.14%
    $50k-75k 100 $19,560,000 $195,600 $5,316 4.04%
    $250k+ 74 $27,860,000 $376,486 $5,363 4.25%
    $50k or less 21 $3,295,000 $156,905 $4,471 4.09%

    Lrs Financial Network lent most frequently to those with incomes in the $100k-150k range, with 187 originations. The second most popular income band? $150k-250k, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 152 $45,010,000 $296,118 $4,924 4.09%
    30-36% 131 $37,355,000 $285,153 $5,381 4.13%
    <20% 46 $11,380,000 $247,391 $4,618 4.01%
    41% 34 $8,890,000 $261,471 $5,695 4.20%
    44% 29 $8,615,000 $297,069 $5,562 4.18%
    40% 29 $7,485,000 $258,103 $5,268 4.26%
    38% 28 $8,050,000 $287,500 $6,026 4.27%
    42% 26 $7,210,000 $277,308 $6,423 4.42%
    37% 26 $8,100,000 $311,538 $6,648 4.03%
    43% 26 $6,700,000 $257,692 $5,560 4.07%
    39% 25 $7,325,000 $293,000 $5,248 3.94%
    45% 20 $6,120,000 $306,000 $5,542 3.90%
    47% 15 $3,995,000 $266,333 $6,667 4.12%
    36% 15 $4,485,000 $299,000 $5,246 4.06%
    49% 15 $3,575,000 $238,333 $6,094 4.04%
    50-60% 11 $3,165,000 $287,727 $7,013 3.89%
    48% 9 $3,005,000 $333,889 $5,367 3.94%
    46% 9 $2,515,000 $279,444 $5,582 4.06%

    Lrs Financial Network lent most frequently to those with DTI ratios of 20-30%, with 152 originations. The next most common DTI ratio? 30-36%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 623 $177,585,000 $285,048 $5,452 4.10%
    Black 10 $2,880,000 $288,000 $6,511 4.14%
    Asian 11 $1,895,000 $172,273 $3,893 4.43%
    American Indian 3 $835,000 $278,333 $4,466 4.38%

    Approval Rates

    Total approvals of all applications
    96.59%

    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
    86.24%

    Lrs Financial Network has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 647 $183,195,000 $283,145

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 647 $183,195,000 $283,145

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $2,605,000 $236,818 $4,628 4.03%
    40-60% 41 $10,275,000 $250,610 $4,701 3.98%
    60-80% 202 $59,420,000 $294,158 $4,608 4.23%
    80-100% 380 $106,960,000 $281,474 $5,779 4.06%
    Over 100% 9 $3,475,000 $386,111 $15,146 4.04%
    Under 20% 3 $245,000 $81,667 $2,553 4.58%