Lrs Financial Network Mortgage Rates, Fees & Info
MIDLAND, TXLEI: 549300HOJG1DA7FIZ225
Tax ID: 75-2821496
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Mortgage Data
Review & Overview
Lrs Financial Network is a smaller mortgage company specializing in Refi and Home Purchase loans. Lrs Financial Network has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Midland, Big Spring, Austin, Dallas, and Odessa among others. We have data for 28 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 an above average pick rate when compared to similar lenders. Lrs Financial Network is typically a low 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,105Origination Dollar Volume (All Markets)
$324,435,000Awards
LRS FINANCIAL NETWORK - 2020
LRS FINANCIAL NETWORK is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 649 | $202,365,000 | $311,810 | $4,368 | 2.92% |
| Outside of Metro Areas | 165 | $43,735,000 | $265,061 | $4,364 | 2.96% |
| Big Spring, TX (FHA|USDA|VA) | 67 | $13,235,000 | $197,537 | $4,942 | 3.11% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 34 | $10,840,000 | $318,824 | $4,230 | 2.83% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 38 | $10,510,000 | $276,579 | $3,947 | 2.84% |
| ODESSA, TX (FHA|USDA|VA) | 38 | $9,220,000 | $242,632 | $4,563 | 3.12% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 21 | $7,875,000 | $375,000 | $3,833 | 2.94% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 22 | $6,370,000 | $289,545 | $4,362 | 2.85% |
| LUBBOCK, TX (FHA|USDA|VA) | 18 | $3,720,000 | $206,667 | $3,813 | 3.07% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 8 | $3,280,000 | $410,000 | $4,849 | 3.03% |
| Ruidoso, NM (FHA|USDA|VA) | 7 | $2,965,000 | $423,571 | $4,076 | 3.04% |
| Brownwood, TX (FHA|USDA|VA) | 5 | $1,755,000 | $351,000 | $4,869 | 2.68% |
| SAN ANGELO, TX (FHA|USDA|VA) | 5 | $1,425,000 | $285,000 | $3,570 | 2.65% |
| Lamesa, TX (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $4,761 | 3.10% |
| Andrews, TX (FHA|USDA|VA) | 4 | $1,010,000 | $252,500 | $4,971 | 2.69% |
| Granbury, TX (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $4,471 | 2.63% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $3,573 | 2.42% |
| Rockport, TX (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,596 | 2.38% |
| Taos, NM (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $5,093 | 3.50% |
| Carlsbad-Artesia, NM (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,432 | 3.13% |
| AMARILLO, TX (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,442 | 3.13% |
| Mineral Wells, TX (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $4,269 | 2.50% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,896 | 3.00% |
| Del Rio, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,597 | 2.50% |
| TYLER, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,315 | 2.88% |
| Nacogdoches, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,356 | 4.63% |
| Stephenville, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,509 | 3.63% |
| Fredericksburg, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,598 | 2.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 1,001 | $298,215,000 | $297,917 | $4,096 | 2.95% |
| FHA | 71 | $15,165,000 | $213,592 | $7,890 | 2.94% |
| VA | 33 | $11,055,000 | $335,000 | $5,175 | 2.63% |
For 2020, Lrs Financial Network's most frequently originated type of loan was Conventional, with 1,001 originations. Their 2nd most popular type was FHA, with 71 originations.
Loan Reason
For 2020, Lrs Financial Network's most frequently cited loan purpose was Refi, with 492 originations. The 2nd most popular reason was Home Purchase, with 472 originations.
Loan Duration/Length
For 2020, Lrs Financial Network's most frequently cited loan duration was 30 Year, with 872 originations. The 2nd most popular length was 15 Year, with 184 originations.
Origination Fees/Closing Costs
Lrs Financial Network's average total fees were $4,537, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,084 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 390 | $115,310,000 | $295,667 |
| 3-4% | 360 | $104,500,000 | $290,278 |
| <2.5% | 319 | $94,155,000 | $295,157 |
| 4-5% | 32 | $9,450,000 | $295,313 |
| 5-6% | 4 | $1,020,000 | $255,000 |
During 2020, Lrs Financial Network's average interest rate for loans was 3.02%, while their most frequently originated rate bucket for loans was 2.5-3%, with 390 originations.
Loan Sizing
2020 saw Lrs Financial Network place emphasis on $200k-400k loans with 621 originations, totaling $176,215,000 in origination value.
Applicant Income
Lrs Financial Network lent most frequently to those with incomes in the $150k-250k range, with 310 originations. The second most popular income band? $100k-150k, with 274 originations.
Applicant Debt to Income Ratio
Lrs Financial Network lent most frequently to those with DTI ratios of 20-30%, with 322 originations. The next most common DTI ratio? 30-36%, with 201 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.98%
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 origination92.31%
Lrs Financial Network has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,105 | $324,435,000 | $293,606 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,105 | $324,435,000 | $293,606 |