Franklin Bank Mortgage Rates, Fees & Info

Pilesgrove, NJ

LEI: 549300Z1HPXY3UYVL049

Tax ID: 21-0454410

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Mortgage Data

Review & Overview

Franklin Bank is a smaller bank specializing in Home Purchase loans. Franklin Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Ocean City, Atlantic City, and Vineland among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

Franklin Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

91

Origination Dollar Volume (All Markets)

$19,085,000

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 68 $13,310,000 $195,735 $0 0.00%
OCEAN CITY, NJ (FHA|USDA|VA) 13 $3,265,000 $251,154 $0 0.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 5 $1,865,000 $373,000 $0 0.00%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 5 $645,000 $129,000 $0 0.00%
Franklin Bank's top markets include Philadelphia, Ocean City, Atlantic City, and Vineland among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 91 $19,085,000 $209,725 $0 0.00%

    For 2023, Franklin Bank's most frequently originated type of loan was Conventional, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 36 $13,530,000 $375,833 $0 0.00%
    Home Improvement 26 $1,670,000 $64,231 $0 0.00%
    Refi 17 $3,375,000 $198,529 $0 0.00%
    Other 12 $510,000 $42,500 $0 0.00%

    For 2023, Franklin Bank's most frequently cited loan purpose was Home Purchase, with 36 originations. The 2nd most popular reason was Home Improvement, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 91 $19,085,000 $209,725 $0 0.00%

    For 2023, Franklin Bank's most frequently cited loan duration was Other, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 41 $1,885,000 $45,976 $0 0.00%
    $100k-200k 22 $3,070,000 $139,545 $0 0.00%
    $200k-400k 15 $4,445,000 $296,333 $0 0.00%
    $400k-600k 8 $3,920,000 $490,000 $0 0.00%
    $1MM+ 3 $4,285,000 $1,428,333 $0 0.00%
    $600k-1MM 2 $1,480,000 $740,000 $0 0.00%

    2023 saw Franklin Bank place emphasis on $100,000 or less loans with 41 originations, totaling $1,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 27 $2,545,000 $94,259 $0 0.00%
    $150k-250k 24 $6,190,000 $257,917 $0 0.00%
    $75k-100k 13 $1,325,000 $101,923 $0 0.00%
    $250k+ 11 $5,815,000 $528,636 $0 0.00%
    $50k-75k 6 $370,000 $61,667 $0 0.00%
    $50k or less 3 $125,000 $41,667 $0 0.00%

    Franklin Bank lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $150k-250k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 91 $19,085,000 $209,725 $0 0.00%

    Franklin Bank lent most frequently to those with DTI ratios of Exempt%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 75 $11,525,000 $153,667 $0 0.00%
    Not provided 7 $4,775,000 $682,143 $0 0.00%
    Not applicable 6 $2,520,000 $420,000 $0 0.00%
    Black 2 $200,000 $100,000 $0 0.00%
    Asian 1 $65,000 $65,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    76.73%

    Franklin Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.63%

    Franklin Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 91 $19,085,000 $209,725

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    91 $19,085,000 $209,725