Franklin Bank Mortgage Rates, Fees & Info

Pilesgrove, NJ

LEI: 549300Z1HPXY3UYVL049

Tax ID: 21-0454410

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Franklin Bank is a smaller bank specializing in Refi and Home Purchase loans. Franklin Bank has a high proportion of conventional loans. Their top markets by origination volume include: Philadelphia, Atlantic City, Ocean City, Vineland, and New York among others. We have data for 5 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.

    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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    Originations

    178

    Origination Dollar Volume (All Markets)

    $34,950,000

    Employee count

    60

    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) 141 $24,665,000 $174,929 $0 0.00%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 13 $4,555,000 $350,385 $0 0.00%
    OCEAN CITY, NJ (FHA|USDA|VA) 14 $3,710,000 $265,000 $0 0.00%
    VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 9 $1,725,000 $191,667 $0 0.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $295,000 $295,000 $0 0.00%
    Franklin Bank's top markets include Philadelphia, Atlantic City, Ocean City, Vineland, and New York among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 178 $34,950,000 $196,348 $0 0.00%

    For 2020, Franklin Bank's most frequently originated type of loan was Conventional, with 178 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 94 $18,500,000 $196,809 $0 0.00%
    Home Purchase 52 $13,590,000 $261,346 $0 0.00%
    Home Improvement 18 $1,290,000 $71,667 $0 0.00%
    Other 10 $550,000 $55,000 $0 0.00%
    Cash Out Refi 4 $1,020,000 $255,000 $0 0.00%

    For 2020, Franklin Bank's most frequently cited loan purpose was Refi, with 94 originations. The 2nd most popular reason was Home Purchase, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 178 $34,950,000 $196,348 $0 0.00%

    For 2020, Franklin Bank's most frequently cited loan duration was Other, with 178 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 61 $16,955,000 $277,951 $0 0.00%
    $100,000 or less 53 $2,785,000 $52,547 $0 0.00%
    $100k-200k 52 $7,870,000 $151,346 $0 0.00%
    $400k-600k 8 $3,760,000 $470,000 $0 0.00%
    $600k-1MM 3 $2,175,000 $725,000 $0 0.00%
    $1MM+ 1 $1,405,000 $1,405,000 $0 0.00%

    2020 saw Franklin Bank place emphasis on $200k-400k loans with 61 originations, totaling $16,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 52 $9,350,000 $179,808 $0 0.00%
    $150k-250k 40 $8,960,000 $224,000 $0 0.00%
    $50k-75k 23 $2,105,000 $91,522 $0 0.00%
    $75k-100k 21 $3,025,000 $144,048 $0 0.00%
    $250k+ 20 $8,480,000 $424,000 $0 0.00%
    $50k or less 12 $1,480,000 $123,333 $0 0.00%

    Franklin Bank lent most frequently to those with incomes in the $100k-150k range, with 52 originations. The second most popular income band? $150k-250k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 178 $34,950,000 $196,348 $0 0.00%

    Franklin Bank lent most frequently to those with DTI ratios of Exempt%, with 178 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 164 $31,320,000 $190,976 $0 0.00%
    Asian 3 $1,615,000 $538,333 $0 0.00%
    Not applicable 5 $835,000 $167,000 $0 0.00%
    Not provided 3 $605,000 $201,667 $0 0.00%
    Other Asian 1 $335,000 $335,000 $0 0.00%
    American Indian 2 $240,000 $120,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.53%

    Franklin Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.89%

    Franklin Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 178 $34,950,000 $196,348

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $175,000 $175,000
    Single Family (1-4 Units):Site-Built 177 $34,775,000 $196,469

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FRANKLIN FIRST FINANCIAL, LTD Conventional home mortgage Trouble during payment process 1 50.0%
    FRANKLIN FIRST FINANCIAL, LTD Reverse mortgage Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Franklin Bank 1179 Route 40 Pilesgrove, NJ 8098 Full Service B&M $60,464
    Franklin Bank 137 West Broadway Salem, NJ 8079 Full Service B&M $47,222
    Franklin Bank 18 Front Street Salem, NJ 8079 Limited, Drive-thru $0
    Franklin Bank 2039 Delsea Drive Franklinville, NJ 8322 Full Service B&M $32,703
    Franklin Bank 2584 North Route 9 Ocean View, NJ 8230 Full Service B&M $22,953
    Franklin Bank 260 N Broadway Pennsville, NJ 8070 Full Service B&M $52,819
    Franklin Bank 99 Center Square Road Woolwich Township, NJ 8085 Full Service B&M $41,737

    For 2020, Franklin Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,534
    Net interest income $7,740
    Total noninterest income $1,313
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $552
    Trading account gains and fees $0
    Additional Noninterest Income $761
    Pre-tax net operating income $800
    Securities gains (or losses, -) $0
    Income before extraordinary items $590
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $590
    Minority interest net income $0
    Net income $590
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $590

    Franklin Bank's gross interest income from loans was $8,534,000.
    Franklin Bank's net interest income from loans was $7,740,000.
    Franklin Bank's fee based income from loans was $552,000.
    Franklin Bank's net income from loans was $590,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $794
    Provision for credit losses $40
    Total noninterest expense $8,213
    Salaries and employee benefits $4,382
    Premises and equipment expense $1,224
    Additional noninterest expense $2,607
    Applicable income taxes $210
    Net charge-offs $95
    Cash dividends $0

    Franklin Bank's interest expense for loans was $794,000.
    Franklin Bank's payroll and benefits expense were $4,382,000.
    Franklin Bank's property, plant and equipment expenses $1,224,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 2.0%
    Credit card loans 0.0%
    Other individual loans 2.0%
    Auto loans 0.0%
    Other consumer loans 2.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $274,259
    Deposits held in domestic offices $274,259
    Deposits by Individuals, partnerships, and corporations $263,319
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $10,940
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $123,522
    Demand deposits $31,347
    Nontransaction accounts $150,737
    Money market deposit accounts (MMDAs) $22,665
    Other savings deposits (excluding MMDAs) $78,857
    Total time deposits $49,215
    Total time and savings deposits $242,912
    Noninterest-bearing deposits $35,245
    Interest-bearing deposits $239,014
    Retail deposits $271,132
    IRAs and Keogh plan accounts $14,255
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $302,064
    Cash & Balances due from depository institutions $79,921
    Interest-bearing balances $78,627
    Total securities $38,988
    Federal funds sold & reverse repurchase $0
    Net loans and leases $171,937
    Loan and leases loss allowance $1,504
    Trading account assets $0
    Bank premises and fixed assets $4,393
    Other real estate owned $0
    Goodwill and other intangibles $4
    All other assets $6,821

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $302,064
    Total Liabilities $275,178
    Total deposits $274,259
    Interest-bearing deposits $239,014
    Deposits held in domestic offices $274,259
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $919

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $171,937
    Loan and leases loss allowance $1,504
    Total loans and leases (domestic) $173,441
    All real estate loans $157,608
    Real estate loans in domestic offices $157,608
    Construction and development loans $7,214
    Residential 1-4 family construction $5,900
    Other construction, all land development and other land $1,314
    Loans secured by nonfarm nonresidential properties $31,309
    Nonfarm nonresidential secured by owner-occupied properties $31,309
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $988
    1-4 family residential loans $117,760
    Farmland loans $337
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $12,463
    To non-U.S. addressees $0
    Loans to individuals $3,370
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $206
    Other loans to individuals $3,164
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $500
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Franklin Bank had $171,937,000 of loans outstanding in 2020. $157,608,000 of loans were in real estate loans. $7,214,000 of loans were in development loans. $988,000 of loans were in multifamily mortgage loans. $117,760,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $206,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 83 $31,309 $377,217
    Nonfarm, nonresidential loans - <$100k 7 $411 $58,714
    Nonfarm, nonresidential loans - $100-250k 38 $5,747 $151,237
    Nonfarm, nonresidential loans - $250k-1MM 38 $25,151 $661,868
    Commercial & Industrial, US addressed loans - <$1MM 84 $12,463 $148,369
    Commercial & Industrial, US addressed loans - <$100k 33 $1,610 $48,788
    Commercial & Industrial, US addressed loans - $100-250k 19 $1,583 $83,316
    Commercial & Industrial, US addressed loans - $250k-1MM 32 $9,270 $289,688
    Farmland loans - <$1MM 1 $337 $337,000
    Farmland loans - $250k-1MM 1 $337 $337,000