We compare mortgage interest rate and loan related closing costs at Franklin American Mortgage Co with other lenders for mortgages with similar borrower characteristics:
Interest Rate: lower than average (-0.13%)
Loan Related Closing Costs: similar to average (-$29)
Assessment: this lender tends to be a cheap lender.
This scoreboard is based on data reported to FFIEC. In the data, Franklin American Mortgage Co originated 15040 mortgages, a national market share of 0.2%. It was most active in TN (1.2% market share), AR (1.0% market share), and LA (0.8% market share).
On average, Franklin American Mortgage Co’s interest rates were lower than those of comparable mortgages at other lenders (-0.13%).1The comparable mortgages control for Franklin American Mortgage Co’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4386, which was similar to those of comparable mortgages at $4415, with a difference of -$29. Overall, we estimate that Franklin American Mortgage Co tends to be an cheap lender, with a cost-adjusted-rate difference of -0.14% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Franklin American Mortgage Co.
Franklin American Mortgage Co originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Home Purchase Mortgages from Franklin American Mortgage Co compared to other lenders
| Conforming | FHA | USDA | VA | |
|---|---|---|---|---|
| Interest Rate Difference | -0.09% | -0.25% | -0.12% | -0.16% |
| Loan related Closing Cost Difference | +$35 | -$426 | -$23 | +$574 |
| Cost Adjusted Rate Difference | -0.09% | -0.30% | -0.13% | -0.12% |
Based on the table above, Franklin American Mortgage Co is cheap for Conforming, FHA, USDA and VA purchase mortgages.
Mortgage Refinancing from Franklin American Mortgage Co compared to other lenders
| Conforming | FHA | VA | |
|---|---|---|---|
| Interest Rate Difference | -0.12% | -0.15% | -0.17% |
| Loan Related Closing Cost Difference | -$84 | -$526 | -$220 |
| Cost Adjusted Rate Difference | -0.13% | -0.20% | -0.18% |
Based on the table above, Franklin American Mortgage Co is cheap for Conforming, FHA and VA mortgage refinance.
Other information about Franklin American Mortgage Co:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: FRANKLIN, TN, 37067