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| $6,295,214,383,000 in Mortgage Loans Applied for in 2006 from 34,105,441 Applications |
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FRANKLIN MORTGAGE FUNDING
Mortgage Loans and Application Details
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| Mortgage Company Name |
FRANKLIN MORTGAGE FUNDING |
| Address | 25800 NORTHWESTERN HWY SUITE 875
SOUTHFIELD, MI 48075 |
| Agency | Department of Housing and Urban Development (HUD) |
| Year | 2004 |
| All Data Years | 2003 2004 |
| Total Number of Mortgage Loan Applications Processed | 30,966 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $3,457,178,000 |
| Average Mortgage Loan Amount Applied For | $109,447 |
| Highest Mortgage Loan Amount Applied For | $884,000 |
| Average Applicant Income | $54,358 |
| Highest Applicant Income | $1,500,000 |
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| Home Improvement |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Home Purchase |
13,706 | $1,326,557,000 |
$111,769 | $884,000 |
$65,435 | $600,000 |
| Refinancing |
17,274 | $2,132,725,000 |
$136,853 | $805,000 |
$59,780 | $1,500,000 |
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| American Indian or Alaskan Native |
107 | $11,282,000 |
$107,500 | $320,000 |
$48,071 | $174,000 |
| Asian |
412 | $57,238,000 |
$125,360 | $805,000 |
$62,760 | $301,000 |
| Black or African American |
4,733 | $497,903,000 |
$104,000 | $556,000 |
$53,281 | $660,000 |
| Hispanic |
1,855 | $209,427,000 |
$110,483 | $502,000 |
$54,645 | $457,000 |
| Native Hawaiin or Other Pacific Islander |
965 | $98,581,000 |
$120,777 | $560,000 |
$56,740 | $225,000 |
| Not applicable |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not Provided |
4,288 | $486,233,000 |
$123,179 | $750,000 |
$57,692 | $744,000 |
| White |
18,620 | $2,098,618,000 |
$130,780 | $884,000 |
$61,853 | $1,500,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
30,975 | $3,458,540,000 |
$128,340 | $884,000 |
$61,113 | $1,500,000 |
| FHA-insured (Federal Housing Administration) |
3 | $464,000 |
$166,500 | $202,000 |
$77,000 | $121,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
2 | $278,000 |
$139,000 | $192,000 |
$49,000 | $60,000 |
| VA-guaranteed (Veterans Administration) |
0 | $0 |
$0 | $0 |
$0 | $0 |
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| Application Approved But Not Accepted |
118 | $15,302,000 |
$132,052 | $368,000 |
$55,052 | $143,000 |
| Application Denied By Financial Institution |
4,065 | $480,614,000 |
$138,051 | $777,000 |
$58,153 | $744,000 |
| Application Withdrawn By Applicant |
6,597 | $734,259,000 |
$114,055 | $750,000 |
$57,305 | $1,500,000 |
| File Closed For Incompleteness |
2 | $256,000 |
$128,000 | $152,000 |
$57,000 | $62,000 |
| Loan Originated |
20,198 | $2,228,851,000 |
$118,526 | $884,000 |
$58,921 | $878,000 |
| Loan Purchased By The Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Preapproval Approved but not Accepted |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Preapproval Denied by Financial Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
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| Collateral |
2 | $374,000 |
$187,000 | $295,000 |
$50,000 | $63,000 |
| Credit Application Incomplete |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit History |
4 | $423,000 |
$96,500 | $138,000 |
$45,000 | $62,000 |
| Debt-To-Income Ratio |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Employment History |
2 | $61,000 |
$30,000 | $49,000 |
$30,000 | $30,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
6 | $861,000 |
$139,333 | $360,000 |
$84,666 | $106,000 |
| Unverifiable Information |
0 | $0 |
$0 | $0 |
$0 | $0 |
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Mortgage Loan App Totals for FRANKLIN MORTGAGE FUNDING by:
Metropolitan Area And
County
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