AllMortgageDetail - Mortgage Application Details

Precision Financial Inc
Mortgage Loan Application
Totals and Details
for 2007

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Mortgage Company & Address Precision Financial Inc
6800 Jericho Turnpike Suite206E
Syosset, NY 11791
Federal Regulator Department of Housing and Urban Development (HUD)
Years 2008  2007  2006  2005  2004  
Total Number of Mortgage Applications 1,715
Total Mortgage Loan Application Amount $471,935,000
Average Mortgage Loan Application Amount $224,951
Highest Mortgage Loan Application Amount $2,220,000
Average Applicant Income $80,932
Highest Applicant Income $960,000

Mortgage Loan Application Detail Totals for Precision Financial Inc in 2007

Loan Purpose

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Refinancing 1,521 $409,626,000 $269,000 $2,220,000 $96,000 $960,000
Home Purchase 194 $62,309,000 $321,000 $2,025,000 $143,000 $780,000
Home Improvement 0 $0 $0 $0 $0 $0

Applicant Race

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
White 803 $219,981,000 $273,000 $2,025,000 $108,000 $960,000
Black or African American 340 $92,544,000 $272,000 $825,000 $90,000 $500,000
Not Provided 314 $83,356,000 $265,000 $2,220,000 $98,000 $735,000
Hispanic 213 $64,237,000 $301,000 $1,496,000 $106,000 $363,000
Asian 37 $9,564,000 $258,000 $880,000 $84,000 $249,000
Native Hawaiin or Other Pacific Islander 7 $1,859,000 $265,000 $557,000 $96,000 $164,000
American Indian or Alaskan Native 1 $394,000 $394,000 $394,000 $74,000 $74,000
Not applicable 0 $0 $0 $0 $0 $0

Loan Type

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Conventional (any loan other than FHA, VA, FSA, or RHS loans) 1,493 $420,786,000 $281,000 $2,220,000 $107,000 $960,000
FHA-insured (Federal Housing Administration) 222 $51,149,000 $230,000 $452,000 $68,000 $152,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 0 $0 $0 $0 $0 $0
VA-guaranteed (Veterans Administration) 0 $0 $0 $0 $0 $0

Outcome

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Loan Originated 897 $232,460,000 $259,000 $1,100,000 $89,000 $960,000
Application Withdrawn By Applicant 362 $102,484,000 $283,000 $2,025,000 $117,000 $735,000
Application Approved But Not Accepted 313 $93,926,000 $300,000 $2,220,000 $119,000 $816,000
Application Denied By Financial Institution 87 $25,694,000 $295,000 $1,615,000 $102,000 $420,000
File Closed For Incompleteness 41 $13,544,000 $330,000 $2,000,000 $135,000 $420,000
Loan Purchased By The Institution 15 $3,827,000 $255,000 $417,000 $65,000 $92,000
Preapproval Approved but not Accepted 0 $0 $0 $0 $0 $0
Preapproval Denied by Financial Institution 0 $0 $0 $0 $0 $0

Denial Reason

Total Number of Mortgage Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Amount Highest Mortgage Loan Amount Average Applicant Income Highest Applicant Income
Other 18 $6,695,000 $371,000 $880,000 $115,000 $249,000
Collateral 4 $422,000 $105,000 $148,000 $107,000 $282,000
Credit History 4 $1,141,000 $285,000 $334,000 $87,000 $126,000
Debt-To-Income Ratio 3 $734,000 $244,000 $307,000 $46,000 $67,000
Insufficient Cash (Downpayment, Closing Cost) 1 $299,000 $299,000 $299,000 $59,000 $59,000
Mortgage Insurance Denied 0 $0 $0 $0 $0 $0
Unverifiable Information 0 $0 $0 $0 $0 $0
Employment History 0 $0 $0 $0 $0 $0
Credit Application Incomplete 0 $0 $0 $0 $0 $0