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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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RESOURCE BANK
Mortgage Loans and Application Details
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| Mortgage Company Name |
RESOURCE BANK |
| Address | 4429 BONNEY ROAD
VIRGINIA BEACH, VA 23462 |
| Agency | Federal Reserve System (FRS) |
| Year | 2006 |
| All Data Years | 2003 2004 2005 2006 |
| Total Number of Mortgage Loan Applications Processed | 7,918 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $1,594,841,000 |
| Average Mortgage Loan Amount Applied For | $164,017 |
| Highest Mortgage Loan Amount Applied For | $7,800,000 |
| Average Applicant Income | $94,546 |
| Highest Applicant Income | $1,963,000 |
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| Home Improvement |
12 | $2,689,000 |
$224,000 | $635,000 |
$146,000 | $507,000 |
| Home Purchase |
5,825 | $1,072,462,000 |
$184,000 | $7,800,000 |
$87,000 | $1,300,000 |
| Refinancing |
2,081 | $519,690,000 |
$249,000 | $2,900,000 |
$103,000 | $1,963,000 |
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| American Indian or Alaskan Native |
11 | $2,474,000 |
$224,000 | $884,000 |
$142,000 | $431,000 |
| Asian |
272 | $60,625,000 |
$222,000 | $1,313,000 |
$125,000 | $1,080,000 |
| Black or African American |
1,470 | $279,014,000 |
$189,000 | $1,950,000 |
$89,000 | $618,000 |
| Hispanic |
2,313 | $434,286,000 |
$187,000 | $1,000,000 |
$74,000 | $1,032,000 |
| Native Hawaiin or Other Pacific Islander |
26 | $4,876,000 |
$187,000 | $527,000 |
$73,000 | $182,000 |
| Not applicable |
3 | $6,900,000 |
$2,300,000 | $6,300,000 |
$0 | $0 |
| Not Provided |
204 | $45,154,000 |
$221,000 | $7,800,000 |
$98,000 | $521,000 |
| White |
3,619 | $761,512,000 |
$210,000 | $2,900,000 |
$100,000 | $1,963,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
7,372 | $1,487,321,000 |
$201,000 | $7,800,000 |
$93,000 | $1,963,000 |
| FHA-insured (Federal Housing Administration) |
266 | $44,691,000 |
$168,000 | $363,000 |
$58,000 | $264,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| VA-guaranteed (Veterans Administration) |
280 | $62,829,000 |
$224,000 | $410,000 |
$67,000 | $199,000 |
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| Application Approved But Not Accepted |
937 | $182,330,000 |
$194,000 | $2,470,000 |
$88,000 | $1,032,000 |
| Application Denied By Financial Institution |
175 | $31,550,000 |
$180,000 | $910,000 |
$86,000 | $283,000 |
| Application Withdrawn By Applicant |
440 | $95,945,000 |
$218,000 | $2,900,000 |
$98,000 | $1,908,000 |
| File Closed For Incompleteness |
22 | $4,345,000 |
$197,000 | $544,000 |
$64,000 | $234,000 |
| Loan Originated |
6,344 | $1,280,671,000 |
$201,000 | $7,800,000 |
$92,000 | $1,963,000 |
| 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 |
52 | $5,892,000 |
$113,000 | $368,000 |
$89,000 | $283,000 |
| Credit Application Incomplete |
6 | $1,082,000 |
$180,000 | $360,000 |
$135,000 | $270,000 |
| Credit History |
14 | $3,273,000 |
$233,000 | $828,000 |
$93,000 | $252,000 |
| Debt-To-Income Ratio |
10 | $2,086,000 |
$208,000 | $627,000 |
$68,000 | $194,000 |
| Employment History |
10 | $1,256,000 |
$125,000 | $273,000 |
$67,000 | $90,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
7 | $1,882,000 |
$268,000 | $640,000 |
$49,000 | $84,000 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
25 | $5,242,000 |
$209,000 | $602,000 |
$95,000 | $265,000 |
| Unverifiable Information |
43 | $9,180,000 |
$213,000 | $572,000 |
$84,000 | $168,000 |
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Mortgage Loan App Totals for RESOURCE BANK by:
Metropolitan Area And
County
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