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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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SUMMIT MORTGAGE CORPORATION
Mortgage Loans and Application Details
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| Mortgage Company Name |
SUMMIT MORTGAGE CORPORATION |
| Address | 605 NORTH HIGHWAY 169, SUITE 700
PLYMOUTH, MN 55441 |
| Agency | Department of Housing and Urban Development (HUD) |
| Year | 2006 |
| All Data Years | 2003 2004 2005 2006 |
| Total Number of Mortgage Loan Applications Processed | 3,161 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $577,035,000 |
| Average Mortgage Loan Amount Applied For | $177,555 |
| Highest Mortgage Loan Amount Applied For | $1,391,000 |
| Average Applicant Income | $86,961 |
| Highest Applicant Income | $1,808,000 |
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| Home Improvement |
43 | $9,858,000 |
$229,000 | $645,000 |
$81,000 | $271,000 |
| Home Purchase |
2,120 | $363,004,000 |
$171,000 | $1,175,000 |
$82,000 | $1,808,000 |
| Refinancing |
998 | $204,173,000 |
$204,000 | $1,391,000 |
$83,000 | $1,006,000 |
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| American Indian or Alaskan Native |
11 | $1,355,000 |
$123,000 | $261,000 |
$69,000 | $120,000 |
| Asian |
97 | $19,455,000 |
$200,000 | $879,000 |
$85,000 | $360,000 |
| Black or African American |
338 | $55,551,000 |
$164,000 | $650,000 |
$78,000 | $405,000 |
| Hispanic |
204 | $39,623,000 |
$194,000 | $950,000 |
$83,000 | $474,000 |
| Native Hawaiin or Other Pacific Islander |
14 | $2,725,000 |
$194,000 | $417,000 |
$69,000 | $154,000 |
| Not applicable |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not Provided |
134 | $26,976,000 |
$201,000 | $1,175,000 |
$104,000 | $1,006,000 |
| White |
2,363 | $431,350,000 |
$182,000 | $1,391,000 |
$82,000 | $1,808,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
2,872 | $535,564,000 |
$186,000 | $1,391,000 |
$85,000 | $1,808,000 |
| FHA-insured (Federal Housing Administration) |
234 | $31,609,000 |
$135,000 | $368,000 |
$51,000 | $234,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
5 | $580,000 |
$116,000 | $169,000 |
$51,000 | $79,000 |
| VA-guaranteed (Veterans Administration) |
50 | $9,282,000 |
$185,000 | $348,000 |
$62,000 | $146,000 |
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| Application Approved But Not Accepted |
106 | $19,033,000 |
$179,000 | $564,000 |
$74,000 | $336,000 |
| Application Denied By Financial Institution |
50 | $8,382,000 |
$167,000 | $600,000 |
$65,000 | $211,000 |
| Application Withdrawn By Applicant |
332 | $61,379,000 |
$184,000 | $1,175,000 |
$85,000 | $1,006,000 |
| File Closed For Incompleteness |
66 | $9,274,000 |
$140,000 | $420,000 |
$75,000 | $330,000 |
| Loan Originated |
2,536 | $464,568,000 |
$183,000 | $1,391,000 |
$83,000 | $1,808,000 |
| Loan Purchased By The Institution |
71 | $14,399,000 |
$202,000 | $975,000 |
$77,000 | $703,000 |
| 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 | $169,000 |
$84,000 | $127,000 |
$21,000 | $42,000 |
| Credit Application Incomplete |
1 | $193,000 |
$193,000 | $193,000 |
$65,000 | $65,000 |
| Credit History |
10 | $2,579,000 |
$257,000 | $600,000 |
$64,000 | $145,000 |
| Debt-To-Income Ratio |
1 | $158,000 |
$158,000 | $158,000 |
$31,000 | $31,000 |
| Employment History |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
2 | $297,000 |
$148,000 | $238,000 |
$116,000 | $116,000 |
| Unverifiable Information |
0 | $0 |
$0 | $0 |
$0 | $0 |
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Mortgage Loan App Totals for SUMMIT MORTGAGE CORPORATION by:
Metropolitan Area And
County
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