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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, LLC
Mortgage Loans and Application Details
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| Mortgage Company Name |
SUMMIT MORTGAGE, LLC |
| Address | 301 EDGEWATER PLACE #310
WAKEFIELD, MA 01880 |
| Agency | Department of Housing and Urban Development (HUD) |
| Year | 2006 |
| All Data Years | 2004 2005 2006 |
| Total Number of Mortgage Loan Applications Processed | 2,986 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $728,542,000 |
| Average Mortgage Loan Amount Applied For | $248,277 |
| Highest Mortgage Loan Amount Applied For | $1,680,000 |
| Average Applicant Income | $174,506 |
| Highest Applicant Income | $1,971,000 |
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| Home Improvement |
1 | $355,000 |
$355,000 | $355,000 |
$96,000 | $96,000 |
| Home Purchase |
1,919 | $455,081,000 |
$237,000 | $1,680,000 |
$152,000 | $1,971,000 |
| Refinancing |
1,067 | $273,342,000 |
$256,000 | $1,560,000 |
$145,000 | $1,288,000 |
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| American Indian or Alaskan Native |
4 | $1,579,000 |
$394,000 | $750,000 |
$408,000 | $900,000 |
| Asian |
67 | $17,928,000 |
$267,000 | $1,680,000 |
$127,000 | $734,000 |
| Black or African American |
61 | $11,422,000 |
$187,000 | $692,000 |
$104,000 | $419,000 |
| Hispanic |
91 | $20,634,000 |
$226,000 | $817,000 |
$118,000 | $360,000 |
| Native Hawaiin or Other Pacific Islander |
4 | $734,000 |
$183,000 | $364,000 |
$110,000 | $143,000 |
| Not applicable |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not Provided |
174 | $41,428,000 |
$238,000 | $1,410,000 |
$128,000 | $755,000 |
| White |
2,586 | $635,053,000 |
$245,000 | $1,560,000 |
$153,000 | $1,971,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
2,970 | $725,320,000 |
$244,000 | $1,680,000 |
$149,000 | $1,971,000 |
| FHA-insured (Federal Housing Administration) |
16 | $3,169,000 |
$198,000 | $342,000 |
$142,000 | $418,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| VA-guaranteed (Veterans Administration) |
1 | $289,000 |
$289,000 | $289,000 |
$73,000 | $73,000 |
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| Application Approved But Not Accepted |
88 | $22,215,000 |
$252,000 | $980,000 |
$164,000 | $1,055,000 |
| Application Denied By Financial Institution |
20 | $6,706,000 |
$335,000 | $1,500,000 |
$141,000 | $480,000 |
| Application Withdrawn By Applicant |
120 | $29,314,000 |
$244,000 | $1,350,000 |
$141,000 | $900,000 |
| File Closed For Incompleteness |
27 | $6,877,000 |
$254,000 | $1,000,000 |
$135,000 | $450,000 |
| Loan Originated |
2,730 | $663,325,000 |
$242,000 | $1,680,000 |
$149,000 | $1,971,000 |
| Loan Purchased By The Institution |
2 | $341,000 |
$170,000 | $284,000 |
$139,000 | $174,000 |
| 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 |
6 | $2,392,000 |
$398,000 | $1,500,000 |
$157,000 | $480,000 |
| Credit Application Incomplete |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit History |
1 | $239,000 |
$239,000 | $239,000 |
$72,000 | $72,000 |
| Debt-To-Income Ratio |
4 | $1,142,000 |
$285,000 | $434,000 |
$90,000 | $126,000 |
| Employment History |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) |
2 | $761,000 |
$380,000 | $676,000 |
$226,000 | $226,000 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Unverifiable Information |
3 | $835,000 |
$278,000 | $395,000 |
$129,000 | $161,000 |
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Mortgage Loan App Totals for SUMMIT MORTGAGE, LLC by:
Metropolitan Area And
County
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