Chicago, IL Metro Area Mortgage Lenders & HMDA Data, 2003
In 2003, lenders reported 1,492,464 mortgage applications in Chicago, IL metro area totaling $265.5 billion. The average application was for $177,922, and applicants reported an average income of $74,000. 52% of applications resulted in an originated loan and 12% were denied. The most active lender was Washington Mutual Bank, with 128,346 applications, followed by Countrywide Home Loans and Wells Fargo Home Mortgage.
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| Years | 2003 |
| Total Number of Mortgage Applications | 1,492,464 |
| Total Mortgage Loan Application Amount | $265,542,228,000 |
| Average Mortgage Loan Application Amount | $177,922 |
| Highest Mortgage Loan Application Amount | $90,000,000 |
| Average Applicant Income | $74,000 |
| Highest Applicant Income | $9,999,000 |
Top Mortgage Lenders in Chicago, IL Metro Area (2003)
Ranked by the number of mortgage applications each lender reported in Chicago, IL metro area in 2003.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Washington Mutual Bank Albion, NY |
128,346 | $24,936,747,000 | $194,000 | $55,000 |
| 2 | Countrywide Home Loans Westlake Village, CA |
89,456 | $16,668,059,000 | $186,000 | $65,000 |
| 3 | Wells Fargo Home Mortgage Des Moines, IA |
77,199 | $14,751,087,000 | $191,000 | $65,000 |
| 4 | Lasalle Bank NA Chicago, IL |
71,486 | $13,573,404,000 | $189,000 | $81,000 |
| 5 | Ameriquest Mortgage Company Orange, CA |
61,099 | $9,188,923,000 | $150,000 | $71,000 |
| 6 | Bank One, NA Utica, MI |
40,021 | $4,308,873,000 | $107,000 | $72,000 |
| 7 | Chase Manhattan Mortgage Corp Edison, NJ |
37,167 | $6,605,548,000 | $177,000 | $65,000 |
| 8 | Citimortgage, Inc Long Island City, NY |
31,359 | $6,296,876,000 | $200,000 | $81,000 |
| 9 | National City Mortgage Corpora Cleveland, OH |
29,918 | $5,529,386,000 | $184,000 | $56,000 |
| 10 | Gmac Mortgage LLC Ft. Washington, PA |
29,183 | $5,100,853,000 | $174,000 | $87,000 |
The tables below break down 2003 mortgage applications in Chicago, IL metro area by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Chicago, IL in 2003
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 (home purchase or home improvement, one-to-four family) | 1,118,648 | $197,329,251,000 | $176,000 | $11,500,000 | $74,000 | $9,999,000 |
| Home Purchase (one-to-four family) | 330,422 | $62,022,585,000 | $187,000 | $10,000,000 | $77,000 | $9,999,000 |
| Home Improvement (one-to-four family) | 37,431 | $1,645,496,000 | $43,000 | $15,435,000 | $76,000 | $9,999,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 5,963 | $4,544,896,000 | $762,000 | $90,000,000 | $0 | $65,000 |
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 | 814,814 | $151,198,736,000 | $185,000 | $15,435,000 | $84,000 | $9,999,000 |
| Information not provided by applicant in mail or telephone application | 168,511 | $27,904,848,000 | $165,000 | $17,000,000 | $81,000 | $9,999,000 |
| Hispanic | 148,513 | $22,284,462,000 | $150,000 | $3,330,000 | $55,000 | $7,181,000 |
| Not applicable | 135,723 | $29,930,477,000 | $220,000 | $90,000,000 | $30,000 | $9,999,000 |
| Black | 133,823 | $16,642,877,000 | $124,000 | $9,600,000 | $65,000 | $9,999,000 |
| Asian or Pacific Islander | 65,248 | $13,008,978,000 | $199,000 | $4,297,000 | $86,000 | $7,282,000 |
| Other | 21,969 | $3,940,974,000 | $179,000 | $5,530,000 | $85,000 | $7,620,000 |
| American Indian or Alaskan Native | 3,863 | $630,876,000 | $163,000 | $6,600,000 | $73,000 | $1,200,000 |
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) | 1,377,955 | $248,962,106,000 | $180,000 | $90,000,000 | $82,000 | $9,999,000 |
| FHA-insured (Federal Housing Administration) | 103,323 | $14,992,715,000 | $145,000 | $21,138,000 | $37,000 | $9,999,000 |
| VA-guaranteed (Veterans Administration) | 10,918 | $1,556,862,000 | $142,000 | $880,000 | $30,000 | $749,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 268 | $30,545,000 | $113,000 | $649,000 | $51,000 | $408,000 |
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 | 780,183 | $142,218,432,000 | $182,000 | $90,000,000 | $83,000 | $9,999,000 |
| Loan Purchased By The Institution | 315,417 | $60,899,329,000 | $193,000 | $10,000,000 | $53,000 | $9,704,000 |
| Application Denied By Financial Institution | 173,548 | $25,434,892,000 | $146,000 | $12,800,000 | $69,000 | $9,999,000 |
| Application Withdrawn By Applicant | 109,490 | $17,870,794,000 | $163,000 | $11,500,000 | $73,000 | $9,999,000 |
| Application Approved But Not Accepted | 88,119 | $14,460,446,000 | $164,000 | $40,000,000 | $75,000 | $9,999,000 |
| File Closed For Incompleteness | 25,707 | $4,658,335,000 | $181,000 | $3,500,000 | $75,000 | $9,999,000 |
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 |
|---|---|---|---|---|---|---|
| Credit History | 37,839 | $4,861,501,000 | $128,000 | $3,800,000 | $66,000 | $9,999,000 |
| Credit Application Incomplete | 30,465 | $4,735,981,000 | $155,000 | $9,600,000 | $76,000 | $3,200,000 |
| Other | 24,223 | $3,994,786,000 | $164,000 | $12,800,000 | $75,000 | $4,716,000 |
| Debt-To-Income Ratio | 20,468 | $3,024,613,000 | $147,000 | $4,566,000 | $55,000 | $7,020,000 |
| Collateral | 13,538 | $1,942,936,000 | $143,000 | $5,800,000 | $78,000 | $6,231,000 |
| Unverifiable Information | 11,886 | $2,232,647,000 | $187,000 | $3,000,000 | $79,000 | $4,715,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1,484 | $279,494,000 | $188,000 | $4,200,000 | $70,000 | $2,366,000 |
| Employment History | 1,298 | $213,379,000 | $164,000 | $1,375,000 | $70,000 | $1,185,000 |
| Mortgage Insurance Denied | 118 | $18,613,000 | $157,000 | $499,000 | $64,000 | $735,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) loan application records that lenders file with the FFIEC each year, and count every application (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
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