Essex County, NJ Mortgage Lenders & HMDA Data, 2006
In 2006, lenders reported 89,235 mortgage applications in Essex County, NJ totaling $21.5 billion, about the same as 2005. The average application was for $240,000, and applicants reported an average income of $100,000. 38% of applications resulted in an originated loan and 22% were denied. The most active lender was Countrywide Home Loans, with 4,951 applications, followed by Washington Mutual Bank and Wells Fargo Bank, NA.
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| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 89,235 |
| Total Mortgage Loan Application Amount | $21,499,470,000 |
| Average Mortgage Loan Application Amount | $240,000 |
| Highest Mortgage Loan Application Amount | $24,717,000 |
| Average Applicant Income | $100,000 |
| Highest Applicant Income | $7,308,000 |
Top Mortgage Lenders in Essex County, NJ (2006)
Ranked by the number of mortgage applications each lender reported in Essex County, NJ in 2006.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Countrywide Home Loans Westlake Village, CA |
4,951 | $1,348,456,000 | $272,000 | $105,000 |
| 2 | Washington Mutual Bank Albion, NY |
2,589 | $791,570,000 | $305,000 | $48,000 |
| 3 | Wells Fargo Bank, NA Winston-Salem, NC |
2,554 | $404,836,000 | $158,000 | $127,000 |
| 4 | Wells Fargo Bank, NA Des Moines, IA |
2,521 | $776,531,000 | $308,000 | $143,000 |
| 5 | Fremont Investment & Loan Brea, CA |
2,435 | $590,623,000 | $242,000 | $112,000 |
| 6 | Bank of America, N.A. Calabasas, CA |
2,342 | $568,410,000 | $242,000 | $82,000 |
| 7 | Ameriquest Mortgage Company Orange, CA |
2,308 | $590,065,000 | $255,000 | $129,000 |
| 8 | Wmc Mortgage Corp. Burbank, CA |
2,090 | $452,770,000 | $216,000 | $103,000 |
| 9 | JPMorgan Chase Bank, NA Columbus, OH |
2,079 | $525,398,000 | $252,000 | $103,000 |
| 10 | Indymac Bank, F.S.B. Pasadena, CA |
1,882 | $465,213,000 | $247,000 | $77,000 |
The tables below break down 2006 mortgage applications in Essex County, NJ by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Essex County, NJ in 2006
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 | 44,995 | $11,275,597,000 | $250,000 | $24,717,000 | $96,000 | $7,308,000 |
| Home Purchase | 37,439 | $9,514,896,000 | $254,000 | $14,963,000 | $106,000 | $4,700,000 |
| Home Improvement | 6,801 | $708,977,000 | $104,000 | $6,000,000 | $97,000 | $2,800,000 |
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 |
|---|---|---|---|---|---|---|
| Black or African American | 25,061 | $5,046,721,000 | $201,000 | $1,727,000 | $88,000 | $2,723,000 |
| White | 21,045 | $5,812,222,000 | $276,000 | $5,000,000 | $140,000 | $4,831,000 |
| Not Provided | 16,511 | $3,901,065,000 | $236,000 | $3,520,000 | $107,000 | $7,308,000 |
| Hispanic | 13,843 | $3,230,758,000 | $233,000 | $1,950,000 | $96,000 | $2,040,000 |
| Not applicable | 10,275 | $2,850,475,000 | $277,000 | $24,717,000 | $34,000 | $4,312,000 |
| Asian | 1,898 | $511,264,000 | $269,000 | $2,000,000 | $133,000 | $4,312,000 |
| Native Hawaiian or Other Pacific Islander | 342 | $92,753,000 | $271,000 | $3,000,000 | $106,000 | $1,224,000 |
| American Indian or Alaskan Native | 260 | $54,212,000 | $208,000 | $1,000,000 | $110,000 | $510,000 |
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) | 86,920 | $20,871,346,000 | $240,000 | $24,717,000 | $101,000 | $7,308,000 |
| FHA-insured (Federal Housing Administration) | 2,248 | $612,324,000 | $272,000 | $23,279,000 | $66,000 | $344,000 |
| VA-guaranteed (Veterans Administration) | 62 | $14,845,000 | $239,000 | $417,000 | $66,000 | $164,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 5 | $955,000 | $191,000 | $450,000 | $123,000 | $468,000 |
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 | 33,596 | $8,407,045,000 | $250,000 | $24,717,000 | $116,000 | $4,700,000 |
| Application Denied By Financial Institution | 19,538 | $4,328,366,000 | $221,000 | $3,800,000 | $96,000 | $3,081,000 |
| Loan Purchased By The Institution | 15,923 | $3,995,650,000 | $250,000 | $23,279,000 | $57,000 | $4,312,000 |
| Application Withdrawn By Applicant | 10,443 | $2,527,040,000 | $241,000 | $7,500,000 | $107,000 | $3,120,000 |
| Application Approved But Not Accepted | 6,901 | $1,522,137,000 | $220,000 | $3,520,000 | $115,000 | $4,831,000 |
| File Closed For Incompleteness | 2,827 | $717,054,000 | $253,000 | $5,000,000 | $112,000 | $7,308,000 |
| Preapproval Denied by Financial Institution | 4 | $1,171,000 | $292,000 | $410,000 | $53,000 | $74,000 |
| Preapproval Approved but not Accepted | 3 | $1,007,000 | $335,000 | $780,000 | $152,000 | $216,000 |
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 | 3,284 | $585,870,000 | $178,000 | $1,700,000 | $90,000 | $1,749,000 |
| Other | 2,810 | $738,567,000 | $262,000 | $3,800,000 | $109,000 | $1,960,000 |
| Debt-To-Income Ratio | 2,283 | $487,863,000 | $213,000 | $2,518,000 | $75,000 | $1,032,000 |
| Collateral | 1,691 | $401,965,000 | $237,000 | $2,100,000 | $109,000 | $3,081,000 |
| Credit Application Incomplete | 1,646 | $413,129,000 | $250,000 | $3,800,000 | $112,000 | $2,543,000 |
| Unverifiable Information | 766 | $187,366,000 | $244,000 | $1,620,000 | $109,000 | $816,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 207 | $52,404,000 | $253,000 | $1,000,000 | $109,000 | $500,000 |
| Employment History | 125 | $24,425,000 | $195,000 | $656,000 | $96,000 | $720,000 |
| Mortgage Insurance Denied | 11 | $2,679,000 | $243,000 | $444,000 | $77,000 | $132,000 |
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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