1st Choice Mortgage/Equity Cor Mortgage Lending & HMDA Data, 2004
In 2004, 1st Choice Mortgage/Equity Cor of Columbia, SC reported 12,159 mortgage applications totaling $1.2 billion, up 25% from 2003. The average application was for $98,202, and applicants reported an average income of $43,996. 14% of its applications resulted in an originated loan and 20% were denied. Its largest markets were Columbia, SC (794), Florence, SC (700) and Myrtle Beach-Conway-North Myrtle Beach, SC (343) (applications in parentheses).
| Mortgage Company & Address | 1st Choice Mortgage/Equity Cor 1021 Briargate Circle Columbia, SC 29210 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 12,159 |
| Total Mortgage Loan Application Amount | $1,194,050,000 |
| Average Mortgage Loan Application Amount | $98,202 |
| Highest Mortgage Loan Application Amount | $1,820,000 |
| Average Applicant Income | $43,996 |
| Highest Applicant Income | $1,920,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records 1st Choice Mortgage/Equity Cor filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
Mortgage Loan Application Detail Totals for 1st Choice Mortgage/Equity Cor in 2004
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 |
|---|---|---|---|---|---|---|
| Home Purchase | 8,854 | $849,540,000 | $132,823 | $1,512,000 | $58,294 | $1,920,000 |
| Refinancing | 3,303 | $344,423,000 | $134,294 | $1,820,000 | $57,705 | $1,140,000 |
| Home Improvement | 2 | $87,000 | $43,000 | $55,000 | $39,000 | $63,000 |
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 | 7,683 | $803,791,000 | $134,619 | $1,512,000 | $58,285 | $1,920,000 |
| Black or African American | 4,091 | $350,361,000 | $114,300 | $1,820,000 | $48,400 | $1,135,000 |
| Hispanic | 268 | $25,368,000 | $108,666 | $520,000 | $44,000 | $288,000 |
| Asian | 96 | $11,819,000 | $178,400 | $1,000,000 | $91,800 | $293,000 |
| Native Hawaiian or Other Pacific Islander | 13 | $1,658,000 | $117,666 | $600,000 | $34,333 | $126,000 |
| American Indian or Alaskan Native | 8 | $1,053,000 | $118,750 | $450,000 | $48,500 | $138,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
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) | 11,692 | $1,147,813,000 | $126,545 | $1,820,000 | $58,727 | $1,920,000 |
| FHA-insured (Federal Housing Administration) | 219 | $20,300,000 | $89,600 | $204,000 | $31,800 | $121,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 129 | $11,517,000 | $85,500 | $220,000 | $33,250 | $92,000 |
| VA-guaranteed (Veterans Administration) | 119 | $14,420,000 | $151,333 | $280,000 | $57,333 | $132,000 |
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 |
|---|---|---|---|---|---|---|
| Preapproval Denied by Financial Institution | 3,785 | $332,248,000 | $87,000 | $720,000 | $35,000 | $584,000 |
| Application Denied By Financial Institution | 2,492 | $231,820,000 | $131,285 | $1,820,000 | $52,714 | $840,000 |
| Application Withdrawn By Applicant | 2,477 | $263,246,000 | $132,142 | $1,250,000 | $56,142 | $1,140,000 |
| Loan Originated | 1,651 | $178,862,000 | $137,555 | $899,000 | $54,000 | $1,135,000 |
| File Closed For Incompleteness | 1,118 | $113,888,000 | $151,100 | $720,000 | $71,800 | $1,920,000 |
| Preapproval Approved but not Accepted | 388 | $45,408,000 | $117,000 | $1,000,000 | $57,000 | $439,000 |
| Application Approved But Not Accepted | 248 | $28,578,000 | $133,833 | $1,512,000 | $64,166 | $623,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 3,763 | $325,414,000 | $141,500 | $1,820,000 | $38,000 | $840,000 |
| Debt-To-Income Ratio | 765 | $69,658,000 | $186,625 | $1,000,000 | $53,875 | $288,000 |
| Collateral | 226 | $19,576,000 | $111,142 | $333,000 | $52,571 | $300,000 |
| Other | 161 | $16,057,000 | $92,333 | $460,000 | $58,111 | $354,000 |
| Credit Application Incomplete | 155 | $17,223,000 | $160,250 | $465,000 | $63,000 | $250,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 85 | $8,957,000 | $228,000 | $1,000,000 | $76,400 | $360,000 |
| Employment History | 75 | $6,176,000 | $75,600 | $160,000 | $30,600 | $96,000 |
| Unverifiable Information | 66 | $6,401,000 | $92,000 | $350,000 | $40,000 | $264,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into 1st Choice Mortgage/Equity Cor's 2004 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess 1st Choice Mortgage/Equity Cor's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
For a list of all lenders in South Carolina, download the full spreadsheet
with aggregated HMDA statistics today.
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