1st Choice Mortgage/Equity Cor Mortgage Lending & HMDA Data, 2005
In 2005, 1st Choice Mortgage/Equity Cor of Columbia, SC reported 11,070 mortgage applications totaling $1.2 billion, down 9% from 2004. The average application was for $104,743, and applicants reported an average income of $47,500. 15% of its applications resulted in an originated loan and 19% were denied. Its largest markets were Columbia, SC (1,030), Florence, SC (692) and Spartanburg, SC (335) (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 | 11,070 |
| Total Mortgage Loan Application Amount | $1,159,513,000 |
| Average Mortgage Loan Application Amount | $104,743 |
| Highest Mortgage Loan Application Amount | $1,180,000 |
| Average Applicant Income | $47,500 |
| Highest Applicant Income | $8,967,000 |
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records 1st Choice Mortgage/Equity Cor filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2005
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 | 8,169 | $820,972,000 | $87,105 | $1,180,000 | $72,842 | $8,967,000 |
| Refinancing | 2,891 | $337,644,000 | $139,421 | $935,000 | $66,894 | $1,212,000 |
| Home Improvement | 10 | $897,000 | $126,000 | $209,000 | $59,000 | $81,000 |
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 | 7,071 | $784,805,000 | $123,869 | $1,180,000 | $71,434 | $8,967,000 |
| Black or African American | 3,532 | $323,535,000 | $94,833 | $800,000 | $102,750 | $1,212,000 |
| Hispanic | 321 | $32,131,000 | $123,500 | $370,000 | $42,333 | $480,000 |
| Asian | 131 | $17,573,000 | $118,833 | $462,000 | $48,666 | $240,000 |
| American Indian or Alaskan Native | 12 | $1,180,000 | $87,750 | $247,000 | $34,500 | $90,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $289,000 | $110,500 | $153,000 | $27,500 | $66,000 |
| 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) | 10,514 | $1,104,276,000 | $110,708 | $1,180,000 | $64,666 | $8,967,000 |
| FHA-insured (Federal Housing Administration) | 296 | $27,154,000 | $94,000 | $257,000 | $39,250 | $247,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 160 | $15,722,000 | $101,000 | $301,000 | $33,500 | $80,000 |
| VA-guaranteed (Veterans Administration) | 100 | $12,361,000 | $142,000 | $291,000 | $68,285 | $108,000 |
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 | 3,300 | $308,290,000 | $87,857 | $899,000 | $36,857 | $1,697,000 |
| Application Withdrawn By Applicant | 2,152 | $247,598,000 | $133,333 | $1,180,000 | $63,733 | $6,645,000 |
| Application Denied By Financial Institution | 2,150 | $212,908,000 | $129,428 | $1,000,000 | $77,142 | $1,212,000 |
| Loan Originated | 1,649 | $182,538,000 | $121,909 | $717,000 | $66,545 | $600,000 |
| File Closed For Incompleteness | 1,177 | $129,459,000 | $122,357 | $900,000 | $91,357 | $8,967,000 |
| Preapproval Approved but not Accepted | 471 | $55,564,000 | $128,571 | $700,000 | $55,285 | $624,000 |
| Application Approved But Not Accepted | 171 | $23,156,000 | $114,875 | $737,000 | $53,875 | $443,000 |
| 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 | 3,807 | $349,071,000 | $96,900 | $899,000 | $40,300 | $1,697,000 |
| Debt-To-Income Ratio | 654 | $66,684,000 | $130,000 | $935,000 | $42,375 | $288,000 |
| Credit Application Incomplete | 315 | $36,734,000 | $122,714 | $798,000 | $138,571 | $1,152,000 |
| Other | 213 | $23,491,000 | $115,888 | $1,000,000 | $71,555 | $1,032,000 |
| Collateral | 209 | $19,692,000 | $119,500 | $427,000 | $104,750 | $1,212,000 |
| Unverifiable Information | 92 | $9,285,000 | $101,833 | $583,000 | $61,500 | $200,000 |
| Employment History | 74 | $7,379,000 | $111,250 | $396,000 | $48,750 | $138,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 61 | $5,962,000 | $134,000 | $428,000 | $60,000 | $276,000 |
| Mortgage Insurance Denied | 1 | $91,000 | $91,000 | $91,000 | $24,000 | $24,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into 1st Choice Mortgage/Equity Cor's 2005 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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