1st Service Bank Mortgage Lending & HMDA Data, 2004
In 2004, 1st Service Bank of McLean, VA reported 908 mortgage applications totaling $227.2 million, down 13% from 2003. The average application was for $250,201, and applicants reported an average income of $104,720. 87% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Bethesda-Frederick-Gaithersburg, MD (33), Washington-Arlington-Alexandria, DC-VA-MD-WV (29) and Baltimore-Towson, MD (17) (applications in parentheses).
| Mortgage Company & Address | 1st Service Bank 6830 Old Dominion Drive McLean, VA 22101 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 2004 2003 |
| Total Number of Mortgage Applications | 908 |
| Total Mortgage Loan Application Amount | $227,183,000 |
| Average Mortgage Loan Application Amount | $250,201 |
| Highest Mortgage Loan Application Amount | $938,000 |
| Average Applicant Income | $104,720 |
| Highest Applicant Income | $1,568,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records 1st Service Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Bethesda-Frederick-Gaithersburg, MD | 33 | $ 8,369,000 | $ 253,606 | $ 127,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 29 | $ 9,541,000 | $ 329,000 | $ 126,000 |
| Baltimore-Towson, MD | 17 | $ 4,101,000 | $ 241,235 | $ 90,000 |
| Richmond, VA | 10 | $ 1,667,000 | $ 166,700 | $ 87,000 |
| Winchester, VA-WV | 10 | $ 1,806,000 | $ 180,600 | $ 55,000 |
| Miami-Miami Beach-Kendall, FL | 4 | $ 784,000 | $ 196,000 | $ 191,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 4 | $ 717,000 | $ 179,250 | $ 55,000 |
| Essex County, MA | 3 | $ 418,000 | $ 139,333 | $ 147,000 |
| Atlanta-Sandy Springs-Marietta, GA | 2 | $ 557,000 | $ 278,500 | $ 265,000 |
| Burlington-South Burlington, VT | 2 | $ 171,000 | $ 85,500 | $ 123,000 |
| Charlotte-Gastonia-Concord, NC-SC | 2 | $ 461,000 | $ 230,500 | $ 120,000 |
| Charlottesville, VA | 2 | $ 460,000 | $ 230,000 | $ 239,000 |
| Edison, NJ | 2 | $ 360,000 | $ 180,000 | $ 64,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 2 | $ 270,000 | $ 135,000 | $ 111,000 |
| Hagerstown-Martinsburg, MD-WV | 2 | $ 212,000 | $ 106,000 | $ 306,000 |
| Wilmington, NC | 2 | $ 377,000 | $ 188,500 | $ 172,000 |
| Blacksburg-Christiansburg-Radford, VA | 1 | $ 163,000 | $ 163,000 | $ 85,000 |
| Charleston-North Charleston, SC | 1 | $ 276,000 | $ 276,000 | $ 191,000 |
| Colorado Springs, CO | 1 | $ 256,000 | $ 256,000 | $ 96,000 |
| Fayetteville, NC | 1 | $ 51,000 | $ 51,000 | $ 60,000 |
| Harrisonburg, VA | 1 | $ 99,000 | $ 99,000 | $ 128,000 |
| Jacksonville, FL | 1 | $ 235,000 | $ 235,000 | $ 248,000 |
| Lancaster, PA | 1 | $ 93,000 | $ 93,000 | $ 31,000 |
| Newark-Union, NJ-PA | 1 | $ 240,000 | $ 240,000 | $ 81,000 |
| Sarasota-Bradenton-Venice, FL | 1 | $ 270,000 | $ 270,000 | $ 171,000 |
| St. Louis, MO-IL | 1 | $ 305,000 | $ 305,000 | $ 473,000 |
| Tampa-St. Petersburg-Clearwater, FL | 1 | $ 228,000 | $ 228,000 | $ 56,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 1 | $ 94,000 | $ 94,000 | $ 835,000 |
Mortgage Loan Application Detail Totals for 1st Service Bank 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 | 563 | $139,260,000 | $207,800 | $775,000 | $159,400 | $1,080,000 |
| Refinancing | 326 | $83,719,000 | $262,375 | $938,000 | $116,000 | $1,568,000 |
| Home Improvement | 19 | $4,204,000 | $217,250 | $525,000 | $140,250 | $199,000 |
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 | 597 | $149,374,000 | $208,000 | $938,000 | $144,692 | $1,568,000 |
| Black or African American | 117 | $30,261,000 | $304,200 | $600,000 | $119,400 | $251,000 |
| Not Provided | 78 | $18,088,000 | $234,000 | $775,000 | $174,142 | $473,000 |
| Hispanic | 62 | $14,481,000 | $210,200 | $572,000 | $81,000 | $400,000 |
| Asian | 47 | $13,515,000 | $311,500 | $607,000 | $104,500 | $212,000 |
| American Indian or Alaskan Native | 6 | $1,202,000 | $233,666 | $334,000 | $75,333 | $94,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $262,000 | $262,000 | $262,000 | $62,000 | $62,000 |
| Not applicable | 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) | 903 | $226,277,000 | $210,125 | $938,000 | $155,187 | $1,568,000 |
| FHA-insured (Federal Housing Administration) | 4 | $756,000 | $189,000 | $211,000 | $69,000 | $85,000 |
| VA-guaranteed (Veterans Administration) | 1 | $150,000 | $150,000 | $150,000 | $47,000 | $47,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 793 | $199,341,000 | $225,714 | $931,000 | $172,285 | $1,568,000 |
| Application Denied By Financial Institution | 37 | $9,563,000 | $203,200 | $573,000 | $70,400 | $219,000 |
| Application Withdrawn By Applicant | 32 | $7,167,000 | $230,800 | $938,000 | $114,400 | $900,000 |
| Application Approved But Not Accepted | 26 | $6,136,000 | $269,500 | $600,000 | $131,166 | $440,000 |
| File Closed For Incompleteness | 20 | $4,976,000 | $260,250 | $553,000 | $78,750 | $160,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 | 21 | $5,742,000 | $248,500 | $512,000 | $93,000 | $187,000 |
| Debt-To-Income Ratio | 6 | $1,546,000 | $220,500 | $573,000 | $64,000 | $219,000 |
| Other | 4 | $1,125,000 | $224,000 | $416,000 | $81,000 | $168,000 |
| Unverifiable Information | 3 | $630,000 | $210,000 | $266,000 | $92,000 | $158,000 |
| Employment History | 2 | $335,000 | $167,500 | $184,000 | $34,500 | $37,000 |
| Mortgage Insurance Denied | 1 | $185,000 | $185,000 | $185,000 | $103,000 | $103,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into 1st Service Bank'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 Service Bank'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.
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with aggregated HMDA statistics today.
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