American Savings Credit Union Mortgage Lending & HMDA Data, 2007
In 2007, American Savings Credit Union of Memphis, TN reported 12 mortgage applications totaling $705,000, down 33% from 2006. The average application was for $58,750, and applicants reported an average income of $42,000. 33% of its applications resulted in an originated loan and 42% were denied. Its largest market was Memphis, TN-MS-AR (4).
| Mortgage Company & Address | American Savings Credit Union 3048 Harvester Lane Memphis, TN 38118 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 12 |
| Total Mortgage Loan Application Amount | $705,000 |
| Average Mortgage Loan Application Amount | $58,750 |
| Highest Mortgage Loan Application Amount | $125,000 |
| Average Applicant Income | $42,000 |
| Highest Applicant Income | $70,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records American Savings Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Crittenden, Arkansas | 2 | $ 93,000 | $ 46,500 | $ 57,000 |
| Shelby, Tennessee | 2 | $ 81,000 | $ 40,500 | $ 48,000 |
| Henderson, Tennessee | 1 | $ 81,000 | $ 81,000 | $ 65,000 |
Mortgage Loan Application Detail Totals for American Savings Credit Union in 2007
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 | 6 | $364,000 | $60,000 | $90,000 | $44,000 | $65,000 |
| Home Purchase | 5 | $309,000 | $61,000 | $125,000 | $37,000 | $70,000 |
| Home Improvement | 1 | $32,000 | $32,000 | $32,000 | $55,000 | $55,000 |
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 | 7 | $450,000 | $64,000 | $125,000 | $33,000 | $61,000 |
| White | 5 | $255,000 | $51,000 | $81,000 | $55,000 | $70,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 12 | $705,000 | $58,000 | $125,000 | $42,000 | $70,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 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 |
|---|---|---|---|---|---|---|
| Application Denied By Financial Institution | 5 | $248,000 | $49,000 | $90,000 | $27,000 | $55,000 |
| Loan Originated | 4 | $174,000 | $43,000 | $58,000 | $53,000 | $70,000 |
| File Closed For Incompleteness | 2 | $158,000 | $79,000 | $81,000 | $63,000 | $65,000 |
| Preapproval Denied by Financial Institution | 1 | $125,000 | $125,000 | $125,000 | $36,000 | $36,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Withdrawn By Applicant | 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 | 5 | $283,000 | $56,000 | $125,000 | $29,000 | $55,000 |
| Debt-To-Income Ratio | 1 | $90,000 | $90,000 | $90,000 | $25,000 | $25,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 American Savings Credit Union's 2007 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 American Savings Credit Union'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 Tennessee, download the full spreadsheet
with aggregated HMDA statistics today.
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