Bank @Lantec Fka @Lantec Ffcu Mortgage Lending & HMDA Data, 2003
In 2003, Bank @Lantec Fka @Lantec Ffcu of Virginia Beach, VA reported 559 mortgage applications totaling $37.5 million. The average application was for $67,035, and applicants reported an average income of $66,375. 44% of its applications resulted in an originated loan and 26% were denied. Its largest markets were Norfolk-Virginia Beach-Newport News, VA-NC (537), Philadelphia, PA-NJ (2) and Hickory-Morganton-Lenoir, NC (1) (applications in parentheses).
| Mortgage Company & Address | Bank @Lantec Fka @Lantec Ffcu 501 S. Independence Blvd Virginia Beach, VA 23452 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2003 |
| Total Number of Mortgage Applications | 559 |
| Total Mortgage Loan Application Amount | $37,473,000 |
| Average Mortgage Loan Application Amount | $67,035 |
| Highest Mortgage Loan Application Amount | $450,000 |
| Average Applicant Income | $66,375 |
| Highest Applicant Income | $340,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Bank @Lantec Fka @Lantec Ffcu filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Virginia Beach, Virginia | 237 | $ 16,734,000 | $ 70,607 | $ 69,000 |
| Norfolk, Virginia | 129 | $ 7,546,000 | $ 58,496 | $ 62,000 |
| Chesapeake, Virginia | 111 | $ 7,411,000 | $ 66,765 | $ 70,000 |
| Portsmouth, Virginia | 24 | $ 1,545,000 | $ 64,375 | $ 52,000 |
| Suffolk, Virginia | 16 | $ 1,175,000 | $ 73,437 | $ 80,000 |
| Currituck, North Carolina | 7 | $ 212,000 | $ 30,285 | $ 58,000 |
| Hampton, Virginia | 7 | $ 492,000 | $ 70,285 | $ 61,000 |
| Isle of Wight, Virginia | 5 | $ 331,000 | $ 66,200 | $ 40,000 |
| Newport News, Virginia | 3 | $ 272,000 | $ 90,666 | $ 86,000 |
| York, Virginia | 3 | $ 280,000 | $ 93,333 | $ 59,000 |
| James City, Virginia | 2 | $ 75,000 | $ 37,500 | $ 62,000 |
| Prince William, Virginia | 2 | $ 180,000 | $ 90,000 | $ 63,000 |
| Southampton, Virginia | 2 | $ 225,000 | $ 112,500 | $ 74,000 |
| Stafford, Virginia | 2 | $ 361,000 | $ 180,500 | $ 78,000 |
| Flathead, Montana | 1 | $ 20,000 | $ 20,000 | $ 36,000 |
| Catawba, North Carolina | 1 | $ 115,000 | $ 115,000 | $ 40,000 |
| Dare, North Carolina | 1 | $ 60,000 | $ 60,000 | $ 58,000 |
| Pasquotank, North Carolina | 1 | $ 60,000 | $ 60,000 | $ 10,000 |
| Delaware, Pennsylvania | 1 | $ 40,000 | $ 40,000 | $ 23,000 |
| Philadelphia, Pennsylvania | 1 | $ 70,000 | $ 70,000 | $ 29,000 |
| York, South Carolina | 1 | $ 100,000 | $ 100,000 | $ 40,000 |
| Frederick, Virginia | 1 | $ 130,000 | $ 130,000 | $ 28,000 |
| Lynchburg, Virginia | 1 | $ 39,000 | $ 39,000 | $ 43,000 |
Mortgage Loan Application Detail Totals for Bank @Lantec Fka @Lantec Ffcu in 2003
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 (home purchase or home improvement, one-to-four family) | 288 | $24,291,000 | $62,200 | $450,000 | $43,000 | $340,000 |
| Home Improvement (one-to-four family) | 243 | $9,919,000 | $32,000 | $280,000 | $60,000 | $221,000 |
| Home Purchase (one-to-four family) | 28 | $3,263,000 | $94,000 | $310,000 | $42,000 | $123,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 277 | $17,910,000 | $39,000 | $450,000 | $56,333 | $340,000 |
| Information not provided by applicant in mail or telephone application | 154 | $11,334,000 | $73,500 | $310,000 | $42,500 | $196,000 |
| Black | 86 | $5,314,000 | $61,000 | $279,000 | $72,000 | $180,000 |
| Asian or Pacific Islander | 25 | $1,527,000 | $50,500 | $157,000 | $45,500 | $128,000 |
| Hispanic | 14 | $1,133,000 | $80,000 | $257,000 | $59,000 | $109,000 |
| Other | 3 | $255,000 | $85,000 | $150,000 | $46,000 | $63,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 559 | $37,473,000 | $57,200 | $450,000 | $43,600 | $340,000 |
| 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 |
|---|---|---|---|---|---|---|
| Loan Originated | 247 | $14,993,000 | $46,000 | $279,000 | $64,500 | $221,000 |
| Application Denied By Financial Institution | 147 | $9,851,000 | $59,600 | $450,000 | $40,200 | $340,000 |
| Application Withdrawn By Applicant | 130 | $10,029,000 | $48,500 | $280,000 | $51,500 | $174,000 |
| File Closed For Incompleteness | 30 | $2,109,000 | $61,000 | $310,000 | $84,000 | $180,000 |
| Application Approved But Not Accepted | 5 | $491,000 | $98,000 | $200,000 | $69,000 | $90,000 |
| 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 | 82 | $5,651,000 | $57,750 | $257,000 | $38,500 | $196,000 |
| Collateral | 32 | $2,205,000 | $64,000 | $450,000 | $44,750 | $340,000 |
| Debt-To-Income Ratio | 29 | $1,757,000 | $60,000 | $200,000 | $69,000 | $150,000 |
| Credit Application Incomplete | 2 | $180,000 | $90,000 | $160,000 | $25,000 | $50,000 |
| Unverifiable Information | 2 | $58,000 | $29,000 | $38,000 | $49,000 | $49,000 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Bank @Lantec Fka @Lantec Ffcu's 2003 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 Bank @Lantec Fka @Lantec Ffcu'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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