Beacon Credit Union Mortgage Lending & HMDA Data, 2024
In 2024, Beacon Credit Union of Lynchburg, VA reported 322 mortgage applications totaling $40.7 million, up 108% from 2023. The average application was for $126,304, and applicants reported an average income of $100,959. 56% of its applications resulted in an originated loan and 29% were denied. Its largest markets were Lynchburg, VA (190), Roanoke, VA (14) and Greensboro-High Point, NC (3) (applications in parentheses).
| Mortgage Company & Address | Beacon Credit Union 6320 Logans Ln Lynchburg, VA 24502 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 |
| Total Number of Mortgage Applications | 322 |
| Total Mortgage Loan Application Amount | $40,670,000 |
| Average Mortgage Loan Application Amount | $126,304 |
| Highest Mortgage Loan Application Amount | $2,005,000 |
| Average Applicant Income | $100,959 |
| Highest Applicant Income | $1,680,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Beacon Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Beacon Credit Union in 2024
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 Improvement | 106 | $6,140,000 | $57,000 | $225,000 | $120,000 | $1,680,000 |
| Other Purpose | 100 | $5,850,000 | $58,000 | $255,000 | $80,000 | $272,000 |
| Home Purchase | 65 | $18,385,000 | $282,000 | $2,005,000 | $105,000 | $262,000 |
| Cash-out Refinancing | 34 | $7,710,000 | $226,000 | $685,000 | $100,000 | $260,000 |
| Refinancing | 17 | $2,585,000 | $152,000 | $345,000 | $92,000 | $204,000 |
| Not Applicable | 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 | 222 | $20,580,000 | $92,000 | $535,000 | $100,000 | $1,668,000 |
| Not applicable | 45 | $15,455,000 | $343,000 | $2,005,000 | $0 | $0 |
| Black or African American | 35 | $2,705,000 | $77,000 | $625,000 | $73,000 | $260,000 |
| Not Provided | 11 | $845,000 | $76,000 | $225,000 | $224,000 | $1,680,000 |
| Hispanic | 4 | $230,000 | $57,000 | $105,000 | $70,000 | $87,000 |
| Asian | 3 | $485,000 | $161,000 | $255,000 | $101,000 | $150,000 |
| American Indian or Alaskan Native | 2 | $370,000 | $185,000 | $205,000 | $69,000 | $72,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 317 | $39,465,000 | $124,000 | $2,005,000 | $101,000 | $1,680,000 |
| FHA-insured (Federal Housing Administration) | 4 | $860,000 | $215,000 | $265,000 | $71,000 | $88,000 |
| VA-guaranteed (Veterans Administration) | 1 | $345,000 | $345,000 | $345,000 | $0 | $0 |
| 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 | 181 | $26,775,000 | $147,000 | $2,005,000 | $101,000 | $288,000 |
| Application Denied By Financial Institution | 94 | $7,600,000 | $80,000 | $345,000 | $68,000 | $202,000 |
| Application Withdrawn By Applicant | 32 | $3,290,000 | $102,000 | $395,000 | $140,000 | $1,668,000 |
| File Closed For Incompleteness | 9 | $605,000 | $67,000 | $175,000 | $262,000 | $1,680,000 |
| Application Approved But Not Accepted | 6 | $2,400,000 | $400,000 | $1,305,000 | $151,000 | $208,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 228 | $33,070,000 | $145,000 | $2,005,000 | $117,000 | $1,680,000 |
| Credit History | 33 | $2,665,000 | $80,000 | $345,000 | $63,000 | $150,000 |
| Collateral | 31 | $2,475,000 | $79,000 | $345,000 | $82,000 | $195,000 |
| Debt-To-Income Ratio | 24 | $2,070,000 | $86,000 | $255,000 | $52,000 | $126,000 |
| Other | 5 | $185,000 | $37,000 | $65,000 | $76,000 | $202,000 |
| Credit Application Incomplete | 1 | $205,000 | $205,000 | $205,000 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Beacon Credit Union's 2024 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 Beacon 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 Virginia, download the full spreadsheet
with aggregated HMDA statistics today.
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