Best Mortgage Resource Mortgage Lending & HMDA Data, 2010
In 2010, Best Mortgage Resource of Metarie, LA reported 308 mortgage applications totaling $49.3 million, down 25% from 2009. The average application was for $160,129, and applicants reported an average income of $73,616. 63% of its applications resulted in an originated loan and 26% were denied. Its largest markets were New Orleans-Metairie-Kenner, LA (266), Baton Rouge, LA (19) and Houma-Bayou Cane-Thibodaux, LA (2) (applications in parentheses).
| Mortgage Company & Address | Best Mortgage Resource 4509 Veterans Memorial Blvd Suite A Metarie, LA 70006 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 |
| Total Number of Mortgage Applications | 308 |
| Total Mortgage Loan Application Amount | $49,320,000 |
| Average Mortgage Loan Application Amount | $160,129 |
| Highest Mortgage Loan Application Amount | $607,000 |
| Average Applicant Income | $73,616 |
| Highest Applicant Income | $1,055,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Best Mortgage Resource filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| New Orleans-Metairie-Kenner, LA | 266 | $ 43,513,000 | $ 163,582 | $ 77,000 |
| Baton Rouge, LA | 19 | $ 2,916,000 | $ 153,473 | $ 69,000 |
| Houma-Bayou Cane-Thibodaux, LA | 2 | $ 357,000 | $ 178,500 | $ 73,000 |
| Lake Charles, LA | 1 | $ 244,000 | $ 244,000 | $ 89,000 |
Mortgage Loan Application Detail Totals for Best Mortgage Resource in 2010
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 | 272 | $42,830,000 | $157,000 | $558,000 | $75,000 | $1,055,000 |
| Refinancing | 33 | $6,107,000 | $185,000 | $607,000 | $65,000 | $228,000 |
| Home Improvement | 3 | $383,000 | $127,000 | $155,000 | $43,000 | $66,000 |
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 | 191 | $32,981,000 | $172,000 | $607,000 | $77,000 | $840,000 |
| Black or African American | 82 | $12,008,000 | $146,000 | $383,000 | $74,000 | $1,055,000 |
| Hispanic | 17 | $2,575,000 | $151,000 | $277,000 | $57,000 | $120,000 |
| Asian | 9 | $1,376,000 | $152,000 | $296,000 | $61,000 | $151,000 |
| Not Provided | 8 | $182,000 | $22,000 | $149,000 | $49,000 | $102,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $198,000 | $198,000 | $198,000 | $52,000 | $52,000 |
| 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 172 | $25,889,000 | $150,000 | $286,000 | $59,000 | $254,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 98 | $16,836,000 | $171,000 | $607,000 | $105,000 | $1,055,000 |
| VA-guaranteed (Veterans Administration) | 22 | $4,133,000 | $187,000 | $283,000 | $71,000 | $122,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 16 | $2,462,000 | $153,000 | $209,000 | $49,000 | $72,000 |
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 |
|---|---|---|---|---|---|---|
| Loan Originated | 194 | $33,083,000 | $170,000 | $607,000 | $75,000 | $1,055,000 |
| Application Denied By Financial Institution | 81 | $11,898,000 | $146,000 | $530,000 | $78,000 | $840,000 |
| Application Withdrawn By Applicant | 33 | $4,339,000 | $131,000 | $383,000 | $59,000 | $192,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 20 | $2,782,000 | $139,000 | $322,000 | $43,000 | $120,000 |
| Credit History | 17 | $2,274,000 | $133,000 | $310,000 | $62,000 | $161,000 |
| Collateral | 13 | $2,618,000 | $201,000 | $530,000 | $119,000 | $375,000 |
| Unverifiable Information | 10 | $1,232,000 | $123,000 | $180,000 | $49,000 | $101,000 |
| Other | 9 | $1,044,000 | $116,000 | $155,000 | $63,000 | $159,000 |
| Credit Application Incomplete | 7 | $871,000 | $124,000 | $207,000 | $94,000 | $228,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 4 | $693,000 | $173,000 | $218,000 | $74,000 | $109,000 |
| Employment History | 1 | $384,000 | $384,000 | $384,000 | $840,000 | $840,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Best Mortgage Resource's 2010 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 Best Mortgage Resource'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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