Cherryville Federal S & L Assn Mortgage Lending & HMDA Data, 2003
In 2003, Cherryville Federal S & L Assn of Cherryville, NC reported 206 mortgage applications totaling $17.2 million. The average application was for $83,538, and applicants reported an average income of $50,038. 80% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Charlotte-Gastonia-Rock Hill, NC-SC (169) and Hickory-Morganton-Lenoir, NC (1).
| Mortgage Company & Address | Cherryville Federal S & L Assn 100 W Main St, Po Box 369 Cherryville, NC 28201 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 206 |
| Total Mortgage Loan Application Amount | $17,209,000 |
| Average Mortgage Loan Application Amount | $83,538 |
| Highest Mortgage Loan Application Amount | $500,000 |
| Average Applicant Income | $50,038 |
| Highest Applicant Income | $314,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Cherryville Federal S & L Assn filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Gaston, North Carolina | 149 | $ 12,692,000 | $ 85,181 | $ 47,000 |
| Cleveland, North Carolina | 36 | $ 2,664,000 | $ 74,000 | $ 66,000 |
| Lincoln, North Carolina | 20 | $ 1,633,000 | $ 81,650 | $ 42,000 |
| Catawba, North Carolina | 1 | $ 220,000 | $ 220,000 | $ 81,000 |
Mortgage Loan Application Detail Totals for Cherryville Federal S & L Assn 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) | 146 | $11,064,000 | $75,000 | $283,000 | $48,000 | $314,000 |
| Home Purchase (one-to-four family) | 60 | $6,145,000 | $102,000 | $500,000 | $55,000 | $314,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 0 | $0 | $0 | $0 | $0 | $0 |
| Home Improvement (one-to-four family) | 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 | 189 | $15,850,000 | $83,000 | $450,000 | $56,000 | $314,000 |
| Black | 12 | $1,083,000 | $90,000 | $500,000 | $49,000 | $140,000 |
| Hispanic | 2 | $177,000 | $88,000 | $97,000 | $33,000 | $37,000 |
| Asian or Pacific Islander | 2 | $79,000 | $39,000 | $50,000 | $35,000 | $47,000 |
| Not applicable | 1 | $20,000 | $20,000 | $20,000 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Information not provided by applicant in mail or telephone application | 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) | 206 | $17,209,000 | $83,000 | $500,000 | $51,000 | $314,000 |
| 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 | 165 | $13,193,000 | $79,000 | $304,000 | $58,000 | $314,000 |
| Application Withdrawn By Applicant | 21 | $2,115,000 | $100,000 | $450,000 | $55,000 | $314,000 |
| Application Denied By Financial Institution | 20 | $1,901,000 | $95,000 | $500,000 | $40,000 | $92,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 12 | $926,000 | $77,000 | $132,000 | $44,000 | $70,000 |
| Debt-To-Income Ratio | 7 | $755,000 | $107,000 | $500,000 | $28,000 | $92,000 |
| Other | 1 | $220,000 | $220,000 | $220,000 | $81,000 | $81,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 Cherryville Federal S & L Assn'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 Cherryville Federal S & L Assn'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 North Carolina, download the full spreadsheet
with aggregated HMDA statistics today.
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