Cherryville Federal S & L Assn Mortgage Lending & HMDA Data, 2005
In 2005, Cherryville Federal S & L Assn of Cherryville, NC reported 131 mortgage applications totaling $10.9 million, down 26% from 2004. The average application was for $83,183, and applicants reported an average income of $65,824. 73% of its applications resulted in an originated loan and 14% were denied. Its largest markets were Charlotte-Gastonia-Concord, NC-SC (79) and Hickory-Lenoir-Morganton, 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 | 131 |
| Total Mortgage Loan Application Amount | $10,897,000 |
| Average Mortgage Loan Application Amount | $83,183 |
| Highest Mortgage Loan Application Amount | $350,000 |
| Average Applicant Income | $65,824 |
| Highest Applicant Income | $462,000 |
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records Cherryville Federal S & L Assn filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 79 | $ 6,605,000 | $ 83,607 | $ 58,000 |
| Lincoln, North Carolina | 27 | $ 2,487,000 | $ 92,111 | $ 95,000 |
| Cleveland, North Carolina | 24 | $ 1,737,000 | $ 72,375 | $ 55,000 |
| Catawba, North Carolina | 1 | $ 68,000 | $ 68,000 | $ 80,000 |
Mortgage Loan Application Detail Totals for Cherryville Federal S & L Assn in 2005
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 | 75 | $5,754,000 | $76,000 | $281,000 | $53,000 | $275,000 |
| Home Purchase | 56 | $5,143,000 | $91,000 | $350,000 | $83,000 | $462,000 |
| Home Improvement | 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 | 121 | $10,312,000 | $85,000 | $350,000 | $69,000 | $462,000 |
| Black or African American | 7 | $416,000 | $59,000 | $111,000 | $57,000 | $78,000 |
| Hispanic | 3 | $169,000 | $56,000 | $92,000 | $56,000 | $67,000 |
| 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 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 131 | $10,897,000 | $83,000 | $350,000 | $67,000 | $462,000 |
| 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 | 95 | $8,015,000 | $84,000 | $350,000 | $72,000 | $275,000 |
| Application Denied By Financial Institution | 18 | $932,000 | $51,000 | $87,000 | $44,000 | $97,000 |
| Application Withdrawn By Applicant | 17 | $1,865,000 | $109,000 | $226,000 | $95,000 | $462,000 |
| File Closed For Incompleteness | 1 | $85,000 | $85,000 | $85,000 | $30,000 | $30,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 13 | $547,000 | $42,000 | $80,000 | $37,000 | $63,000 |
| Debt-To-Income Ratio | 4 | $298,000 | $74,000 | $82,000 | $48,000 | $97,000 |
| Other | 1 | $87,000 | $87,000 | $87,000 | $79,000 | $79,000 |
| 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 2005 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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