Cherryville Federal S & L Assn Mortgage Lending & HMDA Data, 2007
In 2007, Cherryville Federal S & L Assn of Cherryville, NC reported 164 mortgage applications totaling $16.1 million, down 6% from 2006. The average application was for $98,201, and applicants reported an average income of $84,420. 70% of its applications resulted in an originated loan and 16% were denied. Its largest market was Charlotte-Gastonia-Concord, NC-SC (107).
| 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 | 164 |
| Total Mortgage Loan Application Amount | $16,105,000 |
| Average Mortgage Loan Application Amount | $98,201 |
| Highest Mortgage Loan Application Amount | $540,000 |
| Average Applicant Income | $84,420 |
| Highest Applicant Income | $444,000 |
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records Cherryville Federal S & L Assn filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Charlotte-Gastonia-Concord, NC-SC | 107 | $ 9,770,000 | $ 91,308 | $ 66,000 |
Mortgage Loan Application Detail Totals for Cherryville Federal S & L Assn in 2007
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 | 95 | $8,766,000 | $92,000 | $540,000 | $76,000 | $225,000 |
| Refinancing | 68 | $7,291,000 | $107,000 | $356,000 | $97,000 | $444,000 |
| Home Improvement | 1 | $48,000 | $48,000 | $48,000 | $29,000 | $29,000 |
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 | 152 | $15,474,000 | $101,000 | $540,000 | $89,000 | $444,000 |
| Hispanic | 8 | $388,000 | $48,000 | $87,000 | $35,000 | $80,000 |
| Black or African American | 4 | $243,000 | $60,000 | $96,000 | $35,000 | $55,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
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) | 164 | $16,105,000 | $98,000 | $540,000 | $85,000 | $444,000 |
| 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 | 114 | $11,826,000 | $103,000 | $540,000 | $99,000 | $444,000 |
| Application Denied By Financial Institution | 27 | $2,207,000 | $81,000 | $312,000 | $36,000 | $113,000 |
| Application Withdrawn By Applicant | 23 | $2,072,000 | $90,000 | $315,000 | $71,000 | $160,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 22 | $1,640,000 | $74,000 | $193,000 | $37,000 | $113,000 |
| Debt-To-Income Ratio | 4 | $255,000 | $63,000 | $96,000 | $24,000 | $43,000 |
| Collateral | 1 | $312,000 | $312,000 | $312,000 | $60,000 | $60,000 |
| 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Cherryville Federal S & L Assn's 2007 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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