Cherryville Federal S & L Assn Mortgage Lending & HMDA Data, 2004
In 2004, Cherryville Federal S & L Assn of Cherryville, NC reported 178 mortgage applications totaling $14.8 million, down 14% from 2003. The average application was for $83,039, and applicants reported an average income of $57,921. 74% of its applications resulted in an originated loan and 16% were denied. Its largest market was Charlotte-Gastonia-Concord, NC-SC (130).
| 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 | 178 |
| Total Mortgage Loan Application Amount | $14,781,000 |
| Average Mortgage Loan Application Amount | $83,039 |
| Highest Mortgage Loan Application Amount | $312,000 |
| Average Applicant Income | $57,921 |
| Highest Applicant Income | $440,000 |
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records Cherryville Federal S & L Assn filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Cherryville Federal S & L Assn in 2004
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 | 90 | $7,733,000 | $85,000 | $312,000 | $51,000 | $150,000 |
| Home Purchase | 88 | $7,048,000 | $80,000 | $303,000 | $65,000 | $440,000 |
| 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 | 165 | $13,492,000 | $81,000 | $312,000 | $60,000 | $440,000 |
| Black or African American | 8 | $778,000 | $97,000 | $164,000 | $51,000 | $78,000 |
| Hispanic | 3 | $115,000 | $38,000 | $58,000 | $36,000 | $60,000 |
| Asian | 2 | $396,000 | $198,000 | $303,000 | $88,000 | $108,000 |
| American Indian or Alaskan Native | 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) | 178 | $14,781,000 | $83,000 | $312,000 | $58,000 | $440,000 |
| 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 | 132 | $11,458,000 | $86,000 | $312,000 | $66,000 | $440,000 |
| Application Denied By Financial Institution | 29 | $2,098,000 | $72,000 | $290,000 | $45,000 | $133,000 |
| Application Withdrawn By Applicant | 16 | $1,177,000 | $73,000 | $135,000 | $68,000 | $440,000 |
| Application Approved But Not Accepted | 1 | $48,000 | $48,000 | $48,000 | $45,000 | $45,000 |
| File Closed For Incompleteness | 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 | 16 | $1,053,000 | $65,000 | $135,000 | $42,000 | $108,000 |
| Debt-To-Income Ratio | 8 | $505,000 | $63,000 | $90,000 | $20,000 | $34,000 |
| Collateral | 3 | $173,000 | $57,000 | $69,000 | $71,000 | $98,000 |
| Other | 1 | $290,000 | $290,000 | $290,000 | $133,000 | $133,000 |
| Unverifiable Information | 1 | $77,000 | $77,000 | $77,000 | $1,000 | $1,000 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Cherryville Federal S & L Assn's 2004 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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