Commerce Bank, Delaware Mortgage Lending & HMDA Data, 2004
In 2004, Commerce Bank, Delaware of Cherry Hill, NJ reported 465 mortgage applications totaling $17.9 million, up 48% from 2003. The average application was for $38,511, and applicants reported an average income of $65,935. 31% of its applications resulted in an originated loan and 58% were denied. Its largest markets were Wilmington, DE-MD-NJ (417), Dover, DE (14) and Philadelphia, PA (6) (applications in parentheses).
| Mortgage Company & Address | Commerce Bank, Delaware 1701 Route 70 East Cherry Hill, NJ 08034 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2004 2003 |
| Total Number of Mortgage Applications | 465 |
| Total Mortgage Loan Application Amount | $17,908,000 |
| Average Mortgage Loan Application Amount | $38,511 |
| Highest Mortgage Loan Application Amount | $788,000 |
| Average Applicant Income | $65,935 |
| Highest Applicant Income | $480,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Commerce Bank, Delaware filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Wilmington, DE-MD-NJ | 417 | $ 15,457,000 | $ 37,067 | $ 67,000 |
| Dover, DE | 14 | $ 737,000 | $ 52,642 | $ 48,000 |
| Philadelphia, PA | 6 | $ 491,000 | $ 81,833 | $ 80,000 |
| Camden, NJ | 3 | $ 205,000 | $ 68,333 | $ 80,000 |
| Ocean City, NJ | 2 | $ 220,000 | $ 110,000 | $ 53,000 |
| Danville, VA | 1 | $ 65,000 | $ 65,000 | $ 60,000 |
| Edison, NJ | 1 | $ 10,000 | $ 10,000 | $ 120,000 |
| Harrisburg-Carlisle, PA | 1 | $ 25,000 | $ 25,000 | $ 100,000 |
| Nassau-Suffolk, NY | 1 | $ 25,000 | $ 25,000 | $ 36,000 |
| Salisbury, MD | 1 | $ 6,000 | $ 6,000 | $ 48,000 |
| San Diego-Carlsbad-San Marcos, CA | 1 | $ 22,000 | $ 22,000 | $ 50,000 |
Mortgage Loan Application Detail Totals for Commerce Bank, Delaware 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 |
|---|---|---|---|---|---|---|
| Home Improvement | 345 | $7,761,000 | $30,600 | $200,000 | $75,600 | $260,000 |
| Refinancing | 69 | $4,831,000 | $70,750 | $350,000 | $78,000 | $480,000 |
| Home Purchase | 51 | $5,316,000 | $59,500 | $788,000 | $55,333 | $290,000 |
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 | 282 | $10,348,000 | $47,600 | $400,000 | $84,800 | $480,000 |
| Black or African American | 88 | $2,280,000 | $23,250 | $180,000 | $60,000 | $152,000 |
| Not Provided | 62 | $1,682,000 | $26,857 | $160,000 | $63,285 | $148,000 |
| Not applicable | 15 | $3,124,000 | $274,000 | $788,000 | $47,000 | $290,000 |
| Hispanic | 11 | $345,000 | $31,000 | $160,000 | $69,000 | $216,000 |
| American Indian or Alaskan Native | 3 | $9,000 | $2,500 | $5,000 | $34,000 | $42,000 |
| Asian | 2 | $65,000 | $32,000 | $45,000 | $143,000 | $226,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $55,000 | $27,000 | $50,000 | $39,000 | $52,000 |
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) | 465 | $17,908,000 | $40,555 | $788,000 | $60,333 | $480,000 |
| 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 |
|---|---|---|---|---|---|---|
| Application Denied By Financial Institution | 270 | $7,581,000 | $34,888 | $365,000 | $54,555 | $216,000 |
| Loan Originated | 143 | $6,619,000 | $40,250 | $788,000 | $85,500 | $480,000 |
| Application Approved But Not Accepted | 48 | $3,047,000 | $55,250 | $750,000 | $126,750 | $288,000 |
| Application Withdrawn By Applicant | 4 | $661,000 | $172,000 | $350,000 | $86,666 | $165,000 |
| 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 | 190 | $3,956,000 | $21,000 | $160,000 | $82,400 | $216,000 |
| Debt-To-Income Ratio | 55 | $2,080,000 | $40,333 | $365,000 | $48,666 | $100,000 |
| Collateral | 10 | $556,000 | $37,500 | $225,000 | $38,500 | $73,000 |
| Other | 8 | $437,000 | $59,000 | $180,000 | $69,500 | $140,000 |
| Employment History | 4 | $172,000 | $43,000 | $85,000 | $37,000 | $65,000 |
| Unverifiable Information | 2 | $145,000 | $72,000 | $100,000 | $137,000 | $152,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $235,000 | $235,000 | $235,000 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Commerce Bank, Delaware'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 Commerce Bank, Delaware'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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