Commerce Bank, NA Mortgage Lending & HMDA Data, 2008
In 2008, Commerce Bank, NA of Cherry Hill, NJ reported 10,877 mortgage applications totaling $1.2 billion, down 67% from 2007. The average application was for $112,952, and applicants reported an average income of $99,718. 43% of its applications resulted in an originated loan and 42% were denied. Its largest markets were Philadelphia, PA (2,128), Camden, NJ (2,010) and New York-White Plains-Wayne, NY-NJ (1,771) (applications in parentheses).
| Mortgage Company & Address | Commerce Bank, NA 2059 Spingdale Road Cherry Hill, NJ 08003 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 10,877 |
| Total Mortgage Loan Application Amount | $1,228,589,000 |
| Average Mortgage Loan Application Amount | $112,952 |
| Highest Mortgage Loan Application Amount | $30,000,000 |
| Average Applicant Income | $99,718 |
| Highest Applicant Income | $4,776,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Commerce Bank, NA filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Philadelphia, PA | 2,128 | $ 181,740,000 | $ 85,404 | $ 87,000 |
| Camden, NJ | 2,010 | $ 147,359,000 | $ 73,312 | $ 91,000 |
| New York-White Plains-Wayne, NY-NJ | 1,771 | $ 287,520,000 | $ 162,348 | $ 115,033 |
| Edison-New Brunswick, NJ | 1,566 | $ 179,445,000 | $ 114,588 | $ 97,000 |
| Nassau-Suffolk, NY | 720 | $ 126,615,000 | $ 175,854 | $ 121,000 |
| Newark-Union, NJ-PA | 609 | $ 85,250,000 | $ 139,983 | $ 114,133 |
| Atlantic City-Hammonton, NJ | 367 | $ 29,019,000 | $ 79,070 | $ 80,000 |
| Wilmington, DE-MD-NJ | 285 | $ 23,051,000 | $ 80,880 | $ 78,757 |
| Trenton-Ewing, NJ | 142 | $ 12,502,000 | $ 88,042 | $ 95,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 128 | $ 9,153,000 | $ 71,507 | $ 85,898 |
| Ocean City, NJ | 120 | $ 20,090,000 | $ 167,416 | $ 174,000 |
| Vineland-Millville-Bridgeton, NJ | 116 | $ 5,954,000 | $ 51,327 | $ 66,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 114 | $ 18,265,000 | $ 160,219 | $ 144,508 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 88 | $ 14,981,000 | $ 170,238 | $ 128,000 |
| Dover, DE | 59 | $ 3,235,000 | $ 54,830 | $ 58,000 |
| Bridgeport-Stamford-Norwalk, CT | 45 | $ 11,315,000 | $ 251,444 | $ 164,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 44 | $ 8,290,000 | $ 188,409 | $ 174,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 38 | $ 3,972,000 | $ 104,526 | $ 95,000 |
| Reading, PA | 32 | $ 2,916,000 | $ 91,125 | $ 57,000 |
| Bethesda-Frederick-Gaithersburg, MD | 23 | $ 1,800,000 | $ 78,260 | $ 96,000 |
| Miami-Miami Beach-Kendall, FL | 19 | $ 5,799,000 | $ 305,210 | $ 259,000 |
| New Haven-Milford, CT | 18 | $ 1,446,000 | $ 80,333 | $ 96,000 |
| Baltimore-Towson, MD | 11 | $ 1,500,000 | $ 136,363 | $ 97,000 |
| Scranton--Wilkes-Barre, PA | 11 | $ 352,000 | $ 32,000 | $ 54,000 |
| Lancaster, PA | 9 | $ 579,000 | $ 64,333 | $ 101,000 |
| Orlando-Kissimmee, FL | 8 | $ 1,369,000 | $ 171,125 | $ 131,000 |
| Tampa-St. Petersburg-Clearwater, FL | 7 | $ 1,297,000 | $ 185,285 | $ 271,000 |
| Kingston, NY | 5 | $ 742,000 | $ 148,400 | $ 92,000 |
| Port St. Lucie, FL | 5 | $ 561,000 | $ 112,200 | $ 103,000 |
| Jacksonville, FL | 4 | $ 419,000 | $ 104,750 | $ 87,000 |
| Palm Bay-Melbourne-Titusville, FL | 4 | $ 695,000 | $ 173,750 | $ 108,000 |
| Richmond, VA | 4 | $ 524,000 | $ 131,000 | $ 114,000 |
| York-Hanover, PA | 4 | $ 410,000 | $ 102,500 | $ 55,000 |
| Atlanta-Sandy Springs-Marietta, GA | 3 | $ 627,000 | $ 209,000 | $ 93,000 |
| Bradenton-Sarasota-Venice, FL | 3 | $ 303,000 | $ 101,000 | $ 55,000 |
| Cape Coral-Fort Myers, FL | 3 | $ 383,000 | $ 127,666 | $ 133,000 |
| Charlotte-Gastonia-Concord, NC-SC | 3 | $ 262,000 | $ 87,333 | $ 119,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 3 | $ 395,000 | $ 131,666 | $ 62,000 |
| Harrisburg-Carlisle, PA | 3 | $ 314,000 | $ 104,666 | $ 77,000 |
| Hartford-West Hartford-East Hartford, CT | 3 | $ 179,000 | $ 59,666 | $ 112,000 |
| Palm Coast, FL | 3 | $ 650,000 | $ 216,666 | $ 121,000 |
| Rochester, NY | 3 | $ 127,000 | $ 42,333 | $ 101,000 |
| Worcester, MA | 3 | $ 144,000 | $ 48,000 | $ 77,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 2 | $ 500,000 | $ 250,000 | $ 637,000 |
| Albany-Schenectady-Troy, NY | 1 | $ 200,000 | $ 200,000 | $ 150,000 |
| Altoona, PA | 1 | $ 122,000 | $ 122,000 | $ 34,000 |
| Boulder, CO | 1 | $ 5,000 | $ 5,000 | $ 12,000 |
| Buffalo-Niagara Falls, NY | 1 | $ 248,000 | $ 248,000 | $ 74,000 |
| Burlington-South Burlington, VT | 1 | $ 15,000 | $ 15,000 | $ 72,000 |
| Charleston-North Charleston-Summerville, SC | 1 | $ 410,000 | $ 410,000 | $ 102,000 |
| Chicago-Naperville-Joliet, IL | 1 | $ 105,000 | $ 105,000 | $ 150,000 |
| Cleveland-Elyria-Mentor, OH | 1 | $ 6,000 | $ 6,000 | $ 79,000 |
| Dallas-Plano-Irving, TX | 1 | $ 25,000 | $ 25,000 | $ 441,000 |
| El Centro, CA | 1 | $ 1,000 | $ 1,000 | $ 55,000 |
| Glens Falls, NY | 1 | $ 76,000 | $ 76,000 | $ 54,000 |
| Hagerstown-Martinsburg, MD-WV | 1 | $ 34,000 | $ 34,000 | $ 27,000 |
| Houston-Sugar Land-Baytown, TX | 1 | $ 2,000 | $ 2,000 | $ 175,000 |
| Indianapolis-Carmel, IN | 1 | $ 270,000 | $ 270,000 | $ 65,000 |
| Ithaca, NY | 1 | $ 90,000 | $ 90,000 | $ 39,000 |
| Kansas City, MO-KS | 1 | $ 35,000 | $ 35,000 | $ 109,000 |
| Lakeland-Winter Haven, FL | 1 | $ 30,000 | $ 30,000 | $ 93,000 |
| Las Vegas-Paradise, NV | 1 | $ 175,000 | $ 175,000 | $ 72,000 |
| Lebanon, PA | 1 | $ 158,000 | $ 158,000 | $ 71,000 |
| Modesto, CA | 1 | $ 65,000 | $ 65,000 | $ 140,000 |
| Myrtle Beach-North Myrtle Beach-Conway, SC | 1 | $ 700,000 | $ 700,000 | $ 952,000 |
| Naples-Marco Island, FL | 1 | $ 125,000 | $ 125,000 | $ 176,000 |
| Norwich-New London, CT | 1 | $ 28,000 | $ 28,000 | $ 117,000 |
| Phoenix-Mesa-Scottsdale, AZ | 1 | $ 10,000 | $ 10,000 | $ 55,000 |
| Portland-South Portland-Biddeford, ME | 1 | $ 352,000 | $ 352,000 | $ 166,000 |
| Punta Gorda, FL | 1 | $ 280,000 | $ 280,000 | $ 250,000 |
| Rapid City, SD | 1 | $ 10,000 | $ 10,000 | $ 30,000 |
| San Francisco-San Mateo-Redwood City, CA | 1 | $ 415,000 | $ 415,000 | $ 225,000 |
| Sebastian-Vero Beach, FL | 1 | $ 257,000 | $ 257,000 | $ 234,000 |
| Utica-Rome, NY | 1 | $ 47,000 | $ 47,000 | $ 39,000 |
| Warren-Troy-Farmington Hills, MI | 1 | $ 90,000 | $ 90,000 | $ 188,000 |
| Wilmington, NC | 1 | $ 285,000 | $ 285,000 | $ 69,000 |
| Winchester, VA-WV | 1 | $ 60,000 | $ 60,000 | $ 114,000 |
Mortgage Loan Application Detail Totals for Commerce Bank, NA in 2008
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 | 5,549 | $279,743,000 | $50,000 | $11,000,000 | $88,000 | $1,767,000 |
| Refinancing | 3,415 | $530,818,000 | $155,000 | $7,300,000 | $113,000 | $4,776,000 |
| Home Purchase | 1,913 | $418,028,000 | $218,000 | $30,000,000 | $110,000 | $3,500,000 |
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 | 7,282 | $783,986,000 | $107,000 | $4,800,000 | $105,000 | $4,776,000 |
| Not Provided | 1,396 | $145,526,000 | $104,000 | $2,870,000 | $108,000 | $2,450,000 |
| Black or African American | 840 | $64,071,000 | $76,000 | $776,000 | $66,000 | $595,000 |
| Hispanic | 774 | $77,584,000 | $100,000 | $2,800,000 | $78,000 | $3,500,000 |
| Asian | 451 | $60,879,000 | $134,000 | $1,650,000 | $100,000 | $2,331,000 |
| Native Hawaiian or Other Pacific Islander | 49 | $5,938,000 | $121,000 | $620,000 | $99,000 | $512,000 |
| Not applicable | 45 | $87,608,000 | $1,946,000 | $30,000,000 | $0 | $0 |
| American Indian or Alaskan Native | 40 | $2,997,000 | $74,000 | $390,000 | $88,000 | $250,000 |
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) | 10,728 | $1,194,134,000 | $111,000 | $30,000,000 | $100,000 | $4,776,000 |
| FHA-insured (Federal Housing Administration) | 149 | $34,455,000 | $231,000 | $1,146,000 | $75,000 | $214,000 |
| 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 | 4,697 | $593,447,000 | $126,000 | $11,000,000 | $110,000 | $3,025,000 |
| Application Denied By Financial Institution | 4,551 | $366,470,000 | $80,000 | $7,000,000 | $80,000 | $1,209,000 |
| Application Approved But Not Accepted | 1,255 | $149,941,000 | $119,000 | $2,800,000 | $119,000 | $4,776,000 |
| Application Withdrawn By Applicant | 268 | $87,957,000 | $328,000 | $30,000,000 | $148,000 | $1,587,000 |
| File Closed For Incompleteness | 59 | $18,087,000 | $306,000 | $1,200,000 | $136,000 | $597,000 |
| Preapproval Denied by Financial Institution | 46 | $12,485,000 | $271,000 | $2,870,000 | $82,000 | $1,369,000 |
| Preapproval Approved but not Accepted | 1 | $202,000 | $202,000 | $202,000 | $49,000 | $49,000 |
| 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 | 2,577 | $139,331,000 | $54,000 | $2,870,000 | $72,000 | $1,369,000 |
| Debt-To-Income Ratio | 989 | $105,187,000 | $106,000 | $1,498,000 | $69,000 | $370,000 |
| Collateral | 596 | $77,175,000 | $129,000 | $2,100,000 | $114,000 | $1,209,000 |
| Other | 303 | $33,177,000 | $109,000 | $2,187,000 | $110,000 | $810,000 |
| Unverifiable Information | 56 | $6,930,000 | $123,000 | $700,000 | $108,000 | $480,000 |
| Employment History | 29 | $2,015,000 | $69,000 | $335,000 | $86,000 | $593,000 |
| Credit Application Incomplete | 17 | $974,000 | $57,000 | $220,000 | $55,000 | $107,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 15 | $11,058,000 | $737,000 | $7,000,000 | $135,000 | $685,000 |
| Mortgage Insurance Denied | 15 | $3,108,000 | $207,000 | $317,000 | $59,000 | $98,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Commerce Bank, NA's 2008 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, NA'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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