Commerce Bank, NA Mortgage Lending & HMDA Data, 2007
In 2007, Commerce Bank, NA of Cherry Hill, NJ reported 32,649 mortgage applications totaling $3.5 billion, about the same as 2006. The average application was for $106,414, and applicants reported an average income of $103,747. 49% of its applications resulted in an originated loan and 38% were denied. Its largest markets were Philadelphia, PA (6,662), Camden, NJ (6,458) and Edison, NJ (4,880) (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 | 32,649 |
| Total Mortgage Loan Application Amount | $3,474,322,000 |
| Average Mortgage Loan Application Amount | $106,414 |
| Highest Mortgage Loan Application Amount | $7,000,000 |
| Average Applicant Income | $103,747 |
| Highest Applicant Income | $9,999,000 |
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Act (HMDA) records Commerce Bank, NA filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 6,662 | $ 565,219,000 | $ 84,842 | $ 95,000 |
| Camden, NJ | 6,458 | $ 476,636,000 | $ 73,805 | $ 93,000 |
| Edison, NJ | 4,880 | $ 508,956,000 | $ 104,294 | $ 103,000 |
| New York-White Plains-Wayne, NY-NJ | 4,032 | $ 669,940,000 | $ 166,155 | $ 117,197 |
| Nassau-Suffolk, NY | 2,279 | $ 319,408,000 | $ 140,152 | $ 125,000 |
| Newark-Union, NJ-PA | 1,565 | $ 202,575,000 | $ 129,440 | $ 123,470 |
| Atlantic City, NJ | 1,320 | $ 106,104,000 | $ 80,381 | $ 84,000 |
| Wilmington, DE-MD-NJ | 1,092 | $ 63,564,000 | $ 58,208 | $ 80,357 |
| Ocean City, NJ | 514 | $ 89,431,000 | $ 173,990 | $ 158,000 |
| Trenton-Ewing, NJ | 459 | $ 49,916,000 | $ 108,749 | $ 98,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 414 | $ 50,583,000 | $ 122,181 | $ 120,434 |
| Allentown-Bethlehem-Easton, PA-NJ | 400 | $ 31,662,000 | $ 79,155 | $ 83,237 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 361 | $ 70,428,000 | $ 195,091 | $ 151,000 |
| Vineland-Millville-Bridgeton, NJ | 347 | $ 22,614,000 | $ 65,170 | $ 62,000 |
| Bridgeport-Stamford-Norwalk, CT | 149 | $ 36,806,000 | $ 247,020 | $ 315,000 |
| Dover, DE | 149 | $ 9,987,000 | $ 67,026 | $ 63,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 139 | $ 22,679,000 | $ 163,158 | $ 133,000 |
| Reading, PA | 79 | $ 7,415,000 | $ 93,860 | $ 71,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 63 | $ 7,285,000 | $ 115,634 | $ 94,000 |
| New Haven-Milford, CT | 51 | $ 4,877,000 | $ 95,627 | $ 91,000 |
| Miami-Miami Beach-Kendall, FL | 47 | $ 15,676,000 | $ 333,531 | $ 228,000 |
| Bethesda-Gaithersburg-Frederick, MD | 44 | $ 5,987,000 | $ 136,068 | $ 122,000 |
| Orlando-Kissimmee, FL | 31 | $ 4,331,000 | $ 139,709 | $ 120,000 |
| Baltimore-Towson, MD | 27 | $ 7,406,000 | $ 274,296 | $ 167,000 |
| Scranton--Wilkes-Barre, PA | 25 | $ 2,627,000 | $ 105,080 | $ 93,000 |
| Tampa-St. Petersburg-Clearwater, FL | 22 | $ 4,140,000 | $ 188,181 | $ 156,000 |
| Port St. Lucie, FL | 20 | $ 4,013,000 | $ 200,650 | $ 161,000 |
| Cape Coral-Fort Myers, FL | 19 | $ 3,180,000 | $ 167,368 | $ 218,000 |
| Harrisburg-Carlisle, PA | 18 | $ 1,984,000 | $ 110,222 | $ 74,000 |
| Lancaster, PA | 18 | $ 1,705,000 | $ 94,722 | $ 96,000 |
| Naples-Marco Island, FL | 18 | $ 6,128,000 | $ 340,444 | $ 343,000 |
| Albany-Schenectady-Troy, NY | 13 | $ 660,000 | $ 50,769 | $ 84,000 |
| Sarasota-Bradenton-Venice, FL | 13 | $ 3,429,000 | $ 263,769 | $ 188,000 |
| Kingston, NY | 9 | $ 1,830,000 | $ 203,333 | $ 159,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 9 | $ 1,538,000 | $ 170,888 | $ 95,000 |
| St. Louis, MO-IL | 9 | $ 224,000 | $ 24,888 | $ 63,000 |
| York-Hanover, PA | 9 | $ 731,000 | $ 81,222 | $ 64,000 |
| Boston-Quincy, MA | 8 | $ 905,000 | $ 113,125 | $ 100,000 |
| Richmond, VA | 8 | $ 1,925,000 | $ 240,625 | $ 102,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 8 | $ 1,185,000 | $ 148,125 | $ 129,000 |
| Hartford-West Hartford-East Hartford, CT | 7 | $ 681,000 | $ 97,285 | $ 119,000 |
| Atlanta-Sandy Springs-Marietta, GA | 6 | $ 352,000 | $ 58,666 | $ 71,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 5 | $ 414,000 | $ 82,800 | $ 83,000 |
| Pittsburgh, PA | 5 | $ 351,000 | $ 70,200 | $ 37,000 |
| State College, PA | 5 | $ 673,000 | $ 134,600 | $ 187,000 |
| Buffalo-Niagara Falls, NY | 4 | $ 110,000 | $ 27,500 | $ 81,000 |
| Charlotte-Gastonia-Concord, NC-SC | 4 | $ 843,000 | $ 210,750 | $ 115,000 |
| Glens Falls, NY | 4 | $ 995,000 | $ 248,750 | $ 197,000 |
| Palm Bay-Melbourne-Titusville, FL | 4 | $ 185,000 | $ 46,250 | $ 96,000 |
| Phoenix-Mesa-Scottsdale, AZ | 4 | $ 500,000 | $ 125,000 | $ 101,000 |
| Asheville, NC | 3 | $ 485,000 | $ 161,666 | $ 69,000 |
| Binghamton, NY | 3 | $ 300,000 | $ 100,000 | $ 92,000 |
| Chicago-Naperville-Joliet, IL | 3 | $ 236,000 | $ 78,666 | $ 294,000 |
| Lakeland, FL | 3 | $ 206,000 | $ 68,666 | $ 49,000 |
| Ocala, FL | 3 | $ 317,000 | $ 105,666 | $ 114,000 |
| Portland-South Portland-Biddeford, ME | 3 | $ 535,000 | $ 178,333 | $ 234,000 |
| Providence-New Bedford-Fall River, RI-MA | 3 | $ 804,000 | $ 268,000 | $ 252,000 |
| Punta Gorda, FL | 3 | $ 507,000 | $ 169,000 | $ 214,000 |
| Salisbury, MD | 3 | $ 239,000 | $ 79,666 | $ 60,000 |
| Sebastian-Vero Beach, FL | 3 | $ 495,000 | $ 165,000 | $ 92,000 |
| Syracuse, NY | 3 | $ 73,000 | $ 24,333 | $ 110,000 |
| Tallahassee, FL | 3 | $ 110,000 | $ 36,666 | $ 62,000 |
| Cambridge-Newton-Framingham, MA | 2 | $ 352,000 | $ 176,000 | $ 617,000 |
| Charlottesville, VA | 2 | $ 199,000 | $ 99,500 | $ 54,000 |
| Cincinnati-Middletown, OH-KY-IN | 2 | $ 77,000 | $ 38,500 | $ 54,000 |
| Denver-Aurora, CO | 2 | $ 1,112,000 | $ 556,000 | $ 149,000 |
| Hagerstown-Martinsburg, MD-WV | 2 | $ 127,000 | $ 63,500 | $ 69,500 |
| Jacksonville, FL | 2 | $ 90,000 | $ 45,000 | $ 55,000 |
| Johnstown, PA | 2 | $ 113,000 | $ 56,500 | $ 71,000 |
| Kansas City, MO-KS | 2 | $ 85,000 | $ 42,500 | $ 112,500 |
| Lebanon, PA | 2 | $ 144,000 | $ 72,000 | $ 90,000 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 6,970,000 | $ 3,485,000 | $ 1,648,000 |
| Palm Coast, FL | 2 | $ 195,000 | $ 97,500 | $ 110,000 |
| Spartanburg, SC | 2 | $ 271,000 | $ 135,500 | $ 35,000 |
| Utica-Rome, NY | 2 | $ 80,000 | $ 40,000 | $ 79,000 |
| Williamsport, PA | 2 | $ 210,000 | $ 105,000 | $ 180,000 |
| Wilmington, NC | 2 | $ 135,000 | $ 67,500 | $ 39,000 |
| Altoona, PA | 1 | $ 10,000 | $ 10,000 | $ 72,000 |
| Burlington, NC | 1 | $ 48,000 | $ 48,000 | $ 90,000 |
| Burlington-South Burlington, VT | 1 | $ 200,000 | $ 200,000 | $ 37,000 |
| Clarksville, TN-KY | 1 | $ 1,000 | $ 1,000 | $ 30,000 |
| Cleveland, TN | 1 | $ 96,000 | $ 96,000 | $ 111,000 |
| Cumberland, MD-WV | 1 | $ 40,000 | $ 40,000 | $ 148,000 |
| Danville, VA | 1 | $ 16,000 | $ 16,000 | $ 75,000 |
| Detroit-Livonia-Dearborn, MI | 1 | $ 5,000 | $ 5,000 | $ 50,000 |
| Erie, PA | 1 | $ 25,000 | $ 25,000 | $ 31,000 |
| Fayetteville, NC | 1 | $ 1,000 | $ 1,000 | $ 15,000 |
| Gary, IN | 1 | $ 608,000 | $ 608,000 | $ 0 |
| Goldsboro, NC | 1 | $ 15,000 | $ 15,000 | $ 14,000 |
| Grand Junction, CO | 1 | $ 40,000 | $ 40,000 | $ 43,000 |
| Grand Rapids-Wyoming, MI | 1 | $ 20,000 | $ 20,000 | $ 49,000 |
| Greensboro-High Point, NC | 1 | $ 4,000 | $ 4,000 | $ 55,000 |
| Harrisonburg, VA | 1 | $ 283,000 | $ 283,000 | $ 91,000 |
| Honolulu, HI | 1 | $ 50,000 | $ 50,000 | $ 26,000 |
| Houston-Sugar Land-Baytown, TX | 1 | $ 10,000 | $ 10,000 | $ 3,000 |
| Lake Havasu City-Kingman, AZ | 1 | $ 85,000 | $ 85,000 | $ 98,000 |
| Lansing-East Lansing, MI | 1 | $ 85,000 | $ 85,000 | $ 61,000 |
| Las Vegas-Paradise, NV | 1 | $ 292,000 | $ 292,000 | $ 75,000 |
| Midland, TX | 1 | $ 45,000 | $ 45,000 | $ 53,000 |
| Parkersburg-Marietta-Vienna, WV-OH | 1 | $ 60,000 | $ 60,000 | $ 180,000 |
| Rochester, NY | 1 | $ 15,000 | $ 15,000 | $ 70,000 |
| Rocky Mount, NC | 1 | $ 133,000 | $ 133,000 | $ 75,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 1 | $ 525,000 | $ 525,000 | $ 0 |
| San Diego-Carlsbad-San Marcos, CA | 1 | $ 250,000 | $ 250,000 | $ 110,000 |
| San Jose-Sunnyvale-Santa Clara, CA | 1 | $ 249,000 | $ 249,000 | $ 100,000 |
| Seattle-Bellevue-Everett, WA | 1 | $ 30,000 | $ 30,000 | $ 35,000 |
| Visalia-Porterville, CA | 1 | $ 280,000 | $ 280,000 | $ 100,000 |
| Winchester, VA-WV | 1 | $ 262,000 | $ 262,000 | $ 270,000 |
| Worcester, MA | 1 | $ 15,000 | $ 15,000 | $ 64,000 |
| Yauco, PR | 1 | $ 25,000 | $ 25,000 | $ 80,000 |
Mortgage Loan Application Detail Totals for Commerce Bank, NA 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 Improvement | 17,104 | $863,424,000 | $50,000 | $5,000,000 | $90,000 | $3,329,000 |
| Refinancing | 9,711 | $1,431,612,000 | $147,000 | $6,880,000 | $120,000 | $9,999,000 |
| Home Purchase | 5,834 | $1,179,286,000 | $202,000 | $7,000,000 | $117,000 | $9,999,000 |
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 | 21,728 | $2,344,228,000 | $107,000 | $6,920,000 | $110,000 | $9,999,000 |
| Not Provided | 4,217 | $478,537,000 | $113,000 | $6,500,000 | $115,000 | $9,999,000 |
| Black or African American | 2,636 | $187,289,000 | $71,000 | $1,100,000 | $67,000 | $1,104,000 |
| Hispanic | 2,408 | $220,317,000 | $91,000 | $3,400,000 | $73,000 | $949,000 |
| Asian | 1,310 | $171,962,000 | $131,000 | $1,340,000 | $104,000 | $1,317,000 |
| American Indian or Alaskan Native | 132 | $10,717,000 | $81,000 | $700,000 | $86,000 | $518,000 |
| Native Hawaiian or Other Pacific Islander | 127 | $11,161,000 | $87,000 | $600,000 | $85,000 | $670,000 |
| Not applicable | 91 | $50,111,000 | $550,000 | $7,000,000 | $13,000 | $188,000 |
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) | 32,483 | $3,438,685,000 | $105,000 | $7,000,000 | $104,000 | $9,999,000 |
| FHA-insured (Federal Housing Administration) | 166 | $35,637,000 | $214,000 | $536,000 | $73,000 | $222,000 |
| 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 | 16,022 | $1,868,990,000 | $116,000 | $6,920,000 | $116,000 | $9,999,000 |
| Application Denied By Financial Institution | 12,357 | $938,879,000 | $75,000 | $6,000,000 | $80,000 | $2,870,000 |
| Application Approved But Not Accepted | 3,429 | $471,830,000 | $137,000 | $4,300,000 | $122,000 | $9,770,000 |
| Application Withdrawn By Applicant | 583 | $126,895,000 | $217,000 | $7,000,000 | $153,000 | $9,999,000 |
| Loan Purchased By The Institution | 109 | $22,314,000 | $204,000 | $546,000 | $79,000 | $515,000 |
| File Closed For Incompleteness | 77 | $30,064,000 | $390,000 | $3,500,000 | $169,000 | $1,104,000 |
| Preapproval Denied by Financial Institution | 70 | $14,946,000 | $213,000 | $700,000 | $66,000 | $176,000 |
| Preapproval Approved but not Accepted | 2 | $404,000 | $202,000 | $309,000 | $48,000 | $50,000 |
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 | 6,921 | $350,887,000 | $50,000 | $6,000,000 | $71,000 | $2,870,000 |
| Debt-To-Income Ratio | 2,974 | $296,753,000 | $99,000 | $6,000,000 | $74,000 | $1,039,000 |
| Collateral | 1,240 | $168,012,000 | $135,000 | $3,240,000 | $121,000 | $1,437,000 |
| Other | 916 | $89,404,000 | $97,000 | $1,800,000 | $101,000 | $800,000 |
| Unverifiable Information | 209 | $32,049,000 | $153,000 | $975,000 | $151,000 | $2,580,000 |
| Employment History | 85 | $8,779,000 | $103,000 | $1,000,000 | $69,000 | $900,000 |
| Credit Application Incomplete | 60 | $4,347,000 | $72,000 | $500,000 | $63,000 | $237,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 21 | $3,564,000 | $169,000 | $417,000 | $73,000 | $226,000 |
| Mortgage Insurance Denied | 1 | $30,000 | $30,000 | $30,000 | $188,000 | $188,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Commerce Bank, NA'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 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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