Covenant Mortgage Lending & HMDA Data, 2010
In 2010, Covenant of Chicago, IL reported 129 mortgage applications totaling $18.4 million, down 53% from 2009. The average application was for $142,775, and applicants reported an average income of $66,689. 37% of its applications resulted in an originated loan and 28% were denied. Its largest markets were Chicago-Joliet-Naperville, IL (125), Gary, IN (1) and Lake County-Kenosha County, IL-WI (1) (applications in parentheses).
| Mortgage Company & Address | Covenant 1111 S Homan Chicago, IL 60624 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2012 2011 2010 2009 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 129 |
| Total Mortgage Loan Application Amount | $18,418,000 |
| Average Mortgage Loan Application Amount | $142,775 |
| Highest Mortgage Loan Application Amount | $653,000 |
| Average Applicant Income | $66,689 |
| Highest Applicant Income | $257,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Covenant filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Covenant in 2010
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 | 60 | $7,663,000 | $127,000 | $528,000 | $74,000 | $257,000 |
| Home Improvement | 46 | $5,919,000 | $128,000 | $653,000 | $76,000 | $216,000 |
| Refinancing | 23 | $4,836,000 | $210,000 | $493,000 | $29,000 | $79,000 |
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 |
|---|---|---|---|---|---|---|
| Black or African American | 80 | $8,337,000 | $104,000 | $349,000 | $65,000 | $197,000 |
| White | 29 | $4,708,000 | $162,000 | $528,000 | $91,000 | $257,000 |
| Not applicable | 12 | $4,010,000 | $334,000 | $513,000 | $0 | $0 |
| Asian | 3 | $900,000 | $300,000 | $653,000 | $98,000 | $185,000 |
| Hispanic | 2 | $129,000 | $64,000 | $69,000 | $99,000 | $160,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $256,000 | $128,000 | $160,000 | $127,000 | $216,000 |
| American Indian or Alaskan Native | 1 | $78,000 | $78,000 | $78,000 | $80,000 | $80,000 |
| 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) | 129 | $18,418,000 | $142,000 | $653,000 | $67,000 | $257,000 |
| 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 | 48 | $5,419,000 | $112,000 | $369,000 | $82,000 | $197,000 |
| Application Denied By Financial Institution | 36 | $4,814,000 | $133,000 | $653,000 | $56,000 | $216,000 |
| File Closed For Incompleteness | 20 | $2,364,000 | $118,000 | $268,000 | $78,000 | $160,000 |
| Application Withdrawn By Applicant | 13 | $2,598,000 | $199,000 | $528,000 | $38,000 | $130,000 |
| Loan Purchased By The Institution | 6 | $2,287,000 | $381,000 | $493,000 | $0 | $0 |
| Application Approved But Not Accepted | 4 | $296,000 | $74,000 | $94,000 | $57,000 | $61,000 |
| Preapproval Approved but not Accepted | 1 | $140,000 | $140,000 | $140,000 | $257,000 | $257,000 |
| Preapproval Denied by Financial Institution | 1 | $500,000 | $500,000 | $500,000 | $120,000 | $120,000 |
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 |
|---|---|---|---|---|---|---|
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 Covenant's 2010 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 Covenant'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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