Cornerstone Community Credit Union Mortgage Lending & HMDA Data, 2019
In 2019, Cornerstone Community Credit Union of Fairfield, CT reported 50 mortgage applications totaling $7.9 million. The average application was for $157,800, and applicants reported an average income of $134,560. 94% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Bridgeport-Stamford-Norwalk, CT (33), New Haven-Milford, CT (14) and Hartford-West Hartford-East Hartford, CT (3) (applications in parentheses).
| Mortgage Company & Address | Cornerstone Community Credit Union 1515 Black Rock Turnpike Fairfield, CT 06825 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2019 |
| Total Number of Mortgage Applications | 50 |
| Total Mortgage Loan Application Amount | $7,890,000 |
| Average Mortgage Loan Application Amount | $157,800 |
| Highest Mortgage Loan Application Amount | $485,000 |
| Average Applicant Income | $134,560 |
| Highest Applicant Income | $538,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Cornerstone Community Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Cornerstone Community Credit Union in 2019
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 |
|---|---|---|---|---|---|---|
| Other Purpose | 25 | $2,255,000 | $90,000 | $285,000 | $138,000 | $538,000 |
| Home Purchase | 10 | $2,590,000 | $259,000 | $385,000 | $140,000 | $256,000 |
| Cash-out Refinancing | 6 | $1,930,000 | $321,000 | $485,000 | $134,000 | $289,000 |
| Home Improvement | 6 | $270,000 | $45,000 | $85,000 | $129,000 | $213,000 |
| Refinancing | 3 | $845,000 | $281,000 | $355,000 | $100,000 | $140,000 |
| Not Applicable | 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 | 27 | $4,595,000 | $170,000 | $455,000 | $140,000 | $538,000 |
| Not Provided | 20 | $2,920,000 | $146,000 | $485,000 | $135,000 | $289,000 |
| Black or African American | 2 | $230,000 | $115,000 | $185,000 | $91,000 | $114,000 |
| Hispanic | 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 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 50 | $7,890,000 | $157,000 | $485,000 | $135,000 | $538,000 |
| 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 | 47 | $7,595,000 | $161,000 | $485,000 | $128,000 | $289,000 |
| Application Approved But Not Accepted | 2 | $250,000 | $125,000 | $215,000 | $338,000 | $538,000 |
| Application Denied By Financial Institution | 1 | $45,000 | $45,000 | $45,000 | $30,000 | $30,000 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 49 | $7,845,000 | $160,000 | $485,000 | $137,000 | $538,000 |
| Debt-To-Income Ratio | 1 | $45,000 | $45,000 | $45,000 | $30,000 | $30,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Cornerstone Community Credit Union's 2019 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 Cornerstone Community Credit Union'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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