Cornerstone Residential Mtg Mortgage Lending & HMDA Data, 2013
In 2013, Cornerstone Residential Mtg of Arden, NC reported 399 mortgage applications totaling $66.2 million, up 8% from 2012. The average application was for $165,962, and applicants reported an average income of $58,228. 28% of its applications resulted in an originated loan and 39% were denied. Its largest markets were Asheville, NC (195), Charlotte-Gastonia-Rock Hill, NC-SC (4) and Greenville-Mauldin-Easley, SC (4) (applications in parentheses).
| Mortgage Company & Address | Cornerstone Residential Mtg 56 White Oak Road Arden, NC 28704 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2013 2012 2011 |
| Total Number of Mortgage Applications | 399 |
| Total Mortgage Loan Application Amount | $66,219,000 |
| Average Mortgage Loan Application Amount | $165,962 |
| Highest Mortgage Loan Application Amount | $388,000 |
| Average Applicant Income | $58,228 |
| Highest Applicant Income | $473,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Cornerstone Residential Mtg filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Residential Mtg in 2013
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 | 350 | $58,520,000 | $167,000 | $362,000 | $57,000 | $473,000 |
| Refinancing | 49 | $7,699,000 | $157,000 | $388,000 | $67,000 | $257,000 |
| Home Improvement | 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 | 361 | $59,292,000 | $164,000 | $388,000 | $59,000 | $473,000 |
| Black or African American | 20 | $3,714,000 | $185,000 | $347,000 | $59,000 | $135,000 |
| Hispanic | 13 | $2,141,000 | $164,000 | $230,000 | $47,000 | $115,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $637,000 | $212,000 | $252,000 | $68,000 | $77,000 |
| Asian | 2 | $435,000 | $217,000 | $229,000 | $68,000 | $76,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 177 | $28,063,000 | $158,000 | $388,000 | $63,000 | $473,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 107 | $17,699,000 | $165,000 | $262,000 | $48,000 | $152,000 |
| FHA-insured (Federal Housing Administration) | 68 | $11,587,000 | $170,000 | $274,000 | $60,000 | $144,000 |
| VA-guaranteed (Veterans Administration) | 47 | $8,870,000 | $188,000 | $362,000 | $62,000 | $122,000 |
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 | 157 | $24,918,000 | $158,000 | $388,000 | $50,000 | $219,000 |
| Application Withdrawn By Applicant | 129 | $21,570,000 | $167,000 | $362,000 | $64,000 | $473,000 |
| Loan Originated | 112 | $19,496,000 | $174,000 | $296,000 | $64,000 | $245,000 |
| Application Approved But Not Accepted | 1 | $235,000 | $235,000 | $235,000 | $65,000 | $65,000 |
| 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 |
|---|---|---|---|---|---|---|
| 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 Cornerstone Residential Mtg's 2013 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 Residential Mtg'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.
For a list of all lenders in North Carolina, download the full spreadsheet
with aggregated HMDA statistics today.
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