Covenant Bank & Trust Mortgage Lending & HMDA Data, 2007
In 2007, Covenant Bank & Trust of Rock Spring, GA reported 74 mortgage applications totaling $10.2 million. The average application was for $138,256, and applicants reported an average income of $51,135. 88% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Dalton, GA (41), Chattanooga, TN-GA (29) and Cleveland, TN (1) (applications in parentheses).
| Mortgage Company & Address | Covenant Bank & Trust 122 Hwy95 Rock Spring, GA 30739 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2011 2010 2009 2008 2007 |
| Total Number of Mortgage Applications | 74 |
| Total Mortgage Loan Application Amount | $10,231,000 |
| Average Mortgage Loan Application Amount | $138,256 |
| Highest Mortgage Loan Application Amount | $796,000 |
| Average Applicant Income | $51,135 |
| Highest Applicant Income | $994,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Covenant Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Bank & Trust 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 |
|---|---|---|---|---|---|---|
| Refinancing | 36 | $6,054,000 | $168,000 | $796,000 | $63,000 | $994,000 |
| Home Purchase | 34 | $3,862,000 | $113,000 | $555,000 | $34,000 | $185,000 |
| Home Improvement | 4 | $315,000 | $78,000 | $210,000 | $90,000 | $200,000 |
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 | 40 | $4,485,000 | $112,000 | $555,000 | $90,000 | $994,000 |
| Not applicable | 31 | $5,359,000 | $172,000 | $796,000 | $0 | $0 |
| Not Provided | 1 | $95,000 | $95,000 | $95,000 | $25,000 | $25,000 |
| Black or African American | 1 | $175,000 | $175,000 | $175,000 | $103,000 | $103,000 |
| Hispanic | 1 | $117,000 | $117,000 | $117,000 | $60,000 | $60,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 74 | $10,231,000 | $138,000 | $796,000 | $51,000 | $994,000 |
| 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 | 65 | $9,335,000 | $143,000 | $796,000 | $51,000 | $994,000 |
| Application Denied By Financial Institution | 8 | $825,000 | $103,000 | $175,000 | $53,000 | $103,000 |
| Application Approved But Not Accepted | 1 | $71,000 | $71,000 | $71,000 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 6 | $606,000 | $101,000 | $175,000 | $52,000 | $103,000 |
| Debt-To-Income Ratio | 1 | $116,000 | $116,000 | $116,000 | $63,000 | $63,000 |
| Unverifiable Information | 1 | $103,000 | $103,000 | $103,000 | $48,000 | $48,000 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Covenant Bank & Trust'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 Covenant Bank & Trust'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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