Covenant Bank & Trust Mortgage Lending & HMDA Data, 2008
In 2008, Covenant Bank & Trust of Rock Spring, GA reported 129 mortgage applications totaling $20.4 million, up 74% from 2007. The average application was for $158,031, and applicants reported an average income of $48,821. 86% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Chattanooga, TN-GA (65), Dalton, GA (49) and Atlanta-Sandy Springs-Marietta, GA (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 | 129 |
| Total Mortgage Loan Application Amount | $20,386,000 |
| Average Mortgage Loan Application Amount | $158,031 |
| Highest Mortgage Loan Application Amount | $800,000 |
| Average Applicant Income | $48,821 |
| Highest Applicant Income | $648,000 |
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(HMDA) records Covenant Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2008
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 | 70 | $13,696,000 | $195,000 | $800,000 | $52,000 | $427,000 |
| Home Purchase | 52 | $6,332,000 | $121,000 | $428,000 | $46,000 | $648,000 |
| Home Improvement | 7 | $358,000 | $51,000 | $196,000 | $38,000 | $101,000 |
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 | 84 | $12,243,000 | $145,000 | $625,000 | $74,000 | $648,000 |
| Not applicable | 41 | $7,678,000 | $187,000 | $800,000 | $0 | $0 |
| Not Provided | 3 | $242,000 | $80,000 | $95,000 | $37,000 | $48,000 |
| Hispanic | 1 | $223,000 | $223,000 | $223,000 | $43,000 | $43,000 |
| 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 |
| Black or African American | 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 | $20,386,000 | $158,000 | $800,000 | $49,000 | $648,000 |
| 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 | 111 | $17,774,000 | $160,000 | $800,000 | $48,000 | $648,000 |
| Application Denied By Financial Institution | 10 | $1,001,000 | $100,000 | $188,000 | $39,000 | $65,000 |
| Application Approved But Not Accepted | 5 | $749,000 | $149,000 | $275,000 | $58,000 | $146,000 |
| Application Withdrawn By Applicant | 3 | $862,000 | $287,000 | $417,000 | $94,000 | $204,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 8 | $837,000 | $104,000 | $188,000 | $37,000 | $65,000 |
| Debt-To-Income Ratio | 2 | $164,000 | $82,000 | $104,000 | $46,000 | $47,000 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Covenant Bank & Trust's 2008 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.
For a list of all lenders in Georgia, download the full spreadsheet
with aggregated HMDA statistics today.
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