Covenant Mortgage Corporation Mortgage Lending & HMDA Data, 2009
In 2009, Covenant Mortgage Corporation of Alpharetta, GA reported 249 mortgage applications totaling $48.9 million, up 49% from 2008. The average application was for $196,502, and applicants reported an average income of $101,530. 0% of its applications resulted in an originated loan and 40% were denied. Its largest markets were Atlanta-Sandy Springs-Marietta, GA (154), Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (42) and Charlotte-Gastonia-Concord, NC-SC (24) (applications in parentheses).
| Mortgage Company & Address | Covenant Mortgage Corporation 1000 Mansell Exchange West Alpharetta, GA 30022 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2011 2010 2009 2008 |
| Total Number of Mortgage Applications | 249 |
| Total Mortgage Loan Application Amount | $48,929,000 |
| Average Mortgage Loan Application Amount | $196,502 |
| Highest Mortgage Loan Application Amount | $850,000 |
| Average Applicant Income | $101,530 |
| Highest Applicant Income | $1,800,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Covenant Mortgage Corporation filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Mortgage Corporation in 2009
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 | 168 | $29,259,000 | $174,000 | $850,000 | $96,000 | $1,800,000 |
| Refinancing | 81 | $19,670,000 | $242,000 | $805,000 | $113,000 | $468,000 |
| 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 | 129 | $28,678,000 | $222,000 | $850,000 | $125,000 | $1,800,000 |
| Not Provided | 50 | $8,751,000 | $175,000 | $417,000 | $79,000 | $381,000 |
| Black or African American | 47 | $7,583,000 | $161,000 | $417,000 | $68,000 | $202,000 |
| Hispanic | 14 | $2,356,000 | $168,000 | $417,000 | $74,000 | $296,000 |
| Asian | 9 | $1,561,000 | $173,000 | $352,000 | $122,000 | $530,000 |
| American Indian or Alaskan Native | 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 |
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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 129 | $20,838,000 | $161,000 | $424,000 | $69,000 | $468,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 109 | $25,859,000 | $237,000 | $850,000 | $144,000 | $1,800,000 |
| VA-guaranteed (Veterans Administration) | 11 | $2,232,000 | $202,000 | $362,000 | $70,000 | $140,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 |
|---|---|---|---|---|---|---|
| Application Withdrawn By Applicant | 148 | $28,037,000 | $189,000 | $600,000 | $93,000 | $530,000 |
| Application Denied By Financial Institution | 99 | $20,502,000 | $207,000 | $850,000 | $116,000 | $1,800,000 |
| Application Approved But Not Accepted | 2 | $390,000 | $195,000 | $243,000 | $39,000 | $46,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Originated | 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 | 31 | $6,355,000 | $205,000 | $689,000 | $98,000 | $415,000 |
| Credit Application Incomplete | 27 | $7,535,000 | $279,000 | $850,000 | $183,000 | $1,800,000 |
| Debt-To-Income Ratio | 16 | $2,344,000 | $146,000 | $239,000 | $72,000 | $172,000 |
| Unverifiable Information | 7 | $879,000 | $125,000 | $303,000 | $99,000 | $468,000 |
| Employment History | 5 | $934,000 | $186,000 | $280,000 | $53,000 | $83,000 |
| Credit History | 4 | $939,000 | $234,000 | $424,000 | $152,000 | $404,000 |
| Other | 4 | $525,000 | $131,000 | $329,000 | $87,000 | $126,000 |
| Mortgage Insurance Denied | 3 | $460,000 | $153,000 | $298,000 | $83,000 | $127,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $531,000 | $265,000 | $311,000 | $105,000 | $152,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Covenant Mortgage Corporation's 2009 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 Mortgage Corporation'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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