Farmers & Mechanics Bank Mortgage Lending & HMDA Data, 2005
In 2005, Farmers & Mechanics Bank of Burlington, NJ reported 625 mortgage applications totaling $75.6 million, up 11% from 2004. The average application was for $120,940, and applicants reported an average income of $77,673. 80% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Camden, NJ (594), Edison, NJ (11) and Atlantic City, NJ (9) (applications in parentheses).
| Mortgage Company & Address | Farmers & Mechanics Bank 3 Sunset Road Burlington, NJ 08016 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 625 |
| Total Mortgage Loan Application Amount | $75,588,000 |
| Average Mortgage Loan Application Amount | $120,940 |
| Highest Mortgage Loan Application Amount | $2,100,000 |
| Average Applicant Income | $77,673 |
| Highest Applicant Income | $604,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Farmers & Mechanics Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Camden, NJ | 594 | $ 59,070,000 | $ 99,444 | $ 60,000 |
| Edison, NJ | 11 | $ 4,937,000 | $ 448,818 | $ 101,000 |
| Atlantic City, NJ | 9 | $ 7,159,000 | $ 795,444 | $ 313,000 |
| Ocean City, NJ | 8 | $ 3,377,000 | $ 422,125 | $ 251,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 1 | $ 237,000 | $ 237,000 | $ 118,000 |
| Philadelphia, PA | 1 | $ 700,000 | $ 700,000 | $ 188,000 |
| Vineland-Millville-Bridgeton, NJ | 1 | $ 108,000 | $ 108,000 | $ 47,000 |
Mortgage Loan Application Detail Totals for Farmers & Mechanics Bank in 2005
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 Improvement | 246 | $10,245,000 | $41,000 | $350,000 | $62,000 | $365,000 |
| Refinancing | 246 | $36,159,000 | $191,500 | $2,100,000 | $101,000 | $604,000 |
| Home Purchase | 133 | $29,184,000 | $457,500 | $1,593,000 | $141,000 | $537,000 |
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 | 529 | $66,024,000 | $295,500 | $2,100,000 | $128,000 | $604,000 |
| Black or African American | 37 | $2,307,000 | $62,000 | $250,000 | $45,000 | $123,000 |
| Not applicable | 25 | $4,744,000 | $189,000 | $1,088,000 | $23,000 | $93,000 |
| Not Provided | 13 | $805,000 | $61,000 | $255,000 | $56,000 | $98,000 |
| Hispanic | 10 | $942,000 | $94,000 | $223,000 | $57,000 | $106,000 |
| Asian | 10 | $736,000 | $73,000 | $230,000 | $66,000 | $170,000 |
| American Indian or Alaskan Native | 1 | $30,000 | $30,000 | $30,000 | $84,000 | $84,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 625 | $75,588,000 | $293,500 | $2,100,000 | $116,000 | $604,000 |
| 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 | 503 | $64,488,000 | $297,000 | $2,100,000 | $125,500 | $604,000 |
| Application Denied By Financial Institution | 68 | $4,667,000 | $68,000 | $550,000 | $44,000 | $208,000 |
| Application Withdrawn By Applicant | 27 | $4,216,000 | $156,000 | $1,000,000 | $122,000 | $551,000 |
| File Closed For Incompleteness | 14 | $1,554,000 | $111,000 | $500,000 | $79,000 | $326,000 |
| Application Approved But Not Accepted | 13 | $663,000 | $51,000 | $142,000 | $82,000 | $170,000 |
| 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 | 30 | $2,416,000 | $80,000 | $407,000 | $51,000 | $144,000 |
| Debt-To-Income Ratio | 14 | $1,035,000 | $73,000 | $550,000 | $28,000 | $97,000 |
| Other | 12 | $404,000 | $33,000 | $58,000 | $43,000 | $77,000 |
| Collateral | 8 | $294,000 | $36,000 | $100,000 | $62,000 | $208,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $352,000 | $117,000 | $165,000 | $49,000 | $76,000 |
| Employment History | 1 | $166,000 | $166,000 | $166,000 | $31,000 | $31,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Mechanics Bank's 2005 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 Farmers & Mechanics Bank'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 New Jersey, download the full spreadsheet
with aggregated HMDA statistics today.
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