Federal Mortgage & Investment Mortgage Lending & HMDA Data, 2006
In 2006, Federal Mortgage & Investment of Clifton, NJ reported 450 mortgage applications totaling $136.5 million, down 45% from 2005. The average application was for $303,380, and applicants reported an average income of $70,733. 80% of its applications resulted in an originated loan and 6% were denied. Its largest markets were New York-White Plains-Wayne, NY-NJ (182), Newark-Union, NJ-PA (111) and Edison, NJ (91) (applications in parentheses).
| Mortgage Company & Address | Federal Mortgage & Investment 1111 Clifton Avenue Clifton, NJ 07013 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 450 |
| Total Mortgage Loan Application Amount | $136,521,000 |
| Average Mortgage Loan Application Amount | $303,380 |
| Highest Mortgage Loan Application Amount | $1,500,000 |
| Average Applicant Income | $70,733 |
| Highest Applicant Income | $645,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Federal Mortgage & Investment filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Federal Mortgage & Investment in 2006
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 | 380 | $120,311,000 | $316,000 | $1,500,000 | $60,000 | $612,000 |
| Home Purchase | 70 | $16,210,000 | $231,000 | $902,000 | $129,000 | $645,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not Provided | 236 | $72,713,000 | $308,000 | $1,500,000 | $11,000 | $246,000 |
| White | 157 | $49,350,000 | $314,000 | $1,500,000 | $146,000 | $645,000 |
| Black or African American | 39 | $9,790,000 | $251,000 | $750,000 | $94,000 | $386,000 |
| Hispanic | 15 | $3,818,000 | $254,000 | $520,000 | $118,000 | $260,000 |
| Asian | 3 | $850,000 | $283,000 | $400,000 | $208,000 | $307,000 |
| 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) | 237 | $77,013,000 | $324,000 | $1,500,000 | $8,000 | $146,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 213 | $59,508,000 | $279,000 | $1,500,000 | $140,000 | $645,000 |
| 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 | 361 | $112,728,000 | $312,000 | $1,500,000 | $59,000 | $583,000 |
| Application Withdrawn By Applicant | 61 | $16,692,000 | $273,000 | $1,500,000 | $121,000 | $612,000 |
| Application Denied By Financial Institution | 27 | $6,921,000 | $256,000 | $704,000 | $88,000 | $293,000 |
| Application Approved But Not Accepted | 1 | $180,000 | $180,000 | $180,000 | $645,000 | $645,000 |
| 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 | 2 | $572,000 | $286,000 | $472,000 | $66,000 | $132,000 |
| Debt-To-Income Ratio | 2 | $265,000 | $132,000 | $212,000 | $69,000 | $69,000 |
| Collateral | 1 | $520,000 | $520,000 | $520,000 | $260,000 | $260,000 |
| 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 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Federal Mortgage & Investment's 2006 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 Federal Mortgage & Investment'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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