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records Federal Mortgage & Investment filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Bergen, New Jersey | 84 | $ 29,654,000 | $ 353,023 | $ 110,000 |
| Essex, New Jersey | 54 | $ 15,521,000 | $ 287,425 | $ 52,000 |
| Passaic, New Jersey | 47 | $ 12,457,000 | $ 265,042 | $ 93,000 |
| Hudson, New Jersey | 33 | $ 8,614,000 | $ 261,030 | $ 86,000 |
| Monmouth, New Jersey | 27 | $ 9,381,000 | $ 347,444 | $ 34,000 |
| Ocean, New Jersey | 26 | $ 8,305,000 | $ 319,423 | $ 76,000 |
| Middlesex, New Jersey | 25 | $ 7,769,000 | $ 310,760 | $ 26,000 |
| Morris, New Jersey | 23 | $ 8,020,000 | $ 348,695 | $ 74,000 |
| Union, New Jersey | 17 | $ 5,560,000 | $ 327,058 | $ 21,000 |
| Sussex, New Jersey | 15 | $ 3,670,000 | $ 244,666 | $ 45,000 |
| Somerset, New Jersey | 13 | $ 4,797,000 | $ 369,000 | $ 76,000 |
| Atlantic, New Jersey | 10 | $ 2,673,000 | $ 267,300 | $ 43,000 |
| Burlington, New Jersey | 9 | $ 2,336,000 | $ 259,555 | $ 26,000 |
| Warren, New Jersey | 9 | $ 2,019,000 | $ 224,333 | $ 76,000 |
| Camden, New Jersey | 8 | $ 1,412,000 | $ 176,500 | $ 21,000 |
| Fairfield, Connecticut | 6 | $ 1,535,000 | $ 255,833 | $ 23,000 |
| Gloucester, New Jersey | 5 | $ 1,005,000 | $ 201,000 | $ 20,000 |
| Kings, New York | 4 | $ 1,441,000 | $ 360,250 | $ 33,000 |
| Suffolk, New York | 4 | $ 653,000 | $ 163,250 | $ 163,000 |
| Westchester, New York | 4 | $ 1,421,000 | $ 355,250 | $ 33,000 |
| New Haven, Connecticut | 3 | $ 799,000 | $ 266,333 | $ 0 |
| Rockland, New York | 3 | $ 794,000 | $ 264,666 | $ 93,000 |
| Montgomery, Maryland | 2 | $ 445,000 | $ 222,500 | $ 107,000 |
| Cape May, New Jersey | 2 | $ 840,000 | $ 420,000 | $ 239,000 |
| Hunterdon, New Jersey | 2 | $ 627,000 | $ 313,500 | $ 0 |
| Mercer, New Jersey | 2 | $ 409,000 | $ 204,500 | $ 0 |
| Bronx, New York | 2 | $ 420,000 | $ 210,000 | $ 34,000 |
| Orange, New York | 2 | $ 300,000 | $ 150,000 | $ 30,000 |
| Queens, New York | 2 | $ 830,000 | $ 415,000 | $ 104,000 |
| Richmond, New York | 2 | $ 650,000 | $ 325,000 | $ 311,000 |
| Suffolk, Massachusetts | 1 | $ 267,000 | $ 267,000 | $ 146,000 |
| Nassau, New York | 1 | $ 1,000,000 | $ 1,000,000 | $ 289,000 |
| New York, New York | 1 | $ 75,000 | $ 75,000 | $ 0 |
| Bucks, Pennsylvania | 1 | $ 750,000 | $ 750,000 | $ 150,000 |
| Luzerne, Pennsylvania | 1 | $ 72,000 | $ 72,000 | $ 40,000 |
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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