Federal Mortgage & Investment Mortgage Lending & HMDA Data, 2003
In 2003, Federal Mortgage & Investment of Clifton, NJ reported 945 mortgage applications totaling $43.5 million. The average application was for $46,001, and applicants reported an average income of $69,669. 24% of its applications resulted in an originated loan and 55% were denied. Its largest markets were Newark, NJ (392), Jersey City, NJ (166) and Bergen-Passaic, NJ (140) (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 | 945 |
| Total Mortgage Loan Application Amount | $43,471,000 |
| Average Mortgage Loan Application Amount | $46,001 |
| Highest Mortgage Loan Application Amount | $649,000 |
| Average Applicant Income | $69,669 |
| Highest Applicant Income | $450,000 |
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records Federal Mortgage & Investment filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2003
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 (one-to-four family) | 644 | $10,536,000 | $15,666 | $332,000 | $59,333 | $290,000 |
| Refinancing (home purchase or home improvement, one-to-four family) | 301 | $32,935,000 | $85,666 | $649,000 | $65,333 | $450,000 |
| Home Purchase (one-to-four family) | 0 | $0 | $0 | $0 | $0 | $0 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 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 |
|---|---|---|---|---|---|---|
| Black | 330 | $8,115,000 | $19,000 | $649,000 | $57,000 | $336,000 |
| Hispanic | 299 | $8,971,000 | $21,666 | $328,000 | $57,666 | $450,000 |
| White | 286 | $22,598,000 | $57,666 | $563,000 | $65,333 | $384,000 |
| Asian or Pacific Islander | 14 | $1,855,000 | $84,000 | $520,000 | $87,000 | $244,000 |
| Other | 7 | $792,000 | $113,000 | $322,000 | $82,000 | $125,000 |
| Information not provided by applicant in mail or telephone application | 7 | $1,101,000 | $175,000 | $210,000 | $57,500 | $200,000 |
| American Indian or Alaskan Native | 2 | $39,000 | $19,000 | $27,000 | $123,000 | $210,000 |
| 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) | 642 | $10,418,000 | $15,666 | $332,000 | $59,333 | $290,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 303 | $33,053,000 | $85,666 | $649,000 | $65,333 | $450,000 |
| 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 |
|---|---|---|---|---|---|---|
| Application Denied By Financial Institution | 519 | $14,467,000 | $26,000 | $550,000 | $58,000 | $384,000 |
| Loan Originated | 223 | $17,004,000 | $36,000 | $649,000 | $65,333 | $450,000 |
| Application Approved But Not Accepted | 192 | $11,816,000 | $82,333 | $472,000 | $66,666 | $300,000 |
| Application Withdrawn By Applicant | 11 | $184,000 | $21,000 | $27,000 | $71,500 | $156,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The 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 | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 2003 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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