Federal Mortgage & Investment Mortgage Lending & HMDA Data, 2004
In 2004, Federal Mortgage & Investment of Clifton, NJ reported 628 mortgage applications totaling $33.2 million, down 34% from 2003. The average application was for $52,917, and applicants reported an average income of $80,503. 33% of its applications resulted in an originated loan and 44% were denied. Its largest markets were Newark-Union, NJ-PA (281), Edison, NJ (42) and New York-Wayne-White Plains, NY-NJ (36) (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 | 628 |
| Total Mortgage Loan Application Amount | $33,232,000 |
| Average Mortgage Loan Application Amount | $52,917 |
| Highest Mortgage Loan Application Amount | $518,000 |
| Average Applicant Income | $80,503 |
| Highest Applicant Income | $499,000 |
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records Federal Mortgage & Investment filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2004
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 | 515 | $10,373,000 | $22,666 | $237,000 | $72,000 | $384,000 |
| Refinancing | 113 | $22,859,000 | $215,666 | $518,000 | $101,000 | $499,000 |
| Home Purchase | 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 or African American | 260 | $7,869,000 | $36,333 | $434,000 | $71,000 | $499,000 |
| Hispanic | 171 | $5,194,000 | $35,000 | $299,000 | $86,000 | $216,000 |
| White | 170 | $18,607,000 | $117,333 | $518,000 | $87,333 | $384,000 |
| Native Hawaiian or Other Pacific Islander | 18 | $770,000 | $101,666 | $255,000 | $91,333 | $130,000 |
| Asian | 9 | $792,000 | $99,333 | $429,000 | $61,666 | $105,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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) | 485 | $8,775,000 | $19,333 | $245,000 | $68,666 | $200,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 143 | $24,457,000 | $166,666 | $518,000 | $96,666 | $499,000 |
| 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 | 277 | $5,731,000 | $26,000 | $390,000 | $69,000 | $499,000 |
| Loan Originated | 209 | $18,864,000 | $102,333 | $518,000 | $86,666 | $216,000 |
| Application Approved But Not Accepted | 137 | $8,579,000 | $73,000 | $432,000 | $81,333 | $283,000 |
| File Closed For Incompleteness | 3 | $26,000 | $8,000 | $11,000 | $67,000 | $120,000 |
| Application Withdrawn By Applicant | 2 | $32,000 | $16,000 | $25,000 | $84,000 | $120,000 |
| 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 | 222 | $4,787,000 | $27,000 | $390,000 | $75,000 | $499,000 |
| Debt-To-Income Ratio | 41 | $743,000 | $26,500 | $48,000 | $44,500 | $188,000 |
| Collateral | 10 | $152,000 | $13,500 | $25,000 | $65,500 | $165,000 |
| Unverifiable Information | 2 | $26,000 | $13,000 | $16,000 | $54,000 | $84,000 |
| Employment History | 2 | $23,000 | $11,000 | $15,000 | $78,000 | $85,000 |
| 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 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Federal Mortgage & Investment's 2004 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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