Federal Mortgage & Investment Mortgage Lending & HMDA Data, 2005
In 2005, Federal Mortgage & Investment of Clifton, NJ reported 824 mortgage applications totaling $132.4 million, up 31% from 2004. The average application was for $160,657, and applicants reported an average income of $93,002. 45% of its applications resulted in an originated loan and 28% were denied. Its largest markets were Newark-Union, NJ-PA (274), Edison, NJ (159) and New York-Wayne-White Plains, NY-NJ (47) (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 | 824 |
| Total Mortgage Loan Application Amount | $132,382,000 |
| Average Mortgage Loan Application Amount | $160,657 |
| Highest Mortgage Loan Application Amount | $960,000 |
| Average Applicant Income | $93,002 |
| Highest Applicant Income | $600,000 |
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records Federal Mortgage & Investment filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 |
|---|---|---|---|---|---|---|
| Refinancing | 456 | $111,447,000 | $358,800 | $960,000 | $136,000 | $600,000 |
| Home Improvement | 288 | $4,951,000 | $16,666 | $48,000 | $69,666 | $300,000 |
| Home Purchase | 80 | $15,984,000 | $212,000 | $720,000 | $116,000 | $341,000 |
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 |
|---|---|---|---|---|---|---|
| Not Provided | 295 | $67,248,000 | $437,000 | $960,000 | $157,800 | $600,000 |
| White | 230 | $44,127,000 | $253,600 | $880,000 | $117,000 | $480,000 |
| Black or African American | 182 | $11,782,000 | $88,333 | $484,000 | $76,333 | $269,000 |
| Hispanic | 101 | $7,423,000 | $79,666 | $426,000 | $83,333 | $250,000 |
| Asian | 12 | $1,399,000 | $116,000 | $470,000 | $85,000 | $192,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $378,000 | $126,000 | $360,000 | $80,000 | $109,000 |
| American Indian or Alaskan Native | 1 | $25,000 | $25,000 | $25,000 | $50,000 | $50,000 |
| 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 |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 527 | $125,213,000 | $353,000 | $960,000 | $135,000 | $600,000 |
| FHA-insured (Federal Housing Administration) | 297 | $7,169,000 | $19,000 | $421,000 | $70,000 | $300,000 |
| 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 | 370 | $74,722,000 | $327,200 | $880,000 | $135,200 | $480,000 |
| Application Denied By Financial Institution | 230 | $16,952,000 | $102,333 | $820,000 | $85,333 | $245,000 |
| Application Withdrawn By Applicant | 163 | $39,676,000 | $315,400 | $960,000 | $120,800 | $600,000 |
| Application Approved But Not Accepted | 61 | $1,032,000 | $14,666 | $33,000 | $54,333 | $300,000 |
| 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 | 138 | $5,763,000 | $37,000 | $400,000 | $91,333 | $245,000 |
| Other | 44 | $9,666,000 | $277,000 | $820,000 | $98,333 | $237,000 |
| Debt-To-Income Ratio | 31 | $782,000 | $21,666 | $295,000 | $54,000 | $130,000 |
| Collateral | 14 | $428,000 | $52,000 | $150,000 | $72,500 | $141,000 |
| Employment History | 1 | $100,000 | $100,000 | $100,000 | $60,000 | $60,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $212,000 | $212,000 | $212,000 | $100,000 | $100,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 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 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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