Finance America Mortgage Lending & HMDA Data, 2005
In 2005, Finance America of New York, NY reported 120,601 mortgage applications totaling $20.4 billion. The average application was for $168,957, and applicants reported an average income of $80,704. 43% of its applications resulted in an originated loan and 55% were denied. Its largest markets were Phoenix-Mesa-Scottsdale, AZ (10,145), Chicago-Naperville-Joliet, IL (7,748) and Riverside-San Bernardino-Ontario, CA (4,044) (applications in parentheses).
| Mortgage Company & Address | Finance America 745 Seventh Avenue, 24th Floor New York, NY 10019 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 |
| Total Number of Mortgage Applications | 120,601 |
| Total Mortgage Loan Application Amount | $20,376,500,000 |
| Average Mortgage Loan Application Amount | $168,957 |
| Highest Mortgage Loan Application Amount | $7,290,000 |
| Average Applicant Income | $80,704 |
| Highest Applicant Income | $9,037,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Finance America filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Finance America 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 69,912 | $10,268,407,000 | $130,510 | $7,290,000 | $73,285 | $3,900,000 |
| Refinancing | 50,689 | $10,108,093,000 | $164,877 | $4,000,000 | $74,632 | $9,037,000 |
| 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 |
|---|---|---|---|---|---|---|
| White | 42,326 | $6,915,119,000 | $152,306 | $4,000,000 | $77,877 | $6,522,000 |
| Black or African American | 26,778 | $3,607,903,000 | $150,911 | $7,290,000 | $69,177 | $3,900,000 |
| Hispanic | 23,510 | $4,204,786,000 | $138,297 | $2,113,000 | $69,191 | $2,214,000 |
| Not Provided | 22,559 | $4,210,619,000 | $150,163 | $4,000,000 | $72,163 | $9,037,000 |
| Asian | 4,189 | $1,156,529,000 | $190,000 | $1,855,000 | $91,697 | $1,846,000 |
| Native Hawaiian or Other Pacific Islander | 755 | $193,653,000 | $207,529 | $2,000,000 | $91,058 | $519,000 |
| American Indian or Alaskan Native | 484 | $87,891,000 | $140,658 | $1,050,000 | $85,585 | $1,400,000 |
| 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) | 120,601 | $20,376,500,000 | $145,408 | $7,290,000 | $73,551 | $9,037,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 66,345 | $11,144,743,000 | $147,408 | $7,290,000 | $73,979 | $9,037,000 |
| Loan Originated | 51,357 | $8,686,048,000 | $141,775 | $1,000,000 | $72,795 | $6,522,000 |
| Application Approved But Not Accepted | 1,466 | $283,408,000 | $169,272 | $910,000 | $76,522 | $1,063,000 |
| Application Withdrawn By Applicant | 1,433 | $262,301,000 | $156,219 | $3,330,000 | $77,878 | $1,344,000 |
| 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 |
|---|---|---|---|---|---|---|
| Other | 41,823 | $7,361,663,000 | $146,653 | $7,290,000 | $75,693 | $9,037,000 |
| Collateral | 6,549 | $976,108,000 | $152,000 | $4,000,000 | $78,020 | $3,691,000 |
| Credit Application Incomplete | 6,409 | $989,551,000 | $150,500 | $1,064,000 | $87,166 | $3,000,000 |
| Credit History | 5,015 | $732,796,000 | $145,510 | $2,113,000 | $70,063 | $1,633,000 |
| Unverifiable Information | 2,308 | $434,819,000 | $169,595 | $980,000 | $85,808 | $4,889,000 |
| Debt-To-Income Ratio | 2,305 | $338,639,000 | $150,521 | $2,310,000 | $73,369 | $1,320,000 |
| Employment History | 1,287 | $212,081,000 | $152,086 | $1,000,000 | $76,652 | $1,200,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 648 | $98,961,000 | $148,818 | $960,000 | $63,022 | $841,000 |
| Mortgage Insurance Denied | 1 | $125,000 | $125,000 | $125,000 | $38,000 | $38,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Finance America'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 Finance America'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.
For a list of all lenders in New York, download the full spreadsheet
with aggregated HMDA statistics today.
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