Financial Freedom Acquisition Mortgage Lending & HMDA Data, 2009
In 2009, Financial Freedom Acquisition of Irvine, CA reported 4,340 mortgage applications totaling $950.9 million. The average application was for $219,094, and applicants reported an average income of $0. 68% of its applications resulted in an originated loan and 23% were denied. Its largest markets were New York-White Plains-Wayne, NY-NJ (298), Miami-Miami Beach-Kendall, FL (185) and Chicago-Naperville-Joliet, IL (159) (applications in parentheses).
| Mortgage Company & Address | Financial Freedom Acquisition 1 Banting Irvine, CA 92618 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 |
| Total Number of Mortgage Applications | 4,340 |
| Total Mortgage Loan Application Amount | $950,870,000 |
| Average Mortgage Loan Application Amount | $219,094 |
| Highest Mortgage Loan Application Amount | $626,000 |
| Average Applicant Income | $0 |
| Highest Applicant Income | $0 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Financial Freedom Acquisition filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Financial Freedom Acquisition in 2009
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 | 3,754 | $839,465,000 | $223,000 | $626,000 | $0 | $0 |
| Home Improvement | 465 | $88,207,000 | $189,000 | $518,000 | $0 | $0 |
| Home Purchase | 121 | $23,198,000 | $191,000 | $537,000 | $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 | 2,943 | $673,932,000 | $228,000 | $626,000 | $0 | $0 |
| Black or African American | 731 | $141,444,000 | $193,000 | $563,000 | $0 | $0 |
| Hispanic | 381 | $75,476,000 | $198,000 | $502,000 | $0 | $0 |
| Not Provided | 107 | $23,291,000 | $217,000 | $507,000 | $0 | $0 |
| Not applicable | 85 | $12,069,000 | $141,000 | $396,000 | $0 | $0 |
| Asian | 44 | $13,102,000 | $297,000 | $471,000 | $0 | $0 |
| American Indian or Alaskan Native | 26 | $5,275,000 | $202,000 | $502,000 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 23 | $6,281,000 | $273,000 | $512,000 | $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) | 4,340 | $950,870,000 | $219,000 | $626,000 | $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 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 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 | 2,960 | $667,826,000 | $225,000 | $563,000 | $0 | $0 |
| Application Denied By Financial Institution | 1,007 | $209,999,000 | $208,000 | $552,000 | $0 | $0 |
| Application Withdrawn By Applicant | 182 | $38,147,000 | $209,000 | $626,000 | $0 | $0 |
| Application Approved But Not Accepted | 106 | $22,829,000 | $215,000 | $512,000 | $0 | $0 |
| Loan Purchased By The Institution | 85 | $12,069,000 | $141,000 | $396,000 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 | 470 | $98,481,000 | $209,000 | $537,000 | $0 | $0 |
| Credit Application Incomplete | 425 | $87,617,000 | $206,000 | $552,000 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 52 | $9,656,000 | $185,000 | $447,000 | $0 | $0 |
| Other | 30 | $6,775,000 | $225,000 | $523,000 | $0 | $0 |
| Unverifiable Information | 30 | $7,470,000 | $249,000 | $480,000 | $0 | $0 |
| Mortgage Insurance Denied | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Financial Freedom Acquisition's 2009 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 Financial Freedom Acquisition'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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