First Alternative Mortgage Cor Mortgage Lending & HMDA Data, 2008
In 2008, First Alternative Mortgage Cor of New Rochell, NY reported 2,396 mortgage applications totaling $431.2 million, up 10% from 2007. The average application was for $179,978, and applicants reported an average income of $62,207. 48% of its applications resulted in an originated loan and 26% were denied. Its largest markets were Albany-Schenectady-Troy, NY (436), New York-White Plains-Wayne, NY-NJ (193) and Bridgeport-Stamford-Norwalk, CT (155) (applications in parentheses).
| Mortgage Company & Address | First Alternative Mortgage Cor 145 Huguenot St, Suite 109 New Rochell, NY 10801 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 2,396 |
| Total Mortgage Loan Application Amount | $431,229,000 |
| Average Mortgage Loan Application Amount | $179,978 |
| Highest Mortgage Loan Application Amount | $1,560,000 |
| Average Applicant Income | $62,207 |
| Highest Applicant Income | $618,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Alternative Mortgage Cor filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Albany-Schenectady-Troy, NY | 436 | $ 66,300,000 | $ 152,064 | $ 59,000 |
| New York-White Plains-Wayne, NY-NJ | 193 | $ 80,017,000 | $ 414,595 | $ 95,787 |
| Bridgeport-Stamford-Norwalk, CT | 155 | $ 36,846,000 | $ 237,716 | $ 72,000 |
| Rochester, NY | 154 | $ 16,021,000 | $ 104,032 | $ 51,000 |
| Syracuse, NY | 133 | $ 13,214,000 | $ 99,353 | $ 49,000 |
| Buffalo-Niagara Falls, NY | 120 | $ 13,997,000 | $ 116,641 | $ 55,000 |
| New Haven-Milford, CT | 107 | $ 22,954,000 | $ 214,523 | $ 69,000 |
| Glens Falls, NY | 87 | $ 11,772,000 | $ 135,310 | $ 54,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 71 | $ 18,916,000 | $ 266,422 | $ 78,000 |
| Hartford-West Hartford-East Hartford, CT | 63 | $ 12,901,000 | $ 204,777 | $ 71,000 |
| Utica-Rome, NY | 55 | $ 5,375,000 | $ 97,727 | $ 47,000 |
| Nassau-Suffolk, NY | 42 | $ 14,992,000 | $ 356,952 | $ 97,000 |
| Springfield, MA | 35 | $ 5,712,000 | $ 163,200 | $ 50,000 |
| Newark-Union, NJ-PA | 25 | $ 8,315,000 | $ 332,600 | $ 81,000 |
| Kingston, NY | 24 | $ 4,728,000 | $ 197,000 | $ 65,000 |
| Edison-New Brunswick, NJ | 23 | $ 6,817,000 | $ 296,391 | $ 109,000 |
| Ocala, FL | 20 | $ 2,512,000 | $ 125,600 | $ 42,000 |
| Houston-Sugar Land-Baytown, TX | 17 | $ 2,175,000 | $ 127,941 | $ 69,000 |
| Norwich-New London, CT | 17 | $ 3,631,000 | $ 213,588 | $ 60,000 |
| Binghamton, NY | 15 | $ 1,368,000 | $ 91,200 | $ 40,000 |
| Elmira, NY | 15 | $ 1,289,000 | $ 85,933 | $ 45,000 |
| Jacksonville, FL | 15 | $ 2,700,000 | $ 180,000 | $ 61,000 |
| Tampa-St. Petersburg-Clearwater, FL | 13 | $ 2,074,000 | $ 159,538 | $ 55,000 |
| Dallas-Plano-Irving, TX | 11 | $ 1,677,000 | $ 152,454 | $ 54,000 |
| Orlando-Kissimmee, FL | 10 | $ 1,724,000 | $ 172,400 | $ 51,000 |
| Fort Worth-Arlington, TX | 8 | $ 972,000 | $ 121,500 | $ 51,000 |
| Miami-Miami Beach-Kendall, FL | 8 | $ 1,844,000 | $ 230,500 | $ 68,000 |
| Worcester, MA | 8 | $ 1,646,000 | $ 205,750 | $ 59,000 |
| Trenton-Ewing, NJ | 7 | $ 1,861,000 | $ 265,857 | $ 85,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 6 | $ 1,274,000 | $ 212,333 | $ 59,000 |
| Boston-Quincy, MA | 6 | $ 1,546,000 | $ 257,666 | $ 67,000 |
| Cambridge-Newton-Framingham, MA | 6 | $ 1,590,000 | $ 265,000 | $ 74,000 |
| Lakeland-Winter Haven, FL | 5 | $ 499,000 | $ 99,800 | $ 38,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 4 | $ 722,000 | $ 180,500 | $ 52,000 |
| Ithaca, NY | 4 | $ 570,000 | $ 142,500 | $ 61,000 |
| Beaumont-Port Arthur, TX | 3 | $ 224,000 | $ 74,666 | $ 39,000 |
| Camden, NJ | 3 | $ 837,000 | $ 279,000 | $ 73,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 3 | $ 343,000 | $ 114,333 | $ 46,000 |
| Palm Bay-Melbourne-Titusville, FL | 3 | $ 532,000 | $ 177,333 | $ 53,000 |
| Peabody, MA | 3 | $ 1,242,000 | $ 414,000 | $ 102,000 |
| Providence-New Bedford-Fall River, RI-MA | 3 | $ 1,056,000 | $ 352,000 | $ 85,000 |
| San Antonio, TX | 3 | $ 199,000 | $ 66,333 | $ 43,000 |
| Scranton--Wilkes-Barre, PA | 3 | $ 456,000 | $ 152,000 | $ 43,000 |
| Vineland-Millville-Bridgeton, NJ | 3 | $ 398,000 | $ 132,666 | $ 37,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 3 | $ 1,998,000 | $ 666,000 | $ 255,000 |
| York-Hanover, PA | 3 | $ 496,000 | $ 165,333 | $ 65,000 |
| Barnstable Town, MA | 2 | $ 729,000 | $ 364,500 | $ 77,000 |
| Bradenton-Sarasota-Venice, FL | 2 | $ 351,000 | $ 175,500 | $ 48,000 |
| Cape Coral-Fort Myers, FL | 2 | $ 240,000 | $ 120,000 | $ 41,000 |
| Gainesville, FL | 2 | $ 247,000 | $ 123,500 | $ 38,000 |
| Oakland-Fremont-Hayward, CA | 2 | $ 498,000 | $ 249,000 | $ 56,000 |
| Philadelphia, PA | 2 | $ 316,000 | $ 158,000 | $ 84,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 2 | $ 241,000 | $ 120,500 | $ 26,000 |
| Akron, OH | 1 | $ 55,000 | $ 55,000 | $ 24,000 |
| Atlanta-Sandy Springs-Marietta, GA | 1 | $ 200,000 | $ 200,000 | $ 131,000 |
| Austin-Round Rock, TX | 1 | $ 113,000 | $ 113,000 | $ 60,000 |
| Baltimore-Towson, MD | 1 | $ 227,000 | $ 227,000 | $ 55,000 |
| Corpus Christi, TX | 1 | $ 88,000 | $ 88,000 | $ 43,000 |
| Fort Walton Beach-Crestview-Destin, FL | 1 | $ 81,000 | $ 81,000 | $ 21,000 |
| Harrisburg-Carlisle, PA | 1 | $ 177,000 | $ 177,000 | $ 25,000 |
| Lancaster, PA | 1 | $ 97,000 | $ 97,000 | $ 83,000 |
| Lubbock, TX | 1 | $ 90,000 | $ 90,000 | $ 12,000 |
| McAllen-Edinburg-Mission, TX | 1 | $ 132,000 | $ 132,000 | $ 52,000 |
| Naples-Marco Island, FL | 1 | $ 255,000 | $ 255,000 | $ 60,000 |
| Ocean City, NJ | 1 | $ 309,000 | $ 309,000 | $ 83,000 |
| Oklahoma City, OK | 1 | $ 64,000 | $ 64,000 | $ 31,000 |
| Pensacola-Ferry Pass-Brent, FL | 1 | $ 150,000 | $ 150,000 | $ 37,000 |
| Pittsfield, MA | 1 | $ 122,000 | $ 122,000 | $ 92,000 |
| Port St. Lucie, FL | 1 | $ 164,000 | $ 164,000 | $ 65,000 |
| Punta Gorda, FL | 1 | $ 154,000 | $ 154,000 | $ 35,000 |
| Reading, PA | 1 | $ 97,000 | $ 97,000 | $ 113,000 |
| Richmond, VA | 1 | $ 74,000 | $ 74,000 | $ 45,000 |
| San Diego-Carlsbad-San Marcos, CA | 1 | $ 620,000 | $ 620,000 | $ 75,000 |
| Santa Cruz-Watsonville, CA | 1 | $ 539,000 | $ 539,000 | $ 86,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 1 | $ 274,000 | $ 274,000 | $ 96,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 1 | $ 279,000 | $ 279,000 | $ 56,000 |
| Wilmington, DE-MD-NJ | 1 | $ 153,000 | $ 153,000 | $ 39,000 |
Mortgage Loan Application Detail Totals for First Alternative Mortgage Cor in 2008
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 | 1,276 | $202,018,000 | $158,000 | $819,000 | $58,000 | $575,000 |
| Refinancing | 1,120 | $229,211,000 | $204,000 | $1,560,000 | $67,000 | $618,000 |
| 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 | 1,816 | $295,843,000 | $162,000 | $782,000 | $60,000 | $575,000 |
| Black or African American | 319 | $74,449,000 | $233,000 | $1,560,000 | $70,000 | $618,000 |
| Hispanic | 233 | $56,101,000 | $240,000 | $718,000 | $66,000 | $212,000 |
| Asian | 16 | $3,129,000 | $195,000 | $614,000 | $68,000 | $150,000 |
| American Indian or Alaskan Native | 8 | $940,000 | $117,000 | $223,000 | $46,000 | $108,000 |
| Native Hawaiian or Other Pacific Islander | 4 | $767,000 | $191,000 | $282,000 | $46,000 | $71,000 |
| 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) | 2,324 | $413,460,000 | $177,000 | $819,000 | $61,000 | $406,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 49 | $14,403,000 | $293,000 | $1,560,000 | $122,000 | $618,000 |
| VA-guaranteed (Veterans Administration) | 23 | $3,366,000 | $146,000 | $254,000 | $53,000 | $89,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 1,148 | $188,471,000 | $164,000 | $670,000 | $61,000 | $243,000 |
| Application Denied By Financial Institution | 622 | $122,568,000 | $197,000 | $731,000 | $60,000 | $406,000 |
| Application Withdrawn By Applicant | 544 | $105,054,000 | $193,000 | $1,560,000 | $65,000 | $618,000 |
| Application Approved But Not Accepted | 76 | $14,029,000 | $184,000 | $564,000 | $66,000 | $575,000 |
| File Closed For Incompleteness | 6 | $1,107,000 | $184,000 | $269,000 | $71,000 | $130,000 |
| 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 |
|---|---|---|---|---|---|---|
| Other | 26 | $3,394,000 | $130,000 | $492,000 | $48,000 | $99,000 |
| Credit History | 18 | $2,121,000 | $117,000 | $226,000 | $51,000 | $90,000 |
| Debt-To-Income Ratio | 7 | $1,153,000 | $164,000 | $305,000 | $41,000 | $61,000 |
| Collateral | 2 | $254,000 | $127,000 | $199,000 | $34,000 | $40,000 |
| Employment History | 1 | $37,000 | $37,000 | $37,000 | $16,000 | $16,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $137,000 | $137,000 | $137,000 | $52,000 | $52,000 |
| 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 First Alternative Mortgage Cor's 2008 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 First Alternative Mortgage Cor'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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