1st Franklin Financial Corporation Mortgage Lending & HMDA Data, 2019
In 2019, 1st Franklin Financial Corporation of Toccoa, GA reported 1,295 mortgage applications totaling $31.0 million, about the same as 2018. The average application was for $23,934, and applicants reported an average income of $33,062. 37% of its applications resulted in an originated loan and 39% were denied. Its largest markets were Birmingham-Hoover, AL (63), Atlanta-Sandy Springs-Roswell, GA (41) and Houma-Thibodaux, LA (33) (applications in parentheses).
| Mortgage Company & Address | 1st Franklin Financial Corporation 135 E. Tugalo St. Toccoa, GA 30577 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2023 2022 2021 2020 2019 2018 2017 |
| Total Number of Mortgage Applications | 1,295 |
| Total Mortgage Loan Application Amount | $30,995,000 |
| Average Mortgage Loan Application Amount | $23,934 |
| Highest Mortgage Loan Application Amount | $75,000 |
| Average Applicant Income | $33,062 |
| Highest Applicant Income | $323,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records 1st Franklin Financial Corporation filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 1st Franklin Financial Corporation in 2019
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 |
|---|---|---|---|---|---|---|
| Other Purpose | 619 | $14,605,000 | $23,000 | $75,000 | $34,000 | $323,000 |
| Home Improvement | 396 | $8,630,000 | $21,000 | $75,000 | $31,000 | $126,000 |
| Refinancing | 191 | $5,305,000 | $27,000 | $75,000 | $32,000 | $91,000 |
| Home Purchase | 89 | $2,455,000 | $27,000 | $75,000 | $38,000 | $142,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Cash-out Refinancing | 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 | 690 | $17,260,000 | $25,000 | $75,000 | $34,000 | $323,000 |
| Black or African American | 453 | $10,335,000 | $22,000 | $75,000 | $32,000 | $130,000 |
| Not Provided | 133 | $2,905,000 | $21,000 | $75,000 | $32,000 | $132,000 |
| Hispanic | 11 | $285,000 | $25,000 | $55,000 | $40,000 | $114,000 |
| Native Hawaiian or Other Pacific Islander | 4 | $120,000 | $30,000 | $55,000 | $38,000 | $70,000 |
| American Indian or Alaskan Native | 4 | $90,000 | $22,000 | $35,000 | $19,000 | $43,000 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 1,295 | $30,995,000 | $23,000 | $75,000 | $33,000 | $323,000 |
| 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 | 500 | $11,880,000 | $23,000 | $75,000 | $31,000 | $142,000 |
| Loan Originated | 475 | $11,915,000 | $25,000 | $75,000 | $34,000 | $138,000 |
| File Closed For Incompleteness | 301 | $6,765,000 | $22,000 | $75,000 | $34,000 | $323,000 |
| Application Approved But Not Accepted | 19 | $435,000 | $22,000 | $55,000 | $36,000 | $94,000 |
| Application Withdrawn By Applicant | 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 |
|---|---|---|---|---|---|---|
| Not applicable | 795 | $19,115,000 | $24,000 | $75,000 | $34,000 | $323,000 |
| Credit History | 246 | $5,910,000 | $24,000 | $75,000 | $33,000 | $142,000 |
| Debt-To-Income Ratio | 102 | $2,740,000 | $26,000 | $75,000 | $24,000 | $132,000 |
| Collateral | 102 | $2,150,000 | $21,000 | $65,000 | $32,000 | $105,000 |
| Other | 20 | $410,000 | $20,000 | $55,000 | $25,000 | $76,000 |
| Unverifiable Information | 11 | $235,000 | $21,000 | $75,000 | $39,000 | $76,000 |
| Credit Application Incomplete | 5 | $115,000 | $23,000 | $35,000 | $28,000 | $72,000 |
| Employment History | 5 | $85,000 | $17,000 | $35,000 | $27,000 | $55,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 5 | $175,000 | $35,000 | $45,000 | $39,000 | $74,000 |
| Mortgage Insurance Denied | 4 | $60,000 | $15,000 | $25,000 | $33,000 | $38,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into 1st Franklin Financial Corporation's 2019 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 1st Franklin Financial Corporation'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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