First Rate Capital Corp Mortgage Lending & HMDA Data, 2008
In 2008, First Rate Capital Corp of Melville, NY reported 447 mortgage applications totaling $110.2 million, up 8% from 2007. The average application was for $246,545, and applicants reported an average income of $78,635. 84% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Nassau-Suffolk, NY (81), Chicago-Naperville-Joliet, IL (58) and New York-White Plains-Wayne, NY-NJ (54) (applications in parentheses).
| Mortgage Company & Address | First Rate Capital Corp 225 Broadhollow Road 132w Melville, NY 11747 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 447 |
| Total Mortgage Loan Application Amount | $110,206,000 |
| Average Mortgage Loan Application Amount | $246,545 |
| Highest Mortgage Loan Application Amount | $740,000 |
| Average Applicant Income | $78,635 |
| Highest Applicant Income | $361,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Rate Capital Corp filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 First Rate Capital Corp 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 |
|---|---|---|---|---|---|---|
| Refinancing | 299 | $70,440,000 | $235,000 | $732,000 | $74,000 | $361,000 |
| Home Purchase | 148 | $39,766,000 | $268,000 | $740,000 | $88,000 | $221,000 |
| 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 | 213 | $53,698,000 | $252,000 | $732,000 | $83,000 | $361,000 |
| Black or African American | 144 | $31,273,000 | $217,000 | $644,000 | $69,000 | $205,000 |
| Hispanic | 55 | $15,709,000 | $285,000 | $633,000 | $81,000 | $143,000 |
| Not Provided | 26 | $6,400,000 | $246,000 | $740,000 | $71,000 | $220,000 |
| Asian | 6 | $1,957,000 | $326,000 | $506,000 | $126,000 | $221,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $822,000 | $411,000 | $471,000 | $137,000 | $174,000 |
| American Indian or Alaskan Native | 1 | $347,000 | $347,000 | $347,000 | $97,000 | $97,000 |
| 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 420 | $102,408,000 | $243,000 | $740,000 | $78,000 | $361,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 27 | $7,798,000 | $288,000 | $588,000 | $86,000 | $282,000 |
| 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 | 377 | $92,108,000 | $244,000 | $740,000 | $79,000 | $361,000 |
| Application Withdrawn By Applicant | 51 | $14,019,000 | $274,000 | $709,000 | $81,000 | $210,000 |
| Application Denied By Financial Institution | 19 | $4,079,000 | $214,000 | $368,000 | $62,000 | $104,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 5 | $1,039,000 | $207,000 | $355,000 | $60,000 | $91,000 |
| Credit History | 2 | $306,000 | $153,000 | $215,000 | $63,000 | $78,000 |
| Debt-To-Income Ratio | 2 | $334,000 | $167,000 | $232,000 | $36,000 | $49,000 |
| Unverifiable Information | 2 | $660,000 | $330,000 | $344,000 | $76,000 | $81,000 |
| Employment History | 1 | $96,000 | $96,000 | $96,000 | $65,000 | $65,000 |
| Mortgage Insurance Denied | 1 | $320,000 | $320,000 | $320,000 | $104,000 | $104,000 |
| Other | 1 | $236,000 | $236,000 | $236,000 | $84,000 | $84,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Rate Capital Corp'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 Rate Capital Corp'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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