First Rate Mortgage Mortgage Lending & HMDA Data, 2007
In 2007, First Rate Mortgage of Louisville, KY reported 2,429 mortgage applications totaling $258.2 million, up 75% from 2006. The average application was for $106,281, and applicants reported an average income of $45,483. 0% of its applications resulted in an originated loan and 68% were denied. Its largest markets were Louisville-Jefferson County, KY-IN (402), Elizabethtown, KY (59) and Lexington-Fayette, KY (50) (applications in parentheses).
| Mortgage Company & Address | First Rate Mortgage 10400 Linn Station Rd Louisville, KY 40223 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 |
| Total Number of Mortgage Applications | 2,429 |
| Total Mortgage Loan Application Amount | $258,157,000 |
| Average Mortgage Loan Application Amount | $106,281 |
| Highest Mortgage Loan Application Amount | $1,440,000 |
| Average Applicant Income | $45,483 |
| Highest Applicant Income | $1,500,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Rate Mortgage filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Mortgage in 2007
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 | 1,439 | $147,444,000 | $102,000 | $1,440,000 | $41,000 | $1,500,000 |
| Refinancing | 990 | $110,713,000 | $111,000 | $1,250,000 | $52,000 | $720,000 |
| 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 | 2,030 | $213,725,000 | $105,000 | $1,440,000 | $46,000 | $1,500,000 |
| Black or African American | 302 | $32,486,000 | $107,000 | $330,000 | $41,000 | $222,000 |
| Not Provided | 40 | $4,287,000 | $107,000 | $540,000 | $46,000 | $300,000 |
| Hispanic | 25 | $2,629,000 | $105,000 | $200,000 | $39,000 | $77,000 |
| Asian | 21 | $2,394,000 | $114,000 | $208,000 | $44,000 | $84,000 |
| Native Hawaiian or Other Pacific Islander | 9 | $2,316,000 | $257,000 | $1,250,000 | $101,000 | $582,000 |
| American Indian or Alaskan Native | 2 | $320,000 | $160,000 | $180,000 | $74,000 | $81,000 |
| 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) | 2,081 | $220,805,000 | $106,000 | $1,440,000 | $46,000 | $1,500,000 |
| FHA-insured (Federal Housing Administration) | 312 | $33,212,000 | $106,000 | $330,000 | $42,000 | $240,000 |
| VA-guaranteed (Veterans Administration) | 32 | $3,788,000 | $118,000 | $226,000 | $42,000 | $72,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 4 | $352,000 | $88,000 | $134,000 | $31,000 | $50,000 |
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 | 1,641 | $167,944,000 | $102,000 | $730,000 | $41,000 | $720,000 |
| Application Withdrawn By Applicant | 783 | $89,813,000 | $114,000 | $1,440,000 | $56,000 | $1,500,000 |
| File Closed For Incompleteness | 4 | $312,000 | $78,000 | $85,000 | $41,000 | $60,000 |
| Application Approved But Not Accepted | 1 | $88,000 | $88,000 | $88,000 | $44,000 | $44,000 |
| Loan Originated | 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 |
|---|---|---|---|---|---|---|
| Credit History | 1,315 | $130,438,000 | $99,000 | $540,000 | $40,000 | $720,000 |
| Debt-To-Income Ratio | 100 | $12,014,000 | $120,000 | $660,000 | $32,000 | $143,000 |
| Credit Application Incomplete | 53 | $6,625,000 | $125,000 | $730,000 | $57,000 | $300,000 |
| Collateral | 42 | $5,114,000 | $121,000 | $277,000 | $59,000 | $118,000 |
| Other | 41 | $4,084,000 | $99,000 | $340,000 | $41,000 | $118,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 29 | $2,795,000 | $96,000 | $242,000 | $34,000 | $82,000 |
| Employment History | 21 | $1,894,000 | $90,000 | $158,000 | $32,000 | $120,000 |
| Unverifiable Information | 15 | $1,457,000 | $97,000 | $217,000 | $46,000 | $180,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Rate Mortgage's 2007 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 Mortgage'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 Kentucky, download the full spreadsheet
with aggregated HMDA statistics today.
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