First Shore Federal S&L Assoc Mortgage Lending & HMDA Data, 2008
In 2008, First Shore Federal S&L Assoc of Salisbury, MD reported 609 mortgage applications totaling $88.2 million, up 6% from 2007. The average application was for $144,878, and applicants reported an average income of $110,004. 42% of its applications resulted in an originated loan and 41% were denied. Its largest markets were Salisbury, MD (159), Dover, DE (27) and Baltimore-Towson, MD (3) (applications in parentheses).
| Mortgage Company & Address | First Shore Federal S&L Assoc P O Box 4248 Salisbury, MD 21803 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 609 |
| Total Mortgage Loan Application Amount | $88,231,000 |
| Average Mortgage Loan Application Amount | $144,878 |
| Highest Mortgage Loan Application Amount | $2,880,000 |
| Average Applicant Income | $110,004 |
| Highest Applicant Income | $6,737,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Shore Federal S&L Assoc filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Shore Federal S&L Assoc 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 | 403 | $51,200,000 | $127,000 | $2,000,000 | $93,000 | $2,012,000 |
| Refinancing | 168 | $35,420,000 | $210,000 | $2,880,000 | $156,000 | $6,737,000 |
| Home Improvement | 38 | $1,611,000 | $42,000 | $150,000 | $87,000 | $225,000 |
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 | 487 | $80,186,000 | $164,000 | $2,880,000 | $124,000 | $6,737,000 |
| Black or African American | 83 | $4,337,000 | $52,000 | $172,000 | $43,000 | $167,000 |
| Hispanic | 22 | $1,379,000 | $62,000 | $415,000 | $50,000 | $160,000 |
| Not Provided | 8 | $851,000 | $106,000 | $200,000 | $63,000 | $124,000 |
| Asian | 5 | $1,080,000 | $216,000 | $711,000 | $186,000 | $370,000 |
| American Indian or Alaskan Native | 2 | $274,000 | $137,000 | $210,000 | $61,000 | $91,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $124,000 | $62,000 | $85,000 | $53,000 | $65,000 |
| 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) | 609 | $88,231,000 | $144,000 | $2,880,000 | $110,000 | $6,737,000 |
| 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 |
|---|---|---|---|---|---|---|
| Loan Originated | 255 | $44,986,000 | $176,000 | $2,880,000 | $144,000 | $2,012,000 |
| Application Denied By Financial Institution | 251 | $27,367,000 | $109,000 | $1,600,000 | $82,000 | $6,737,000 |
| Application Approved But Not Accepted | 65 | $4,455,000 | $68,000 | $630,000 | $54,000 | $146,000 |
| File Closed For Incompleteness | 24 | $6,983,000 | $290,000 | $1,040,000 | $107,000 | $348,000 |
| Application Withdrawn By Applicant | 14 | $4,440,000 | $317,000 | $2,000,000 | $252,000 | $1,357,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 151 | $20,426,000 | $135,000 | $1,600,000 | $56,000 | $221,000 |
| Credit History | 64 | $3,274,000 | $51,000 | $230,000 | $49,000 | $156,000 |
| Employment History | 23 | $1,581,000 | $68,000 | $680,000 | $48,000 | $123,000 |
| Other | 6 | $1,029,000 | $171,000 | $460,000 | $1,230,000 | $6,737,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 4 | $797,000 | $199,000 | $440,000 | $59,000 | $113,000 |
| Collateral | 2 | $243,000 | $121,000 | $184,000 | $106,000 | $151,000 |
| Unverifiable Information | 1 | $17,000 | $17,000 | $17,000 | $26,000 | $26,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Shore Federal S&L Assoc'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 Shore Federal S&L Assoc'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 Maryland, download the full spreadsheet
with aggregated HMDA statistics today.
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