Ge Money Bank Mortgage Lending & HMDA Data, 2008
In 2008, Ge Money Bank of Salt Lake City, UT reported 45,453 mortgage applications totaling $774.7 million, down 70% from 2007. The average application was for $17,043, and applicants reported an average income of $81,250. 22% of its applications resulted in an originated loan and 47% were denied. Its largest markets were Phoenix-Mesa-Scottsdale, AZ (1,290), Chicago-Naperville-Joliet, IL (1,179) and New York-White Plains-Wayne, NY-NJ (1,074) (applications in parentheses).
| Mortgage Company & Address | Ge Money Bank 4246 South Riverboat Rdcsuite 200 Salt Lake City, UT 84123 |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 |
| Total Number of Mortgage Applications | 45,453 |
| Total Mortgage Loan Application Amount | $774,683,000 |
| Average Mortgage Loan Application Amount | $17,043 |
| Highest Mortgage Loan Application Amount | $1,491,000 |
| Average Applicant Income | $81,250 |
| Highest Applicant Income | $1,920,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Ge Money Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Ge Money Bank 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 Improvement | 45,065 | $682,235,000 | $15,000 | $358,000 | $81,000 | $1,920,000 |
| Refinancing | 235 | $55,054,000 | $234,000 | $1,491,000 | $104,000 | $812,000 |
| Home Purchase | 153 | $37,394,000 | $244,000 | $890,000 | $120,000 | $1,206,000 |
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 | 27,641 | $469,943,000 | $17,000 | $1,103,000 | $81,000 | $1,848,000 |
| Not Provided | 7,886 | $138,795,000 | $17,000 | $1,491,000 | $81,000 | $1,800,000 |
| Black or African American | 5,437 | $80,671,000 | $14,000 | $834,000 | $75,000 | $1,920,000 |
| Hispanic | 3,489 | $59,625,000 | $17,000 | $416,000 | $86,000 | $1,680,000 |
| Asian | 515 | $16,854,000 | $32,000 | $878,000 | $122,000 | $1,800,000 |
| American Indian or Alaskan Native | 340 | $5,971,000 | $17,000 | $171,000 | $80,000 | $1,008,000 |
| Native Hawaiian or Other Pacific Islander | 145 | $2,824,000 | $19,000 | $279,000 | $111,000 | $1,212,000 |
| 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) | 45,453 | $774,683,000 | $17,000 | $1,491,000 | $81,000 | $1,920,000 |
| 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 | 21,296 | $307,278,000 | $14,000 | $890,000 | $75,000 | $1,920,000 |
| Application Approved But Not Accepted | 14,000 | $278,432,000 | $19,000 | $958,000 | $88,000 | $1,848,000 |
| Loan Originated | 9,905 | $176,484,000 | $17,000 | $1,491,000 | $86,000 | $1,320,000 |
| Application Withdrawn By Applicant | 221 | $5,007,000 | $22,000 | $1,103,000 | $92,000 | $1,332,000 |
| Preapproval Approved but not Accepted | 27 | $6,126,000 | $226,000 | $440,000 | $137,000 | $1,206,000 |
| File Closed For Incompleteness | 3 | $1,116,000 | $372,000 | $531,000 | $105,000 | $134,000 |
| Preapproval Denied by Financial Institution | 1 | $240,000 | $240,000 | $240,000 | $91,000 | $91,000 |
| Loan Purchased By The 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 | 14,992 | $195,640,000 | $13,000 | $890,000 | $74,000 | $1,920,000 |
| Debt-To-Income Ratio | 4,071 | $67,741,000 | $16,000 | $428,000 | $70,000 | $1,770,000 |
| Other | 2,151 | $37,449,000 | $17,000 | $878,000 | $87,000 | $1,500,000 |
| Credit Application Incomplete | 49 | $1,668,000 | $34,000 | $496,000 | $117,000 | $558,000 |
| Collateral | 20 | $4,086,000 | $204,000 | $544,000 | $90,000 | $232,000 |
| Unverifiable Information | 11 | $193,000 | $17,000 | $50,000 | $63,000 | $122,000 |
| Employment History | 1 | $137,000 | $137,000 | $137,000 | $12,000 | $12,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $410,000 | $410,000 | $410,000 | $250,000 | $250,000 |
| Mortgage Insurance Denied | 1 | $194,000 | $194,000 | $194,000 | $114,000 | $114,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Ge Money Bank'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 Ge Money Bank'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 Utah, download the full spreadsheet
with aggregated HMDA statistics today.
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