Gennext Funding, LLC Mortgage Lending & HMDA Data, 2020
In 2020, Gennext Funding, LLC of Middlesex, NJ reported 392 mortgage applications totaling $120.9 million. The average application was for $308,443, and applicants reported an average income of $105,474. 72% of its applications resulted in an originated loan and 1% were denied. Its largest markets were New York-Newark, NY (202), Newark, NJ-PA (95) and New York-Jersey City-White Plains, NY-NJ (39) (applications in parentheses).
| Mortgage Company & Address | Gennext Funding, LLC 285 Davidson Ave Suite 404 Middlesex, NJ 08846 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2022 2021 2020 2018 |
| Total Number of Mortgage Applications | 392 |
| Total Mortgage Loan Application Amount | $120,910,000 |
| Average Mortgage Loan Application Amount | $308,443 |
| Highest Mortgage Loan Application Amount | $3,995,000 |
| Average Applicant Income | $105,474 |
| Highest Applicant Income | $608,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Gennext Funding, LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Gennext Funding, LLC in 2020
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 | 218 | $67,890,000 | $311,000 | $675,000 | $100,000 | $608,000 |
| Refinancing | 116 | $32,780,000 | $282,000 | $585,000 | $108,000 | $390,000 |
| Cash-out Refinancing | 58 | $20,240,000 | $348,000 | $3,995,000 | $121,000 | $364,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 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 |
|---|---|---|---|---|---|---|
| Hispanic | 165 | $47,885,000 | $290,000 | $675,000 | $96,000 | $608,000 |
| White | 149 | $44,255,000 | $297,000 | $685,000 | $113,000 | $390,000 |
| Black or African American | 44 | $17,560,000 | $399,000 | $3,995,000 | $105,000 | $245,000 |
| Asian | 26 | $8,730,000 | $335,000 | $515,000 | $128,000 | $320,000 |
| Not Provided | 4 | $1,390,000 | $347,000 | $425,000 | $97,000 | $116,000 |
| Not applicable | 3 | $715,000 | $238,000 | $365,000 | $64,000 | $76,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $375,000 | $375,000 | $375,000 | $168,000 | $168,000 |
| American Indian or Alaskan Native | 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) | 276 | $79,540,000 | $288,000 | $675,000 | $114,000 | $608,000 |
| FHA-insured (Federal Housing Administration) | 112 | $40,070,000 | $357,000 | $3,995,000 | $87,000 | $262,000 |
| VA-guaranteed (Veterans Administration) | 3 | $1,105,000 | $368,000 | $425,000 | $71,000 | $106,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $195,000 | $195,000 | $195,000 | $69,000 | $69,000 |
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 |
|---|---|---|---|---|---|---|
| Loan Originated | 283 | $84,535,000 | $298,000 | $685,000 | $108,000 | $390,000 |
| Application Withdrawn By Applicant | 102 | $34,470,000 | $337,000 | $3,995,000 | $100,000 | $608,000 |
| Application Denied By Financial Institution | 5 | $1,245,000 | $249,000 | $325,000 | $55,000 | $64,000 |
| File Closed For Incompleteness | 2 | $660,000 | $330,000 | $425,000 | $79,000 | $82,000 |
| Application Approved But Not Accepted | 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 | 387 | $119,665,000 | $309,000 | $3,995,000 | $106,000 | $608,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $420,000 | $210,000 | $305,000 | $58,000 | $64,000 |
| Debt-To-Income Ratio | 2 | $600,000 | $300,000 | $325,000 | $57,000 | $63,000 |
| Other | 1 | $225,000 | $225,000 | $225,000 | $45,000 | $45,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Gennext Funding, LLC's 2020 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 Gennext Funding, LLC'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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