Get A Rate LLC Mortgage Lending & HMDA Data, 2021
In 2021, Get A Rate LLC of Hackensack, NJ reported 2,259 mortgage applications totaling $794.8 million, up 23% from 2020. The average application was for $351,843, and applicants reported an average income of $154,293. 51% of its applications resulted in an originated loan and 11% were denied. Its largest markets were New York-Jersey City-White Plains, NY-NJ (682), Newark, NJ-PA (394) and New York-Newark, NY (355) (applications in parentheses).
| Mortgage Company & Address | Get A Rate LLC 411 Hackensack Ave Suite 104 Hackensack, NJ 07601 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2021 2020 |
| Total Number of Mortgage Applications | 2,259 |
| Total Mortgage Loan Application Amount | $794,815,000 |
| Average Mortgage Loan Application Amount | $351,843 |
| Highest Mortgage Loan Application Amount | $1,995,000 |
| Average Applicant Income | $154,293 |
| Highest Applicant Income | $4,560,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Get A Rate LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Get A Rate LLC in 2021
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 | 1,063 | $362,485,000 | $341,000 | $1,995,000 | $160,000 | $2,828,000 |
| Cash-out Refinancing | 642 | $215,360,000 | $335,000 | $1,585,000 | $152,000 | $2,538,000 |
| Home Purchase | 554 | $216,970,000 | $391,000 | $1,285,000 | $146,000 | $4,560,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 952 | $331,480,000 | $348,000 | $1,585,000 | $162,000 | $4,560,000 |
| Not Provided | 482 | $171,500,000 | $355,000 | $1,265,000 | $152,000 | $1,932,000 |
| Hispanic | 440 | $149,790,000 | $340,000 | $995,000 | $123,000 | $1,569,000 |
| Asian | 249 | $95,705,000 | $384,000 | $1,995,000 | $175,000 | $1,866,000 |
| Black or African American | 80 | $24,670,000 | $308,000 | $665,000 | $118,000 | $709,000 |
| American Indian or Alaskan Native | 8 | $2,430,000 | $303,000 | $595,000 | $335,000 | $1,346,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $245,000 | $245,000 | $245,000 | $77,000 | $77,000 |
| 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) | 1,903 | $663,295,000 | $348,000 | $1,995,000 | $163,000 | $4,560,000 |
| FHA-insured (Federal Housing Administration) | 289 | $105,435,000 | $364,000 | $915,000 | $99,000 | $1,932,000 |
| VA-guaranteed (Veterans Administration) | 64 | $24,580,000 | $384,000 | $995,000 | $136,000 | $2,538,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 3 | $1,505,000 | $501,000 | $915,000 | $91,000 | $120,000 |
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 | 1,141 | $398,475,000 | $349,000 | $995,000 | $144,000 | $896,000 |
| Application Withdrawn By Applicant | 636 | $228,360,000 | $359,000 | $1,285,000 | $189,000 | $4,560,000 |
| Application Denied By Financial Institution | 242 | $81,690,000 | $337,000 | $955,000 | $104,000 | $726,000 |
| Application Approved But Not Accepted | 175 | $64,785,000 | $370,000 | $1,995,000 | $182,000 | $2,828,000 |
| File Closed For Incompleteness | 52 | $16,810,000 | $323,000 | $765,000 | $103,000 | $392,000 |
| Preapproval Approved but not Accepted | 8 | $2,980,000 | $372,000 | $825,000 | $121,000 | $339,000 |
| Preapproval Denied by Financial Institution | 5 | $1,715,000 | $343,000 | $495,000 | $79,000 | $166,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 2,012 | $711,410,000 | $353,000 | $1,995,000 | $160,000 | $4,560,000 |
| Debt-To-Income Ratio | 152 | $53,720,000 | $353,000 | $955,000 | $94,000 | $726,000 |
| Credit History | 50 | $15,820,000 | $316,000 | $865,000 | $126,000 | $700,000 |
| Other | 23 | $7,245,000 | $315,000 | $555,000 | $103,000 | $384,000 |
| Collateral | 16 | $4,930,000 | $308,000 | $725,000 | $137,000 | $352,000 |
| Unverifiable Information | 4 | $1,180,000 | $295,000 | $385,000 | $34,000 | $136,000 |
| Employment History | 2 | $510,000 | $255,000 | $285,000 | $111,000 | $162,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Get A Rate LLC's 2021 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 Get A Rate 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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