Get A Rate LLC Mortgage Lending & HMDA Data, 2020
In 2020, Get A Rate LLC of Hackensack, NJ reported 1,842 mortgage applications totaling $628.4 million. The average application was for $341,123, and applicants reported an average income of $148,687. 65% of its applications resulted in an originated loan and 3% were denied. Its largest markets were New York-Jersey City-White Plains, NY-NJ (693), Newark, NJ-PA (406) and New York-Newark, NY (285) (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 | 1,842 |
| Total Mortgage Loan Application Amount | $628,350,000 |
| Average Mortgage Loan Application Amount | $341,123 |
| Highest Mortgage Loan Application Amount | $1,125,000 |
| Average Applicant Income | $148,687 |
| Highest Applicant Income | $2,820,000 |
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Act (HMDA) records Get A Rate LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 |
|---|---|---|---|---|---|---|
| Refinancing | 966 | $331,210,000 | $342,000 | $1,125,000 | $157,000 | $2,688,000 |
| Home Purchase | 558 | $195,810,000 | $350,000 | $845,000 | $125,000 | $2,820,000 |
| Cash-out Refinancing | 318 | $101,330,000 | $318,000 | $965,000 | $165,000 | $2,400,000 |
| 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 |
|---|---|---|---|---|---|---|
| White | 878 | $300,370,000 | $342,000 | $945,000 | $151,000 | $2,400,000 |
| Hispanic | 393 | $129,185,000 | $328,000 | $965,000 | $113,000 | $1,536,000 |
| Not Provided | 290 | $100,640,000 | $347,000 | $1,125,000 | $182,000 | $2,688,000 |
| Asian | 200 | $75,110,000 | $375,000 | $765,000 | $164,000 | $650,000 |
| Black or African American | 63 | $17,395,000 | $276,000 | $765,000 | $103,000 | $316,000 |
| American Indian or Alaskan Native | 10 | $2,560,000 | $256,000 | $395,000 | $74,000 | $131,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $435,000 | $435,000 | $435,000 | $113,000 | $113,000 |
| 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) | 1,554 | $528,060,000 | $339,000 | $1,125,000 | $157,000 | $2,820,000 |
| FHA-insured (Federal Housing Administration) | 229 | $79,795,000 | $348,000 | $805,000 | $93,000 | $283,000 |
| VA-guaranteed (Veterans Administration) | 58 | $20,350,000 | $350,000 | $705,000 | $112,000 | $373,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $145,000 | $145,000 | $145,000 | $89,000 | $89,000 |
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 | 1,204 | $415,160,000 | $344,000 | $865,000 | $145,000 | $736,000 |
| Application Withdrawn By Applicant | 283 | $93,275,000 | $329,000 | $1,125,000 | $159,000 | $2,472,000 |
| File Closed For Incompleteness | 169 | $57,205,000 | $338,000 | $845,000 | $181,000 | $2,820,000 |
| Application Approved But Not Accepted | 107 | $36,205,000 | $338,000 | $765,000 | $143,000 | $363,000 |
| Application Denied By Financial Institution | 61 | $19,585,000 | $321,000 | $965,000 | $97,000 | $283,000 |
| Preapproval Approved but not Accepted | 15 | $6,015,000 | $401,000 | $765,000 | $111,000 | $283,000 |
| Preapproval Denied by Financial Institution | 3 | $905,000 | $301,000 | $365,000 | $91,000 | $104,000 |
| 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 | 1,778 | $607,860,000 | $341,000 | $1,125,000 | $150,000 | $2,820,000 |
| Debt-To-Income Ratio | 26 | $8,090,000 | $311,000 | $965,000 | $66,000 | $177,000 |
| Collateral | 13 | $3,915,000 | $301,000 | $945,000 | $107,000 | $218,000 |
| Credit History | 8 | $2,440,000 | $305,000 | $525,000 | $102,000 | $191,000 |
| Employment History | 7 | $2,575,000 | $367,000 | $645,000 | $137,000 | $183,000 |
| Other | 4 | $1,300,000 | $325,000 | $455,000 | $159,000 | $283,000 |
| Unverifiable Information | 4 | $1,500,000 | $375,000 | $455,000 | $138,000 | $163,000 |
| Mortgage Insurance Denied | 1 | $255,000 | $255,000 | $255,000 | $83,000 | $83,000 |
| Credit Application Incomplete | 1 | $415,000 | $415,000 | $415,000 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Get A Rate 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 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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