Hope Federal Credit Union Mortgage Lending & HMDA Data, 2010
In 2010, Hope Federal Credit Union of Jackson, MS reported 294 mortgage applications totaling $25.2 million, down 31% from 2009. The average application was for $85,700, and applicants reported an average income of $39,993. 62% of its applications resulted in an originated loan and 38% were denied. Its largest markets were Memphis, TN-MS-AR (89), Gulfport-Biloxi, MS (75) and Jackson, MS (48) (applications in parentheses).
| Mortgage Company & Address | Hope Federal Credit Union 4 Old River Place Jackson, MS 39202 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 |
| Total Number of Mortgage Applications | 294 |
| Total Mortgage Loan Application Amount | $25,196,000 |
| Average Mortgage Loan Application Amount | $85,700 |
| Highest Mortgage Loan Application Amount | $408,000 |
| Average Applicant Income | $39,993 |
| Highest Applicant Income | $250,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Hope Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Hope Federal Credit Union in 2010
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 | 240 | $21,232,000 | $88,000 | $408,000 | $39,000 | $250,000 |
| Refinancing | 52 | $3,906,000 | $75,000 | $280,000 | $45,000 | $127,000 |
| Home Improvement | 2 | $58,000 | $29,000 | $44,000 | $29,000 | $35,000 |
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 |
|---|---|---|---|---|---|---|
| Black or African American | 187 | $17,075,000 | $91,000 | $408,000 | $39,000 | $127,000 |
| White | 86 | $6,186,000 | $71,000 | $367,000 | $42,000 | $250,000 |
| Not Provided | 8 | $754,000 | $94,000 | $206,000 | $50,000 | $70,000 |
| Asian | 7 | $562,000 | $80,000 | $163,000 | $42,000 | $70,000 |
| Hispanic | 6 | $619,000 | $103,000 | $126,000 | $38,000 | $75,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 219 | $17,109,000 | $78,000 | $372,000 | $39,000 | $250,000 |
| FHA-insured (Federal Housing Administration) | 74 | $7,679,000 | $103,000 | $260,000 | $43,000 | $121,000 |
| VA-guaranteed (Veterans Administration) | 1 | $408,000 | $408,000 | $408,000 | $123,000 | $123,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 182 | $15,303,000 | $84,000 | $408,000 | $40,000 | $127,000 |
| Application Denied By Financial Institution | 112 | $9,893,000 | $88,000 | $367,000 | $41,000 | $250,000 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Credit Application Incomplete | 51 | $4,998,000 | $98,000 | $367,000 | $44,000 | $250,000 |
| Credit History | 31 | $2,514,000 | $81,000 | $315,000 | $40,000 | $101,000 |
| Debt-To-Income Ratio | 14 | $984,000 | $70,000 | $174,000 | $31,000 | $59,000 |
| Collateral | 9 | $620,000 | $68,000 | $138,000 | $35,000 | $76,000 |
| Unverifiable Information | 4 | $390,000 | $97,000 | $135,000 | $40,000 | $53,000 |
| Other | 1 | $40,000 | $40,000 | $40,000 | $29,000 | $29,000 |
| Employment History | 1 | $149,000 | $149,000 | $149,000 | $80,000 | $80,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $198,000 | $198,000 | $198,000 | $48,000 | $48,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Hope Federal Credit Union's 2010 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 Hope Federal Credit Union'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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