Legacy Mortgage Corp Mortgage Lending & HMDA Data, 2004
In 2004, Legacy Mortgage Corp of Palos Heights, IL reported 77 mortgage applications totaling $12.3 million, down 81% from 2003. The average application was for $159,805, and applicants reported an average income of $51,701. 0% of its applications resulted in an originated loan and 27% were denied. Its largest markets were Chicago-Naperville-Joliet, IL (57), Indianapolis, IN (1) and Lake County-Kenosha County, IL-WI (1) (applications in parentheses).
| Mortgage Company & Address | Legacy Mortgage Corp 12800 S Ridgeland Avenue Ste G Palos Heights, IL 60463 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2004 2003 |
| Total Number of Mortgage Applications | 77 |
| Total Mortgage Loan Application Amount | $12,305,000 |
| Average Mortgage Loan Application Amount | $159,805 |
| Highest Mortgage Loan Application Amount | $320,000 |
| Average Applicant Income | $51,701 |
| Highest Applicant Income | $122,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Legacy Mortgage Corp filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Legacy Mortgage Corp in 2004
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 | 66 | $10,663,000 | $160,500 | $320,000 | $50,500 | $108,000 |
| Refinancing | 11 | $1,642,000 | $147,500 | $225,000 | $52,500 | $122,000 |
| 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 |
|---|---|---|---|---|---|---|
| Black or African American | 41 | $6,233,000 | $157,000 | $320,000 | $53,000 | $122,000 |
| Hispanic | 24 | $4,333,000 | $159,000 | $312,000 | $55,000 | $103,000 |
| White | 12 | $1,739,000 | $143,500 | $225,000 | $45,500 | $87,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 77 | $12,305,000 | $155,000 | $320,000 | $51,333 | $122,000 |
| 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 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 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 |
|---|---|---|---|---|---|---|
| File Closed For Incompleteness | 23 | $3,199,000 | $133,500 | $252,000 | $44,000 | $103,000 |
| Application Denied By Financial Institution | 21 | $3,308,000 | $153,000 | $235,000 | $49,000 | $96,000 |
| Application Withdrawn By Applicant | 17 | $2,980,000 | $183,000 | $320,000 | $59,333 | $107,000 |
| Application Approved But Not Accepted | 10 | $1,793,000 | $179,000 | $312,000 | $60,000 | $122,000 |
| Preapproval Approved but not Accepted | 3 | $626,000 | $208,000 | $271,000 | $69,000 | $108,000 |
| Preapproval Denied by Financial Institution | 3 | $399,000 | $133,000 | $148,000 | $33,000 | $40,000 |
| Loan Originated | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 9 | $1,440,000 | $146,000 | $225,000 | $37,500 | $65,000 |
| Credit History | 8 | $1,162,000 | $145,500 | $182,000 | $51,500 | $96,000 |
| Unverifiable Information | 2 | $239,000 | $119,000 | $147,000 | $54,000 | $57,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $289,000 | $144,500 | $166,000 | $43,000 | $54,000 |
| Collateral | 1 | $137,000 | $137,000 | $137,000 | $35,000 | $35,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Legacy Mortgage Corp's 2004 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 Legacy Mortgage Corp'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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