Local Mortgage Inc. Mortgage Lending & HMDA Data, 2023
In 2023, Local Mortgage Inc. of Collierville, TN reported 216 mortgage applications totaling $63.9 million, down 56% from 2022. The average application was for $295,648, and applicants reported an average income of $115,180. 17% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Memphis, TN-MS-AR (80), Atlanta-Sandy Springs-Roswell, GA (18) and Denver-Aurora-Lakewood, CO (3) (applications in parentheses).
| Mortgage Company & Address | Local Mortgage Inc. 5350 Poplar Ave Suite 850 Collierville, TN 38119 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2023 2022 |
| Total Number of Mortgage Applications | 216 |
| Total Mortgage Loan Application Amount | $63,860,000 |
| Average Mortgage Loan Application Amount | $295,648 |
| Highest Mortgage Loan Application Amount | $965,000 |
| Average Applicant Income | $115,180 |
| Highest Applicant Income | $430,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Local Mortgage Inc. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Outside any metro area | 111 | $ 25,675,000 | $ 231,306 | $ 80,828 |
| Memphis, TN-MS-AR | 80 | $ 26,400,000 | $ 330,000 | $ 138,400 |
| Atlanta-Sandy Springs-Roswell, GA | 18 | $ 8,510,000 | $ 472,777 | $ 205,000 |
| Denver-Aurora-Lakewood, CO | 3 | $ 1,225,000 | $ 408,333 | $ 125,000 |
| Nashville-Davidson--Murfreesboro--Franklin, TN | 2 | $ 1,250,000 | $ 625,000 | $ 145,000 |
| Chattanooga, TN-GA | 1 | $ 445,000 | $ 445,000 | $ 144,000 |
| Jackson, MS | 1 | $ 355,000 | $ 355,000 | $ 306,000 |
Mortgage Loan Application Detail Totals for Local Mortgage Inc. in 2023
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 | 200 | $59,780,000 | $298,000 | $965,000 | $110,000 | $430,000 |
| Cash-out Refinancing | 11 | $2,395,000 | $217,000 | $365,000 | $199,000 | $417,000 |
| Refinancing | 5 | $1,685,000 | $337,000 | $695,000 | $138,000 | $410,000 |
| 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 | 113 | $34,965,000 | $309,000 | $965,000 | $132,000 | $430,000 |
| Black or African American | 66 | $15,330,000 | $232,000 | $805,000 | $80,000 | $417,000 |
| Asian | 26 | $10,560,000 | $406,000 | $635,000 | $153,000 | $386,000 |
| Hispanic | 5 | $1,305,000 | $261,000 | $405,000 | $98,000 | $150,000 |
| Not Provided | 4 | $880,000 | $220,000 | $365,000 | $24,000 | $97,000 |
| American Indian or Alaskan Native | 1 | $245,000 | $245,000 | $245,000 | $83,000 | $83,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 131 | $46,555,000 | $355,000 | $965,000 | $149,000 | $430,000 |
| FHA-insured (Federal Housing Administration) | 75 | $14,265,000 | $190,000 | $445,000 | $61,000 | $221,000 |
| VA-guaranteed (Veterans Administration) | 9 | $2,895,000 | $321,000 | $805,000 | $82,000 | $134,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $145,000 | $145,000 | $145,000 | $68,000 | $68,000 |
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 |
|---|---|---|---|---|---|---|
| Preapproval Denied by Financial Institution | 66 | $12,690,000 | $192,000 | $805,000 | $48,000 | $136,000 |
| Application Withdrawn By Applicant | 54 | $19,470,000 | $360,000 | $725,000 | $170,000 | $417,000 |
| Loan Originated | 37 | $13,675,000 | $369,000 | $725,000 | $149,000 | $410,000 |
| Preapproval Approved but not Accepted | 36 | $10,320,000 | $286,000 | $965,000 | $126,000 | $430,000 |
| Application Denied By Financial Institution | 20 | $6,480,000 | $324,000 | $725,000 | $104,000 | $315,000 |
| File Closed For Incompleteness | 2 | $910,000 | $455,000 | $465,000 | $110,000 | $113,000 |
| Application Approved But Not Accepted | 1 | $315,000 | $315,000 | $315,000 | $143,000 | $143,000 |
| 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 | 130 | $44,690,000 | $343,000 | $965,000 | $151,000 | $430,000 |
| Credit History | 40 | $7,620,000 | $190,000 | $465,000 | $41,000 | $136,000 |
| Debt-To-Income Ratio | 39 | $9,585,000 | $245,000 | $805,000 | $65,000 | $170,000 |
| Employment History | 2 | $530,000 | $265,000 | $395,000 | $99,000 | $133,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $360,000 | $180,000 | $305,000 | $82,000 | $89,000 |
| Collateral | 2 | $790,000 | $395,000 | $515,000 | $292,000 | $315,000 |
| Unverifiable Information | 1 | $285,000 | $285,000 | $285,000 | $80,000 | $80,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Local Mortgage Inc.'s 2023 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 Local Mortgage Inc.'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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