Magna Bank Mortgage Lending & HMDA Data, 2012
In 2012, Magna Bank of Memphis, TN reported 2,397 mortgage applications totaling $552.0 million. The average application was for $230,272, and applicants reported an average income of $98,644. 79% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Memphis, TN-MS-AR (1,748), Nashville-Davidson--Murfreesboro--Franklin, TN (580) and Clarksville, TN-KY (8) (applications in parentheses).
| Mortgage Company & Address | Magna Bank 6525 Quail Hollow Rd. Ste 513 Memphis, TN 38120 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2014 2013 2012 |
| Total Number of Mortgage Applications | 2,397 |
| Total Mortgage Loan Application Amount | $551,963,000 |
| Average Mortgage Loan Application Amount | $230,272 |
| Highest Mortgage Loan Application Amount | $33,625,000 |
| Average Applicant Income | $98,644 |
| Highest Applicant Income | $7,000,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Magna Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Magna Bank in 2012
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 | 1,345 | $239,228,000 | $177,000 | $1,360,000 | $92,000 | $7,000,000 |
| Refinancing | 1,049 | $312,567,000 | $297,000 | $33,625,000 | $107,000 | $1,680,000 |
| Home Improvement | 3 | $168,000 | $56,000 | $93,000 | $156,000 | $221,000 |
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 |
|---|---|---|---|---|---|---|
| White | 1,945 | $376,478,000 | $193,000 | $845,000 | $97,000 | $1,694,000 |
| Black or African American | 248 | $36,413,000 | $146,000 | $1,360,000 | $63,000 | $394,000 |
| Asian | 87 | $18,656,000 | $214,000 | $1,000,000 | $138,000 | $930,000 |
| Hispanic | 51 | $9,313,000 | $182,000 | $840,000 | $97,000 | $889,000 |
| Not Provided | 35 | $7,583,000 | $216,000 | $850,000 | $189,000 | $1,680,000 |
| Not applicable | 22 | $101,572,000 | $4,616,000 | $33,625,000 | $318,000 | $7,000,000 |
| Native Hawaiian or Other Pacific Islander | 5 | $877,000 | $175,000 | $287,000 | $77,000 | $150,000 |
| American Indian or Alaskan Native | 4 | $1,071,000 | $267,000 | $753,000 | $119,000 | $317,000 |
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) | 1,607 | $434,756,000 | $270,000 | $33,625,000 | $118,000 | $7,000,000 |
| FHA-insured (Federal Housing Administration) | 638 | $91,255,000 | $143,000 | $417,000 | $60,000 | $517,000 |
| VA-guaranteed (Veterans Administration) | 98 | $18,322,000 | $186,000 | $477,000 | $70,000 | $260,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 54 | $7,630,000 | $141,000 | $251,000 | $45,000 | $93,000 |
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 | 1,883 | $463,465,000 | $246,000 | $33,625,000 | $101,000 | $7,000,000 |
| Application Withdrawn By Applicant | 263 | $46,235,000 | $175,000 | $674,000 | $101,000 | $1,680,000 |
| Application Denied By Financial Institution | 243 | $40,992,000 | $168,000 | $710,000 | $78,000 | $517,000 |
| Loan Purchased By The Institution | 5 | $811,000 | $162,000 | $252,000 | $0 | $0 |
| File Closed For Incompleteness | 2 | $371,000 | $185,000 | $361,000 | $42,000 | $83,000 |
| Application Approved But Not Accepted | 1 | $89,000 | $89,000 | $89,000 | $44,000 | $44,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 80 | $14,543,000 | $181,000 | $417,000 | $95,000 | $371,000 |
| Debt-To-Income Ratio | 59 | $10,562,000 | $179,000 | $417,000 | $55,000 | $221,000 |
| Credit History | 56 | $8,226,000 | $146,000 | $710,000 | $73,000 | $428,000 |
| Other | 18 | $2,434,000 | $135,000 | $312,000 | $92,000 | $517,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 12 | $1,845,000 | $153,000 | $310,000 | $83,000 | $173,000 |
| Employment History | 6 | $736,000 | $122,000 | $202,000 | $41,000 | $72,000 |
| Credit Application Incomplete | 5 | $1,386,000 | $277,000 | $696,000 | $119,000 | $237,000 |
| Unverifiable Information | 5 | $808,000 | $161,000 | $325,000 | $45,000 | $66,000 |
| Mortgage Insurance Denied | 2 | $452,000 | $226,000 | $307,000 | $112,000 | $144,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Magna Bank's 2012 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 Magna Bank'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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with aggregated HMDA statistics today.
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