Merit Financial, Inc Mortgage Lending & HMDA Data, 2004
In 2004, Merit Financial, Inc of Kirkland, WA reported 31,297 mortgage applications totaling $5.1 billion, up 487% from 2003. The average application was for $163,409, and applicants reported an average income of $52,168. 15% of its applications resulted in an originated loan and 35% were denied. Its largest markets were Seattle-Bellevue-Everett, WA (2,185), Baltimore-Towson, MD (844) and Riverside-San Bernardino-Ontario, CA (756) (applications in parentheses).
| Mortgage Company & Address | Merit Financial, Inc 13905 Ne 128th St Kirkland, WA 98034 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2004 2003 |
| Total Number of Mortgage Applications | 31,297 |
| Total Mortgage Loan Application Amount | $5,114,229,000 |
| Average Mortgage Loan Application Amount | $163,409 |
| Highest Mortgage Loan Application Amount | $5,966,000 |
| Average Applicant Income | $52,168 |
| Highest Applicant Income | $3,951,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Merit Financial, Inc filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Merit Financial, Inc 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 |
|---|---|---|---|---|---|---|
| Refinancing | 24,812 | $4,022,486,000 | $138,442 | $5,966,000 | $51,942 | $3,951,000 |
| Home Purchase | 6,474 | $1,089,801,000 | $159,936 | $1,850,000 | $43,872 | $1,800,000 |
| Home Improvement | 11 | $1,942,000 | $180,500 | $250,000 | $46,875 | $108,000 |
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 |
|---|---|---|---|---|---|---|
| Not Provided | 20,169 | $3,275,984,000 | $145,882 | $5,966,000 | $45,235 | $3,951,000 |
| White | 9,421 | $1,539,735,000 | $141,914 | $2,000,000 | $64,276 | $1,272,000 |
| Hispanic | 1,088 | $179,030,000 | $157,764 | $640,000 | $53,382 | $772,000 |
| Asian | 356 | $73,641,000 | $157,960 | $969,000 | $70,720 | $2,400,000 |
| Native Hawaiian or Other Pacific Islander | 164 | $31,316,000 | $172,047 | $510,000 | $60,333 | $207,000 |
| American Indian or Alaskan Native | 87 | $12,386,000 | $136,500 | $501,000 | $65,454 | $900,000 |
| Not applicable | 11 | $1,996,000 | $168,857 | $460,000 | $58,428 | $128,000 |
| Black or African American | 1 | $141,000 | $141,000 | $141,000 | $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) | 26,212 | $4,347,589,000 | $144,923 | $5,966,000 | $59,173 | $3,951,000 |
| VA-guaranteed (Veterans Administration) | 4,539 | $689,702,000 | $142,923 | $450,000 | $25,538 | $1,800,000 |
| FHA-insured (Federal Housing Administration) | 534 | $75,231,000 | $132,233 | $475,000 | $31,400 | $1,200,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 12 | $1,707,000 | $151,200 | $270,000 | $63,200 | $100,000 |
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 |
|---|---|---|---|---|---|---|
| Application Withdrawn By Applicant | 11,307 | $1,741,082,000 | $134,285 | $5,966,000 | $52,306 | $3,060,000 |
| Application Denied By Financial Institution | 10,827 | $1,881,698,000 | $155,941 | $2,000,000 | $53,078 | $2,400,000 |
| Loan Originated | 4,663 | $770,006,000 | $143,636 | $1,850,000 | $62,431 | $3,951,000 |
| File Closed For Incompleteness | 3,019 | $467,358,000 | $141,930 | $1,250,000 | $23,767 | $1,000,000 |
| Preapproval Denied by Financial Institution | 1,202 | $208,562,000 | $173,000 | $1,136,000 | $71,000 | $1,200,000 |
| Application Approved But Not Accepted | 265 | $43,491,000 | $153,600 | $572,000 | $54,066 | $354,000 |
| Preapproval Approved but not Accepted | 14 | $2,032,000 | $145,000 | $327,000 | $50,000 | $150,000 |
| 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 |
|---|---|---|---|---|---|---|
| Insufficient Cash (Downpayment, Closing Cost) | 6,566 | $1,161,561,000 | $161,311 | $1,136,000 | $54,955 | $1,272,000 |
| Credit History | 1,596 | $259,527,000 | $144,200 | $1,350,000 | $44,650 | $772,000 |
| Debt-To-Income Ratio | 1,024 | $189,416,000 | $179,428 | $1,135,000 | $34,228 | $1,200,000 |
| Employment History | 892 | $180,685,000 | $169,023 | $1,000,000 | $109,642 | $2,400,000 |
| Other | 340 | $51,835,000 | $136,000 | $580,000 | $47,677 | $300,000 |
| Collateral | 47 | $7,415,000 | $152,947 | $589,000 | $70,052 | $217,000 |
| Unverifiable Information | 46 | $7,115,000 | $150,882 | $780,000 | $56,235 | $198,000 |
| Credit Application Incomplete | 38 | $5,550,000 | $146,200 | $300,000 | $54,133 | $250,000 |
| Mortgage Insurance Denied | 3 | $456,000 | $138,000 | $255,000 | $54,500 | $96,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Merit Financial, Inc'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 Merit Financial, 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.
For a list of all lenders in Washington, download the full spreadsheet
with aggregated HMDA statistics today.
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