Mgn Funding Corporation Mortgage Lending & HMDA Data, 2013
In 2013, Mgn Funding Corporation of Flushing, NY reported 332 mortgage applications totaling $100.4 million, down 8% from 2012. The average application was for $302,521, and applicants reported an average income of $65,048. 37% of its applications resulted in an originated loan and 60% were denied. Its largest markets were New York-White Plains-Wayne, NY-NJ (291), Nassau-Suffolk, NY (27) and Newark-Union, NJ-PA (7) (applications in parentheses).
| Mortgage Company & Address | Mgn Funding Corporation 30-50 Whitestone Expressway Ste 305 Flushing, NY 11354 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2013 2012 2011 2010 2009 2008 2007 2006 |
| Total Number of Mortgage Applications | 332 |
| Total Mortgage Loan Application Amount | $100,437,000 |
| Average Mortgage Loan Application Amount | $302,521 |
| Highest Mortgage Loan Application Amount | $1,275,000 |
| Average Applicant Income | $65,048 |
| Highest Applicant Income | $242,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Mgn Funding Corporation filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Mgn Funding Corporation in 2013
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 | 216 | $62,679,000 | $290,000 | $1,275,000 | $64,000 | $242,000 |
| Home Purchase | 116 | $37,758,000 | $325,000 | $609,000 | $67,000 | $141,000 |
| 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 | 198 | $61,173,000 | $308,000 | $1,275,000 | $65,000 | $242,000 |
| Asian | 121 | $35,331,000 | $291,000 | $542,000 | $64,000 | $200,000 |
| White | 7 | $2,043,000 | $291,000 | $651,000 | $66,000 | $152,000 |
| Hispanic | 4 | $1,575,000 | $393,000 | $452,000 | $97,000 | $134,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $303,000 | $303,000 | $303,000 | $43,000 | $43,000 |
| Not Provided | 1 | $12,000 | $12,000 | $12,000 | $56,000 | $56,000 |
| American Indian or Alaskan Native | 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 255 | $76,931,000 | $301,000 | $651,000 | $60,000 | $218,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 77 | $23,506,000 | $305,000 | $1,275,000 | $83,000 | $242,000 |
| 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 |
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 Denied By Financial Institution | 199 | $61,198,000 | $307,000 | $1,275,000 | $67,000 | $231,000 |
| Loan Originated | 123 | $35,737,000 | $290,000 | $542,000 | $62,000 | $242,000 |
| Application Withdrawn By Applicant | 9 | $3,348,000 | $372,000 | $502,000 | $68,000 | $123,000 |
| File Closed For Incompleteness | 1 | $154,000 | $154,000 | $154,000 | $47,000 | $47,000 |
| 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 | 74 | $23,488,000 | $317,000 | $651,000 | $76,000 | $152,000 |
| Other | 49 | $14,580,000 | $297,000 | $1,275,000 | $58,000 | $222,000 |
| Debt-To-Income Ratio | 30 | $9,459,000 | $315,000 | $542,000 | $69,000 | $181,000 |
| Collateral | 25 | $7,110,000 | $284,000 | $484,000 | $57,000 | $153,000 |
| Credit History | 13 | $4,003,000 | $307,000 | $464,000 | $69,000 | $231,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 7 | $2,222,000 | $317,000 | $444,000 | $67,000 | $103,000 |
| Mortgage Insurance Denied | 1 | $336,000 | $336,000 | $336,000 | $76,000 | $76,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Mgn Funding Corporation's 2013 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 Mgn Funding Corporation'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 New York, download the full spreadsheet
with aggregated HMDA statistics today.
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